Last week in review: Russia gets serious about crypto

While the markets remained relatively still, crypto news was anything but. Russia could be looking at a new crypto dawn, large financial institutions continue to make strides with Bitcoin and Ethereum offerings, and we take a deep dive into India’s history with crypto regulation.

It all happened last week. Here are our picks of the biggest stories to come from it.

Russia to draft law recognising crypto as a form of currency

What

Russian authorities set to recognise cryptocurrencies as a form of currency according to local reports

Why

The government and the Bank of Russia have reached an agreement on how to regulate cryptocurrencies

What next

Following talks, they are now preparing a draft law that will define crypto as an ‘analogue of currencies’ rather than digital financial assets

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KPMG Canada makes first direct investment in Bitcoin and Ethereum

What

Consulting firm KPMG has added Bitcoin and Ethereum to its corporate treasury, marking the firm’s first direct investment in cryptoassets

Why

KPMG in Canada believes that the institutional adoption of cryptoassets and blockchain technology will continue maturing as an asset class

What next

The firm says it is “invested in a strong cryptoassets practice” and will continue to build on its investments and capabilities across these sectors

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Deeper dive into the news

Playing catch-up: A short history of India’s crypto regulation

During the nation’s budget presentation, India’s Finance Minister Nirmala Sitharaman announced a 30% tax on any income from the transfer of virtual digital assets alongside concrete plans to launch the country’s own digital rupee in 2022-23.

“There has been a phenomenal increase in transactions in virtual digital assets. The magnitude and frequency of these transactions have made it imperative to provide for a specific tax regime,” Sitharaman said in the Indian budget speech…

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