Top Crypto News Today from Regions across the World
This article shows the Crypto News that has been happening across the globe in the past 24 hours. The list of news regarding the crypto currency are presented following the regions of the world, mainly Asia and Europe as shown below:
Based on a report from Economic Times, the Indian Financial Minister, Nirmala Sitharaman, has planned to regulate or prohibit the legalisation of the cryptocurrency market. This was being speculated across the nation as a bill might be introduced in the late winter season. Besides that, the Indian government even mentioned that there might also have a tax treatment towards the crypto investors on income tax and Government Service Tax (GST). However, this decision remains unclear until the passing of the law on the speculation of cryptocurrencies. The purpose of these moves by the Indian Government is pretty clear since India is currently one of the highest numbers of crypto investors.
According to a Report from Cointelegraph, the Turkish ruling party has planned a meeting in order to discuss the regulation on cryptocurrencies. The topic of the regulation on cryptocurrencies is the highlight of the meeting as Turkish Lira is currently in a deep crisis with chronic devaluation against the US dollar. Another reason to hold the meeting was the failure of monitoring the Anti Money-Laundering compliance that resulted in Binance Turkey being slapped with a fine of 8 million Turkish Lira.
Meanwhile in Singapore, which is known as the most cryptocurrency friendly market, has been shutting down Bitcoin ATMs across the nation. Based on a report by FORTUNE, the wide scale shutdown of Bitcoin ATMs was driven by the outlawed crackdown conducted by the Monetary Authorities in Singapore in order to halt any crypto advertisements to the public. The crackdown was sudden and fast as Singapore was ranked as the most friendly crypto market globally by Coincub under Fintech on last December 2021.
Based on a news report by Bitcoin.com, the head of the Russian Financial Committee, Anatoly Aksakov has given a warning to the crypto investors in Russia to reveal their identification as a requirement from the Russian Parliament. The introduction of showing identification of the crypto traders came in place when the Financial Committee concerns that the cryptocurrency might pose risk of being used by unqualified Traders, like Pyramid Schemes, due to the nature of crypto transactions as annomynous. Aksakov also added that the implementation of this requirement will secure a safer market for crypto traders to establish taxation and certain rights in Russia.
According to the Financial Times, Erik Thedeen, the EU vice chairman of the Security and Marketing Authority, revealed that cryptocurrency has become a national issue in Sweden, where the “mining” method of Bitcoin as the “proof of work” has been heavily criticised as being incompatible with the Paris Agreement’s climate change goals. In other words, he even cautioned that crypto mining is consuming the majority of renewable energy. As a result, he intends to extend the prohibition on similar practices to other EU member states.
Meanwhile in the United Kingdom, the British Financial Conduct Authority, known as FCA, revealed a plan to implement new rules and regulations upon the cryptocurrency ads to ensure the information is fair and not misleading. The FCA also mentioned that precautionary research will be undertaken to identify potential misinformation which may lead to consumer harm.
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