As a seasoned researcher with a keen interest in the ever-evolving world of finance and technology, I find it fascinating to observe how countries are grappling with cryptocurrencies and their impact on global economies. From Morocco’s shift towards formal regulation and exploration of central bank digital currencies (CBDC) to Russia’s recognition of digital currencies as property, it’s clear that the landscape is changing rapidly.
Morocco is taking steps to control the use of cryptocurrencies by drafting a new law for approval, as stated by central bank governor Abdellatif Jouahri. Despite a prohibition on cryptocurrencies since 2017, there has been continued secret usage, leading Bank Al-Maghrib to shift towards formal regulation.
At a global meeting held in Rabat, Jouahri emphasized the bank’s twofold strategy of overseeing cryptocurrencies and investigating a central bank digital currency (CBDC). This action follows a wider pattern as nations examine ways to harmonize digital currencies with regulatory structures while nurturing innovation.
Russia has made substantial moves by passing a new law concerning cryptocurrencies. President Vladimir Putin has approved this legislation, officially classifying digital currencies as property and permitting their usage in international business transactions. This law also exempts crypto mining and sales from Value-Added Tax (VAT) and establishes tax rates for income derived from buying, selling, or trading digital currencies.
Here’s how the tax structure stands: Individuals pay 13% on their earnings up to 2.4 million rubles, while anything above that is subject to a 15% rate. Starting from 2025, corporations will be charged with a standard corporate tax rate of 25%. The proposed legislation aspires to establish a transparent legal framework for digital assets, which could bolster Russia’s influence in the global cryptocurrency market.
The Highest Prosecution Body in China, the Supreme People’s Procuratorate, has underlined the need for rigorous application of the amended Anti-Money Laundering Law. This emphasis is particularly on virtual currencies and financial crimes, with the aim of preserving national security. The updated law, enacted in November 2024 and scheduled to be implemented from January 2025, broadens the range of offenses that can lead to money laundering, now including cryptocurrency transactions.
The top prosecutor, Ying Yong, emphasized the necessity of tackling illegal activities related to digital currencies such as money laundering. He also highlighted the need for collaboration among various departments to execute the new regulations efficiently. This action signifies China’s ongoing effort to control cryptocurrency transactions taking place within its territory.
In Poland, the government is gearing up for the implementation of the Markets in Crypto-Assets (MiCA) regulation, a set of rules that will apply to companies offering cryptocurrency services within the European Union. These businesses will need to acquire a Crypto Asset Service Provider (CASP) license by June 30, 2025. With its flourishing FinTech sector, Poland is becoming an alluring location for crypto ventures eager to adapt to this regulatory environment.
The Brazilian Central Bank (BCB) has put forth a new regulatory plan that prevents centralized cryptocurrency exchanges from permitting users to transfer stablecoins into personal, self-managed digital wallets. This action is intended to strengthen regulations and allow the BCB to monitor the crypto sector as part of the December 2022 crypto law. Interested parties can submit their feedback on this proposal by February 28, 2025.
The Japanese Financial Services Agency (FSA) has issued formal cautions to five international crypto trading platforms, including KuCoin and Bybit, due to their unregistered operations within Japan. The FSA highlighted that these unregistered entities lack regulatory supervision, potentially endangering user assets. In a recent move, Japan reduced the capital gains tax on cryptocurrency investments to 20%, aiming to make it more appealing and parallel with existing stock market tax policies in an effort to boost the local crypto market.
In Taiwan, the Financial Supervisory Commission (FSC) has brought forward the deadline for Anti-Money Laundering (AML) regulations regarding cryptocurrency providers from January 1, 2025, to November 30 this year. The FSC stated that no operators have yet completed the necessary Money Laundering Prevention Registration under the Virtual Asset Service Provider (VASP) Registration Measures.
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2024-12-01 23:52