Crypto.com Weekly Regulatory Update (Week 3, 20/1/2022-26/1/2022)

Putin asks officials to consider Russia’s mining advantage amid crypto ban proposal. Indonesia bans crypto operations for financial firms.

Key Takeaways

• Russian President Vladimir Putin asked officials not to neglect the nation’s competitive advantages in crypto mining, following the central bank’s call for a total ban on crypto.

• Indonesia bans crypto operations for financial firms. Additionally, the governments of Pakistan and Myanmar are considering banning crypto.

• South Korea’s central bank has completed the first phase of central bank digital currency (CBDC) mock testing. Meanwhile, Statistics Korea (KOSTAT) will include virtual assets in its annual household asset survey.

• Thailand's financial sector plans to release guidelines to contain the use of cryptocurrencies in payments, while Union Bank of the Philippines aims to become the first in the country to offer trading and custodial services for cryptocurrencies.

Highlights

• NYC mayor Eric Adams receives first paycheck in the form of BTC and ETH

• SEC rejects proposed spot Bitcoin ETF from First Trust and SkyBridge

• SEC will focus on regulating crypto exchanges in 2022, says Gary Gensler

• Biden Administration to release executive order on crypto as early as February

• SEC wins time to resist crucial document handover to Ripple in XRP lawsuit

• European Securities and Markets Authority proposes ban on crypto mining

• Russian finance ministry official calls for crypto regulation, not restriction

• RippleNet cements presence in MENA by partnering with Morocco’s biggest bank

• Bulgaria's finance minister says the country is exploring crypto payment options: Report

• El Salvador explores low-interest loans backed by Bitcoin

• IMF asks El Salvador to remove Bitcoin’s legal tender status

• Kosovo's government stirs panic after announcing ban on crypto mining

• South Korea Bithumb to block crypto withdrawals to unverified private wallets

• China's MIIT to start cultivating SMEs involved in high-tech such as Metaverse
  

Global Crypto Policies (over the past 3 months)

*Ranking based on 2020 nominal GDP | Sources: International Monetary Fund, World Economic Outlook Database, April 2021

G20's Regulatory Stance on Crypto

Source: WhiteSight

Worldwide Policies on Crypto Taxation

Data as of 26 Jan 2022 | Sources: Crypto.com Research, 3Commas, Decrypt, BusinessWord, Koinly, Bangkok Post

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