RABIT Weekly news (W1 June 2022)

• Terra Collapse Triggers $83 Billion Decentralized Finance Slump
• Duty-free benefits in cryptocurrency transactions and holdings of 9 major countries - by Koinly, the cryptocurrency tax calculation platform
  • Germany regards cryptocurrency as personal money, not assets. Duty free if you have cryptocurrency for more than a year. Conditional tax exemption for cryptocurrency staking and mining (held for more than 10 years)
  • Belarus exempts all income taxes related to cryptocurrency by 2023. 3.73% of Belarusians have cryptocurrency
  • El Salvador adopted bitcoin as legal currency. Local and foreign investors are also exempt from Bitcoin investment revenue
  • Portugal exempts income and capital gains from cryptocurrency investments. Recently (May) the Chancellor of the Exchequer referred to the review of taxation
  • Singapore, no capital gains tax system. Cryptocurrency transactions are considered barter. Some businesses (ICO companies and some miners) such as corporations are subject to taxation
  • Malaysia. Tax exemption for cryptocurrency investment returns and transactions. Tax only for regular and recurring cryptocurrency investors
  • Malta is a representative country that accepts cryptocurrency (regulatory law exists). Capital gains tax exemption on profits from long-term investment in cryptocurrency. Day trading is subject to income tax based on residence status and income size
  • Cayman Islands : Global Tax Shelter. For residents, cryptocurrency holdings, investments, transactions are all tax-free
  • Puerto Rico exempts residents from cryptocurrency transfer income tax. Income tax rates are much lower than in the United States
• Federal Reserve Vice Chair Lael Brainard emphasized U.S. role in setting global standards for cryptocurrency regulations
• Elon Musk Slams Dogecoin Creator Over Claims of Twitter Bot Solution
• Global regulators push ahead with crypto bank capital rules. “Recent developments have further highlighted the importance of having a global minimum prudential framework to mitigate risks from cryptoassets”
• Goldman Sachs is in talks with crypto exchange FTX to expand its derivatives offerings
• A New York Fed said Stablecoin and CBDC are risks and opportunities, and can bring systemic changes to the role of central banks
• New York Senate passes two-year ban on mining new cryptocurrency A study on the potential impact of PoW mining on the environment will be conducted

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