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Chinese traders in Moscow’s huge wholesale bazaars have become the most active buyers and sellers of cryptocurrency in the Russian capital. The retail turnover there is estimated at almost $10 billion a month. Authorities say that most of it is converted to cryptocurrencies and sent back to China where it‘s exchanged to yuan. Also … Read more
The Bermuda Monetary Authority has issued a consultation paper on draft regulations pertaining to “virtual currency businesses” and initial coin offerings (ICOs). The proposed bill seeks to create a framework that encourages and fosters the development of Bermuda’s nascent cryptocurrency industry. Also Read: 16 Government-Approved Crypto Exchanges Have Formed Self-Regulatory Group in Japan Bermuda Reveals Regulatory … Read more
The central bank of Lithuania has started discussions on regulations with crypto businesses and commercial banks. The reluctance to understand the world of cryptocurrencies leads nowhere, its fintech coordinator said during a meeting in Vilnius. Lithuanian projects have attracted 10% of ICO investments last year, the local community claims. Cryptocurrencies like bitcoin enjoy a growing … Read more
A growing number of governments can’t resists the temptation to get their hands on some of the bitcoins their citizens are making. Several states, however, think that leaving some breathing space for crypto users and entrepreneurs is a better idea in the long run. Crypto-friendly tax regimes can still be found around the world. Also … Read more
This week the New York State Department of Financial Services (NYDFS) Superintendent, Maria Vullo, discussed the controversial state Bitlicense, a set of regulations aimed at monitoring and regulating cryptocurrency operations. According to Vullo, the regulatory policies enacted by the former Superintendent Ben Lawsky and the NYDFS has stimulated greater interest towards licensed companies in the … Read more
The volume of P2P bitcoin trade in Canadian dollars has increased significantly since leading banks in the country imposed bans on crypto-related transactions. Toronto-Dominion Bank, the Royal Bank of Canada, and more recently the Bank of Montreal have limited or prohibited the use of their services and products to acquire cryptocurrencies. As a result, the … Read more
Trying to take its share of the profits, the government of Latvia may accept cryptocurrencies as a legal means of exchange. This year’s tax filing campaign is underway and officials don’t have much time. Two parliamentary commissions and the Ministry of Finance have expressed their views on the matter this week. Latvians may very soon … Read more
Urdubit, a leading Pakistani bitcoin exchange, has closed down permanently. The news came after the central bank of Pakistan announced a ban on dealings with cryptocurrencies. The trading platform urged customers to withdraw their funds “as fast as possible”. Its team confirmed on social media its operations had been suspended due to the prohibition of … Read more
A decision by the Polish government to tax crypto transactions, even those that do not return profit, has provoked discontent among traders in the country. The local crypto community has decided to protest against the official stance of the Finance Ministry with an online petition which is gathering support. Taxes on crypto-related income in Poland … Read more
The State Bank of Pakistan (SBP) has issued a circular on the “prohibition of dealing in virtual currencies”. The measure comes right after a similar move by the central bank of neighboring India. Commercial banks and payment providers have been told to stay away from crypto operations. They should not facilitate transactions of virtual currencies … Read more
