Crypto.com Weekly Regulatory Update (30/12/2021 – 5/1/2022, Week 52)
Crypto Predictor Polymarket to pay $1.4M fine. North Korea accused of stealing $1.7B from crypto exchanges.
Key Takeaways
New York-based crypto predictions platform Polymarket has been ordered to pay a fine of USD 1.4 million by the Commodity Futures Trading Commission (CFTC). Polymarket was found to have operated an ‘illegal unregistered or non-designated facility’ since June 2020, according to a CFTC announcement made on Monday.
China’s largest city and financial hub Shanghai plans to use a metaverse in public services, businesses, entertainment, and industrial manufacturing, according to its five-year development plan for the electronic information industry.
The European Securities and Markets Authority (ESMA) published on Tuesday a Call for Evidence seeking public comments on the use of distributed ledger technology (DLT) for securities trading and settlements. The objective is to assess whether relevant regulatory standards need to be revised for tokenised securities running on DLT.
Highlights
North Korea accused of stealing over $1.7B in crypto from exchanges
U.K. MPs call for more crypto regulation to protect investors
Peru proposes a bill to regulate Bitcoin and other cryptocurrencies
South Korean crypto exchanges to follow Coinone in verifying private wallets
South Korean presidential candidate to use NFTs to raise funds for campaign
Indian taxman recovers $6.62M from WazirX for evading tax on commission
Estonia to tighten regulation of virtual asset service providers
U.S. SEC appoints Corey Frayer as a new crypto-related policy adviser
The number of countries banning crypto has doubled in three years
Global Crypto Policies (over the past 3 months)
*Ranking based on 2020 nominal GDP
Sources: International Monetary Fund, World Economic Outlook Database, April 2021
G20's Regulatory Stance on Crypto
Source: WhiteSight
Worldwide Policies on Crypto Taxation
Data as of 13 Sep 2021
Sources: 3Commas; Decrypt; BusinessWord; Koinly
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