Buy Bitcoin with Apple Pay using iPhone and iOS devices on various leading cryptocurrency exchanges including Binance, Coinbase, BitPay and more. Cryptocurrency exchanges are introducing various ways to buy Bitcoin using the Apple Pay payment mod. This comes as a good move for Bitcoin adoption since the Apple Pay digital wallet accounts for more than…
The feedback was given in response to a proposed ban by the Monetary Authority of Singapore published back in October.
A crypto lobbying group based in Singapore has voiced its opposition to the proposal from the central bank to prohibit crypto firms from lending crypto tokens.
On Oct. 26, Singapore’s central bank issued consultation papers and proposed to ban digital payment token service providers from offering “any credit facility” to consumers. This includes either lending fiat or cryptocurrencies. However, the Blockchain Association of Singapore (BAS) believes that this may be overly restrictive.
In a feedback document sent to the Monetary Authority of Singapore (MAS), BAS reportedly argued that a blanket ban could push crypto users to pursue lending their tokens to offshore firms that are unregulated. BAS also highlighted that one of the main things that attract users to lending is the interest that they earn, which the association argues to be one of the reasons people hold crypto.
In a statement to the mainstream media outlet Bloomberg, BAS board chairman Chia Hock Lai said that instead of a blanket ban, they are proposing an approach that is more measured and targeted. This includes focusing on the education of consumers when it comes to the risks of using entities that are unregulated. The chairman explained:
“The proposed measures, while well-intended, might have unintended consequences if implemented in its entirety, including leading consumers to move towards unregulated service providers.”
In addition, BAS also argued that a complete ban on companies providing incentives to retail customers is “too draconian” and suggested a different way of allowing gifts not connected to financial purchases.
The consultation paper issued by MAS in October last year came in the midst of a series of crypto debacles in the country including the Three Arrows Capital (3AC) hedge fund and crypto platforms Vauld and crypto lender Hodlnaut.
In other news, 3AC founders Zhu Su and Kyle Davies were recently subpoenaed via Twitter. The duo was ordered to provide documents in their possession, whether the information is with them or with a third-party.
US largest crypto trading platform, Coinbase, has agreed to part a total sum of $100 million towards settling its compliance worries with US financial regulators.
After tasking multiple committees over the years, the Israeli Authority is ready for public comment on its proposal of crypto legal framework The Israeli Securities Authority (ISA) proposes a framework for regulating digital assets as an increasing number of Israeli investors are exposed to digital assets, and over 150 companies operate in Israel, according to…
The Italian Senate approved the new tax rate for crypto trading as part of the budget legislation for 2023.
On Dec. 29, 2022, days before the year’s end, Italy’s Senate approved its budget for 2023, which included an increase in taxation for crypto investors — a 26% tax on capital gains on crypto-asset trading over 2,000 euros (approximately $2,13 at time of publication).
The approved legislation defines crypto assets as “a digital representation of value or rights that can be transferred and stored electronically, using distributed ledger technology or similar technology.” Previously, crypto assets were treated as foreign currencies in the country, with lower taxes.
As reported by Cointelegraph, the bill also establishes that taxpayers will have the option to declare the value of their digital-asset holdings as of Jan. 1 and pay a 14% tax, incentives that are intended to encourage Italians to declare their digital assets.
Other changes introduced by the budget law include tax amnesties to reduce penalties on missed tax payments, fiscal incentives for job creation and a reduction in the retirement age. It also includes 21 billion euros ($22.4 billion) of tax breaks for businesses and households dealing with the energy crisis.
Giorgia Meloni, the first woman to serve as Italy’s prime minister, received wide support for her bill from the legislative body, even though she promised dramatic tax cuts when elected in September.
According to local media reports, measures from Italy’s government to reduce gas consumption across the country including over 15 days without central heating for buildings, with the population being asked to turn their heating down one degree and turn it off one hour more per day during the winter.
Italy‘s legislation follows the approval of the Markets in Crypto Assets (MiCA) bill on Oct. 10, establishing a consistent regulatory framework for cryptocurrency in the 27 member countries of the European Union. MiCA is expected to come into effect in 2024.
El Salvador aims for broader Bitcoin adoption around the country through learning programs and beach parties.