While the industry views the announcement as a soft step toward regulation before crypto-specific legislation is enacted, the government has not suggested the move is a step toward regulation. A similar, but much stronger, move was the rule to tax crypto businesses before crypto-specific legislation, announced in February. At the time, a senior finance ministry official said “just because it is taxed does not make it legal.”
Does the SAB 121 Vote Mean Anything for Future Crypto Legislation?
Unfortunately however, the legislative measure is now heading to the desk of President Joseph Biden, who has vowed to veto...