Crypto.com Weekly Regulatory Update (16/12/2021 – 22/12/2021, Week 50)
China’s state news agency launches NFT collection. Russian central bank allows crypto investment.
Key Takeaways
India is set to postpone the highly-anticipated crypto bill in parliament, as the Modi government has not yet finalised the specifics of the legislation and needs more time for further talks on the topic before adopting laws to manage digital currencies.
China’s official Xinhua News Agency is launching a nonfungible token (NFT) collection on 24 December. The state-run news agency plans to publish 10,000 copies of 11 photos taken by journalists in 2021, according to an official notice. The move is a thumbs up to blockchain technology previously shunned by mainland China.
The Russian central bank will allow crypto investment (via foreign firms only). Mixed signals dominate on the Russian crypto market — shortly after the Bank of Russia was reportedly seeking to prohibit investors from making new investments in cryptocurrencies, an executive at the central bank said that crypto investment will remain legal in Russia.
Highlights
Indian parliament's agenda for winter session no longer includes crypto bill
Indian state government to accredit Web2 and Web3 blockchain startups
IMF chief economist opposes crypto ban, wants sector regulated
Former SEC Chairman Jay Clayton says he believes strongly in crypto technology
Tesla accepts Dogecoin as payment method for its merchandise
Bitcoin’s Lightning Network under surveillance by U.S. government agencies
Russia to decide between blanket crypto ban and legalising exchanges in 2022
The Bank of England will push for tighter rules as institutions embrace crypto
Senate hearing on stablecoins: Compliance anxiety and Republican pushback
Dubai World Trade Centre to create new crypto hub and become regulator
100 digital payment token firms in Singapore fail to win licenses: Report
City of Jackson to make history with cryptocurrency payroll conversion
China bans cryptocurrency-related short videos on various social platforms
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 13 Sep 2021 Sources: 3Commas; Decrypt; BusinessWord; Koinly
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The Netherlands tax rules on cryptocurrencies: Not an income tax but progressive wealth tax source: https://3commas.io/blog/cryptocurrency-taxes-guide
Dutch regulation in favor of cryptocurrency
The tax authorities see bitcoins, or other cryptocurrencies that you own, as assets. You must, therefore, pay tax on the total value of all cryptocurrencies that you own. The capital from cryptocurrency falls under “other equity” in box 3, which is about saving and investing. The tax to be paid is calculated per bracket, based on a notional return on which you, again, ultimately pay 30% tax. Keep a good record of the value of your possessions and how much goes in and out. This can be valuable if you have to calculate your tax at the end of the year, or you might have to defend yourself in order to avoid being taxed up to 51%.
Bracket Amount Fictional return Effective tax rate
1 0 to 70,800 euros (the first 30,000 exempt) 2.017% 0.655%
2 70,801 – 978,000 euros 4,226% 1,298%
3 > 978,000 euros 5.38% 1.614%