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.

Key Takeaways

• 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.

Highlights

• Regulators and industry leaders react to Biden‘s executive order on crypto

• Canadian police seize $28M in Bitcoin, extradite alleged affiliate of ransomware gang

• Bank of Israel issues draft guidelines on cryptocurrency AML/CFT

• U.S. Labour Department warns of crypto risks in retirement plans

• Romanian central bank approves blockchain firm Elrond to buy Twispay

• U.K. financial watchdog seeks crypto talent amid new crackdown

• Regulator in UAE's special economic zone unveils consultation on 'crypto tokens'

• Singapore to tax income generated from NFT transactions

• U.S. Treasury launching cryptocurrency awareness program

• Spanish neobank rebellion pay strengthens AML compliance with Sentinels

• SEC rejects Bitcoin ETFs from NYDIG and Global X

• Kazakhstan crackdown forces 106 more crypto mines to close

• Ukraine's president signs law establishing regulatory framework for crypto

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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