Crypto.com Weekly Regulatory Update (25/11/2021 – 8/12/2021, Weeks 47-48)
India finally ready to regulate crypto — not ban it. White House to fight crypto crime as part of anti-corruption plan.
Key Takeaways
India appears to be finally ready to regulate crypto—not ban it. The discussion of crypto policy in India during the past few years has been extremely noisy, from a central crackdown on banking for crypto firms, a court-ordered reversal of that crackdown, to numerous rumours of potential full bans.
White House to fight crypto crime as part of a broader anti-corruption plan. The Biden administration issued on 6 Dec a report United States Strategy on Countering Corruption to battle corruption in various forms, including illegal use of crypto.
South Korean regulator proposes strict new rules for token issuers. The Financial Services Commission has issued a report outlining its new definition of cryptocurrencies, aiming to establish a system that would recover illegally gained funds, dole out criminal punishments, and protect investors from malfeasance.
U.K. digital services tax targets crypto exchanges. Britain’s crypto exchanges will be levied with a 2% tax that is likely to be passed on to investors, warned CryptoUK.
Highlights
Australian government gives nod to 6 world-leading crypto reforms
Bank of Russia proposes legal liability on illicit operations with crypto
Council of the European Union moves forward on two crypto proposals
Police conduct South Australia's record-breaking crypto seizure
Bank of Canada asserts cryptocurrencies create no big risks to the economy yet
U.S. regulator overseeing banks like JPMorgan to curb how they engage with crypto
Despite regulatory headwinds, P2P crypto trading surges in South Korea
South Korea: Crypto legislation to induct virtual currencies into system supervision
Singaporean crypto exchange enters India amid regulatory uncertainty
Singapore suspends Bitget exchange license over K-Pop coin promotion
Spanish regulator raises alarm on Binance promo by soccer star Iniesta
China regulators ask DiDi Global to delist from New York Stock Exchange
China’s biggest crypto exchange Huobi picks Singapore as Asia base
China's Qihoo 360 Built Crypto Mining Monitoring Software to Support Crackdown
Global Crypto Policies (over the past 3 months)
*Ranking based on 2020 nominal GDP Sources: International Monetary Fund, World Economic Outlook Database, April 2021
Worldwide Policies on Crypto Taxation
Data as of 2 February 2021. Source: https://3commas.io/blog/cryptocurrency-taxes-guide
Thank you for reading! We hope you find our Weekly Regulatory Update enlightening!
Hungry for more? Visit our Research Hub and University to access other insightful crypto research!
Share with a friend if you like our email!
Folks, people in Switzerland are Swiss - not Swedish 🤷♂️ (see your Global Crypto Policies table)
Morning thanks for notice 😎✌