An official of the Ukrainian Central Bank believes that by over-regulating the crypto industry it will only prevent it from evolving and developing after he was speaking for the local crypto news media LetKnow yesterday.
Mikhail Vidyakin who is the director of the strategy and reform department of the Ukrainian Central Bank, says that there are many institutions in the country that have the authority to regulate cryptocurrencies and there are at least three government bodies that interfere with regulating the crypto industry.
For example, the NBU, the National Securities Commission and also the Ministry of Finance are working on regulating the industry and according to Vidyakin this needs to change and the regulators should be reduced.
He also thinks that Ukraine needs a better, improved regulatory framework and clearer definitions for the industry. The official has also pointed out that he does want regulation and thinks it is a good thing but not just any kind of regulation but such that will help the market to grow and to stimulate banks to interact with cryptocurrencies.
The Economic Development and Trade Ministry of Ukraine has started last year in October, a new state policy for classification and legalization of crypto-related businesses and activities. However, the legal framework was not introduced by the Ukrainian government.
Also, the parliament of Ukraine even proposed a draft bill on how should cryptocurrencies be taxed where they offered a 5% tax for individuals that use virtual assets. The profit rate for crypto-related business would be up to 18 percent.
Crypto Exchanges In Bulgaria Are Investigated: Government Asks For 10% On Profits
Accounts Of The First Digital Bank In India Closed After Involving In Crypto-Related Activity
“I've been a user of DBS' Digibank for a year. Although I regularly used Kotak Mahindra Bank for my cryptocurrency transactions, I used Digibank only 7 times throughout the year. On January 14th, I received multiple messages from my twitter [sic] followers regarding an account closure notice by Digibank. I checked my mailbox and found the mail myself.”However, Digibank stated:
“Reserve Bank of India through their public notices have warned/advised the public regarding risks associated with virtual currencies. We reiterated the same vide our emails dated 4th May 2018 and 2nd Aug 2019, cautioning our account holders [against] the risks associated [...] and that DBS accounts and debit cards should not be used for their purchase or any kind of dealings.”Many other users responded to the allegations that not only Digibank but many other banks are doing the same as well.
BitMex Pulls The Plug On Trading Accounts In Quebec And The US
‘’The development comes at the same time as the Hong Kong-based company notifying users in North Korea, Iran, Syria, Cuba, Sudan and Sevastopol in the Crimea since the fourth quarter of 2018 against holding positions or trading on BitMEX, as these are restricted jurisdictions.’’It seems like BitMex only wants to cover its back and provide protection for their users against regulatory crackdowns. However, the exchange decided to pull the plug on the trading accounts after the Canadian regulatory body has announced the BitMex is operating illegally in Canada:
‘’BitMEX is not registered with the AMF and is therefore not authorized to have activities in the province of Quebec. We informed this company that its activities were illegal.’’There is still no explanation why the exchange decided to shut down the trading accounts in the US. Many believe that the exchange does so because of the same strict crypto regulations. We are still expecting a comment from BitMex since it seems like there is almost a billion dollars worth of crypto still on the platform.
The Revenue Agency Of Bulgaria Will Investigate Crypto-Selling Companies
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