Latest Crypto Stand of 5 Countries

BSI  —  16th December 2021

Latest Crypto Stand of 5 Countries

“We expect the U.S. to embrace cryptocurrencies in 2022, with proper regulation and related bullish price implications,”

Mike McGlone

Analyst Expects U.S. to Welcome Crypto with Better Regulation

The parent organization of Bloomberg Finance L.P. – Bloomberg Intelligence (B.I.) released its 2022 crypto outlook report. The commodity analyst -Mike McGlone said that they expect the U.S. to welcome cryptos next year with legal legislations and related bullish rate implications. The unlimited fiat currency supply should maintain the price increase, particularly in the limited supply of ETH and Bitcoin.

A critical question on Bitcoin nearing the beginning of next year is whether the rate will increase or a merging bull market, whether Bitcoin rate will reach $100K or not.  McGlone said that the question of time will decide its course because of the economic basics of rising demand versus reducing supply.

Singapore Unfolds as the Major Crypto Hub in South-East Asia

The ban on cryptocurrencies in China eventually opened up new spots of the burgeoning crypto market in other countries. Both geopolitical and financial factors have led Singapore to take the new crypto hub in South-East Asia. Singapore has developed a crypto-enabling ecosystem, a significantly growing market, and cryptopreneurs rush from China.

Huobi Chinese crypto exchange has ceased new account registrations and will shut down the existing ones by the year-end. According to PeckShield, the blockchain security company – 62% increase in capital outflows has been noticed from Binance and Huobi to foreign exchanges. Reuters mentioned – a net capital worth of $28.3Bn has made a way into the foreign exchanges in the first half of this year.

Binance to Team Up with Dubai on Crypto Programmes

Business Times publicized the tie-up of the cryptocurrency exchange – Binance and Dubai govt for crypto activities. The newspapers said that Binance CEO Changpeng Zhao met the heads of the country’s Blockchain Centre and Police’s virtual assets crime department. The exchange platform had a word with govt and shareholders in numerous markets but turned down the request to comment on the issue of its headquarters. A Binance spokesperson stated that they will launch official statements to notify about development. As the popularity and fame in the asset class proliferate, the exchange platform faces several regulatory probes globally.

Russia’s Federation Council Establish New Rules for Cryptos

Russia’s Federation Council is setting up new rules by creating a professional working group to handle the task of creating different legislations for the country’s evolving crypto space and adopting new regulations to envelope wide-range aspects like taxation and circulation. During Finopolis 2021, the Deputy Chairman of the Federation Council – Nikolai Zhuravlev, said that cryptos used as payment modes are banned. Still, the prohibition of other digital coin involving methods is debatable.

Last month, the lower house of the Federal Assembly unveiled the formation of lawmaker groups that will take initiatives to answer possible questions regarding the legislation of decentralized cryptos in the Russian Federation.

India’s Latest Stance on Crypto

The Cryptocurrency and Regulation of Official Digital Currency Bill of India which was supposed to launch in the winter session of Parliament (2021) may not be introduced as planned, as the Indian govt is considering modifications to the proposed framework. Few issues surfacing the bill required public opinions and discussions, including the  Central Bank Digital Currency (CBDC) in the existing framework or under the Reserve Bank of India  (RBI) Act.

After rounds of higher-level discussions, the govt felt that any regulations surrounding cryptos must be in tandem with a global structure that is still evolving. However, the govt can think about the current rules and regulations to ensure taxing crypto exchanges and consumer protection.