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Crypto.com Weekly Regulatory Update ( 10/03/2022 – 16/03/2022 , Week 10)
EU votes against ban on Proof-of-Work crypto assets. Dubai approves first crypto regulation law.
On Monday, EU’s Committee on Economic and Monetary Affairs (ECON) voted against a version of the Markets in Crypto Assets (MiCA) framework that could have effectively banned proof-of-work-based cryptocurrencies within the EU.
The U.K.'s Financial Authority (FCA) ordered the closure of all crypto ATMs on Friday. The regulator said that crypto ATMs must be registered and compliant with U.K. money laundering regulations and that none of the crypto firms registered with the FCA have been given permission to offer ATM services.
South Korea’s newly-elected and crypto-friendly President Yoon Suk-yeol vowed to deregulate the crypto industry and introduce favourable tax laws for crypto investors. He believes that deregulating crypto will further promote its growth.
On Thursday, Dubai approved its first law to regulate digital assets and established a regulator to oversee the crypto sector. Meanwhile, Singapore Finance Minister Lawrence Wong revealed on Saturday that the prevailing income tax rules would apply to the income derived from non-fungible token (NFT) transactions or trading in it.
G20’s Latest Crypto Policies
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G20’s Crypto Taxation
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