List of cryptocurrency regulatory policies and procedures in 2021

Crypto assets and related products and services have grown rapidly in recent years. At the same time, policymakers are passionate about an ever-changing business. From 2021, the management of cryptocurrencies evolves towards more detailed and complete models. Many countries monitor and manage digital assets, mining, crypto funds, etc. Important policies and governance differ in their impact on the business.

The Bank of India has approved a total ban on cryptocurrencies.

On December 18, the Reserve Bank of India (RBI) announced to the Securities and Exchange Commission that it had agreed to a total ban on cryptocurrencies. As the leader is aware of this situation, the Central Bank of India has described its leaders on the "great connections" related to macroeconomic and financial security and foreign governance. "The Board of Directors has been briefed on the Bank of India's work on this matter." Indian financial institutions are also addressing the difficulty of managing overseas assets. It should be noted that in September of this year, a press release announced that India was planning to regulate cryptocurrencies as a commodity. The statement stated that "cryptocurrency will be treated as a good / asset for any purpose, including tax purposes based on payments, investments or electronic transactions."

The South African regulator plans to complete the cryptocurrency process by early 2022.

On December 10, the South African regulator plans to complete the cryptocurrency process by 2022. Cryptocurrency legislation is designed to protect vulnerable South Africans.

South Korea announced ban on anonymous virtual currency trading

As of December 10, Korea plans to ban all anonymous cryptocurrency companies in order to eliminate the use of cryptocurrency for criminal and money laundering purposes. The Korean government has announced a new law to restrict the withdrawal of Korean Koreans to non-KYC wallets such as MetaMask from March 2022. The administration has said there will be no mode restrictions after the deadline. In the future, when exchanging virtual assets like Bitcoin or Ethereum, it will keep a track of “who sent and received it”, and exchanges can only be done on “Trade”. The administration also said the new rules would protect the tax exemption. In addition, the National Convention postponed the imposition of taxes on virtual assets until 2023. From January 1, 2022, the tax will apply to the 20% tax on the rise of cryptocurrencies by more than 2, $ 5 million ($ 2,122) per year. Local observers say lawmakers and protesters opposed tax changes ahead of the March presidential election to favor voters in their 20s and 30s who are likely to become crypto traders.

Russian Attorney General's Office Prepares Cryptocurrency Seizure Procedure

According to reports from December 9, Russian Attorney General Igor Krasnov announced that the Attorney General's Office has developed procedures for the seizure and seizure of illegal cryptocurrencies. . The Russian Attorney General has said that while cryptocurrencies are seen as one of the tools, for example, in corruption, they are not enough to create sufficient circumstances for the rule of law and security. I believe that bringing the concept of cryptocurrencies and other virtual assets to illegal places will help establish consolidation and the rule of law through the development of necessary policies in law.

UK FCA's latest proposal could remove cryptocurrency investors from financial payment plans

On December 7, the Financial Services Commission (FCA) announced “meeting information”. Under the deal, cryptocurrency traders could be excluded from UK payment plans if the company loses money. Executives said in their interview documents that "special investments, high risk or otherwise, such as crypto assets and anonymous funds, will be eliminated from paid financial plans depending on certain circumstances." I have already cautioned against using most crypto currency trading companies. However, the popularity of cryptocurrencies has increased dramatically. In October alone, the UK's National Reporting Center received more than 7,118 complaints.

Banks in Thailand: We do not support the use of digital devices to pay for goods and services.

On December 1, the Thai financial institution announced that it did not support the use of digital devices to pay for goods and services.

Argentina imposes 0.6% tax on cryptocurrency exchange

On November 19, Argentina plans to impose a 0.6% tax on cryptocurrency service providers. Argentina levied a 0.6% tax on bank loans and mortgages, but the cryptocurrency exchange is currently tax-exempt (exempt from registration by fintech payment service providers (PSP )). The head of the Argentine cryptocurrency company added that the tax would affect the exchange of funds with Argentine banks, allowing the exchange to pass a new rate on the value of the cryptocurrency in Argentine pesos.

