Tag: Regulation

India Proposes 30% Tax on Crypto Income — Finance Minister Cites ‘Phenomenal Increase’ in Crypto Transactions – Regulation Bitcoin News

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The Indian government has proposed taxing income from cryptocurrencies and other digital assets at 30%. India’s finance minister, Nirmala Sitharaman, said: “There’s been a phenomenal increase in transaction in virtual digital assets … The magnitude and frequency of these transactions have made it imperative to provide for a specific tax regime.” 30% on Crypto Income Indian Finance Minister Nirmala Sitharaman proposed taxing income from cryptocurrencies and other digital assets at 30% while presenting the federal budget Tuesday. She said: I propose to provide that any income from transfer of any…

US Federal Trade Commission Warns About Cryptocurrency Scams Using Social Media – Regulation Bitcoin News

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The U.S. Federal Trade Commission (FTC) has warned about social media being used in cryptocurrency investment scams. “Social media is a tool for scammers in investment scams, particularly those involving bogus cryptocurrency investments — an area that has seen a massive surge in reports,” said the FTC. Federal Trade Commission Warns of Crypto Scams Utilizing Social Media The U.S. Federal Trade Commission (FTC) published a “Consumer Protection Data Spotlight” last week, warning the public about scams, including crypto investment scams, utilizing social media. The FTC is an independent agency of…

‘America Competes Act’ Is a Direct Attack on Crypto Industry, Government Is Picking Winners and Losers – Regulation Bitcoin News

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U.S. Senator Cynthia Lummis says that the recently introduced “America Competes Act of 2022” is a direct attack on the crypto industry. “I will not stand by and let the heavy hand of the government pick winners and losers,” she stressed. Congressman Tom Emmer explained that the legislation would give Treasury Secretary Janet Yellen “dictatorial-level power to prohibit any transactions they deem concerning without due process.” US Lawmakers Raise Alarm About ‘America Competes Act of 2022’ A bill called the “America Competes Act of 2022,” introduced in the House of…

Crypto Ban in Russia Can Have Opposite Effect, Medvedev Warns as Opposition Mounts Against Proposal – Regulation Bitcoin News

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Dmitry Medvedev, former president and prime minister of Russia, has voiced his concerns over Bank of Russia’s initiative to ban most crypto operations. Prohibition could bring the opposite result, the Russian politician warned, joining a chorus of opinions against the restrictive policy. More Officials and Organizations Reject Central Bank’s Call to Prohibit Cryptocurrency Central Bank of Russia’s proposal to place a number of crypto-related activities outside the law has sparked a wave of reactions in Moscow. Among the critics are the Finance Ministry which put out its own regulatory concept,…

Costs of Making Bitcoin Legal Tender Exceed Potential Benefits – Regulation Bitcoin News

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The International Monetary Fund (IMF) has told El Salvador that the costs of implementing the country’s Bitcoin law, which makes the cryptocurrency legal tender, exceed the potential benefits. The IMF has also urged El Salvador to dissolve the “Fidebitcoin” trust fund and start charging fees for services provided by the government’s Chivo digital wallet. IMF’s Recommendations for El Salvador The International Monetary Fund (IMF) published a 114-page report on El Salvador Friday with a dedicated section on bitcoin as legal tender and the government’s Chivo digital wallet “as a new…

Russian Investors to Pass Exams Before Buying Cryptocurrencies, Draft Law Suggests – Regulation Bitcoin News

A new Russian law may oblige potential crypto investors to take a test before being allowed to purchase digital assets over a certain limit. The authors are also hoping to regulate cryptocurrency mining and cut access to cheap energy for those who mint coins in their homes. Bill to Bring ‘Tight Regulation’ to Crypto Industry, Strict Requirements for Investors Russian lawmakers are working on a law to fill regulatory gaps in the crypto space. The legislation may introduce special exams for non-qualified investors who want to buy cryptocurrencies with a…

Russians Aware of Bitcoin Divided on Proposed Crypto Ban, Poll Finds – Regulation Bitcoin News

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A new survey has indicated that Russians who have heard about cryptocurrency are deeply divided in their opinions on the recently suggested ban on operations with digital assets. A third of the respondents support the central bank’s proposal while an equal number of participants in the survey oppose it. Bank of Russia’s Call to Prohibit Cryptocurrencies Backed by 32% of Russians Who Know Bitcoin Amid ongoing discussions on the future of digital currencies, the Russian Public Opinion Research Center (Vtsiom) has published a new study measuring the attitudes of Russian…

Russian Government Drafts Roadmap to Regulate, Not Ban Crypto, Report Unveils – Regulation Bitcoin News

A roadmap on cryptocurrencies has been prepared by a number of ministries, regulatory bodies, and law enforcement agencies, Russian media reported. The document, which aims to regulate Russia’s crypto market by the end of this year, comes amid disagreements between the central bank and other government institutions about the future of decentralized digital money in Russia. Moscow Moves to Adopt Rules for Cryptocurrencies After Putin’s Call Soon after Russian President Vladimir Putin urged government officials to reach a consensus on how to regulate cryptocurrencies, Deputy Prime Minister Dmitry Chernyshenko has…

Nigerian Users Tell Binance ‘Stop Scamming’ — Exchange Platform Rejects Accusation – Regulation Bitcoin News

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Some disgruntled Nigerian users of the cryptocurrency exchange Binance have launched a campaign to boycott the platform, which they accuse of freezing client accounts without valid reason. Accounts Blocked Cryptocurrency exchange platform Binance recently became the target of a boycott campaign initiated by disgruntled users in Nigeria. Using the hashtag #Binancestopscamming, the campaigners are urging other Binance users around the African continent to join them in registering their displeasure with the exchange. According to a report in the Premium Times newspaper, the users’ anger towards Binance stems from apparent changes…

Cryptsy CEO Indicted for Defrauding Crypto Investors, Destroying Evidence – Regulation Bitcoin News

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The CEO of cryptocurrency exchange Cryptsy has been indicted in the U.S. The 17-count indictment charges the crypto exchange executive with “tax evasion, wire fraud, money laundering, computer fraud, tampering with records, documents, and other objects, and destruction of records in a federal investigation,” the DOJ said. Cryptsy’s CEO Faces 17-Count Indictment The U.S. Department of Justice (DOJ) announced Wednesday that Paul E. Vernon, the founder, operator, and chief executive officer (CEO) of Project Investors Inc., doing business as Cryptsy, has been indicted. A 17-count indictment was unsealed charging Vernon,…