Stay Ahead in the Crypto Game: Country Wise Crypto Updates

In this article, we will see all the big initiatives or steps or we can say decisions taken by different-different countries and why. And find all the facts about what’s happening in the crypto market and country-wise Crypto updates.

As per our analysis and research, you should know all the recent activity in Crypto Market and I’d like to make sure you will definitely get lots of information from here.

You should know what happened in 2023 from January to the end of this February.

Let’s see the top 10 biggest updates from the different-different country in this 2023

No. 01: The Indian government has implemented new cryptocurrency tax penalties.

The most recent changes to the TDS regulations have an effect on how virtual digital assets (VDA), including cryptocurrency, are taxed. According to the Finance Bill 2023, failure to pay TDS on cryptocurrency transactions or cryptocurrency transactions if the payment is partially or entirely in kind under section 194S(1) can result in a 7-year prison sentence.

The law further states:
“failure to pay taxes under Chapter XII-D or XVII-B.276B to the credit of the central government If a person fails to make a payment to the Central Government’s credit,

(a) the tax that was deducted at source by him in accordance with or as provided for in Chapter XVII-B; or

(b) the tax he must pay in accordance with or according to—

I Section 115-O, subsection (2); or

(ii) Section 194B’s proviso,

He will be subject to fines and strict incarceration for a term that won’t be less than three months but can go up to seven years.”

No. 02: Nigeria extends deadline for returning soon-to-be demonetized Naira banknotes

29 January, Abuja (Reuters) – The deadline for exchanging old naira bills will be extended by 10 days, the central bank of Nigeria announced in a statement on Sunday.

The deadline for Nigerians to surrender 1,000 ($2.17), 500, and 200 naira bills has been extended to February 10. Last month, the central bank (CBN) began issuing newly designed notes, but many claims they are not available in banks or ATMs.

In a statement, CBN Governor Godwin Emefiele claimed that the new deadline will make it easier for people living in remote areas to swap their old notes.

The statement stated that Nigerians would have an additional seven days after the deadline of February 10 to deposit old currencies with the CBN.

Atiku Abubakar, the opposition presidential candidate, and Nigerian lawmakers had urged the central bank to postpone the January 31 deadline. According to the latter, a prolongation would aid in “lowering the financial implications for citizens.”

Nigeria, the biggest economy in Africa, nevertheless relies heavily on cash, especially in rural and unbanked areas. Many worry that the push for new notes will cause commercial disruption.

No. 03: Korean Government to adopt cryptocurrency tracking system within 5 months

According to reports, the South Korean Ministry of Justice (MOJ) said it would implement a cryptocurrency tracking system in the first half of this year.

The tracking system will be used to follow and examine bitcoin transactions, notably to identify the sources of illicit funding, according to the Justice Ministry’s 2023 task report. Local media cited the ministry as saying:

For many months, the Korean government has discussed implementing a mechanism to find illicit cryptocurrency transactions. The nation’s Supreme Prosecutors’ Office announced in October 2017 that it was in the process of using the Public Procurement Service to buy a bitcoin tracking system.

No. 04: Canada alerts on crypto fraud that caused $1b losses across America

The Securities Commission of Nova Scotia, a province in Canada’s east, warned the public about a pig-butchering operation on January 10. Since its debut in 2021, it has resulted in losses of more than $1 billion for the US, Canada, and North America.

When a victim clicks on an online cryptocurrency trading advertisement or opens an unsolicited SMS, email, or social media message, the fraud begins.

Later on, the victim is told to communicate via a different messaging service, like SMS, WhatsApp, or Telegram, which “makes tracing the fraudster difficult, if not impossible.”

The main goal of the engagement is to get to know the victim on some level before convincing them to invest in cryptocurrencies in an active trading account. Frequently, victims receive investment promises of enormous profits.

The con artist will show images of fictitious account statements showing huge gains in order to get the victim to commit more money after the initial transaction. The Nova Scotia regulator refers to this strategy as “fattening up the pig.”

