Crypto.com Weekly Regulatory Update (9/12/2021 – 15/12/2021, Week 49)

Florida to allow businesses paying taxes in crypto. Myanmar declares $USDT as an official currency.

Key Takeaways

• Florida might become the first state in the U.S. to allow businesses to pay taxes through crypto. This follows a recommendation by Governor Ron DeSantis in a 2022-23 budget proposal under which the state should offer USD 200,000 to the financial services department to facilitate acceptance of fees in digital currencies.

• Myanmar’s shadow government, the National Unity Government (NUG), has declared the United States dollar-based stablecoin Tether (USDT) as an official currency. Believing that using Tether would enhance trade speed and payment efficiency, the NUG will accept Tether for its ongoing fundraising campaign.

• Seoul has become the first city in Korea to welcome the Metaverse with open arms. The city has developed a comprehensive long-term plan for a metaverse and intends to establish a platform for ‘contactless communication’ by the end of 2022.

• The Bank of Russia officially banned mutual funds from investing in crypto like Bitcoin (BTC). The Russian central bank published on 13 December an official statement that prohibits fund managers from buying cryptocurrencies.

Highlights

• U.S. Governor proposes state tax payments in crypto for Florida-based businesses

• IMF releases guidelines for a uniform global crypto regulation framework

• U.K. advertising watchdog bans crypto ads for Coinbase and Kraken

• Indian Prime Minister Modi's hacked Twitter account attempts BTC scam

• Thailand doesn't prohibit crypto use for payments but warns of price fluctuation

• Ukrainian bank uses Stellar to launch electronic hryvnia pilot

• Russia prioritises CBDC Ruble as overall crypto outlook seems positive

• Russia’s Federation Council to set up a working group on crypto regulations

• Bank of England calls for global tightening of crypto regulation

• ’Mecca of mining': Brazil considers zero tax on green Bitcoin mining

• Cyprus’ finance ministry recommends ‘capacity building’ for crypto

• SEC claims all withheld documents protected under 'deliberative process privilege'

• Binance Singapore withdraws crypto license application

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 Feb 2021 Source: https://3commas.io/blog/cryptocurrency-taxes-guide

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