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Crypto Regulatory News Around the World: August‘22

Canada. The Canadian Securities Administrators have given a significant update regarding crypto trading platforms. It is expected that trading platforms will sign a commitment letter agreeing to certain conditions (relating to AML, KYC, and cybersecurity procedures) before they can operate in Canada.

Australia. The treasurer announced a “token mapping” exercise. The new government expects to determine how crypto-assets and related services should be regulated by the end of 2022.

South Korea will introduce a new tax on crypto-assets. A free transfer of assets will be considered as a “gift” under the Inheritance and Gift Tax Act, so a gift tax will be levied on a third party to whom the virtual asset is granted. Taxes on crypto-gifts will range from 10% to 50% and will be levied starting in 2025.

The Philippines. The central bank is about to stop applications for new virtual asset service provider (VASP) licenses. The memorandum will become active on September 1, 2022 and last until September 1, 2025.

Thailand. The Bank of Thailand plans to advance its development of a digital currency to a testing phase, as the country evaluates how the technology would operate within its financial system. The pilot phase is expected to begin at the end of 2022.

Russia. In 2024, the Bank of Russia will gradually connect all credit institutions to the digital ruble platform. If necessary, the Bank is ready to introduce quantitative restrictions on transactions with the digital ruble, in particular with regard to the amount of funds in a digital wallet and the volume of transactions.

Colombia. The government plans to create a digital currency. This measure, along with some others, is aimed at facilitating transactions for citizens as well as combating tax evasion.

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References

  1. Pesserlay, W. “Canadian Crypto Platforms Must Commit to Investor Protection”, Be In Crypto, August 16, 2022
  2. Ng, F. “Australia’s new government finally signals its crypto regulation stance”, Cointelegraph, August 22, 2022
  3. Akolkar, B. “South Koreans Will Have to Pay A Heavy Gift Tax on Crypto Airdrops”, CoinGape, August 22, 2022
  4. Ortiz, J. “Philippine central bank halts crypto service provider applications for 3 years”, Forkast, August 12, 2022
  5. Ossinger, J, Abraham, T.K. “Bank of Thailand Plans Retail CBDC Pilot Test by End of Year”, Bloomberg, August 5, 2022
  6. Kanashchuk, R. “In 2024, the Central Bank will gradually connect all Russian banks to the digital ruble platform”, TASS, August 12, 2022
  7. “Petro Government will seek “the creation of a digital currency”, confirms the director of the Dian”, Semana, August 15, 2022

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