The Supreme Court of India has stepped in for regulatory clarity in the cryptocurrency space. The Japan Blockchain Association has called on the Japanese government to tax Crypto Assets. Kyrgyzstan has rolled up its sleeves for crypto mining farm investment. CNIL is questioning Worldcoin’s data collection methods.
Demand for decisive action on cryptocurrency regulations
The Supreme Court of India has stepped in to address the country’s lack of regulatory clarity in the cryptocurrency space. Accordingly, he urged the Union Government to take decisive steps in establishing comprehensive legislation. According to reports, the Supreme Court has directed the Union government to clarify its intentions regarding the establishment of a federal agency dedicated to investigating criminal cases involving cryptocurrencies. The court noted that the Center has not yet implemented a law to regulate digital currencies. He also noted that he has not set up a specialized agency to address cryptocurrency-related issues. That’s why he expressed his disappointment.
During the hearings, a panel of judges consisting of Surya Kant and Dipankar Datta carefully questioned the government about the absence of a national-level agency specializing in understanding and investigating cryptocurrency cases. The judges stressed the need for a high-quality investigative process. In this context, they drew attention to the complexity of cryptocurrency transactions. So they implied that it requires expertise beyond the traditional police officers who currently handle such cases.
Call for reform in cryptocurrency taxation
The Japan Blockchain Association (JBA) has officially called on the Japanese government to review the taxation of Crypto Assets. The proposed changes aim to overcome the barriers that deter companies from entering the web3 industry. It also aims to encourage wider adoption of cryptocurrencies among the public. If implemented, these revisions could position Japan as a leading Web3 developed country, with potential economic benefits for the country’s future, experts say.
JBA’s proposal revolves around three main claims, each targeting different aspects of crypto taxation. First, the association aims to abolish year-end unrealized earnings taxation on companies holding crypto assets issued by third parties. The second request includes the revision of the taxation method for personal crypto-asset trading profits. The third concerns the abolition of income tax on profits from the exchange of crypto-assets. This proposal contains a vital aspect of JBA’s offerings.
Kyrgyzstan to invest in crypto mining farm
As cryptokoin.com reported, the President of Kyrgyzstan, Sadyr Japarov, gave the green light for the construction of a cryptocurrency mining farm at the Kambar-Ata-2 Hydroelectric Power Plant. The cost of the project is estimated to reach $20 million. This ambitious project aims to leverage the country’s abundant hydroelectric energy resources for cryptocurrency mining. The decision caused both excitement and anxiety among citizens and experts alike. In a way, this reflects the polarizing nature of the cryptocurrency industry.
France investigating Worldcoin
The French National Commission on Information and Freedom (CNIL), France’s data protection agency, has expressed serious reservations about the data collection practices of Worldcoin, an initiative launched by Sam Altman, CEO of OpenAI, the company responsible for the hugely popular artificial intelligence chatbot ChatGPT. brought. According to the Reuters report, CNIL is examining the legality of Worldcoin’s data collection methods. It also questions the conditions under which it stores biometric data.
“The legality of this collection appears questionable, as does the storage conditions of biometric data,” the CNIL said. This statement highlights the agency’s concerns about the way Worldcoin obtains and uses personal information. In particular, it highlights concerns about the use of biometric data. The Worldcoin Foundation, the organization behind the Worldcoin protocol, is a Cayman Islands-based organization. Worldcoin was quick to respond to CNIL’s investigation. The Foundation stated that Worldcoin complies with all laws and regulations regarding the processing of personal data in the markets in which it operates. However, skepticism regarding the agency’s data collection practices raised eyebrows.
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