The con artist says the victim must pay false taxes or fees before they can access their money when they want to withdraw money from the account. Whether the victim covers these charges or not, the con artist will finally vanish.

The Novia security commission also revealed that anytime a victim downloads a trading application, scammers have access to the victim’s financial and personal information. In order to continue exploiting the victim, the con artist will also sell the victim’s information to other con artists.

No. 05: Indonesia targets the launch of its national crypto exchange by June

According to Zulkifli Hasan, minister of trade for Indonesia, the nation intends to open a national cryptocurrency exchange by June 2023. Five exchanges that are now registered could be a part of the ministry’s cryptocurrency exchange, according to Zulkifli. However, the trade minister warned: “Let’s not rush because things will get complicated if it is not ready. Because most people are unaware of [crypto trading], the government does not want this to have a significant negative impact on the populace.

No. 06: Kazakhstan launches consultation on proposals to improve the crypto trading

Kazakhstan begins a public survey on ideas to enhance cryptocurrency trading procedures.

Kazakhstan’s financial authorities have begun a public consultation process on proposed revisions to the nation’s regulatory framework for trading digital assets.

The ideas include changes to the design of exchange systems and steps to lower hazards in the cryptocurrency sector. Nelson Peltz’s proposals to shareholders, publishing a statement to urge shareholders to vote for Michael Froman in place of the Trian Group nominee in the ongoing proxy fight he is waging against the business. announced it will create a framework for the registration and regulation of crypto service providers in 2023 in an effort to enhance the security surrounding cryptocurrency.

No. 07: Chinese economist urges government to reconsider crypto ban – Warns of missed tech opportunities

A former consultant to the People’s Bank of China and professor of economics has pleaded with the Chinese government to rethink its prohibition on cryptocurrency. He cautioned that outlawing cryptocurrency activity would lead to “extremely valuable” chances being lost for regulated financial systems.

The former central bank adviser acknowledged that a cryptocurrency ban would be feasible for China at the moment but emphasized that the administration should think about whether such measures will be long-lasting. He issued a warning that a blanket ban on cryptocurrency-related goods may lead to lost chances in fields like blockchain, which are “extremely significant” to regulated financial institutions.

No. 08: Italy imposes 26% tax on cryptocurrency gains in 2023 budget

According to Cryptoslate, the Italian Parliament has approved a 26% tax that will become effective on December 30 on any cryptocurrency-related revenues over €2,000.

According to Cryptoslate, this new rule is included in the Italian budget for 2023. The budget describes cryptocurrencies as a virtual, electronic distributed ledger-based representation of wealth that can be stored and transferred.

To help the country’s suffering people and businesses, tax rebates of €21 billion ($22.3 billion) are also requested in the budget, according to Cryptoslate.

No. 09: Australia overtakes El Salvador to become 4th largest crypto ATM Hub

In order to become the fourth-largest hub for Bitcoin ATMs, Australia surpasses El Salvador. Australia has 219 ATMs deployed as of 2023, whereas El Salvador, the first nation to legalize Bitcoin, had seen a further decline in the total number of crypto ATM installations.

At this rate, Australia’s estimated 312 cryptocurrency ATMs would soon overtake Asia’s. 6,071 of the 38,602 crypto ATMs now in use around the world were installed in 2022.

With roughly 226 crypto ATMs, Spain is currently the third-largest crypto ATM hub. With the most cryptocurrency ATMs, the United States tops the list, followed by Canada.

No. 10: Russia to build new power facilities in Siberia as crypto mining demand soars

The Russian Federation recently declared a potential rise in energy production due to an increase in demand from cryptocurrency miners as the war in Ukraine enters its tenth month.

The Federation’s efforts to make the use of cryptocurrencies as a medium for conducting international trade legitimate can be credited with this rise in cryptocurrency mining.

Conclusion:

As per our research and all over the big updates on the behalf of this we delivered all the best qualities and optimized crypto news. As we do our best so it’s a request to do your own research first for your investment rest we will update you from time to time. In this article, you read out all the points and decisions which happened or were taken by these countries.

Always connect with us to get the best crypto updates and we will always update you to become a better financial person.

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