- As Bitcoin becomes more popular, it’s also attracting more scrutiny with numerous countries mulling how to regulate and tax this new digital asset class.
- While the crypto community is excited about some laws, it fears that others will bottleneck the massive growth seen in cryptocurrencies during the pandemic.
- Here’s a quick look at everything that happened in the cryptocurrency market last week.
The world of
cryptocurrencies saw some noticeable developments in the week gone by as the fear, uncertainty and doubt (FUD) around these digital assets continues to grow.
The world’s largest crypto exchange — Binance — was at the centre of a lot of it. Not only was it banned in the UK, but other
developed countries have been cracking down its operations as well, like Japan and Canada.
Meanwhile, in China, the continued tightening of the country’s ban on Bitcoin mining has led to BTC China (BTCC) — the country’s oldest crypto exchange —
shutting shop altogether.
Back home, India is mulling over what kind of
crypto tax to introduce for foreign crypto exchanges. Last week, there were reports of a 2% equalisation levy coming into play and this time around there is speculation that the government is thinking of stamping a 18% Goods and Services Tax (GST) on crypto transactions.
But it’s not all gloom and doom.
Germany, for example, is on the cusp of passing a new law that could open the doors to more crypto investment coming in. Racing giant Formula One just struck a $100 million sponsorship deal with crypto.com.
The biggest update from the last seven days is probably that
Coinbase is planning to launch an app store of decentralised apps (DApps) akin to the technology behemoth behind the iPhone, Apple.
Here’s our weekly roundup of the best cryptocurrency news from the week gone by: