Virtual assets Financial News

Hong Kong’s financial regulators The Securities and Futures Commission (SFC) and the Hong Kong Monetary Authority (HKMA) have released new guidelines on how intermediaries are to conduct virtual asset-related activities in light of new market developments.

Taiwan’s Crypto Association has established talks with the El Salvador authorities – the Central Bank, the Virtual Assets Bureau, and the Presidential Palace – calling for enhanced crypto regulations.

People’s courts in China exercise judicial power independently and are not subject to interference by an administrative or public organization. These courts try criminal, civil, administrative, and cases that involve economic disputes.

The state of Kuwait is the latest jurisdiction to ban virtually all operations involving cryptocurrencies like Bitcoin (BTC).

Dubai-based cryptocurrency exchange BitOasis, which received a minimum viable product (MVP) operational license from the UAE’s crypto regulator in April, is now facing enforcement actions from the authority.

Huobi has become the first member of the Hong Kong Virtual Assets Consortium (HKVAC), the Seychelles-based cryptocurrency exchange announced on May 31. The new organization promises to provide a ratings service and indexes when it is fully launched.

Exchange and transfer of virtual digital assets would also fall under PMLA laws. (Representational)

The Capital Market Authority (CMA), the regulator of Oman’s financial markets, looks to establish a new regulatory framework for the virtual asset industry in the Sultanate.

Cryptocurrency exchange Binance announced plans on Jan. 18 to enhance its local presence in Poland while remaining compliant with local regulations. 

The Hong Kong Special Administrative Region's government will release the plans for the development of virtual assets in the city during the upcoming FinTech Week by the end of the month.

Samsung Securities is among seven large South Korean securities companies that have applied for government approval to create a virtual assets exchange, according to a report appearing in South Korean publication Newspim. The companies are aiming to create a corporation to open an exchange in the first half of next year. Newspim quoted an unidentified executive as saying that discussions on the project are now being finalized.

Income tax department clarified that TDS on virtual digital assets remains at 1 per cent

Relief was shortlived for Indian crypto exchanges as the Income Tax portal has updated its document on Tax Deduction as Source (TDS), restoring the TDS on Virtual Digital Assets (VDAs) at 1 percent.

Cuban central bank issued regulations last Tuesday for virtual asset service providers

Cryptocurrency startups have begun offering investors an option to earn interest on virtual assets to battle volatility even as the industry awaits regulatory and legal clarity on the issue. Crypto startups are offering fixed returns on one’s holdings. How do these investment products work? What makes them different from conventional deposits? What should investors watch out for? Aseem Gujar & Partha Sinha find out… One can buy crypto either through an exchange’s app or invest indirectly via exchange-traded funds (ETFs) as was explained last week in this column. Cryptocurrency startups are giving another option to investors: Some call it fixed deposit or fixed income product, while others steer clear of traditional finance terminology and refer to it as interest-generating investment. Presented ByDid you Know?Billed as India'

metaverse" investing has been running on its own timeline. Metaverse-related assets such as currencies which can be used in virtual worlds, and NFTs representing virtual land, took only a small hit as risk appetite dropped in January, while the broader market for digital goods has seen volumes surge. Facebook changing its name to Meta Platforms Inc proved a bigger driver of investment in the metaverse than broader financial market conditions.

The Indian finance ministry said the government will soon launch a digital rupee using blockchain technology with the country's central bank, a move that could put it far ahead of other nations.

In Budget 2022, finance minister Nirmala Sitharaman gave clarity on how digital assets will be taxed. This means that gains from cryptocurrencies will now be taxed. At present, there are no explicit provisions dealing with taxation of cryptocurrencies under the income-tax act, 1961, given that the Cryptocurrency Bill is pending a debate in the Parliament.

The Financial Action Task Force (FATF) released its long-awaited guidance on virtual assets, laying out standards that have the potential to reshape the crypto industry in the United States and around the world. The guidance addresses one of the most important challenges for the crypto industry: To convince regulators, legislators and the public that it does not facilitate money laundering.

As residents in Hong Kong struggle to purchase physical property due to high housing prices, The Sandbox's virtual assets could be a lucrative investment opportunity for many.