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Crypto regulatory news around the world: September ‘22

USA. The House of Representatives is considering a bill for new algorithmic stablecoins (Terra-like coins). According to the latest version of the bill, it would be illegal to issue or create new “endogenously secured stablecoins.”

South Korea will prepare and announce guidelines for security tokens in the fourth quarter of 2022. The digital securities market will be managed by the Korea Exchange and the Korea Securities Depository will evaluate tokens before they’re registered and listed.

China. A court in Beijing confirmed that cryptocurrency is considered property and its ownership is protected by law, an important development considering the 2021 decision of the People’s Bank to ban cryptocurrency transactions.

Thailand. Reacting to the recent disruption on the cryptocurrency lending platforms, the Securities and Exchange Commission is planning to impose strict measures — in particular, a complete ban on staking and crypto-asset lending. Advertising of credit and custody services for crypto-assets will also be banned. Public hearings on the issue are currently open and will continue until October 17.

UAE. Dubai has published regulatory guidelines for virtual asset marketing, advertising, and promotion in the emirate. Licensed virtual asset service providers are required to ensure that their information is factually accurate, they must clearly demonstrate any promotional intent, and they may not mislead customers as to the guaranteed nature of their returns.

Iran. A law establishing a legal framework for cryptocurrencies has been passed. It allows the use of BTC as a means of payment for imports into the country, a development which will strengthen bitcoin’s status as a legitimate method for international payments.

Georgia plans to integrate its crypto-standards with the relevant provisions of the European Union. Lawmakers have prepared a regulatory framework for adopting new standards: the Virtual Asset Service Provider (VASP) law, the Payments Services Directive (PSD2), as well as the Capital Requirements Directive (CRD). Georgia reportedly plans to become a crypto-hub by 2025.

Russia. The Ministry of Finance and the Bank of Russia have rethought their approach to cryptocurrencies and now believe that it will be necessary to legalize cross-border payments in cryptocurrency in the near future. The deputy minister also mentioned the introduction of AML and KYC requirements at the legislative level.

Argentina. The province of Mendoza has decided to accept cryptocurrency as a means of paying taxes and state fees. At the moment, stablecoins are accepted for payment, including DAI and USDT.

  1. Versprille, A. “House Stablecoin Bill Would Put Two-Year Ban on Terra-Like Coins”, Bloomberg, September 21, 2022
  2. Attlee, D. “South Korean regulators to prepare guidelines for security tokens in 2022”, CoinTelegraph, September 7, 2022
  3. Zimwara, T. “Cryptocurrency Is Virtual Property That Is Protected by Law, Chinese Court Rules”, Bitcoin.com, September 16, 2022
  4. Helms, K. “Thailand’s SEC proposes banning Crypto businesses from staking and lending activities — Bitcoin News Regulation”, CoinsNewsDesk, September 17, 2022
  5. Gulf News Report. “Dubai regulator issues rules for virtual asset marketing, advertising”, Gulf News, August 25, 2022
  6. Amick, S. “Iran Greenlights Bitcoin, Crypto Payments For Imports: Report”, Nasdaq, August 30, 2022
  7. Oakes, P. “Georgia plans to integrate European Crypto Standards with its local cryptocurrency laws for anti-money laundering”, qqNade, September 7, 2022
  8. Kovalyov, P. “Ministry of Finance announced the possible soon legalization of cross-border payments in cryptocurrencies”, TASS, September 5, 2022
  9. Engler, A. “Argentina’s Mendoza Province Now Accepts Cryptocurrencies for Tax Payments”, CoinDesk, August 29, 2022

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