Crypto regulatory news around the world: May ‘22
Germany. The Ministry of Finance has issued new cryptocurrency tax guidelines. The individuals selling BTC or ETH more than 1 year after acquisition will not pay taxes, even if they make a profit on the sale.
Belgium. As of May 1st, all fiat-crypto exchanges and custodial wallet providers should be registered in the Financial Services and Markets Authority (FSMA). The providers must notify FSMA before July 1st and apply for registration before September 1st, 2022.
USA. New York prohibits Bitcoin mining unless the mining operations are powered by 100% renewables. The bill is now a subject of legislation, after which the mining moratorium will be applied for the next two years.
China. Resolving a conflict between two citizens, the high court in Shanghai stated that Bitcoin has an economic value. So, despite the fact that cryptocurrency trading in China is currently prohibited, the country protects the ownership of Bitcoins by law.
South Korea plans to institutionalize NFTs and introduce an ICO regulatory system. The authorities are also set to present full crypto legislation in 2023 and to institutionalize the crypto sector by 2024.
The Philippines. The government has decided to launch a digital currency pilot project, called CBDCPh, in order to stabilize the country’s payment system.
Brazil. The Senate approved the first cryptocurrency regulating law. It is expected that the bill will be signed by the president at the end of 2022. The bill also considers the punishment for crimes related to cryptocurrencies.
Cuba. The central bank confirms that it will issue licenses for virtual asset facilities providers (VASPs). The decision took effect on May 16th.
Argentina. The Central Bank of Argentina has banned financial institutions from offering customers any transactions for the purchase of cryptocurrency. However, it is planned to implement the Buenos Aires+ project to digitize the country, which will, among other things, allow citizens to pay taxes with cryptocurrency.
The Central African Republic has become the second country in the world and the first country in Africa to adopt cryptocurrency as legal tender. The government believes that the decision will help to “improve the conditions of the nation’s citizens”.
Furthermore, check out the research Crypto regulatory news by April ’22 or Crypto Industry Regulatory Risks rated by Countries in 2022 in our blog.
- Schickler, J. “Germany Publishes First Nationwide Tax Guide for Crypto”, Coindesk, May 11, 2022
- Millard, M. “Belgium’s FSMA takes step toward regulating crypto businesses: report”, The Block, May 1, 2022
- Jones, J.S. “Bitcoin mining ban in New York”, Smart Energy International, May 3, 2022
- BI India Bureau. “A high court in China is saying Bitcoin is protected by law and has economic value”, Business Insider India, May 12, 2022
- Attle, D. “Leaked report: South Korea to establish crypto framework by 2024”, Cointelegraph, May 12, 2022
- Press release. “Project CBDCPh to Further Strengthen PH Payment System’”, Bangko Sentral NG Pilipinas, April 26, 2022
- Chaturvedi, A. “Brazil passes bill to regulate cryptocurrencies”, Business Today, April 27, 2022
- Toppa, S. “Brazil’s Senate Greenlights ‘Bitcoin Law’”, The Street, April 27, 2022
- Banco Central de Cuba. “RESOLUCIÓN 89/2022”, Gaceta Oficial №43, April 26, 2022
- Doll, I.O., Gillespie, P. “Argentina Slams Brake On Crypto, Banning Purchases Through Banks”, Bloomberg, May 6, 2022
- “Buenos Aires+: las medidas para agilizar el vínculo de los ciudadanos y el sector privado con el Estado”, buenosaires.gob.ar, April 26, 2022
- Mazumdaru, S., Schwikowski, M. “Central African Republic: Bitcoin Boom Spikes Amid Perceived Risks”, All Africa, May 5, 2022