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Weekly Regulatory Update (Week 12, 24/03/2022 – 30/03/2022)
Bank of England drafts crypto regulatory framework. EU committee to vote on rules against anonymous crypto transactions. India passes bill setting 30% tax on crypto transactions.
On Thursday, the Bank of England began sketching the country’s first regulatory framework for cryptocurrency and digital assets, citing that the rapid growth of the space may lead to the instability of the U.K. financial system without appropriate regulation.
The EU’s ECON committee will soon vote on a new proposed regulation that could ban anonymous crypto transactions. The proposal targets “unhosted” wallets such as MetaMask, Ledger, and Trezor.
A new proposal published by the U.S. Treasury suggests that cryptocurrencies such as Bitcoin and Ethereum should be added to the Internal Revenue Service’s (IRS) rules for reporting taxpayers’ offshore accounts.
On Friday, the Indian Parliament passed a controversial tax proposal under which citizens shall pay a 30% capital gains tax on crypto transactions starting from 1 April.
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