In Jordan,
cryptocurrency exchange has spiked as Jordanians have begun trading via the
digital transactions. With the rise of Bitcoin and other digital currencies,
governments around the world are grappling with how to regulate this new form
of money. Jordan is no exception. The Kingdom should institute a proposal for
national legal guidelines for cryptocurrency exchange.
اضافة اعلان
The proposed
guidelines would aim to clarify how cryptocurrencies should be addressed under
Jordanian law. They would cover a range of issues, including taxation,
licensing requirements or overseeing cryptocurrency exchanges, and anti-money
laundering measures.
Exchanges,
policies
One of the key
aspects of such guidelines is that they would require all cryptocurrency
exchanges operating in Jordan to be overviewed by a regulatory body. This would
help to ensure that exchanges are operating in a transparent and secure manner
and would give investors and individuals greater confidence in using them.
Guidelines… would require all cryptocurrency exchanges operating in Jordan to be overviewed by a regulatory body. This would help to ensure that exchanges are operating in a transparent and secure manner
Another
important element of the guidelines should be anti-money laundering measures.
Cryptocurrencies have been criticized by some for their potential use in
illegal activities such as money laundering and terrorism financing. Therefore,
cryptocurrency exchanges in Jordan should implement strict Know Your Customer
(KYC) and Anti-Money Laundering (AML) policies, including customer
identification and transaction monitoring.
Regulatory
body, taxation
The government
or the Association of Banks in Jordan should establish a regulatory body or a
department to oversee cryptocurrency trading activities in the Kingdom. One of
the key duties of this body would be to provide clear guidelines on the use of
cryptocurrencies for businesses and individuals in Jordan. Also, this
department should produce regular reports about cryptocurrency exchanges and
establish penalties for any illegal activities related to cryptocurrency
trading, such as money laundering or fraud.
Under current Jordanian law, cryptocurrencies are not recognized as legal tender and are not subject to taxation.
In addition to
these measures, the guidelines may also address taxation issues related to
cryptocurrencies. Under current Jordanian law, cryptocurrencies are not
recognized as legal tender and are not subject to taxation. However, the
proposed guidelines would change this by requiring individuals and businesses
that use cryptocurrencies to pay taxes on any gains they make from trading or
investing in them.
Overall, these
proposed legal guidelines for cryptocurrency in Jordan represent an important step
forward in overseeing this new form of money. By clarifying how
cryptocurrencies should be treated under Jordanian law, these guidelines will
help to promote greater transparency and security in the cryptocurrency market.
While there may be some challenges associated with implementing these
guidelines, they represent an important step forward for both justice system
and regulators alike.
Hamza Alakaleek has graduate degrees in International Political Economy and International
Business Law from Yarmouk University and University de Montreal with a focus on
the internet of things, artificial intelligence, and data protection.
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