Recently, this week, the ruler of Dubai who is also Vice President and prime minister of the United Arab Emirates (UAE), His Highness Sheikh Mohammed bin Rashid Al Maktoum, announced that Dubai has approved the first of its kind of law in the emirate that regulates virtual assets. He also revealed that Dubai Virtual Assets Regulatory Authority (VARA) has been established.

Approving the virtual asset law and establishing the Dubai Virtual Asset Regulatory Authority (VARA) is an important step that establishes United Arab Emirates UAE’s position in this sector as this helps the sector to protect investors. As per the announcement, VARA is responsible for regulating the trading and issuance of “virtual assets and virtual tokens.” It is also authorizing and regulating virtual asset service providers (VASPs).

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India propose 30% Tax on Crypto Income and prepares to launch a ‘Digital Reupee’

As part of the government’s effort to collect revenue from private crypto companies, the finance minister of India Nirmala Sitharaman proposed a 30% tax on all crypto transaction gains.

According to the disclosure included in India’s 2022 Union Budget, the country will also introduce its digital rupee soon, making it the tenth country to do so.

The Indian government’s decision to introduce a digital rupee is both driven by the long-term goal to digitize the country and its growing digital currency ecosystem. While the country is attempting to control its entire financial sector, it also hopes to reap maximum profit from the sector.

Sitharaman explained to the house of parliamentarians that, “the introduction of Central Bank digital currency (CBDC) will give an enormous boost to the digital economy.”

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Prime Minister Narendra Modi on Monday speaking at the World Economic Forum’s Davos Agenda 2022 virtual event, called for aggregate and synchronized worldwide activity concerning policymaking for blockchain-supported cryptocurrency.

This issue has reappeared at a time, when the Budget Session of Parliament is set to start from January 31 and the assumption is that the public authority will attempt again to pass a regulation on crypto.

Lecturing at the World Economic Forum’s Davos Agenda 2022 virtual occasion, the Prime Minister noticed that

“The challenges we have been facing are also increasing. To counter these, there is a need for collective and synchronized action by every country, every global agency. These supply chain disruptions, inflation, and climate change are examples of these. Another example is a cryptocurrency,”

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Crypto Business World

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