Politics
U.K. Reportedly Preparing to Limit Crypto Services From Abroad
- Unnamed sourced told the Financial Times that the U.K. Treasury was preparing new rules that would give the FCA broader powers over the crypto market.
- The regulations will allow the FCA to monitor and limit operations and advertising of crypto companies, as well as restrict crypto sales in the U.K. from foreign companies.
a day ago
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Japan to Trial Digital Yen With Three Megabanks in Early 2023
- The Bank of Japan will collaborate with three Japanese megabanks on a CBDC with offline functionality starting early next year.
- The central bank plans to experiment and stress test the potential digital yen for two years, and make a final decision on whether to widely issue it by 2026.
November 23, 2022, 4:48 PM
Bank of Japan headquarters in Nihonbashi, Chūō, Tokyo. Kaisuke Ota/Nikkei Asian Review
India’s Central Bank to Launch Wholesale CBDC Pilot in November
- The Reserve Bank of India will launch a wholesale CBDC pilot on Tuesday, and has selected nine locally operated banks to participate in the trial.
- The central bank noted that it also plans to conduct retail CBDC trials within a month, allowing households and businesses to make payments using the digital rupee.
October 31, 2022, 4:33 PM
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Hong Kong Changes Stance on Retail Crypto Trading
- During the opening of Hong Kong’s FinTech Week, the city government revealed it was considering ways to give retail investors a “suitable degree of access” to crypto trading.
- Hong Kong will also introduce a new licensing regime for virtual asset service providers, and has invited them to set foot in the city for new business opportunities.
October 31, 2022, 9:29 AM
Hong Kong national flag. Neerav Bhatt/Flickr
Oct 26, 2022
Singapore Proposes New Crypto Regulations
- The Monetary Authority of Singapore has issued two consultation papers that propose new regulatory rules for crypto service providers, investors, and stablecoin issuers.
- One of the main proposals was that crypto service providers should not provide any credit facility or accept payments from credit cards.
Oct 14, 2022
Blockchain.com to Restrict Accounts of Russian Users
- Blockchain.com has warned Russian users that it will soon terminate support for its custodial and rewards services in the area.
- The company gave Russian nationals until 27 October to withdraw all their assets from the platform, after which their accounts will be closed.
Oct 6, 2022
New EU Sanctions Ban Russian Crypto Payments
- The European Union has banned all cross-border crypto transactions from Russia in its latest sanctions package, which removed the previous sanction cap of €10,000.
- The move was in response to Russia’s annexation of Ukrainian territory through a “sham” referendum, and aims to deprive Russia’s military and industrial complex from key technologies.
Oct 5, 2022
European Parliament Tries to Streamline Rules on Crypto Taxation
- The European Parliament said crypto assets must be subject to “fair, transparent and effective taxation”, and called for simplified tax treatment for small transactions.
- The resolution, which passed with an overwhelming majority, also recommends the use of blockchain technology as it can “facilitate efficient tax collection”.
Sep 26, 2022
Australia to Completed CBDC Pilot in Q1 2023
- The Reserve Bank of Australia is looking for industry participants to make submissions of CBDC use cases it can test during its eAUD pilot.
- Selected use cases will be announced in December, while the actual CBDC pilot will start in January and end in April, with its results being published in the “middle of 2023”.
Sep 19, 2022
FTX Listed as Unauthorized Firm in U.K.
- The Financial Conduct Authority has warned investors that crypto exchange FTX “may be providing financial services without authorization” in the U.K..
- A spokesperson for FTX said the exchange believed it was impersonated by a scammer, as the phone numbers provided by the FCA were not connected to it.