Ukraine President Zelensky Returns Law ‘On Virtual Assets’ to Parliament

The Ukrainian president has sent the recently adopted law “On Virtual Assets” back to the Verkhovna Rada, the country’s legislature.

Crypto Exchange Bitbay Passes Audit Under Estonia’s Tougher New Regulations

Bitbay has become a fully licensed cryptocurrency exchange in Estonia which introduced stricter rules for the industry last year.

Central Bank of Ukraine Supports Crypto Industry, Fears Cryptocurrency

The National Bank of Ukraine recognizes the benefits of endorsing crypto innovations but also fears cryptocurrencies could gain ground on the national fiat.

Korean Finance Minister vows to fight moves to delay the crypto tax code

The ruling party is planning to attempt a postponement of the crypto tax laws but the Finance Minister is not for turning. South Korea’s Minister of Strategy and Finance, Hong Nam-Ki has vowed that the controversial crypto tax code will come into effect on January 1st, 2022 despite moves this week by the majority Democratic Party to postpone it to 2023.The tax code will levy a 20% tax on income generated by crypto transactions in excess of 2.5 million KRW, or about $2100 USD.International media this week reported that the Democratic Party, which holds a slim majority in South Korea’s National Assembly, intends to pass a bill postponing the crypto tax law by the end of October.

South Korean lawmaker: Delaying tax laws on crypto is 'inevitable'

“In a situation where the relevant taxation infrastructure is not sufficiently established, the deferral of taxation on virtual assets is not an option, but an inevitable situation,” said Noh Woong-rae. Noh Woong-rae, a member of South Korea’s National Assembly and a representative of the country’s ruling party, reportedly plans to postpone a bill clarifying the taxation of crypto until 2023.According to a Thursday report from Naver News, Noh said the Democratic Party of Korea plans to push back against the intention of South Korea’s Ministry of Finance to tax virtual assets starting in 2022.

Mining Is Not Banned in Ukraine and Does Not Require Licensing, Key Crypto Advisor Says

The regulatory status of cryptocurrency mining remains somewhat undetermined in Ukraine, even after the recent adoption of the law “On Virtual Assets.” However, albeit unregulated, the minting of digital coins isn’t prohibited either, according to a leading advisor on crypto matters at the Ukrainian parliament.

Ukraine Adopts Law ‘On Virtual Assets’ to Regulate Crypto Market

The parliament in Kyiv has passed legislation determining the rules for crypto-related operations in Ukraine.

Ukraine Parliament Passes Legislation by Legalizing Crypto

The Ukrainian Parliament has passed a bill draft in the second reading Wednesday concerning legalising and regulating cryptocurrency and other virtual assets, such as tokens.

Crypto Market Is ‘Development Vector’ of Nation’s Digital Economy, Ukraine President Says

President of Ukraine Volodymyr Zelensky has highlighted the importance of launching a legal digital assets market in his country during a working visit to the US The Ukrainian head of state met with top investors including from the cryptocurrency industry.

37% of American Investors Would Not Cash out Their Crypto Even in Critical Moments

While most US crypto investors believe in the virtual assets' merit, prominent people like Elon Musk seem to affect their opinion.

Ukrainians to Trade and Spend Cryptocurrencies Legally, Digital Ministry Says

Residents of Ukraine will be able to legally keep, exchange, and spend cryptocurrencies once the new virtual assets law is adopted.

New bill in Ukraine to allow payments in cryptocurrency, says official

The deputy minister of Ukraine’s Ministry of Digital Transformation believes that crypto payments will be allowed in Ukraine similarly to payments deriving from the US dollar. A new cryptocurrency-related bill in Ukraine will allow payments in cryptocurrencies like Bitcoin (BTC) despite not recognizing crypto as legal tender, a government official claimed.Deputy minister of Ukraine’s Ministry of Digital Transformation Oleksandr Bornyakov is confident that it would be “quite legal to pay with cryptocurrencies” in Ukraine through payment intermediaries that enable crypto-to-fiat conversions.The official said in a Friday interview with local financial publication Minfin that Ukraine’s draft bill on virtual assets “clearly states” that cryptocurrencies do not constitute legal tender in the country, only allowing crypto purchases.However, the bill stipulates that local payment processors would still be able to provide services for converting crypto to fiat to enable payments deriving from crypto, stating:“Today, the legislation in Ukraine also does not allow you to pay in dollars, but you can easily pay for purchases with a dollar card.

Cryptoassets as National Currency Is Risky, Says The IMF

The International Monetary Fund believes that virtual assets have a long way until they become suitable for national currencies.

Security and Regulations Main Hurdle for Institutional Investors Regarding Crypto Investments (Survey)

Most institutional investors believe that the security of virtual assets and custodial services are the main reason that prevents many to enter the crypto market.

64% of Adults from 10 Different Countries Would Use a Central Bank Digital Currency: Report

As central bank digital currencies (CBDCs) advance in testing, a number of countries have taken the lead in an effort to create a CBDC.

Zimbabwe Proposes Inclusion of VASPs in Its Securities Law — Move Applauded as ‘Step in Right Direction’

The Zimbabwean government recently revealed its intention to widen the definition of securities to include virtual asset service providers (VASPs).

Visa to Approve First Bitcoin Spending Card in Australia

Australians will be able to tap-and-pay in BTC and other virtual assets with a new debit card approved by Visa.

Survey: Financial Sector Wants Ukraine’s CBDC to Facilitate Transactions in the Crypto Market

A survey conducted among financial professionals has indicated that the industry wants Ukraine’s future digital currency to be used as a tool in the crypto space.

Mexico may not be following El Salvador's example on Bitcoin... yet

A warning from the country's financial regulators seemed to be specifically targeting Ricardo Salinas Pliego, who on Sunday said he would explore his bank accepting Bitcoin. Authorities behind financial regulation in Mexico have warned against financial institutions handling cryptocurrencies, saying digital assets are still not considered legal tender in the country.In a Monday press conference, representatives from Mexico’s finance ministry, the Bank of Mexico, and the National Banking and Securities Commission issued a joint statement warning investors virtual assets carried inherent risks as a medium of exchange and store of value.

Crypto Travel Rule Working Group Launches 2.0 Protocol ‘Solving the Discoverability Problem’

Just before the Financial Action Task Force (FATF) published the organization’s 12-month review, a working group called the Travel Rule Protocol (TRP) released its 2.0 version of the TRP crypto application programming interface (API) in order to “simplify the end-user crypto exchange experience.” TRP is backed by big banks like Fidelity Investments, Standard Chartered, and […]

Revised Bill ‘On Virtual Assets’ Aims to Regulate Ukraine’s Crypto Space This Summer

The Ukrainian parliament has released an updated version of the draft law “On Virtual Assets.” The revised bill requires exchanges to obtain government authorization, disclose their ownership and implement mandatory KYC procedures.

Crypto tax in South Korea is ‘inevitable’ in 2022, says minister

South Korea’s finance minister said that cryptocurrencies like Bitcoin will be taxed as “intangible assets.” Amid the growing opposition against the new cryptocurrency tax regime in South Korea, finance minister Hong Nam-ki confirmed that the government will start taxing capital gains from crypto trading starting next year. “It’s inevitable, we will need to impose taxes on gains from trading of virtual assets,” the minister said when asked whether the tax should be delayed until the state has proper industry oversight in place, Reuters reports Tuesday. Hong emphasized that cryptocurrencies like Bitcoin (BTC) will be taxed as “intangible assets”, noting that it was a “misunderstanding” to view them as currencies.

South Korea plans interagency crackdown on illegal crypto transactions

South Korea’s top financial regulator established dedicated crypto investigation teams across the country last week. Several South Korean financial authorities are planning to join forces to combat illegal operations involving cryptocurrencies like Bitcoin (BTC). The interagency crackdown comes in response to growing concerns over speculative investments and potentially illegal activities amid the ongoing boom in crypto markets, Koo Yun-cheol, head of the Office for Government Policy Coordination, said Monday. “There is a need to pay special attention to the occurrence of illegal activities using virtual assets,” he stated at a vice ministers’ meeting on crypto, according to local news agency Yonhap. As part of the crackdown  — which is slated to continue until June — the Financial Services Commission will require local financial institutions to strengthen the monitoring of withdrawals of cryptocurrencies.

Why DeFi needs to strike a fine balance regarding FATF's guidelines

The Financial Action Task Force [FATF] published draft guidance on the risk-based approach to virtual assets in March.

