Ukraine legalises crypto sector as donations for defence reach £75m

Russian Invasion of Ukraine

Ukraine has passed a law that establishes a legal framework for cryptocurrency in the country.

The virtual asset bill passed through the Ukrainian Parliament last month and was signed into law by President Volodymyr Zelenskyy on March 16.

Since raising more than £10 million from posting crypto wallet addresses on its official Twitter account in February, the Ukrainian government has been at full throttle trying to make the most of international crypto...

India announces digital rupee rollout and 30% crypto tax

Taj Mahal, India

India is carving out its central bank digital currency (CBDC) plans with a digital rupee launch set for the coming financial year, as well as a 30% crypto tax.

In Tuesday’s speech on the upcoming year’s budget, Indian finance minister Nirmala Sitharaman confirmed the launch of a CBDC by 2023 to boost economic growth.

“Introduction of a central bank digital currency will give a big boost to the digital economy. Digital currency will also lead to a more efficient and...

Bank of Russia report calls for total crypto ban

Russian Money (Ruble)

The Bank of Russia has called for a ban on all cryptocurrency-related activity, including trading, mining and usage.

The stance comes off the back of a report, “Cryptocurrencies: trends, risks, measures”, presented on January 20, 2022, at an online press conference.

Elizaveta Danilova, the director of the Bank of Russia’s Financial Stability Department, drew attention to the report’s claim that cryptocurrencies are volatile and widely used for illegal...

China declares all crypto-related activity illegal

Shanghai, China

China has renewed its crackdown on cryptocurrencies by declaring that all crypto-related activities are now illegal.

In a Q&A posted to its website, the People’s Bank of China said services offering trading, order matching, token issuance and derivatives for virtual currencies are all strictly prohibited. Overseas exchanges providing services in mainland China are also illegal.

The move comes to close a legal loophole that has existed since May, when China’s...