Japan's SBI Crypto shuts down 12th largest Bitcoin mining pool in the world, Russia gears up to launch digital ruble despite EU sanctions, and more: Asia Express. The Indian central bank reportedly urged lawmakers to keep banks insulated from crypto and private stablecoins while preserving room for regulated tokenization. According to a report by The Economic Times, RBI Deputy Governor Rohit Jain and Executive Director P. Vasudevan presented the central bank’s position to the Parliamentary Standing Committee on Finance on Thursday. In a background note submitted to the panel, the RBI reportedly said prohibition remained a recognized policy option and recommended preventing the use of crypto in payments and settlements while restricting banking-sector exposure. Read more
Bitcoin reached its highest levels in nearly a fortnight over the weekend, but BTC price action faced an "absolutely terrible" Monday track record. Bitcoin (BTC) consolidated near two-week highs into Sunday’s weekly close as traders geared up for fresh market turbulence. Key points: Read more
South Africa’s tax authority proposed draft guidance clarifying how crypto assets are taxed under existing income and capital gains tax rules, seeking public input until Aug. 31. South Africa’s tax authority has proposed new guidance that clarifies how crypto assets are taxed under existing income and capital gains tax frameworks. The South African Revenue Service (SARS) on Wednesday published draft guidelines on crypto asset taxation, applying South Africa’s existing tax framework, primarily the Income Tax Act, 1962, alongside capital gains tax rules. The draft provides that most crypto activities, including trading, swapping and spending, are generally treated as disposals that may trigger tax events. It still emphasizes that the rules depend heavily on each taxpayer’s specific circumstances. Read more