Tag: law and legislation

May 09 2022

Crypto Transactions in India Could Face Additional Tax of 28% Under GST

Cryptocurrencies in India may receive an additional 28% Goods and Services Tax, bracketed in the same group as betting and lotteries. Crypto transactions already face a 30% tax on gains and 1% tax deducted at source. The country is taking to blockchain tech, with its oldest depository, NSDL, using the technology for bonds. After years of vacillating, India — in recent times —...

May 03 2022

Dubai’s Crypto Regulator VARA To Make Its Metaverse Debut In The Sandbox Metaverse

May 03 2022 Published at Ethereum World News under tags  law and legislation world

Dubai virtual asset regulatory authority VARA looks forward to its Metaverse debut with the Sandbox This will be the first instance where a crypto regulatory authority is marking its presence in the metaverse by launching its virtual digital headquarters. Dubai's recently established virtual asset regulatory authority commonly referred to as VARA is launching its one-of-a- kind digital headquarters in the Sandbox metaverse. Dubbed "Meta...

Apr 29 2022

Panama Approves Bill Permitting The Use Of Cryptocurrencies In The Region

Apr 29 2022 Published at Ethereum World News under tags  law and legislation

Panama's national assembly on Thursday passed a bill that approves the usage of cryptocurrency in the region. The bill will permit the Panamanian citizens to regulate and commercialize cryptocurrencies to bolster its financial infrastructure Panama's National Assembly on Thursday approved a bill that seeks to regulate and commercialize the use of cryptocurrencies in the region. The crypto bill, which is yet to be...

Apr 21 2022

Australian Financial Watchdog Unveils Crypto Regulatory Approach With 2025 Timeline

Australia has released its initial roadmap geared towards regulations the booming crypto industry within its jurisdiction.

Apr 04 2022

Crypto Regulations to Support Stablecoins in the UK Says Rishi Sunak

The UK’s economic and finance ministry plans to integrate stablecoins into the country’s financial system Plans reveal that such crypto assets will serve as an acceptable and recognized payment method In addition, an NFT issued by the British Royal Mint could debut later in the year In a move geared towards introducing standardized crypto regulations for the burgeoning digital economy, the UK’s Treasury...

Apr 01 2022

Firms With Custody Services Must Add Crypto Assets as Liabilities: US SEC

SEC publishes a notice saying that companies holding crypto must add the asset class as a liability on balance sheets. The rule will come into effect later this year. The U.S. SEC is currently reviewing the crypto market and will impose more regulation. The United States Securities and Exchange Commission (SEC) has published a notice saying that firms in the country that provide...

Mar 31 2022

India’s 30% Crypto Tax Law To Come Into Effect From April 1, 2022

India has approved the controversial Finance Bill 2022 that imposes a 30% tax on virtual digital assets The bill, which has now become a law, will come into force starting on April 1, 2022. The India Finance Bill 2022 which levies a 30% tax on crypto assets was approved by the Rajya Sabha, one of the leading governing bodies of India. The bill...

Mar 29 2022

Vietnam To Prepare Legal Framework Concerning Cryptocurrency Management

The Vietnamese government is devising a new legal framework to include cryptocurrency and virtual assets. The country's deputy PM has instructed three ministries to carry out research and amend legal documents to include virtual assets. Vietnam is once again exploring the domain of cryptocurrencies and is reportedly busy conducting preliminary research to spearhead crypto- friendly policies. According to local news outlet Vietnamnet, the country's Deputy...

Mar 28 2022

Russian Deputy Minister Says Crypto Mining Regulations Must Come Soon

Deputy Minister of Energy Evgeny Grabchak has recommended that Russian authorities incorporate a legal framework for cryptocurrency mining. Grabchak also opined that regional regulations could be more efficient than federal laws. The Russian energy official stressed that these regulations must come soon to keep up with contemporary innovation. Russia could be on the verge of dispelling uncertainty regarding cryptocurrency mining regulations after comments...

Japan Looking at Amending Foreign Exchange Law to Include Crypto

Japan’s top authorities are looking at amending the foreign exchange law to prevent any circumvention of western sanctions by Russia. The amendment is still being reviewed, with no specific details made public. Japan has previously asked crypto exchanges to cooperate with the sanctions against Russia. Japan is taking further steps to ensure that Russia does not evade sanctions from the West for its...

Mar 25 2022

30% Crypto Tax Framework Approved by Indian Parliament

India’s parliament has approved a bill that imposes fines on cryptocurrency transactions. The bill comes shortly after taxation authorities introduced a hefty 30% capital gains tax on digital asset transactions. Regulators will implement the policy from April 1, 2022. According to reports released on Friday, Indian legislators have approved a policy geared towards imposing taxation laws on cryptocurrency transactions. The bill championed by...

Mar 24 2022

UK FCA Issues AML Compliance and Risk Obligation Reminder to Crypto Firms

Britain's top watchdog has released a statement reminding cryptocurrency companies in the country of their obligations when providing digital asset services. The notice focused on seven key points including crypto-asset business registration. UK’s Central Bank has also announced its crypto regulatory framework. UK’s Financial Conduct Authority (FCA) published a notice to regulated institutions that offer digital asset exposure to investors in the country...

Mar 23 2022

Thailand SEC Cuts Out Cryptocurrencies from Accepted Payment Methods

Thailand's SEC has banned companies from accepting bitcoin and other cryptos as a payment method.

Mar 21 2022

FTX Debuts Crypto Exchange for Australian Investors

Following the acquisition of an unidentified fintech company, major cryptocurrency exchange FTX has reached another landmark in its global expansion as the platform officially sets up shop in Australia. The news comes on the heels of an announcement from Australian authorities regarding a Digital Services Act geared towards regulating crypto operations in the country. Bahamian-based crypto exchange giant FTX has launched its Australian...

Mar 15 2022

FTX Crypto Exchange Secures License in Dubai

Cryptocurrency exchange giant FTX furthers expansion push with its latest license issued by market supervisors in the United Arab Emirates. FTX has obtained regulatory approval from Emirati authorities. The exchange is set to operate in the UAE under a virtual asset exchange (VAX) license. CEO Sam Bankman-Fried confirmed the news on Tuesday and said that the firm’s recently launched European division, FTX Europe,...

Mar 14 2022

EU Committee Rejects Proposal to Ban PoW Networks Such as Bitcoin

Quick take: The EU's ECON committee has voted against a proposal to ban proof- of-work crypto networks in the region 32 members of the committee voted against the proposal with 24 in favor The proposal was meant to target proof- of-work networks such as Bitcoin's that did not meet environmental sustainability standards Crypto mining will most likely be added to the EU sustainable finance taxonomy...

Feb 18 2022

[Updated] The EU is open to cryptocurrency, as long as there is regulation

The European Union is more open to cryptocurrency than you think. They have been discussing options to integrate cryptocurrencies into the financial system. This Friday, European Commissioner for Home Affairs, Ylva Johansson, told the Munich Security Conference that the European Union (EU) will be prepared to open up crypto trading if the risks are managed properly and regulations are strengthened. The EU has...

Oct 21 2020

PayPal & Paxos Partner to Bring Bitcoin & Crypto to 346M Users

Quick take: Paypal's US customers can now buy, sell and hold Bitcoin and other cryptocurrencies PayPal's 346 Million global customers will soon have access to similar services The move was made possible through a partnership with Paxos The latter company has built the platform that will power PayPal's cryptocurrency service Mike Novogratz of Galaxy Digital has called the Paypal news 'as the biggest...

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