Weekly Regulatory Update (Week 14, 07/04/2022 - 13/04/2022)

Pakistan will soon make a decision on virtual asset regulations. Slovenia is set to introduce a flat tax on crypto transactions. Russia prohibits crypto payments.

Key Takeaways

• The Russian government said last Thursday that cryptocurrency use as a means of payment will continue to be prohibited, however crypto mining may be explored. Furthermore, cryptocurrency tax and property laws could be implemented this year.

• Last Thursday, the Slovenian government announced plans to introduce a flat tax on crypto transactions. Set at just under 5%, the goal of the move is to simplify the current taxation system and improve Slovenia’s competitive position.

• On Monday, Pakistan’s High Court asked officials, who had previously recommended a blanket ban on all crypto activity, to submit their final recommendations on virtual asset regulation, which currently sits in a legal grey area. 

Highlights

• U.S. Treasury Secretary Yellen calls for “tech neutral” crypto regulation

• U.S. SEC approves Bitcoin futures ETF filed under the '33 act

• Brazilian central bank president confirms CBDC pilot will launch in 2022

• Brazilian Senate announces incoming approval of the 'Bitcoin law'

• Sweden’s central bank completes second phase of e-krona testing

• Argentinian town invests in crypto mining to fight inflation and upgrade infrastructure

• North Korea-obsessed Ethereum dev gets 5 years for breaking sanctions

• China's biggest social network WeChat taps Digital Yuan for payments

• China's Communist Party wants to regulate NFTs

• EU bans providing 'high-value crypto asset services' to Russia

• GOP policy arm releases paper exploring benefits, risks of crypto

• South Korea’s ‘crypto friendly’ president seeks STO, IEO oversight

• U.K. regulator allows 5 crypto firms to operate with temporary registration

• DTCC working with Digital Dollar project on CBDC prototype

• Banks may face competition from CBDCs, study suggests

• Ireland's advertising regulator to review crypto ads guidance

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 April 2022; Source: WhiteSight

G20’s Crypto Taxation

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

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