The government of Mendoza said users could only comply with their tax obligations with stablecoins like DAI and USDT. Meanwhile, Dubai and Singapore seek to tighten cryptocurrency trading, arguing that the industry poses risks to investors.
The tax authority of the province of Mendoza in Argentina recently announced that citizens could pay their taxes with cryptocurrencies. Mendoza is the largest territory in the South American country and has a population of over 2 million.
The government of Mendoza said that users could pay with crypto wallets like Binance, Bitso, Buenbit, Bybit, Ripio, and Lemon. According to local media, the province will only accept stablecoins, including DAI and USDT, for paying taxes.
That new service is reportedly part of a modernization and innovation objective conducted by the Mendoza Tax Administration. The government said it aims to provide taxpayers with various means to comply with their obligations.
Congresspeople Highlight the Role of Bitcoin in El Salvador
Bitcoin declared Bitcoin as a legal tender in September 2021, capturing the attention of bitcoiners, investors, economists, businesspeople, and governments. The Bitcoin Law, which made it possible, will be one year old in the coming days.
Salvadoran Congresspeople Dania González, Caleb Navarro, Héctor Sales and Oscar García recently talked about the pioneering cryptocurrency. González said they were proud as Bitcoin provides many opportunities for those wanting to invest in the country.
She highlighted that it is the first country to promote BTC as a legal tender, opening many opportunities for the crypto community. She also mentioned inclusion since only 30% of the population had access to financial services before this initiative.
Dubai Announces New Cryptocurrency Trading Rules to Protect Investors
Dubai takes a step ahead with a new licensing program for cryptocurrency service providers. Meanwhile, local regulators introduce additional marketing and advertising regulations for the industry.
The Dubai Virtual Assets Regulatory Authority (VARA), the cryptocurrency regulator of the city, recently announced new regulatory guidelines. They aim to control crypto asset marketing, advertising, and promotions.
Among its rules, the VARA refers to all forms of outreach, communication, advertising, information dissemination, awareness creation, customer engagement, and investor solicitation.
Singapore Plans to Tighten Rules on Cryptocurrency Trading
A Singaporean regulatory official recently said the government plans to tighten cryptocurrency trading by retail investors through new regulations. He stated that they are taking that step to safeguard the interest of investors, arguing they are unaware of the risks of the crypto market.
Ravi Menon, the CEO of the Monetary Authority of Singapore (MAS), made those comments during a seminar on digital asset innovation. The same as Dubai, they consider that cryptocurrencies are dangerous for the interests of investors.
Menon explained that MAS has to undergo a lengthy licensing process to attract cryptocurrency companies. That has led them to take drastic measures to regulate crypto trading by retail investors.
Bitcoin is trading at around USD 20,424 and has accumulated a 2.9% gain over the last week. While its daily trading volume is above USD 28.18 billion, its market capitalization is about USD 390.84 billion, according to CoinGecko.
By Alexander Salazar
