The whole crypto in regulation

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Your Favorite Crypto Digest From TradeCrypto.com

Hello everybody! :) Another TradeCrypto.Com digest is on the way to you! Let's see what has been going on :) >>

Market is green. BTC is now trading above $20,000, ETH is trading around $1,100.

💪 Bitcoin dominance: 43,41%

📉 Total Cryptocurrency Market Cap: $0,879 tr

😲 Fear and greed index: 18(Extreme Fear)

🚀 Gainers(Top-100)

Convex Finance (CVX)+16.85%

Curve DAO Token (CRV)+9.42%

eCash (XEC)+9.73%

😭 Losers(Top-100)

Compound (COMP)-5.96%

Flow (FLOW)-5.51%

Axie Infinity (AXS)-5.26%

Indian Crypto Taxes Crush Trade Volumes as Local Exchanges Eye Exodus

Trading volumes across crypto exchanges in India🇮🇳 have plummeted after a new transaction tax law was recently enforced📉. On July 1, 2022, the Indian Government legislated📑 a 1% tax (called TDS, or Tax Deducted at Source) on all crypto-related🔄 transactions of more than $126 (10,000 INR).

According to this rule, it’s now mandatory for exchanges💱 to deduct 1% of the transactional value from the buyer👥. That amount should then be paid 💸as taxes to the Government. Following the tax’s implementation last week, the trading volumes across exchanges including WazirX, ZebPay, and CoinDCX fell by at least 50%📉.

Bank of England Wants Stricter Rules for Crypto to Avoid 'Systemic Risk'

The U.K.’s 🇬🇧central bank renews its concerns about stablecoins🪙—and wants stricter🔐 laws and regulation of the crypto market as a whole⚖️. The Bank of England today called🔉 for better regulation of cryptocurrencies, noting📑 “vulnerabilities” in the market.

In the U.K. central bank’s Financial Stability Report📑 published Tuesday, it said that💬 “cryptoasset valuations have fallen sharply,” plunging from a peak of nearly $3 trillion💰 last year to the $883 billion is it now📉. It said💬 that although this wipeout “did not pose risks to financial stability overall,” tougher laws are needed to protect the wider financial system in the future❌.

Italian government will provide $46 million in subsidies for blockchain projects

The Ministry of Economic Development of Italy🇮🇹 has announced that companies and public or private research firms will be able🔜 to apply for funding💰 from the government for the development of projects related to artificial intelligence, the Internet of Things and blockchain technology🔄.

The fund💰 will have an initial budget of 45 million euros — roughly $46 million at the time of publication📑 — for expenses and costs from 500 thousand (worth $512,150) to 2 million euros ($2,048,600) as part of the Italian🇮🇹 government’s goals💸 for investments in technology, research and innovation.

US Commerce Dept. asks digital asset industry for input on competitiveness framework

Among the numerous reports and other written material mandated in United States 🇺🇸President Joe Biden’s March 9 executive order📑 “Ensuring Responsible Development of Digital Assets” is a framework for enhancing💱 United States🇺🇸 economic competitiveness in digital asset technologies, due from the Commerce Department on September 5🔜.

In preparation for that document📑, the Commerce Department requested public comments🔉 through Tuesday, providing 17 questions❓ to encourage discussion. As of midday on Tuesday, eight comments had been received by the Commerce Department📲.

Singapore's Finance Regulator Mulls 'Limits on Retail Participation' in Crypto

The Monetary Authority of Singapore🇸🇬 (MAS) won't rule out amendments to existing legislation and introduce🔉 new rules that would add more restrictions on retail💱 crypto-traders.

In a written response📑 to a question raised by one of the city-state's MPs, MAS chairman Tharman Shanmugaratnam said💬 that Singapore's central bank🏦 "has been carefully considering the introduction of additional consumer protection safeguards." 📢"These may include placing limits on retail participation, and rules on the use of leverage when transacting in cryptocurrencies,"📑 wrote Shanmugaratnam.

Russians banned from accessing Bitmex within European Union

Major cryptocurrency exchange💱 BitMEX is working to increase📈 compliance with the European🇪🇺 sanctions against Russia🇷🇺 by preparing to enforce major restrictions for its Russian users❌. BitMEX is changing💱 its restricted jurisdictions policy to be compliant with various restrictive measures of the European Union🇪��.

The BitMEX crypto exchange💱 notified a group👥 of potentially affected users about the upcoming changes via email📲 on Monday. According to an email seen, 💬Russian citizens or residents will no longer be able to ❌access BitMEX services from the European Union🇪🇺 after July 11, 2022. That means that such users will not be able❌ to log into their account or access any services from the European Union🇪🇺, unless an 📢“exception applies.”

UK government seeks public input on DeFi taxation

The HMRC is asking 💬for input from investors, professionals and organizations involved🔄 in DeFi-related activities. The government of the United Kingdom🇬🇧 is asking the public for input↔️ on the taxation💸 of crypto asset loans💰 and staking in the context of decentralized finance (DeFi).

In particular, the government🏦 is interested in gathering informationℹ️ on the taxation of crypto asset loans and staking. Her Majesty's Revenue👸🏻 and Customs (HMRC) call for evidence paper📑, described its intention to study whether administrative hassles and costs💰 may be reduced for taxpayers who participate in the emerging industry🔄, as well as whether the tax💸 treatment might be more aligned with the transactions' fundamental economics🔉.

Conclusion: Crypto is the most wonderful time to regulate. The market is increasingly gaining ground. Further market movement will be more grounded and controlled.

Thanks for coming, folks, and see you soon! ;) Brought to you by Maksym, Srđan, and Svyat:)

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