Crypto regulation
UK’s ASA says banned Floki Inu ad abused consumers’ ‘inexperience or credulity’
The UK’s advertisements regulator has banned an “irresponsible” Floki Inu ad campaign The regulator says Floki Inu trivialised the risks of crypto investments The UK’s Advertising Standards Authority (ASA) has outlawed an ad campaign for Floki Inu, the meme coin named after a dog owned by Tesla’s CEO Elon Musk, for being in violation of advertising standards. Reports of the meme coin’s advertisement go back to October last year. The Financial Times reported at the time that Floki Inu had launched a full-fledged marketing assault with an ad explosion in trains, buses, and London’s metro network. “MISSED DOGE? GET FLOKI,” the ad read, alongside a picture of a cartoon dog brandishing a Viking helmet. The Floki Inu ad. Source: The Guar...
China’s Supreme Court rules public funding via crypto as illegal
The People’s Bank of China previously outlawed crypto trading across the country The new judicial interpretation from the Supreme Court has spelt out punishment for those that transact in cryptocurrencies China’s initial ban of cryptocurrency activities in September led to a global market-wide crash. The authorities, at the time, cited threat to financial stability as well as breeding of criminal activities like money laundering, gambling, and fraud as the reason for the take. However, the decision did not come with penalties or judicial prosecution for those that went against it. That is set to change from 1st March following a Thursday ruling from the country’s Supreme Court that has amended its Criminal Law in regards to raising public money through virtual assets. The...
Brazil tables crypto bill moving a step closer to regulating the sector
Yesterday, the Brazilian Senate’s Economic Affairs Committee (CAE) approved a crypto regulation bill The legislation would regulate the everyday use of crypto, define a virtual asset, and the provisions for a VASP Brazil has set itself on a path towards regulating cryptocurrencies in the country. According to an official statement sent out on Tuesday, the Senate’s Economic Affairs Committee (CAE) unanimously approved a piece of legislation to regulate cryptocurrencies in the Latin American country. The bill, tagged PL 3825/19, was jointly created by the Federal Tax Authority (RFB) and the Brazilian Securities and Exchange Commission (CVM). It now heads for a vote in the Senate, then into the lower house. If approved at these stages, it shall be presented before President Jair B...
Weekly Report: Regulators and authorities around the world hone in on the crypto sector
The US is strengthening its regulatory efforts against crime involving crypto and related assets Warren Buffet’s right-hand man Charlie Munger compares Bitcoin to a venereal disease Ukraine’s parliament, this week, passed a bill to legalise digital assets legal in the country, with the vote receiving the majority of votes Here are the major headlines from the cryptocurrency sector that you might have missed this week: US authorities crack the whip on crypto crime even harder Deputy Attorney General of the US Lisa Monaco told the virtual Munich Cyber Security Conference on Thursday that the FBI is forming a new team, the Virtual Asset Exploitation Unit. The division would include investigators and experts in cryptocurrencies, blockchain analytics, and digital asset confiscation....
Weekly Report: Ether price could pull back to $1,700 as per Bloomberg’s February Crypto Report
Bloomberg analysts predict Ether to retreat to $1,700 before surging again Bybit exchange has announced a partnership with Cabital to bring more on-ramp integrations Canadian lawmaker tables bill to promote the growth of the cryptocurrency industry The cryptocurrency sector saw it all in the second week of February – from volatility in the market to major partnerships within the industry. Here is a rundown of the major stories that you might have missed Bloomberg analysts foresee Ethereum sliding back to $1,700 As markets struggle to recover from the January dump, Ethereum could not yet be out of the woods. A team of Bloomberg analysts has predicted that the second-largest crypto asset is likely to crash to $1,700, though the fundamentals are expected to remain unaffected. The Crypto Outlo...
Russia set to recognise crypto as a form of currency, but with a catch
Authorities in the country have agreed to recognise crypto assets as currency though their use and trading will be regulated The decision comes less than a month after Russian authorities proposed outlawing cryptocurrencies in the country In what can best be described as a U-turn move, Russian authorities have formally agreed to treat cryptocurrencies as currency. News reports emerging from the local outlets in the country detail that the government will collaborate with the Bank of Russia to draw up draft legislation defining these assets’ use. Several parties were reportedly involved in the discussion that birthed the decision. Some of them are the Ministry of Finance, the Federal Tax Service, the Federal Security Service, and the Ministry of Internal Affairs. Russia’s centra...
