Hong Kong Regulators Crack Down on Crypto Fraud
Hong Kong regulators have arrested six individuals involved in fraud allegations surrounding an unlicensed crypto exchange, JPEX. To further protect investors, the government plans to increase efforts to educate them about utilizing only platforms with Securities and Futures Commission licenses.
Thailand Imposes Personal Income Tax on Crypto Trading
Thailand’s Revenue Department is set to impose personal income tax on foreign revenues, including those from crypto trading, for individuals residing in the country for over 180 days. Previously, only foreign income remitted to Thailand in the year it was earned was taxed. This new regulation aims to close the loophole and requires individuals to declare any overseas income, even if it wasn’t used locally.
Brazilian Lawmakers Seek Protection for Crypto as Financial Assets
Brazilian lawmakers are working to recognize digital assets as part of personal financial assets in an amendment that protects individuals’ private savings from creditor seizure. Deputy Felipe Francischini stated that traditional savings accounts have lost ground to other forms of financial investment.
UK House of Lords Approves Bill to Seize Stolen Crypto
The Economic Crime and Corporate Transparency Bill, which aims to enhance authorities’ ability to target illicit cryptocurrency usage in the United Kingdom, has reached the final stages for approval by the House of Lords. The bill will return to the House of Commons for acceptance or potential amendments.
FTX Debtors Sue Founder’s Parents Over Misappropriation Allegations
Debtors of FTX, a bankrupt cryptocurrency exchange, have filed a lawsuit against the parents of its founder, Sam Bankman-Fried. They claim that Bankman and Fried misappropriated millions of dollars through their involvement in FTX’s business. The debtors allege that Bankman and Fried enriched themselves at the expense of FTX’s bankruptcy estate.
US House Committee Approves Anti-CBDC Bill
The CBDC Anti-Surveillance State Act, designed to prevent unelected bureaucrats in Washington from issuing a central bank digital currency (CBDC), has advanced after passing the House Financial Services Committee. The bill aims to prohibit the US Federal Reserve from issuing a CBDC to individuals and utilizing it for monetary policy implementation.
Hot Take: Regulatory Developments Impacting the Crypto Market
Recent regulatory actions across various countries are shaping the crypto market. Hong Kong, Thailand, and Brazil are implementing measures to protect investors and ensure compliance with tax regulations. In the UK, efforts are being made to combat illicit cryptocurrency usage. Additionally, legal battles surrounding FTX continue with allegations of misappropriation against the founder’s parents. Meanwhile, in the US, a bill prohibiting the issuance of a CBDC by unelected officials has gained momentum. These developments indicate the increasing scrutiny and efforts to establish regulatory frameworks within the crypto industry.
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