Kazakhstan passes anti-money laundering law on cryptocurrency platforms

On November 10, Kazakh senators passed a bill using financial oversight of encrypted procedures. These changes aim to improve the country's "money laundering protection (AML)" protection, some including cryptocurrency platforms. The law has been passed by the Senate, but has not yet been approved by the President of Kazakhstan. The law ensures that the crypto industry is fully respected and prevents money laundering as follows: Crypto companies and vendors are financially watched. It focuses on strengthening prevention against money laundering. Defend the legal status of illegal funds. Crypto firms should inform their key entities about their operations. Federal compliance with KYC and AML policies.

UK IRS announces tax information on cryptocurrency investments

On November 1, the UK Revenue Service (HMRC) released tax information to help cryptocurrency traders and traders understand their UK tax obligations. . The HMRC said cryptocurrencies are not treated as currencies and are taxed on capital because they are close to traditional investments such as commodities. And he urged traders to keep records, saying exchange rates could not be affected by profits.

The US Monetary Authority was the first to include cryptocurrencies in its administration.

On October 16, the US Treasury Department (OCC) on Friday announced plans to oversee banking and operations for 2022, with cryptocurrencies leading the way. . In a statement, the OCC outlined 11 key areas of concern and found that in addition to cybersecurity and climate change, auditors should identify and assess investments in banks that are undergoing major changes in their operations to l help from cryptocurrencies and other financial exchanges. . When there is a significant change in the bank, the auditor should assess the appropriateness of the management procedures. OCC has been working in the cryptocurrency market since at least 2018, and this is the first time the regulator has included cryptocurrency in its annual operational plan. .

President of Mexico: Mexico will never use Bitcoin as a profitable resource

According to reports from October 15, during a press conference earlier today, Spanish President Andres Manuel López Obrador ruled out the possibility of adopting Bitcoin as a commodity. , we will not change. We believe in managing legitimacy in financial management instead of trying to innovate. "Lopez Obrador said the government will focus on improving tax protection rather than changing the country's currency. It is compatible with Bitcoin." (We want to make sure) There are no rules and everyone has to pay taxes. That's enough. "

United States: Crypto Rules Advertising Challenges

US Financial Perlisters, stabilized calls should take care of the appropriate. Stable calls can improve performance for payment, but only for appropriate care. In addition, according to the information based on October 9, the Biden government has made a federal government into the free text message. The information on the information must be the Government of a Communication and Request Review of Financial Care, National Consignment, and national security. People who meet the information have been considered to correct the operation of the summer of the sides of digital income of digital income. This plan will promote an encrypted center to focus. The white building refuses to apply proposal to encryption preparation. Training standards are part of a white house to create good ideas on currency digital. Digital Secencies are popular in the African Americans, so the pride of the management organization increased. Biden Compensation center is intended to make care of heritage and receives a negative attitude for higher encryption market. If the market is expanded more than $ 2 trillion, administration, administrators regarding the risk of commercial trade and stability. The total Government of the Security agency is attempted to respond to the case of the amount digital with the lower software.

Kazakhstan: digital mining companies clean up and start refining

According to October 8 news reports, Kazakhstan's Deputy Energy Minister Kairat Rashimov recently announced that Kazakhstan was starting to crack down on cryptocurrency “mining” companies and planned to ban operations in the region. region. Rahimov said, “The country's power generation is very bad with the emergence of“ mining companies. ”Consumption has increased by more than 7% this year. If the company wants to open the virtual business in Kazakhstan, it must first register.Only after receiving legal entity status You can get a license to install the site.

However, Rasimov said cryptocurrency miners registered in Kazakhstan will continue to operate under the contract without discrimination. In June 2021, the President of Kazakhstan signed a decree regulating the value of the country's digital mining industry, and the effective date of this policy is January 1, 2022.

European Central Banking Commission: EU should soon benefit from "cryptocurrency market surveillance"

On October 7, Villeroy, Steering Committee of the European Central Bank, called on the European Union to accelerate the "Regulation of the cryptocurrency market (MICA)". As financial management has made great progress, supervision needs to be strengthened. "Innovation is good, but if left unchecked, innovation can reduce financial security, at the same time there are problems with the economy and consumer protection. Directors should consider mergers and acquisitions for large technology companies It may be possible to establish certain rules in the technology industry large urine to receive financial supervision.

