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

• U.S. Congress gets a crash course on cryptocurrency

• 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’s 20% tax on virtual asset gains is postponed

• 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 central bank proposes to monitor metaverse and NFTs

• 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

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Worldwide Policies on Crypto Taxation

Data as of 2 February 2021. Source: https://3commas.io/blog/cryptocurrency-taxes-guide

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