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Weekly Regulatory Update (Week 13, 31/03/2022 - 06/04/2022)
EU passes KYC bill that stops anonymous crypto transactions. US lawmakers present ‘stablecoin transparency’ bill. UK plans to become crypto hub via recognising stablecoins, creating NFTs.
Last Thursday, the EU parliament voted in favour of imposing KYC on unhosted crypto wallets, despite industry criticism and privacy concerns. The new legislation, which essentially prohibits anonymous crypto transactions, would require crypto service providers to collect user information for even the smallest transactions.
Rising concerns about stablecoin security have prompted U.S. lawmakers to introduce the ‘Stablecoin Transparency Act’, a bill that would require stablecoins to be “backed by government securities with maturities less than 12 months or U.S. dollars” and have issuers publicly release audited reports of their reserves.
On Tuesday, the U.K. government announced plans to turn the nation into a ‘global crypto asset technology hub’. The moves include making stablecoins a recognised form of payment, exploring ways of making the U.K. tax system more competitive, and working with the Royal Mint to create a non-fungible token (NFT).
Indonesia is set to start charging a value-added tax (VAT) of 0.1% on both crypto transactions and capital gains, starting on 1 May.
G20’s Latest Crypto Policies
G20's Regulatory Heatmap
G20’s Crypto Taxation
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