Central Bank of Uruguay: creation of a “work plan” for digital asset management

On October 5, the Central Bank of Uruguay (BCU) launched a "work plan" to lay the groundwork for monitoring digital assets and the companies providing those services. The company confirmed in a statement on Friday that BCU plans to finalize its deal by the end of the year to change current laws relating to digital assets and establish that there is a clear basis for managing such activities. BCU will also continue to expand its relationships with other governing bodies and international organizations to facilitate dialogue with trading partners and deepen our understanding of the monitoring and oversight of these activities. The BCU said digital assets are not as profitable as the Uruguayan peso, there is no advertising, and there is no central bank support. Now, the BCU has further stated that the advertising and marketing of digital assets is not given special attention as it is not part of the share capital of the bank's operations.

French regulator: warns investors against illegal crypto services

According to an October 1 report, the French Financial Markets Authority (AMF) will continue to monitor the cryptocurrency market and warn investors against illegal crypto services. . According to regulators, there are trading companies that offer cryptocurrency products without permission to provide these services. In order to protect investors from possible fraudulent investments, the AMF and the ACPR regularly update the blacklist of business introducers. However, these names are “incomplete” because “new sites are not allowed to appear more often”. Authorities have encouraged investors to follow the list of approved online registration providers using financial resources and the approved list of financial group or fundraising investment advisers.

Swiss Financial Market Supervisory Authority: First Crypto Fund Approves Eligible Investors

The Federal Financial Market Supervisory Authority (FINMA) announced on September 29 that it had approved the Crypto Market Index Fund as “the first crypto capital established by Swiss law”. These funds were started by Crypto Finance, a Swiss asset management company, managed by PvB Pernet von Ballmoos AG Investment Management, and managed by SEBA Bank AG. FINMA notes that the new approved funds are reserved for eligible investors who typically invest in cryptocurrencies or digital assets "based on blockchain or distributed information technology".

Canadian regulator warns of fraudulent 'play-style' cryptocurrency ad

On September 27, Canadian financial institutions, the Canadian Securities Regulatory Agency (CSA) and the Investment Industry Regulatory Agency (IIROC) released notices highlighting the importance of trading platform news. of cryptocurrency. In the published data, regulators explain three major concerns for cryptocurrency platforms that are registered (or have submitted applications) as traders under the Securities and Exchange Act or that decide to register with the. to come up. Legal matters relating to the publication and marketing of information, gambling, the use of advertisements or services and the use of social media platforms for advertising purposes ”.

Indonesian Minister of Commerce: cryptocurrencies will not be banned, but will be strengthened

On September 26, Indonesian Commerce Minister Muhammad Luthfi said Indonesia would not restrict cryptocurrencies, but would strengthen oversight. The country is exploring ways to reduce the risk of cryptocurrencies being used for financial crime. As it has been reported that the cryptocurrency market in Indonesia has grown rapidly over the past year and a half, the volume of 13 national exchanges has been approved by the board. From January to May 2021, it increased by 40%.

China: Improving the Hype on Mining and Virtual Currency Trading

On the evening of September 24, the National Development and Reform Commission, the Central Bank and others issued notices regarding the hype about mining and trading in virtual currencies. Among them, the National Development and Reform Commission and other departments published a report on the virtualization of virtual "mining" activities, and on the strengthening of the electrical double fold for new "mining" projects of management of the virtual money. In addition, on the evening of the 24th, China's financial institutions, the Central Cyber ​​Administration of China, the Supreme People's Court, the Supreme Court, the Ministry of Industry and Information Technology, the Ministry of Public Security and. Chairman of the Corporate Governance Agency, the Financial Services Corporation of the Company, the Company Securities and Exchange Commission and the State Foreign Policy Regulatory Authority, We have announced a report on the prevention and treatment of psychological risks.

UAE Policy: Endorses Cryptocurrency Market In Dubai Free Zone

On September 22, the Dubai World Trade Center Authority (DWTCA) announced that it had signed an agreement with the United Arab Emirates' Securities and Exchange Commission (SCA) to promote the monitoring and trading of cryptocurrency assets in the DWTCA-free zone. This new initiative establishes a framework that will allow DWTCA to publish the necessary agreements and authorize crypto-finance related activities.

As part of the deal, SCA will also oversee key cryptocurrency functions such as advertising, listing, marketing, and licensing. According to the announcement, the deal was signed by SCA CEO Maryam Al Suwaidi, DWTCA Secretary General Helal Saeed Al Marri and the Dubai Tourism and Tourism Authority.

