Crypto.com Weekly Regulatory Update ( 17/03/2022 – 23/03/2022, Week 11)

Lawmaker’s bill to stop US crypto exchanges from dealing with Russian wallets. Web3 is key to the future of China’s internet, says regulator.

Key Takeaways

• U.S. Representative Brad Sherman plans to introduce a bill that would require U.S.-based crypto exchanges to stop facilitating transactions with Russian crypto wallets.

• An executive from China Securities Regulatory Commission published an article saying that Web3 will be key to the future of China’s internet and that it will solve the problems of monopoly, lack of privacy, and malicious algorithms.

• Australian Senator Andrew Bragg has proposed the Digital Services Act (DSA),  which calls for reforms in crypto market licensing, custody, DAOs, debanking, and taxes. The senator revealed his legislative proposal during the Australia Blockchain Week conference.

• On Monday, the Communications Ministry of Malaysia proposed to the Malaysian Government that cryptocurrencies should be adopted as legal tender. The ministry also said that it will look into ways to increase youth involvement in digital currencies. 

Highlights

• Argentine senate to vote on IMF agreement discouraging use of cryptocurrencies

• Russia’s largest lender Sberbank secures licence to issue, exchange digital assets

• U.K. regulator warns dozens of firms about crypto ads

• Florida governor confirms state will accept tax payments in Bitcoin

• Proposal for crypto tax policy in India will go to parliament on 24 March

• India rules out offsetting losses against gains in new crypto tax law

• Thailand SEC bans crypto payments, seeks disclosure of system failure from exchanges

• Qatar plans to issue digital bank licences and explore a CBDC

• Honduras signals intent to follow El Salvador in making Bitcoin legal tender

• New Hampshire hopes its approval of crypto-friendly law will attract new business

• OECD opens proposal on tax transparency framework for crypto to public comment

• Facebook owner Meta sued for publishing scam crypto ads by Australian regulator

• Bitcoin mining ban bill makes it out of New York state assembly committee

• Ireland's central bank warns of 'misleading' crypto ads by social media influencers

• Abu Dhabi rolls out draft recommendations for NFT trading

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

G20’s Crypto Taxation

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

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