top of page

India, Pakistan, & Singapore take action to regulate the crypto market, whilst privacy tokens rally

Updated: Feb 18, 2022

GB Market Commentary 18/01/2022

by Marcus Sotiriou


Bitcoin has retreated to below $42,000 again, as governments take further action to regulate the asset. For example, Singapore have restricted crypto ads as the Monetary Authority of Singapore (MAS), the country’s central bank, claim that crypto trading is not suitable for the public. In Singapore, around 170 companies have applied for licenses to provide crypto services, yet more than 100 of them have either withdrawn their application or been turned down.

Bitcoin in India

In addition, India’s prime minister calls for governments worldwide to collaborate on crypto - similarly to U.S. President Joe Biden’s urge in November for countries to collaborate on Bitcoin and Cryptocurrency, to ensure that they do not fall into the wrong hands. However, the Reserve Bank of India (RBI), has called on the Indian government to completely ban cryptocurrency. We will see in due course what action Indian Prime Minister Modi will take on the regulatory framework for crypto that has been worked on for quite some time.


Furthermore, the State Bank of Pakistan have recommended that cryptocurrencies be declared illegal and banned completely. A day later, major bank in Pakistan has asked customers to avoid participating in crypto transactions through SMS alerts. It was reported last week that multiple banks have blocked their customers’ credit card transactions suspected of involving cryptocurrency.


I think these actions from Pakistan, Singapore and India will only shift economic value to other countries who are more accepting of this revolution, like El Salvador.


Despite these strict regulations, business advisory firm Gartner expects criminal crypto transactions to fall by 30% by 2024. This is due to the blockchain’s transparency as well as fraud prevention tools which are currently being used only by blockchain intelligence firms. The lack of criminal activity in the crypto market shows that some of these proposed regulations are irrational.


The rise in scrutinization of crypto usage by global regulators worldwide may have contributed to a spike in value for privacy coins, whop have rallied considerably recently - tokens SCRT and DUSK both rallied by around 50% over the past week. I think privacy-related cryptocurrencies will be a trend in the coming years and will outperform the market at some point, as they could be a way to bypass strict regulations, due to the flow of money across their networks being obscured.

コメント


GB_CC_May_Digital Asset Trading_Whiteout
  • LinkedIn
  • Twitter
  • Facebook
  • Instagram
  • YouTube
  • telegram logo

GlobalBlock EU ApS is a company incorporated and registered in accordance with the applicable laws of the Kingdom of Denmark as virtual asset service provider, with registration number (CVR-number) 45126382. GlobalBlock EU ApS is wholly owned by GlobalBlock Holdings., a company registered in England and Wales with registration number 15929099 . GlobalBlock EU ApS is not a licensed financial services provider and is not supervised as such by the Danish Financial Supervisory Authority. GlobalBlock EU ApS is supervised with respect to anti money laundering by the Danish Financial Supervisory Authority within the scope of the Danish Act on Prevention of Money Laundering and Terrorist Financing and other legislation stemming thereof.

.
GlobalBlock Europe, UAB is a company incorporated and registered in accordance with the applicable laws of the Republic of Lithuania as a virtual currency depository wallet operator and virtual currency exchange operator, with registration number 306045642. GlobalBlock Europe, UAB is wholly owned by GlobalBlock Holdings Ltd., a company registered in England and Wales with registration number 15929099,  GlobalBlock Europe, UAB is not a licensed financial services provider and is not supervised by the Bank of Lithuania. GlobalBlock Europe, UAB is supervised by the Financial Crime Investigation Service under the Ministry of Interior of the Republic of Lithuania within the scope of the Law on Prevention of Money Laundering and Terrorist Financing of the Republic of Lithuania and other legislation stemming thereof.
 
Investors should be aware that cryptocurrencies are volatile investment instruments that carry a high degree of risk to the capital investment. The information in this website is not intended and should not be construed as an offer, solicitation or recommendation to buy or sell any specific investments or participate in any specific investment (or other) strategy. The products and services outlined on this website may not be suitable for all types of investors. The value of an investment can go down as well as up, and you may not get back the amount you originally invested. You should not invest more than you can afford to lose and should ensure that you fully understand the risks involved. Before trading, please take into consideration your level of experience, investment objectives, and seek independent financial advice if necessary. It is your responsibility to ascertain whether you are permitted to use the services of GlobalBlock Europe, UAB based on the legal requirements in your country of residence. The information in this website is for information purposes only and is subject to change. No part of this website can be reproduced without written permission.


 Client fiat is held with GlobalBlock in accounts with BCB Limited,and does not meet the definition of Electronic Money (e-money). Client fiat and cryptocurrency are not “safeguarded” nor covered by any compensation scheme. Clients could potentially lose their cryptocurrency or fiat if something were to happen to GlobalBlock or, BCB.

Cryptoasset Notice

Cryptoasset services are provided by GlobalBlock Europe, UAB (“GlobalBlock”).   Cryptoassets are not regulated in any jurisdiction and the value of your assets can increase or decrease. You should note that your cryptoasset profits may be subject to Capital Gains Tax.

The service you obtain through the website or the app in the UK, contains cryptoasrvices not regulated by the Financial Conduct Authority. Please be aware that:

  • You will have no recourse to the Financial Ombudsman Service in the event of a complaint relating to cryptoasset services.

  • Your cryptoasset account is not protected by the Financial Services Compensation Scheme.

  • Cryptoassets may experience frequent price volatility resulting in a high degree of risk.

bottom of page