Korean Financial Institutions: List of 28 Legal Conferences on Cryptocurrency Exchanges

On September 19, Korean financial authorities announced the list of 28 cryptocurrency exchanges that meet regulatory requirements. As a result of the revision of the "Policy on Special Disclosure and Use of Financial Information Transfers", recipients of money exchange receive ISMS (Information Security Management System) certification. ) during the ninth 24 months and report to the Auditor General (FIU) under the Service Authority (FSC). To do. If this isn't done, it shouldn't work until September 24th. Exchanges that may continue to work after September 24 are Opax, Upbit, Korbit, Coinone, Bithumb, Hanbitco, Cashierest, Tenten, Dove Wallet, Flybit, Gdac, Aprobit, Huobi, Coins & Coins, 28 exchanges. , and Octbit. .

However, in order to provide KRW currency trading services, cryptocurrency exchanges will also need to work with banks to provide clients with real-name deposits and withdrawals. . Due to concerns about the risk of money laundering, most banks are reluctant to work with cryptocurrency exchanges. To date, only four major cryptocurrency exchanges, Upbit, Bithumb, Coinone, and Korbit, have achieved this goal, meaning only the most profitable exchanges have been able to do so in 24 additional exchanges. .

Russian Duma: hopes to regulate cryptocurrency mining as a market

On September 9, Anatoly Aksakov, head of the Financial Services Commission of the Russian State Duma, said that currently the Russian government is still considering recognizing cryptocurrency as a single form of trade action in accordance with trade rules. local. Since this [cryptocurrency mining] is a type of business, it should be included in the registered country, monitored based on market capitalization in accordance with necessary regulations and affected tax collection. The government has been active in enforcing various laws related to the cryptocurrency trading, and it believes that laws on taxing cryptocurrency, mining, and digital currency advertising will soon be coming. implemented. Aksakov also stressed that there is still a need to discuss numerical advantages, stressing the need to provide clear control over numerical advantages. It's an investment, not a payment.

El Salvador considers Bitcoin to be a fiat currency

El Salvador is certainly a representative of the contribution of the cryptocurrency world. On June 9, 2021, the Salvadoran Parliament approved the concept of Bitcoin as a fiat currency sent by the president, and El Salvador became the first country in the world to recognize Bitcoin as a fiat currency. On September 7, 2021, Bitcoin became the legal tender of El Salvador.

Kaus Lim Kauslim: strengthening surveillance to discourage tax evasion

On July 26, Reuters reported that the South Korean government announced changes to the tax law so that taxpayers can seize cryptocurrency assets held by smugglers even if they are kept in digital wallets. Current regulations make it difficult for police to seize crypto assets contained in digital wallets, but virtual assets obtained through the exchange can be confiscated to pay taxes over time. South Korea continues to strengthen its oversight of the cryptocurrency industry to combat financial transactions and other financial businesses using cryptocurrency. social spending. At the same time, the finance ministry said it needs to strengthen oversight of cryptocurrencies to better prevent tax exemptions.

Thai SEC: DeFi projects must be approved

According to a Bangkok Post report from June 1, Thailand's Safety and Accountability Office (SEC) has announced that in the future, all DeFi-related work will be required for approval by financial authorities. At the same time, the SEC will use tighter controls, especially on the DeFi protocol for broadcast tokens. The regulator specifies that “the issuance of digital tokens must be approved and monitored by the SEC, and that the manufacturer must disclose the information and provide the tokens through the token portals authorized by the law tool.

China: dismantle bitcoin mining and trading and boldly block the spread of personal risk in relationships

May 21, Group Support Program Credit (called the Golden Committee in the Next 55th Program to learn the student's work The city of CPC Central CPC), and members of the state member (state of church). The meeting is the financial he said that decision, improve credit rules, improvement and financial assistance and financial assistance with vocaliation Functions and Financial Assistance and Limitors of Treatment and Reducing Costs, We control the risk of personalized, we control the High risks should be broken often and cause harm to private.

UK regulators must shut down unregistered crypto companies

As expected in early 2020, the UK's Financial Services Commission (FCA) has demanded the shutdown of unregistered cryptocurrency companies and their money returned to investors. On January 8, regulators warned cryptocurrency companies that did not register with the FCA, or did not withdraw their requests by December 15, 2020, to end their cryptocurrency operations by January 10.