The world is still debating how to regulate crypto in a more scientific way. If you look at the world map, you will see new moves in Southeast Asia, the Middle East, and the West.
Here are some recent developments:
Thailand’s crypto trading risk disclosure rules will take effect on July 31, and crypto deposit and loan services will be banned from August 30;
Singapore authorities require cryptocurrency platforms to keep customer funds in a safe trust;
South Korea has passed the Virtual Asset User Protection Act to establish a legal framework that will take effect next year. South Korea's new cryptocurrency bill stipulates penalties and responsibilities for unfair trading, with a maximum of one year in prison.
Hong Kong Investment Commission: If the virtual asset trading platform has no connection with Hong Kong, the Hong Kong police and regulatory authorities may not be able to provide assistance;
The UK passed the Financial Services and Markets Act 2023, bringing cryptocurrency trading under regulatory jurisdiction;
Canada launches comprehensive plan for blockchain technology, positioning itself as a jurisdiction with regulatory clarity in the digital asset world
The New Zealand central bank has strengthened the supervision of stablecoins and crypto assets, and no regulatory measures are needed for the time being;
Argentina to adopt cryptocurrency regulations from FATF, the international anti-money laundering and counter-terrorist financing watchdog
Lisbon, Portugal: If you hold cryptocurrencies for more than one year and sell them for a profit, there is no tax.
Slovakia passes bill to reduce cryptocurrency income tax rates;
The Georgian government signed a memorandum of understanding to jointly develop blockchain, Bitcoin and peer-to-peer infrastructure with Tether;
Nigeria will impose a 10% capital gains tax on profits from the disposal of digital assets from May 1, 2023;
The Swiss National Bank will issue digital currency on the SIX Digital Exchange for a pilot program;
The Belarusian Ministry of Internal Affairs will strengthen cryptocurrency regulation and prohibit cryptocurrency transactions between individuals;
Russia’s Supreme Court rules that exchanging cryptocurrencies for rubles is money laundering