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.

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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