Tag Archives: Regulations

The second-most populated nation will reportedly implement a regulatory framework on cryptocurrencies only after a global consensus on the matter. According to a person familiar with the matter, the Indian government does not plan a law soon to either restrict or promote dealing with digital assets. Crypto Regulation Needs Global Approach India is among the countries with the most controversial stance on the cryptocurrency industry. Over the past few years, the authorities...

The European Union today voted in favor of outlawing all anonymous crypto transactions – including from self-hosted wallets – facilitated through exchanges. This rule will apply to transactions of any size, meaning both payers and recipients of even the smallest digital asset payment must be identified. The Partisan Vote The law comes as part of a package of anti-money laundering revisions to the EU’s Transfer of Funds Regulation (TFR). It brings rules applying to...

Karim Xanzheza – Deputy of the Parliament of Kyrgyzstan – believes his country is ideally suited to take advantage of the growing popularity of digital assets. He further claimed that “nothing grows as fast as cryptocurrency.” Consequently, he urged the government to focus on developing its sovereign national digital currency. Kyrgyzstan Should Catch the Crypto Wave The latest politician to display his positive stance on the cryptocurrency sector is Kyrgyzstan’s Deputy of the...

Huobi Technology plans to launch ETFs that track cryptocurrencies for retail investors in Hong Kong. The company has reportedly submitted its proposal to Hong Kong’s Securities and Futures Commission (SFC) and waiting for a nod. Huobi’s ETF Plans It intends to structure its ETFs such that they are “accessible to retail investors with less than HK$8 million (US$1 million) in assets,” said a report in the South China Morning Post. The existing law allows crypto exchanges and...

Vietnam is another step closer to a comprehensive regulatory framework on how cryptocurrencies and virtual assets should be treated in the country. Vietnam to Prepare Crypto Regulatory Framework According to a Monday report, Vietnamese Deputy Prime Minister Le Minh Khai has instructed the different government bodies in the country on the creation of a framework that would regulate digital assets and their activities. The agencies selected to partake in the project include the...

UK’s progress in crypto innovation hangs in limbo due to a lack of clarity from the watchdogs. Many high-profile companies are now looking for crypto friendlier pastures elsewhere. If cryptocurrency-based firms wind down their operations, the UK might face a mass exodus as the FCA deadline for receiving approval nears. Regulatory Hurdles in the UK The cryptocurrency market is largely unregulated in the UK. However, companies associated with the industry are required to...

The evasion of Goods and Services Tax (GST) by crypto exchanges was figured in the Indian Parliament on March 28. Minister of State for Finance Pankaj Chaudhary informed that 11 such digital asset platforms were fined for tax evasion in 2021-22.  Tax Evasion by Crypto Exchanges The total tax evasion by these companies amounted to Rs. 81.54 crore (appr. $1.08 million), and with a fine, the Central Goods and Services Tax (CGST) authority recovered Rs. 95.86 crore ($1.2 million)...

The continued investments from some of the most high-profile financial juggernauts in Canada reflect a belief that institutional adoption of crypto and blockchain will keep growing. This western Candian province, which boasts a rich entrepreneurial history, is now looking to play a crucial role in the digital asset industry. Alberta to Becoming Crypto Hub? According to the latest report, Alberta’s ambitions are soaring high as the authorities are looking to position the...

The United States Government Accountability Office (GAO) recently assessed the financial/ non-financial risks and benefits that blockchain technology can provide. It identified four policy options that various institutions could adopt to help enhance the noted advantages while mitigating risks. The Blockchain Technology Assessment Released on Wednesday, the assessment’s recommendations are targeted toward local/ state governments, federal agencies, Congress, industry, and...

There’s been a lot of discussion surrounding EU’s proposed MiCA regulations, especially the text that was aimed at outlawing proof-of-work cryptocurrencies like Bitcoin. Now, the law is moving forward but without these clauses.  A Relief for Bitcoin in EU The European Union’s (EU) proposed Markets in Crypto Assets (MiCA) regulatory package has decided not to advance the controversial provision targeted at limiting the use of the proof-of-work cryptocurrencies due to energy...