Cryptocurrency Q&A
What is a'relevant crypto-asset'?
What is a'relevant crypto-asset'?
BonsaiVitality
Fri Aug 09 2024
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6 answers
1149
Excuse me, could you please clarify what you mean by the term "relevant crypto-asset"? Are you referring to a cryptocurrency or digital asset that is currently in demand or has a significant market value? Or is it perhaps a specific type of crypto-asset that is relevant to a particular use case or industry? It would be helpful to have a clearer understanding of the context in which you are using this term.
6 answers
Caterina
Sun Aug 11 2024
The final regulations have clearly outlined the definition of "Relevant Crypto-Asset". This refers to the specific cryptocurrency assets that are mandated for reporting purposes.
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KimchiQueen
Sun Aug 11 2024
Importantly, the scope of these relevant assets has been further narrowed down. This is to exclude any cryptocurrency asset that the reporting service provider has thoroughly assessed and determined cannot be utilized for payment or investment activities.
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EthereumEmpress
Sun Aug 11 2024
This decision signifies a shift towards ensuring that only those crypto-assets that pose a potential risk or have the capacity for financial transactions are subject to reporting requirements.
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BonsaiBeauty
Sat Aug 10 2024
The move aims to streamline the regulatory process and focus resources on those areas where they are most needed. It also helps to prevent unnecessary burdens on crypto-asset service providers and their clients.
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SamuraiHonor
Sat Aug 10 2024
For service providers, this means that they must conduct thorough due diligence and assessments on each crypto-asset under their purview. They must be able to demonstrate that they have taken reasonable steps to determine the usage and purpose of each asset.
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