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Europe Drops PoW Ban, Thailand Provides Tax Benefits on Crypto

Crypto regulations around the world are relaxing. Europe wants to streamline crypto regulations, whereas Thailand will be providing tax benefits to crypto investors.

Ban on Proof of Work Mining Dropped

On Tuesday, Stefan Berger, a Member of the European Parliament, announced that the Economic and Monetary Affairs Committee (ECON) will vote on the Markets in Crypto Assets (MiCA) on March 14.

Berger is the Chair of the Economics Committee.

He has suggested to properly categorize crypto assets, like all other financial products.

“With MiCA, the EU can set global standards. Therefore, all those involved are now asked to support the submitted draft & to vote for MiCA. Strong support for MiCA is a strong signal from the EU Parliament for a technology-neutral and innovation-friendly financial sector.”

Stefan Berger

“An independent discussion of the Proof-of-Work is no longer planned in MiCA,” he added.

Further, he believes that MiCA will be the pioneer in ensuring innovation, consumer protection, legal certainty and the creation of reliable supervisory structures.

Thailand Reduces Crypto Tax

Thailand’s Cabinet on Tuesday relaxed tax rules for investments in digital assets to promote crypto and develop the industry, reported Reuters.

The revised policy exempts crypto traders from the mandatory 7% VAT on authorized exchanges.

Further, traders will be able to offset their annual losses against gains for their crypto investment.

The tax exemption will come into effect from April 2022 and will last till December 2023.

The policy also offers tax exemptions of up to 10 years for crypto startup investors who keep their investment for at least two years in crypto startups in the country.

Back in India, Government sees crypto as a speculative asset akin to gambling. That’s why it has opted for a stringent deterrent tax regime for crypto.

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