Law and Legislation

Here’s How India & Other Countries Have Dealt With Crypto Regulations.

The Indian government has named 26 Parliamentary Bills for the upcoming winter session, which begins on November 29, one of which is the much-discussed crypto-currency regulation and limitation law.

The Cryptocurrency and Regulation of Official Digital Currency Bill, according to the PTI article, aims to close all private secret currencies in order to encourage basic technologies while allowing the RBI to create an official digital currency form.

As a result of the report, crypto stakeholders have urged the Institute to regulate crypto assets in India in a “covert” manner.

United States: Like India, the United States has federal and provincial governments, which means that laws differ from state to state. However, the overall impression is positive.

– New York State, for example, is a crypto enthusiast and developed the ‘BitLicense‘ licensing structure for businesses and crypto trading in 2016. Companies must seek a license from the New York Regional Treasury to hold, buy, sell, or transfer cryptocurrency under the framework. In 2018, Wyoming State exempted cryptocurrency creators and retailers from securities regulations, but only under particular conditions.

– US bank regulators recently announced a strategy to clarify rules and restrictions on how banks might handle cryptocurrency, according to IANS.

– The Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, and the Office of the Treasurer said in a joint statement that they “recognize the growing crypto-asset sector posing potential risks and risks” and that it is important to “provide systematic and timely clarity when appropriate. in order to promote safety and security, consumer protection,” without rules and regulations.

China: Since June 2021, China has been particularly aggressive in maintaining secrecy, ranging from early acceptance of crypto mining to outright blockade. According to sources, the move has damaged 40% of all crypto mining companies. . Following the suspension of crypto trading, it began rejecting the first monetary donations (ICOs) in 2017. Blockchain technology and related firms have always received a lot of attention.

– China is developing a digital Yuan (a digital equivalent of its fiat currency) and has already begun testing the real-world-based cryptocurrency.

The Financial Conduct Authority (FCA), which licenses crypto and trading businesses, regulates the sector. – United Kingdom: The United Kingdom has no explicit legislation on cryptocurrencies. The FCA has a “stringent set of rules,” particularly for individuals who trade in crypto futures and options (F&O). It also warns investors about the dangers of cryptocurrencies and asks them to be cautious.

– The UK collects taxes on cryptocurrencies in the same way it collects taxes on any other form of currency trading: by bringing firms or exchanging them under corporate tax rules.

– In fact, a tax officer for Her Majesty’s Revenue and Customs (HMRC) stated that cryptocurrency gains or losses are less than the maximum profit tax.

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