UK. The government continues to consider potential amendments to the Economic Crimes bill. They include granting magistrate courts and law enforcement authority to deal with cryptoassets; seizing, freezing and returning cryptoassets by law enforcement agencies; and destroying cryptoassets under certain circumstances.
Portugal. A new tax policy will be applied, starting in 2023. The government plans to apply a 28% tax on cryptocurrency gains made within one year. Gains realized after one year of holding the crypto assets will not be subject to the tax.
Brazil. Rio de Janeiro will become the first city in the country to accept crypto payments for property taxes. Other tax types will be available in the future. The city is now looking for third-party crypto firms to operate the tax seasoning in 2023.
Japan. Money transfer rules will be updated to include cryptocurrency in its regulatory scope. The updated law specifies that a cryptocurrency exchange must provide customer information when sending cryptocurrency, including Stablecoins, to another exchange. This law will take effect in May 2023.
China. Hong Kong is considering its own bill to regulate cryptocurrency amid a crypto ban in mainland China. It is planned to allow retail investors to invest directly in virtual assets. There will also be a review of current requirements for cryptocurrency trading.
Kazakhstan. The Eurasian Bank has completed the country’s first purchase of cryptocurrencies for fiat. “This precedent makes it possible for Kazakhstanis to legally purchase cryptocurrencies for tenge,” the bank said in a press release.
Meanwhile, President Tokayev confirmed that he intends to continue supporting the exchange of crypto assets in the Astana International Financial Center. The project will run in test mode until the end of 2022.
References
- Kapotwe, M., Pu, L. “The legislative tortoise chases the cryptoasset hare – UK Economic Crime Regulatory Reform”, Mayer Brown, October 13, 2022
- Irwin, K. “Portugal Plans to Impose 28% Tax on Crypto Gains”, Decrypt, October 10, 2022
- Bhardwaj, S. “Rio de Janeiro announced the acceptance of crypto-payments for property taxes from 2023”, Forbes India, October 14, 2022
- Andersen, D. “Japan preparing amendment to enforce FATF travel rules on crypto by May 2023: Report”, CoinTelegraph, September 27, 2022
- Partz, H. “Not like China: Hong Kong reportedly wants to legalize crypto trading”, CoinTelegraph, October 21, 2022
- Tassev, V. “Bank Buys Bitcoin in Kazakhstan, Country to Develop Crypto Exchange”, Bitcoin.com, September 30, 2022
- Ummat, A. “Tokayev said he is ready to develop a project to convert cryptocurrencies in the AIFC”, Inform Buro, September 28, 2022