Politics

India’s Central Bank to Appeal Supreme Court Crypto Decision

  • The Reserve Bank of India is concerned that lifting the ban could pave the way for cryptocurrency trading.
  • Imposed by the RBI back in April 2018, the ban was opposed by crypto exchanges and startups across the country.
The Reserve Bank of India (RBI) seal is pictured on a gate outside the RBI headquarters in Mumbai July 30, 2013. REUTERS/Vivek Prakash

  • The Reserve Bank of India is concerned that lifting the ban could pave the way for cryptocurrency trading.
  • Imposed by the RBI back in April 2018, the ban was opposed by crypto exchanges and startups across the country.
The Central Bank of Russia. The Moscow Times

Russia Proposes New Tokenization Framework, Says Crypto Transactions Are Suspicious

  • Russia's central bank has completed a pilot project for the issuance of tokenized assets.
  • The country is also planning to update its bank guidance, and could label the sale and purchase of cryptocurrencies as suspicious activities.
Sam McIngvale, Coinbase Custody CEO, speaking at the Invest:NYC 2019 CoinDesk conference. Zack Seward/CoinDesk

Coinbase Custody, Bison Trails to Push for Clearer Staking Regulation

  • Coinbase Custody and Bison Trails have both joined the Proof of Stake Alliance in its mission to promote legal and regulatory clarity around staking.
  • The alliance already has more than 18 members, representing a wide range of Proof of Stake communities.
Former tech executive Andrew Yang speaks during the Democratic Presidential Debate at Otterbein University on October 15, 2019 in Westerville, Ohio. Win McNamee/Getty Images

Andrew Yang Shares Standpoint on Crypto Regulation, Blockchain Technology

  • In an interview with Bloomberg, Andrew Yang talked about how we need a strict set of rules regarding digital assets.
  • He also mentioned that blockchain technology has a high potential and that "we should be investing in it".

Singapore Strengthens Consumer Protection With New Payment Services Act

  • Crypto-related businesses will be required to follow current AML and counterterrorist-financing rules.
  • Once registered with the MAS, crypto businesses will have six months to apply for a payment institution license.

Over 1,000 Crypto Mining Licenses Issued in Iran

  • Despite these crypto mining licenses, the country's new regulations did not attract much foreign investment.
  • The Iranian ICT Guild Organization is reportedly working on improving the crypto mining conditions in Iran.

Finally: Global Consortium for Digital Currency Governance Announced at WEF

  • A long-awaited global initiative to standardize digital asset governance finally looks like it has been established.
  • World leaders expressed their eagerness to work together in establishing a set of guiding principles for the public and private sector.

Lawmakers in Japan Working on a Digital Yen

  • Around 70 lawmakers from Japan's ruling Liberal Democratic Party are working on a proposal to have the nation issue its own digital currency.
  • The nation's abrupt change in its stance regarding CBDCs seems to have come thanks to the pressure exerted by the upcoming Chinese digital yuan.

Grayscale’s Bitcoin Trust Becomes 1st SEC Reporting Company

  • The Grayscale Bitcoin Trust is now the first digital currency investment vehicle to be registered under the Exchange Act of 1934.
  • Although the trust will have to file quarterly and annual reports with the SEC, it is now open to a wider range of investors.

U.K. Tax Agency Looking for Tech to Combat Crypto Criminals

  • HM Revenue and Customs has placed a contract for a blockchain analytics tool useful in the hunt for cybercriminals.
  • The tax collection agency has also requested that the tool be able to link together blockchain-based transactions with exchanges or other third-party services.

South Korean Tax Authority Considering 20% Crypto Income Tax

  • A new crypto tax proposal, currently reviewed by income tax office officials, could see crypto income taxed at 20%.
  • It is speculated that the proposal will categorize gains from cryptocurrency trading as "other income".

US Lawmakers Considering a Tax Exemption for Small Cryptocurrency Trades

  • The newly-introduced bill would exempt all realised cryptocurrency gains under $200 from taxation.
  • The current state of the USA tax law stifles microtransaction-based innovation and discourages small-time traders from participating in the markets.

Thai SEC Grants License to Asian Crypto Exchange Zipmex

  • With its new license, Zipmex will now be classified as a financial institution under Thai law.
  • Though the exchange's services are yet to go live in Thailand, Zipmex is expecting to have its platform up and ready in Q1 2020.

New Guidance for Crypto Exchanges Issued by Canadian Regulator

  • The two major exchange scandals last year could be the reason behind this push for consumer protection.
  • The new guidance draws a line between exchanges with "immediate" delivery of assets and the ones that hold assets.