The government will present this week the provisions of the bill to strengthen the Capital Market with the aim of putting it into public consultation later in the month.
The bill includes provisions for changes in the stock market, measures to protect investors in cryptocurrencies, a criminal provision against illegal activity, as well as the government’s recent initiatives to reduce private debt. A more specific legislative framework will be promoted in the year that will concern the taxation of cryptocurrencies.
The cryptocurrency market
The bill establishes rules for the protection of the public in cryptocurrencies and mainly controls for safe information and warning about the very high risks involved in such investment activities.
At the same time, stricter control mechanisms are being established to prevent the use of cryptocurrencies for illegal activities, while competent supervisory authorities are being designated.
It is worth noting that a Regulation has already entered into force, which establishes rules for the cryptocurrency market. This regulation establishes uniform rules for issuers of cryptocurrencies, financial services and service providers. The rules cover:
-transparency and disclosure requirements for the issuance, public offering and admission of cryptocurrencies to trading on a cryptocurrency trading platform;
-licensing and supervision of cryptocurrency service providers and issuers of asset-backed tokens and issuers of electronic money (e-money) tokens
-operation, organization and governance of issuers and cryptocurrency service providers
-protection of cryptocurrency holders and clients of cryptocurrency service providers
-measures to prevent insider trading, unlawful disclosure of inside information and market manipulation.
