Hong Kong cracks down on crypto fraud, Thailand taxes foreign income, and more regulatory moves.
Hong Kong authorities have taken swift action against an unlicensed crypto exchange, JPEX, arresting six individuals on fraud allegations. In response, the government is intensifying efforts to educate investors about the importance of utilizing platforms with Securities and Futures Commission licenses.
According to a recent report, Thailand’s Revenue Department plans to implement personal income tax on foreign revenues, including those from cryptocurrency trading, for individuals residing in Thailand for over 180 days. This policy change closes a previous loophole and obligates individuals to declare overseas income, regardless of its use within the local economy.
Brazilian Legislation Eyes Crypto As Personal Financial Assets
Brazilian lawmakers seek to recognize cryptocurrencies as personal financial assets to protect individuals’ savings. The National Congress of Brazil is considering including digital assets in an amendment to a bill aimed at safeguarding private savings from potential seizure by creditors. Deputy Felipe Francischini emphasized the shift in investment behavior away from traditional savings accounts.
In the United Kingdom, authorities are advancing a bill to enhance their ability to combat illicit cryptocurrency activities. The Economic Crime and Corporate Transparency Bill, introduced in September 2022, is nearing approval by the House of Lords. It will subsequently return to the House of Commons to consider proposed amendments.
Debtors of the bankrupt cryptocurrency exchange FTX have initiated legal action against the parents of exchange founder Sam Bankman-Fried. They allege that Joseph Bankman and Barbara Fried misappropriated millions of dollars through their involvement in the exchange’s operations. The plaintiffs contend that Bankman and Fried utilized their influence within the FTX empire for personal enrichment, contradicting SBF’s claims.
The CBDC Anti-Surveillance State Act, aimed at preventing unelected officials in Washington from issuing a central bank digital currency (CBDC), has progressed further in the legislative process by passing the House Financial Services Committee. The bill includes provisions barring the U.S. Federal Reserve from issuing a CBDC to individuals and using any CBDC for monetary policy implementation. Representative Tom Emmer emphasized the rising significance of digital assets in U.S. politics at both state and federal levels.