The use of cryptocurrencies to evade international sanctions from various international governmental organizations like the United Nations (UN), the International Monetary Fund (IMF) and the World Bank, among others, has been a concern for regulators ever since the creation of cryptocurrencies. The rapidly increasing adoption of digital currencies in the last two years makes this discussion more important than ever, especially with the advent of central bank digital currencies (CBDCs) like the digital yuan. In an interview on Nov.17, United States Deputy Treasury Secretary Wally Adeyemo said that the efficacy of U.S. sanctions would not be undermined by central bank …

The creator of India’s crypto bill, former Finance Minister Subhash Garg, dismissed the notion of banning “private cryptocurrencies” as a misinterpretation while highlighting the enormous potential of cryptocurrencies and blockchain technology. The Parliamentary discussions around a controversial crypto bill sparked fears around the ban on cryptocurrencies, with no clear indication about the ban's scope. As Cointelegraph reported, an episode of panic selling among Indian investors followed the announcement. In an interview with local news channel News 18, Garg clarified: “[The description of the crypto bill] was perhaps a mistake. It is misleading to say that private cryptocurrencies will be banned …

India’s largest cryptocurrency exchange, CoinDCX, has no immediate plans for a public listing as the regulatory environment in the country remains uncertain. CoinDCX has no definitive route or clause as to when to go ahead with a potential initial public offering (IPO), the firm told Cointelegraph in an official statement on Nov. 29. “Any growing company aspires to take an IPO route in due course. We at CoinDCX also have similar aspirations. We would like to reiterate that there is no immediate plan in the foreseeable future to announce an IPO,” a spokesperson said. The latest announcement adds to the …

On Oct. 19, 2021, the ProShares Bitcoin Strategy ETF (BITO) launched on the New York Stock Exchange. On its first day, the exchange-traded fund (ETF) saw an influx of close to $1 billion in natural volume and, within 24 hours, Bitcoin (BTC) itself would reach a new all-time high for its price in U.S. dollars. This comes a week after the U.S. Securities and Exchange Commission allowed the ETF’s application to expire, which effectively gave the okay for the product to move ahead. This marks a significant step for the United States, but has also sent ripples into other markets …

A push in Thailand to boost gross domestic product (GPD) by targeting crypto digital nomads is coming closer to fruition according to local media. The Tourism Authority of Thailand (TAT) has been looking into launching its own utility token called TAT Coin since September as part of a planned “cryptourism” campaign. The initiative aims to attract crypto wealthy digital nomads and the TAT has been in discussions with the Stock Exchange of Thailand regarding TAT Coin’s issuance. According to a Nov. 24 report from the Bangkok Post, the infrastructure behind the TAT Coin is “ready” to go and is now …

The Australian Tax Office (ATO) says it can’t rely on crypto investors to keep track of their crypto transactions and profits — even though most investors try their best. Speaking at the 14th International ATAX Conference on Tax Administration conference on Nov. 23, ATO commissioner Chris Jordan stressed that many new crypto investors may not entirely understand their tax reporting obligations: “In a sector that is growing rapidly with new investors, we can’t rely on taxpayers knowing they need to keep records of their investment income and capital gains and disclose it on their tax returns.” “Our main concern is …

The U.K. Law Commission, tasked with monitoring the laws in the United Kingdom and recommending reforms, has said England and Wales do not need statutory law reform for smart legal contracts in the digital asset space. In a Nov. 25 announcement, the commission said smart contracts built using distributed ledger technology are permissible within England’s and Wales’ current legal framework. The Law Commission recommended only “an incremental development of the common law” as needed for existing frameworks, but also encouraged any parties to smart contracts to explain risks relating to “the performance of the code” and any other necessary terms. …

Hot on the heels of the rising cryptocurrency hype, Finnish regulators have dropped a formal notice. On Nov. 24th, the Financial Supervisory Authority (FIN-FSA) stated: “Only registered virtual currency providers can market virtual currencies and related services in Finland. The marketing of virtual currencies in Finnish and in Finland is only allowed for entities registered as virtual currency providers in Finland.” Finland is a highly economically free country, ranking 17th in the Index for Economic Freedom. However, as LocalBitcoins CEO Sebastian Sonntag told Cointelegraph upon receiving their FSA license in 2019: “The controls in the financial sector are of particularly …

The U.S. Securities and Exchange Commission, or SEC, announced Nov 24 the title of the upcoming crypto panel for its Dec 2 Investor Advisory Meeting will be “Helping to Ensure Investor Protection and Market Integrity in the Face of New Technologies”. Previously on Nov 15, the Commission announced the meeting would be open to the public. Panelists and moderators will attend remotely. The crypto panel discussion agenda will focus on the regulatory framework covering digital assets, market structure issues, and defining risk in emerging technologies. Additional topics are expected to include blockchain technologies, crypto-based EFTs, and stablecoins. Half of the …

Sherrod Brown, the chair of the Senate Committee on Banking, Housing and Urban Affairs, has called on several crypto firms to release information related to consumer and investor protection on stablecoins. According to a Nov. 23 announcement, Brown sent notices to Coinbase, Gemini, Paxos, TrustToken, Binance.US, Circle, Centre, and Tether requesting information on stablecoins by Dec. 3, suggesting that he and other lawmakers may be preparing to hold a later hearing on the subject. The senator said investors “may not appreciate the complexity and distinct features and terms of each stablecoin,” with crypto platforms not always providing users with the …

Joe Longo, chair of the Australian Securities and Investments Commission, or ASIC, spoke at the Australian Financial Review Super and Wealth Summit on Nov 22 at the Fullerton Hotel in Sydney. The rise of crypto, he said, has been “nothing short of phenomenal, and impossible to ignore.” As a corporate and markets regulator, Longo admitted to a certain fascination with decentralized autonomous organizations, or DAOs. He said that they present certain challenges for national regulators like ASIC: “To paraphrase a concept familiar to corporate lawyers, to whom does ASIC turn to ascertain the directing mind and will of a DAO? …

South Korea’s Financial Services Commission, or FSC, announced Tuesday that nonfungible tokens, or NFTs, will be taxed starting next year. According to The Korea Herald, this tax law amendment would impose a 20% tax on income from virtual assets that exceed 2.5 million won ($2,102 USD) as of Jan. 1, 2022. The FSC’s Vice Chairman Doh Kyu-sang specified that only some NFTs would be categorized as virtual assets and therefore subject to “other income” taxes, referring to those used for investment or payment on a large scale. Tax authorities are in charge of defining the full scope of taxable NFTs. …