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.

Key Takeaways

• 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.

Highlights

• Singaporean court recognises crypto as property in theft case

• Russia is open to selling natural gas for Bitcoin

• Malaysia strikes down rumours on crypto adoption

• City of Austin approves fact-finding study for tax payments in bitcoin, crypto

• Rio de Janeiro to allow paying taxes with crypto starting from 2023

• White House wants public comment on crypto's energy use and environmental impact

• Janet Yellen admits crypto has benefits — says treasury working on crypto regulation

• Russian Prime Minister, economy ministry support legalisation of cryptocurrencies

• Bank of England collaborates with MIT to research on CBDC

• EU crypto regulatory framework MiCA moves to the next phase without opposition

• U.S. Congress is discussing a digital dollar pilot: a CBDC without the CB

• India identifies 11 crypto exchanges accused of tax evasion

• President Biden eyes US$5B revenue from crypto in 2023 from new tax rules making unrealised gains taxable

• "Nothing is growing as fast as cryptocurrency": Kyrgyz MP wants national 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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