Crypto.com Weekly Regulatory Update ( 03/03/2022 – 09/03/2022 , Week 9)

Key Takeaways

• U.S. President Joe Biden signed an executive order about digital assets on Wednesday, to ensure responsible development of digital assets including cryptocurrencies. The order, the first "whole-of-government" approach to regulating the crypto industry, directs federal agencies to examine potential regulatory changes.

• The State Duma of Russia conducted a meeting to discuss a draft law on Saturday that tries to establish a legal framework for crypto transactions. This ‘On Digital Currency’ bill, submitted before Russia ran into conflict with Ukraine, aims to regulate crypto investment while restricting their use in payments.

• Swiss city Lugano announced on Friday that its residents would be able to pay taxes, parking tickets, public services, and tuition fees using Bitcoin, Tether, and its own LVGA tokens, as part of its goal to become a major European blockchain hub.

• Brazil’s Central Bank has chosen nine partners that will assist it with the development of a central bank digital currency (CBDC). Meanwhile, the central bank of India is expected to roll out its CBDC this year, and the Philippines’ central bank also intends to move forward with a research project that focuses on a potential CBDC.

Highlights

• Fed chair calls for legislative framework to stop illicit crypto use

• Experts weigh in on new crypto regulations in South Africa

• Ukraine cancels token airdrop, reveals new NFT plans

• Tencent files for patent related to virtual concerts in Metaverse

• Metamask accidentally halts services in Venezuela

• CEXs refuse blanket asset freeze of all Russian users, though questions linger

• Stablecoins will have to reflect and evolve to live up to their name

• Putin signs order to seize bank deposits as default looms

• Thailand reportedly exempts 7% crypto tax for traders on authorised exchanges

• U.S. Treasury Dept to launch financial education initiative around crypto investments

• U.S. SEC to investigate NFT market over alleged securities violations

• Financial Conduct Authority of the U.K. is investigating 50 crypto firms

• Dubai establishes virtual asset regulator and announces new crypto law

G20’s Latest Crypto Policies

* G20 countries here do not include all but only selected member states.

* G20 countries here do not include all but only selected member states.

G20's Regulatory Heatmap

Data as of March 2022; Source: WhiteSight

G20’s Crypto Taxation

* G20 countries here do not include all EU members, but selected ones only

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