Texas charges investment schemes, Abu Dhabi calls for better crypto regulations, Ukraine to impose taxes on cryptos, Zimbabwe should follow Switzerland, UK needs crypto regulations, Singapore does not recognize cryptos as securities
- Emergency action was taken by the Texas State Security Board against three crypto investment schemes that mislead investors by promising illusory returns. The companies, Coins Miner Investment Ltd, DigitalBank Ltd, and Ultimate Assets, were filed under the cease and desist order. Coins Miner was charged for Cyber fraud while Digital Bank Ltd. and Ultimate Assets were called upon for an ICO scam and offering unreal returns respectively.
- Richard Teng, chief of Abu Dhabi’s international finance centre (FSRA), calls for better regulations for cryptocurrencies and ICOs. He stated that the theft of cryptos directly impacts the confidence of people in digital currencies. FSRA has also shared a ‘comprehensive regime’ with regulators across the globe which they believe can strengthen the confidence into this asset class.
- The parliament of Ukraine, Verkhovna Rada, has proposed a bill to impose taxes on operations done with crypto-assets. The bill calls for a 5% tax on all individuals and legal entities who deal in cryptocurrencies and tokens, and also states that businesses would be taxed 18% of the total profits made in cryptos from January 1st, 2024.
- Finance minister of Zimbabwe suggests the Reserve Bank of Zimbabwe follow the footsteps of Switzerland in order to invest into understanding Bitcoin. Citing the restriction imposed on financial institutions to deal with cryptocurrency businesses, he mentioned that ignoring this new and evolving technology would mean shutting the doors for benefits.
- According to the report published on Parliament.uk, the UK lawmakers call for stronger regulations for the ‘Wild-West’ crypto-asset market for checking over 'volatile prices, hacking vulnerabilities, minimal consumer protection, and anonymity aiding money laundering'. The report recognizes blockchain as slow, costly, energy-intensive but also states that it has a potential for data storage uses.