India don't budge. Crypto Regulations take centerstage globally
India don't budge. Crypto Regulations take centerstage globally
Hello,
In today’s dispatch we have:
India don't budge.
Toyota to Sponsor Astar Network's Hackathon.
HSBC enters into crypto.
Nirmala Sitharaman, didn't give crypto a shoutout in the Indian Budget 2023 announcement. No mention of virtual digital assets, blockchain, or even the possibility of a central bank digital currency.
Looks like the 30% tax rule on crypto still stands for now. 👀
Is regulation the nemesis of crypto? Is it causing investment woes left and right? Debatable!
Yes 2022 was the year of crypto crackdown, but it was also the year of some governments (daring ones) taking a leap of faith and hopping on board.
Let's just talk about that:
The United Kingdom
The Financial Services and Markets Bill (Jul): reasserted the U.K.'s intention to become a global cryptocurrency hub, broadened regulations of stablecoins, and authorized the Treasury to regulate DSAs (Digital Settlement Assets). - waiting for approval
The Economic Crime and Corporate Transparency Bill (May): proposed "creating powers to more quickly and easily seize and recover crypto assets" to mitigate risks for individuals targeted by ransomware attacks.
The High Court of Justice in London, ruled that NFT represent "private property."
United Arab Emirates
UAE kind of likes crypto.
Dubai establishes legal framework for crypto regulation.
Creation of the Dubai Virtual Asset Regulatory Authority with enforcement powers.
Abu Dhabi issues draft recommendations for NFT trading, classifying them as intellectual property.
Launches Dubai Metaverse Strategy to become top 10 metaverse economy.
Launch of the photorealistic virtual city "Sharjahverse"
Brazil
Brazil mastered crypto adoption
Legalization of cryptocurrency as a payment method in Brazil.
Introduction of legal definition of digital currencies.
Establishment of licensing regime for virtual asset service providers.
High number of companies holding cryptocurrency in Brazil.
Launch of first official product aimed at the cryptocurrency market on the Brazilian Stock Exchange.
El Salvador
We saw the Miss Universe from El Salvador rockin' a Bitcoin on her outfit - says it all!
Bitcoin- a legal tender
The country Attempt to raise $1 billion and invest in the construction of a "Bitcoin city."
Plan to issue "Bitcoin bonds" by the government of El Salvador.
Surge in tourism industry by more than 30% since the adoption of the Bitcoin law.
20% of businesses accepting BTC as a payment method.
Hosting of a three-day conference for central bankers from developing countries to discuss Bitcoin.
The Central African Republic
Bitcoin- a legal tender
Legalization of cryptocurrency use in financial markets in the Central African Republic.
Allowance for crypto payments and tax payments through authorized entities.
Launch of local central bank digital currency, Sango Coin.
Blocked initiative to allow foreign investors to buy citizenship with Sango Coins.
Meanwhile, Crypto in Asia
China
Promotion of the digital yuan in China.
Recognition of Bitcoin as a virtual asset by the Shanghai High Court.
Tighter criminal liability for illegal fundraising in cryptocurrencies in China.
Return to the digital asset industry through Hong Kong by China.
India
considers itself a hub for the digital asset ecosystem
Announced a 30% tax on any income from crypto
Ban on using cryptocurrencies as legal tender or medium of exchange in India.
Hong Kong
Regulatory framework for the crypto ecosystem
Expansion of regulations over virtual assets by the SFC and HKMA.
Mandatory licensing regime for Virtual Asset Service Providers in Hong Kong.
South Korea: Compliance with FATF recommendations by cryptocurrency exchanges.
Singapore: MAS Tightening of supervision on the cryptocurrency industry.
Its a mixed bag! with some giving it a hug while others giving it a shrug!
Toyota to Sponsor Astar Network's Hackathon
Toyota, the big-time car company, is revving up its blockchain game by sponsoring a Web3 hackathon for DAO developers! - inaugural Web3 hackathon of multi-chain smart contract network Astar Network.
Participants will create all of their products on the Astar Network, a layer-1 blockchain-based in Japan. COZMISE, Astar's Polkadot-based metaverse, will host the hackathon.
The Astar Foundation has pledged $100,000 towards the event, which will be awarded to the winning projects as selected by Toyota.
On the network, developers will create an intracompany decentralized autonomous organization (DAO) support tool, allowing Toyota to make more efficient business decisions and manage teams
.
Toyota before:
In 2020, teamed up with Japanese crypto exchange DeCurret to develop a Toyota-branded digital token.
Launched a blockchain lab in 2020 to explore the future of blockchain and its role in the automotive industry.
Astar before:
NTT Docomo, Japan's largest mobile phone network, announced in November that it would work with the Astar Foundation and Accenture to accelerate Web3 adoption.
Astar was also named "Product of the Year" by the Japan Blockchain Association in December.
HSBC enters into crypto with job openings
HSBC, the UK's banking boss, is making a splash in the crypto world by throwing its hat in the ring and advertising for some top-notch talent!
The job postings, both at the bank's Global Private Banking and Wealth division and located in jolly old England, are currently being advertised on the bank's website.
The bank says that these new positions have become necessary due to the changing landscape of the cryptocurrency industry and their growing willingness to take on risk.
According to the job listing, the lucky candidate selected will be the face of HSBC to regulators, clients, and the crypto community, showing everyone that the bank is a leader and innovator in the digital asset space.
And, if they're up for the challenge, they'll steer the ship and make HSBC a major player in the world of cryptocurrencies.
HSBC has now joined other big banking players like JPMorgan in the crypto game, offering its own set of cryptocurrency products. In fact, the bank has already laid the groundwork by filing two crypto-related trademark applications with the US Patent and Trademark Office last year.
Other banks who have ventured into crypto have mainly targeted wealthy clients, but with HSBC's focus on tokenization, they might be aiming to offer services to a wider audience.