🗞️ FTX, Congress, Stablecoins: What 2023 May Bring for Crypto Regulations

ikhilesh De (U.S.): This year did not play out quite as expected. While the idea that the bull market would end and a new crypto winter would hit was understood and expected, the sheer scale of this year’s failures seemed to catch a lot of people by surprise.
⬆️ Sandali Handagama (EMEA): This past year did not just test the prowess of global crypto companies and markets, but also the relatively new regulatory frameworks designed to govern the space. As high profile entities from Terraform Labs to FTX fell one after the other, the regulators they were linked to, be it in the Bahamas or Singapore, were also put on the spot.
⬆️ Jesse Hamilton (U.S.): If crypto has a future as a widespread, commonly exchanged asset, that future could be decided this year in Washington, D.C.
The policy work is coming to a head, including with the U.S. Federal Reserve’s eventual decision on whether the government should step into the field with a digital dollar and a number of legislative efforts that could finally set down national rules for stablecoins and crypto trading that will secure a place for digital assets in the U.S. financial system. That comes with a price, of course, and it may be too high for some in the industry.
⬆️ Camomile Shumba (UK): The U.K. was a big story with the political and regulatory turmoil putting into question the crypto hub plans Prime Minister Rishi Sunak set out when he was finance minister. It’s unclear if the political storm has passed with many calling for an early general election which could result in Labour – the current favorite party to win, who may not be as crypto friendly as the current ruling Tory Party – taking charge.
⬆️ Amitoj Singh (India): In 2023, Indian crypto enthusiasts will have their eyes on three major events.
First, the annual budget announcement, which could see India change its crypto taxation policy. A 30% tax on crypto profits and a 1% tax deducted at source (TDS) on all transactions, among other macroeconomic factors, had a brutal impact on trading in India. The industry has asked the government to reconsider these rules.