Weekly Report: Banks in Russia may soon offer crypto services in the latest turn of events
Russia’s fate on cryptocurrencies has recently swung from pessimistic, and it’s now slowly crossing the line into optimistic. The country’s Finance Minister reportedly wrote a pro-cryptocurrency letter to the Prime Minister this week pushing for banks to trade crypto as a financial asset. Here is more on this and other top stories from the crypto sector this week: Local banks in Russia could be allowed to deal in crypto Russian banks could get one better if recent reports are anything to go by. Word out of the country, as reported by news outlet Kommersant, indicates the banks could yet be allowed to deal in crypto. Bank of Russia has been candid in its anti-crypto position as it recently published a report on cryptocurrencies and recommended a ban over risks to Russ...
India announces a 30% tax on gains obtained from digital assets
India’s Finance Minister has announced a 30% tax on profits from crypto and other digital assets She also disclosed plans to roll out a CBDC (digital rupee) in the 2022-23 fiscal year In a move indicating India is unlikely to ban cryptocurrencies as initially suggested, Finance Minister Nirmala Sitharaman has announced that tax will apply to transactions involving virtual digital assets. As she delivered the Union Budget 2022-23 speech yesterday, the minister explained that cryptocurrencies and other digital assets such as NFTs would be liable to a 30% tax. Gifts would also be taxed at reception, and a Tax Deduction at Source (TDS) established when certain conditions are met during the transfer of a digital asset. She further explained that bar the cost of purchase, the tax would be ...
Backlash pushes Thailand to cancel a planned 15% levy on crypto gains
Thailand has cancelled proposed plans to implement a tax on cryptocurrencies The proposal had seen pushback from both industry stakeholders and the public. Thailand has halted plans to enforce a 15% withholding tax on cryptocurrency transactions. According to a Financial Times report published yesterday, the government resorted to dropping the plan altogether following sustained disapproval from members of the public. Stakeholders in the industry had also become anxious over the potential impact of excessive taxation on a still-growing crypto sector. However, the government seems to have found a middle-ground as the new rules would allow investors to offset their losses against gains annually. Crypto traders will report their proceeds from mining or trading crypto assets as capital ga...
Monthly Report: SEC’s campaign against Bitcoin Spot ETFs continues
January has been a rough month for the cryptocurrency market. Many crypto coins have bled in the last three weeks erasing gains from the broader market rally at the end of last year. Meanwhile, the larger crypto ecosystem has seen several developments this month. However, no direct crypto ETF has been approved in the US and odds for one being given the green light within Q1 of 2022 are long. Here is a breakdown of this and other important headlines in January, from regulations to crowdfunding. The US SEC is yet to approve a Bitcoin spot ETF The SEC’s preference for ETFs that track Bitcoin futures rather than the digital asset itself has remained unchanged. Citing a failure to reach the standards of a surveillance-sharing agreement, the SEC said on January 20th that it would not accep...
Disgraced MP tells Parliament UK can be the ‘home’ of crypto
The former Secretary of State for Health and Social Care and current U.K. Member of Parliament (MP) Matt Hancock urged the House of Commons to make England the “home” of crypto. Hancock has served as an MP for West Suffolk since 2010 but stood down from his role as the Health Secretary in mid-2021 following controversy surrounding COVID breaches tied to an alleged extramarital affair. Which is to say his endorsement, while welcomed by the industry, may not hold as much cachet as it once did. Following up from his speech at the House of Commons on Jan. 27, Hancock emphasized the disruptive potential of crypto and fintech on Twitter, noting that: “The UK can be the home of new innovations like FinTech and Cryptocurrency. Done right we can increase transparency and lead in new world-changing ...
Putin is not entirely against crypto mining in Russia, cites ‘competitive advantages’
Russia’s central bank last week released a report proposing a blanket ban on cryptocurrencies Some members of the political class are opposed to the idea President Putin has established that Russia has competitive advantages in this sector He asked for a ‘unanimous opinion’ by the government and the central bank In a move that sparks hope for digital assets in Russia and the world, President Vladimir Putin has spoken in favour of cryptocurrencies. During a recent video conference meeting with members of the government, Putin explained that Russia holds certain advantages that have it better-placed to support crypto mining. The Russian President pointed to an abundance of skilled hands and electricity as the boons that put the country in the box seat. “Of course, we ...
