Crypto Regulatory Updates: Developments in Hong Kong, Thailand, Brazil, UK, and the USA
Summary:
This report covers recent global regulatory developments in the crypto industry. It mentions Hong Kong's effort to tighten control over the crypto market following arrests related to an unregulated exchange, Thailand's intent to tax foreign income including crypto earnings, Brazil's move to protect crypto within personal savings, the U.K.'s move to seize stolen crypto, lawsuit against FTX's founders' parents and the progression of the U.S. Anti-CBDC bill.
In the wake of arresting six individuals amid fraud claims linked to a non-licensed cryptocurrency exchange known as JPEX, regulators in Hong Kong are now intensifying their efforts to regulate the crypto market. The government plans to heighten investor awareness, emphasizing the importance of using only those platforms with licenses provided by the Securities and Futures Commission.
Simultaneously, Thailand's Revenue Department is setting its sights on implementing a personal income tax on foreign revenues, which include earnings from cryptocurrency trading. This tax will apply to anyone living within Thailand for a period exceeding 180 days. Previously, only foreign earnings brought into Thailand within the year of earning were taxed. The revised legislation removes this loophole, requiring individuals to disclose any income from overseas, even if it wasn't spent within the local economy.
In Brazil, lawmakers are aiming to recognize cryptocurrency as an element of individual financial assets, yet for different purposes. The National Congress of Brazil's legislative members are keen to incorporate digital assets into a proposed amendment to a bill intending to safeguard personal savings, up to an amount equating to 40 minimal wages, from possible confiscations by creditors.
In the United Kingdom, legislative efforts are moving towards introducing a bill that enables authorities to confiscate stolen cryptocurrency. The Economic Crime and Corporate Transparency Bill was initially introduced in September 2022 and now advances to the final stages of approval by the House of Lords. The bill will then be sent back to the British parliament's lower chamber, the House of Commons, to allow members to either accept the proposed amendments or suggest further modifications.
Meanwhile, the founders of the now-bankrupt cryptocurrency exchange FTX are facing a lawsuit made by the company's debtors. The plaintiffs, represented by the law firm Sullivan & Cromwell, accuse the parents of the founder, Sam Bankman-Fried, of embezzling millions through their participation in the exchange’s operations.
Finally, in the United States, the CBDC Anti-Surveillance State Act, designed to prevent the issue of a central bank digital currency (CBDC) by "unelected Washington bureaucrats," advances to become another step closer to potentially becoming legislation after passing the House Financial Services Committee. This advancement brings the bill one step closer to congressional voting. The bill also restricts the United States Federal Reserve from issuing a CBDC to individuals and prohibits the use of any CBDC in the implementation of monetary policy.
Published At
9/25/2023 7:30:00 PM
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