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

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Crypto.com Research | Weekly Regulatory Update

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.

Crypto.com
Mar 24, 2022
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Crypto.com Weekly Regulatory Update ( 17/03/2022 – 23/03/2022, Week 11)

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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
Disclaimer: The information provided in this newsletter is for general informational purposes only. It is not intended to constitute legal or other professional advice in any way whatsoever. All information in the newsletter is provided in good faith. However, we have not verified the information independently and make no representation or warranty of any kind, express or implied, regarding the accuracy, adequacy, validity, reliability, availability or completeness of any information in the newsletter. Views and opinions expressed do not necessarily reflect the view of Crypto.com or any of its officials. The information provided herein should not be relied on or treated as a substitute for professional advice.

Thank you for reading! We hope you find our Weekly Regulatory Update enlightening!

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