India's government orders companies to disclose crypto holdings

Recent amendments to India’s Companies Act will see firms in the country include their crypto involvement in all public financial reporting. While the legal status of cryptocurrencies remains undecided in India, companies in the country involved in virtual assets must now report their activities as part of their financial statements. The new rule follows amendments made by the country’s Ministry of Corporate Affairs to Schedule III of the 2013 Companies Act. According to the document published on Wednesday, Indian firms both public and private that have invested or traded in crypto during the financial year must disclose their profits or losses. Other crypto-related disclosures include the amount of cryptocurrency held by the company as of the reporting date as well as additional advance deposits made by customers for the purpose of cryptocurrency investment or trading. The amendments to the Companies Act of 2013 will come into effect at the start of April.

New FATF Guidance Applies Regulatory Standards to Decentralized Exchanges, Defi and NFTs

On March 19, the Financial Action Task Force (FATF) published draft guidance on the risk-based approach to virtual assets.

Russia's money laundering watchdog monitoring crypto to ruble transactions

Rosfinmonitoring has informed the Russian parliament that it is paying close attention to transactions involving the conversion of crypto to rubles. Russia’s Federal Financial Monitoring Service, or Rosfinmonitoring — the country’s Anti-Money Laundering body — is policing crypto to fiat transactions. The federal executive body responsible for AML oversight made this known while addressing the members of parliament on Tuesday, according to a report by Russian news agency Regnum. In a meeting with members of the State Duma Committee on the Financial Market, Herman Neglyad, deputy chief of Rosfinmonitoring revealed that the AML watchdog was working with commercial banks to police crypto to fiat transactions, stating: “Banks have already begun to pay attention to exchange operations, that is, when they see that an operation has come after the exchange of virtual assets for hard currency, they have already begun to evaluate them and actually inform us about these operations.” According to another Rosfinmonitoring spokesperson, the AML agency and the central bank are developing a framework to track suspicious crypto to fiat transactions. As a federal executive body, Rosfinmonitoring reports directly to Russian President Vladimir Putin.

Bank of Korea: CBDCs Are Fiat Currency Not Virtual Assets

Some legal changes would be needed before a potential central bank digital currency launch in South Korea, research indicates.

Kyrgyzstan's central bank opens up crypto draft laws to public discussion

The central bank of The Kyrgyz Republic has drafted regulations that recognize cryptocurrency exchanges in the country for the first time. Kyrgyzstan’s central bank has completed the drafting of two bills designed to recognize and regulate the country’s emerging crypto sector. According to an official announcement, the National Bank of the Kyrgyz Republic has opened up the two bills, "On the Processing of Cryptocurrencies" and "On amendments to legislative acts in the field of virtual assets," to public discussion. Interested parties have until Feb.

The Global Challenge of Regulating Virtual Assets

Moving through the high-level confusion of an emergent field of digital assets during a pandemic presented unique challanges.

Crypto firms still not widely adopting ‘travel rule,’ says FATF deputy

David Lewis, executive secretary and G20 deputy at the Financial Action Task Force, says crypto firms still have a long way to go before they're compliant. In 2019, the Financial Action Task Force asked jurisdictions worldwide to adopt its regulatory guidelines for virtual assets.

South Korea Finalizes Cryptocurrency Income Tax of 20%

South Korea has finalized a new 20% tax rate for income generated from crypto trading. The South Korean government has announced a 20% tax rate for income generated from cryptocurrency trading. Following a Tax Development Review Committee meeting on July 22, the Ministry of Economy and Finance published its revised tax code detailing the new rules.  In a section headed, “Taxation on Virtual Asset Transaction Income,” the ministry introduced the new rules with a note that at present, both personal (resident and non-resident) and foreign corporations’ virtual assets are non-taxable.  The government states that introducing taxation for virtual assets is now necessary, pointing to the approach taken by other countries, where cryptocurrencies are already taxed under similar regimes for income from stocks and derivatives trading. What the new crypto tax rules stipulate Under the new framework, gains made from virtual currencies and intangible assets will be classified as taxable income, calculated annually.

FATF Virtual Assets Guidelines for Cryptosphere Review

With the growing concern of virtual assets/cryptocurrencies being used as a medium for the financing of illegal activities, the Financial Action Task Force (FATF) issues revised guidance from time to time to combat money laundering and terrorist financing involving virtual assets (VAs) and virtual asset service providers (VASPs).

Bitfinex Must Face New York’s Accusations Over the Loss of $850M in Co-Mingled Funds

The popular digital currency trading platform, Bitfinex must deal with the New York Office of the Attorney General (NYAG) over the alleged hiding of over $800 million in client and corporate funds.