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The central bank of Ukraine has presented to interested parties a draft concept of the nation’s future digital currency, the e-hryvnia. The regulator is currently considering several potential applications for its digital coin, including retail payments and cross-border settlements. Ukraine’s Monetary Authority Introduces Banks and Businesses to E-hryvnia Project The National Bank of Ukraine (NBU) … Read more
A special council under Ukraine’s securities regulator will be tasked to develop rules for crypto taxation in the country. The new body will be also responsible for coordinating the regulation of various crypto activities and adjustments to the applicable legislation. Advisory Board to Take On Matters Related to Cryptocurrency Taxation in Ukraine The National Securities … Read more
The party of the Nigerian presidential hopeful Asiwaju Bola Tinubu has promised to set up an advisory committee to review regulations that govern blockchain and virtual asset services if it wins in the upcoming elections. The All Progressives Congress also said it “will work with the Central Bank and the financial sector to carefully review … Read more
The Bank of Namibia recently said it has brought virtual assets and virtual asset service providers under its fintech innovations regulatory framework, and that it plans to amend applicable laws and regulations. According to the central bank’s governor, there is an ongoing “battle between regulated and unregulated money on the one hand and sovereign versus … Read more
The government in South Korea has seized cryptocurrency worth around $184 million in two years due to tax arrears, according to local media. The authorities in Seoul started confiscating virtual assets from people accused of tax evasion in 2021. Almost 260 Billion Won in Crypto Seized for Tax Evasion in South Korea The amount of … Read more
Work is underway in Ukraine to update the legal act that applies to cryptocurrencies in order to align the nation’s legislation with European standards. Several government institutions in Kyiv are preparing changes to the bill “On Virtual Assets,” which was signed into law earlier this year. Ukraine to Transpose European Crypto Regulations Into National Law … Read more
Abu Dhabi Global Market’s financial regulator, the Financial Services Regulatory Authority (FSRA), recently unveiled six principles that will guide its “approach to virtual asset regulation and supervision.” Though not legally binding, the principles, according to the FSRA, must be “viewed as a complement to the comprehensive detail of our published framework.” A ‘Basis for Regulatory … Read more
The Saudi Arabian central bank has reportedly appointed Mohsen Al Zahrani as the lead of the bank’s virtual assets and digital currency project. The emergence of the United Arab Emirates (UAE) as the regional crypto hub is believed to have forced authorities in Saudi Arabia to consider formally regulating cryptocurrencies. Saudi Arabia’s Changing Position on … Read more
The government of Georgia has approved amendments to the legal framework for the Caucasian nation’s financial sector, including additional regulations for crypto and fintech activities. The move aims to align Georgian law with relevant EU provisions. Parliament of Georgia to Vote on Crypto Legislation in Coming Months A legislative package expanding the regulatory framework for … Read more
The Dubai virtual assets regulator, the Virtual Asset Regulatory Authority (VARA), has unveiled digital assets marketing and promotion guidelines that are applicable to any entity using Dubai-based media sites and publishing channels. The guidelines will “ensure factual accuracy, explicitly demonstrate any promotional intent, and in no way mislead on the guaranteed nature of their returns.” … Read more
