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Crypto Regulatory News around the world: November ‘22

Dec 05, 2022
Crypto regulatory news

Switzerland. In January 2023, amended financial reporting rules will take effect. For transactions of virtual currencies into cash or “other anonymous means of payment” a threshold of 1,000 CHF (997 USD) will be set. Previously, a threshold of 5,000 CHF was in place.

Netherlands. The Netherlands is in favor of the digital euro. Queen Máxima said the digital currency would help reduce the cost of international transfers. She also supports European organizations expanding discussions on the topic.

UAE. The Middle East, Africa and Asia Association for Cryptocurrencies and Blockchains (MEAACBA) was launched in Abu Dhabi to promote blockchain and cryptocurrency development in the region. The association aims to develop educational campaigns and frameworks for blockchain ecosystems. It is expected to be a big step for the mass adoption of virtual assets.

India. The digital rupee pilot project was launched on November 1, 2022. Nine Indian banks will participate in the pilot project. Digital currency is considered a legal tender in digital form and can be exchanged 1 to 1 with fiat currency. The customer will not need a bank account to make a transfer.

Japan. The Ministry of Digital Technology will create a decentralized autonomous organization (DAO) to further explore Web3 technology. The DAO launch will help determine the capabilities and limitations of such organizations.

Canada is going to launch a consultation on cryptocurrencies, stablecoins and central bank digital currencies as revealed in the federal government’s mini-budget. The consultations with stakeholders are being launched on November 3, 2022 .

Russia. The State Duma proposed to legalize cryptocurrency mining and establish requirements for miners. The bill also provides for a ban on advertising of cryptocurrency. If passed, the bill would come into force in early 2023.

Kenya. The new bill aims to impose transaction taxes. Cryptocurrency owners and traders would have to provide the regulator with information about the type of currency, its amount, transaction costs, and dates of purchase and sale.

  1. Wright, T. “Switzerland’s financial regulator extends reporting requirements for crypto transactions”, CoinTelegraph, November 2, 2022
  2. Speech. “Online speech Queen Máxima at the conference ‘Towards a legislative framework enabling a digital euro for citizens and businesses’, Europese Commission and the European  Central Bank”, Royal House of the Netherlands, November 7, 2022
  3. Cabral, A.R. “Abu Dhabi launches blockchain and cryptocurrency body”, The National News, November 8, 2022
  4. Banerjee, T. “What is digital rupee and how will it help bolster India’s economy”, India Today, November 10, 2022
  5. Crawley, J. “Japan Digital Ministry to Create DAO for Web3 Exploration”, CoinDesk, November 3, 2022
  6. Coghlan, J. “Canada to examine crypto, stablecoins and CBDCs in new budget”, CoinTelegraph, November 4, 2022
  7. Kotova, E. “A bill on legalization of cryptocurrency mining is presented to the State Duma”, Rossiyskaya Gazeta, November 17, 2022
  8. Mutai, E. “Bill sets up KRA tax dragnet for 4m cryptocurrency users”, Business Daily Africa, November 21, 2022

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