India clarifies new crypto tax rule
Earlier this week the Indian government issued a circular that clarified the position regarding its 1% tax deducted at source (TDS).
The circular noted that exchanges would have to deduct the 1% tax on transactions above a certain amount. This will then be payable to the Indian government within 30 days. The new taxation rule will come into effect on July 1st.
Ontario Securities Commission (OSC) Fine Bybit and Kucoin
On June 22, the Ontario Securities Commission (OSC) issued separate enforcement actions to both Bybit and Kucoin for “failing to comply with Ontario securities law”.
Bybit reached a settlement agreement with the OSC, while Kucoin was given a substantial monetary fine and a permanent market participation ban.
The press release stated that both companies had operated “unregistered crypto-asset trading platforms” and allowed investors in Ontario to “trade securities without a prospectus or any exemption from the prospectus requirements”.
Crypto.com gets “in-principle” approval from Singapore regulator
Also this week, the Monetary Authority of Singapore (MAS) granted “in-principle” approval to Crypto.com for its Major Payment Institution License. If granted full approval, Crypto.com will be able to provide a range of services under Singapore’s Payment Services Act.
Kris Marszalek, the CEO of Crypto.com said that the company was looking forward to “continuing to collaborate with the MAS and deepening our roots in Singapore – a flourishing market for fintech innovation, renowned for its well-regulated business environment”.
Iran cuts power supply to licenced miners
On June 19th, Bloomberg reported that Iran cut off the power supply to all 118 legal cryptocurrency miners on June 22. According to reports from state TV, the Iranian government made the decision to curb mining activity due to power shortages caused by a “seasonal spike in power demand”.
Testimony to the US House Subcommittee on the “Future of Digital Asset Regulation”
Finally, on June 23, 2022, a number of crypto experts, including Cardano’s Charles Hoskinson, provided testimony on the “future of digital asset regulation” to the U.S. House Subcommittee on Commodity Exchanges, Energy and Credit. Hoskinson said that he supported “appropriate and responsible regulation”, however crypto and blockchain will “not readily fit within the confines of the laws and tests created almost a century ago”.
Listen to the full testimony here.