December 03, 2024
By Our Correspondent
Governments across the globe are enhancing regulations concerning cryptocurrencies, indicating a worldwide transition as nations confront the swiftly changing digital asset landscape.
Morocco is in the process of establishing regulations for cryptocurrencies, with a draft law currently under consideration, as stated by central bank governor Abdellatif Jouahri. Although cryptocurrencies have been banned since 2017, their underground usage has continued, prompting Bank Al-Maghrib to pursue formal regulatory measures. During an international conference held in Rabat, Jouahri underscored the bank’s commitment to both regulating crypto assets and investigating the potential for a central bank digital currency (CBDC). This initiative mirrors a larger trend as countries evaluate how digital currencies can be integrated into regulatory frameworks while promoting innovation.
In Russia, significant progress has been made with the introduction of new legislation concerning cryptocurrencies. President Vladimir Putin has signed a law that officially classifies digital currencies as property, permitting their use in international commercial transactions. This law also exempts crypto mining and sales from value-added tax (VAT) and establishes tax rates for profits derived from the buying, selling, or trading of digital currencies. For individuals, the tax rates are set at 13% for income up to 2.4 million rubles and 15% for amounts exceeding that threshold. Corporate entities will be subject to the standard corporate tax rate of 25% beginning in 2025. This legislation aims to establish a clear regulatory framework for digital assets, potentially enhancing Russia’s standing in the global cryptocurrency market.
In China, the Supreme People’s Procuratorate has underscored the importance of rigorously enforcing the revised Anti-Money Laundering Law, which targets virtual currencies and financial crimes to protect national security. The updated law, introduced in November 2024 and scheduled to take effect in January 2025, broadens the range of predicate offenses for money laundering to encompass crypto transactions. Procurator-General Ying Yong has emphasized the necessity of addressing money laundering activities involving digital currencies.
In Poland, the government is actively preparing for the forthcoming Markets in Crypto-Assets (MiCA) regulation, which mandates that companies offering cryptocurrency-related services within the European Union secure a Crypto Asset Service Provider (CASP) license. The application deadline for obtaining a CASP license is set for June 30, 2025. The rapidly expanding Polish FinTech ecosystem positions the country as an appealing hub for crypto enterprises aiming to adapt to the evolving regulatory framework.
In Brazil, the Central Bank (BCB) has proposed regulations that prohibit centralized exchanges from permitting users to withdraw stablecoins to self-custodial wallets. This initiative seeks to enhance regulatory oversight and enable the BCB to monitor the cryptocurrency sector in accordance with the crypto law enacted in December 2022. Stakeholders are invited to provide feedback on this proposal until February 28, 2025.
Japan’s Financial Services Agency (FSA) has issued official warnings to five foreign cryptocurrency exchanges, including KuCoin and Bybit, for operating without the necessary registration. The FSA highlighted that unregistered exchanges operate without oversight, thereby jeopardizing user funds. Additionally, Japan has recently reduced the capital gains tax rate on cryptocurrency investments to 20%, aligning it with stock market tax rates to invigorate the domestic crypto market.
In Taiwan, the Financial Supervisory Commission (FSC) has expedited its Anti-Money Laundering (AML) regulations for cryptocurrency service providers, advancing the registration deadline to November 30 from the previously established date of January 1, 2025. The FSC has indicated that no operators have yet fulfilled the necessary Money Laundering Prevention Registration under the Virtual Asset Service Provider (VASP) Registration Measures.
