Regulatory Trends and Crypto Assets Market Movements

Global Regulatory Trends

The Central Bank of Nigeria has全面禁止比特币及数字资产, and has要求本地银行关闭相关客户账户. This move may be related to the 2020 EndSARS protests.

The Estonian Ministry of Finance is tightening the regulation of encryption licenses. The new rules require Crypto Assets companies operating in Estonia to report to the Financial Supervisory Authority Finantsinspektsioon and reapply for an operating license. It is expected that only 50 to 100 existing licensed companies will be able to meet the new requirements.

The Indian government has clarified its position on Crypto Assets and the digital rupee, stating that it will not consider Crypto Assets as legal tender, but will actively explore the application of blockchain technology. The government's main focus is on combating the illegal uses of Crypto Assets.

The South African Revenue Service has included questions related to Crypto Assets transactions in the new audit requirements. Taxpayers are required to disclose the purpose of purchasing digital assets and the transaction timeline. Failure to report or providing false information may face a maximum of two years of imprisonment.

The Spanish tax authorities have issued guidelines aimed at reducing the risk of tax evasion related to Crypto Assets. Measures include requiring local exchanges to provide user information, analyzing transaction data, and strengthening international cooperation.

The central Argentine province of Córdoba has enacted a new law imposing a tax of 4% to 6.5% on crypto-related transactions. Individuals or companies accepting payments in Crypto Assets must pay a tax of 0.25%.

Beijing plans to issue 50,000 digital人民币 red envelopes worth 200 yuan each to promote the payment service environment for the Winter Olympics. The activity will take place at designated merchants in Wangfujing and in the special area of JD.com.

Crypto Assets Market Trends

PayPal is investing in its new encryption, blockchain, and digital currency business unit. The company plans to launch a feature by the end of this quarter that allows users to fund their accounts with Crypto Assets.

Tesla CEO Elon Musk expressed support for Bitcoin, believing it to be a good thing. He also mentioned that Bitcoin should have been purchased 8 years ago. Executives from SpaceX attended the MicroStrategy Bitcoin summit to discuss the possibility of adding Bitcoin to the company's assets.

Forbes released the 2021 Global Blockchain 50 list, with 7 Chinese companies making the cut. Ant Group became the only company in China to be listed for three consecutive years. At the same time, Forbes also announced the list of 11 crypto assets billionaires.

The Canadian fintech company Accelerate has submitted a Bitcoin ETF prospectus, planning to list on the Toronto Stock Exchange.

The Filecoin network plans to upgrade to version v1.5.0 in the coming weeks, which includes two important proposals aimed at improving network performance and security.

According to the data, the volume of Google searches for "buying Crypto Assets" reached a new high in January, reflecting the growing interest in the market for Crypto Assets.