Crypto.com Weekly Regulatory Update (23/12/2021 – 29/12/2021, Week 51)

The SEC rejected Kryptoin’s proposal for a Bitcoin ETF. ​​U.S. Senator Lummis plans comprehensive crypto bill.

Key Takeaways

• The U.S. Securities and Exchange Commission (SEC) rejected investment firm Kryptoin’s proposal for a spot Bitcoin exchange-traded fund (ETF) on 23 December, about five weeks after the agency rejected VanEck’s application for a spot Bitcoin ETF.

• U.S. Senator Cynthia Lummis is planning on introducing a comprehensive crypto bill in 2022 to address everything from how digital assets are taxed and classified to consumer safeguards. The legislation would also regulate stablecoins, establish crypto tax laws, and create consumer protections.

• Turkey's crypto law is ready for the Parliament, President Recep Tayyip Erdoğan confirms. The law, once implemented, will introduce a new economic model that can potentially help recover the falling value of the Turkish lira.

• Retail crypto mining in Thailand has reportedly risen because of the capitulation of Chinese miners triggered by a national crypto mega ban enforced in September.

Highlights

• U.S. Senator Lummis to introduce a comprehensive bill for Bitcoin in 2022

• U.S. Congress introduced 35 crypto-related bills in 2021

• Korean government tells Apple and Google stores to take down P2E games

• Turkey slaps Binance with USD 750,000 fine as national crypto law readies for parliament

• El Salvador buys 21 more Bitcoins to mark last ‘21st’ of 2021

• Salvadoran President Bukele fires back at critics on ‘Bitcoin experiment’

• U.S. SEC rejects Kryptoin’s spot Bitcoin ETF proposal

• Regulators have left Australian crypto firms in limbo, says M.H. Carnegie & Co. founding partner

• Indian police commissioner issues a public warning against crypto frauds

• Iran halts authorised crypto mining to save energy for winter

• ‘Big Four’ firms ask Indian executives to disclose crypto investments

• Crypto mining reportedly rises in Thailand due to Chinese crypto ban

• Binance gets the green light from Canada and Bahrain

Global Crypto Policies (over the past 3 months)

*Ranking based on 2020 nominal GDP

G20's Regulatory Stance on Crypto

Source: WhiteSight

Worldwide Policies on Crypto Taxation

Data as of 13 Sep 2021 Sources: 3Commas; Decrypt; BusinessWord; Koinly

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