Hong Kong Securities and Futures Commission: Will develop risk assessment criteria for virtual asset cases with the police to determine further investigation or enforcement
Zheng Dejia, Director of Regulations and Enforcement at the Hong Kong Securities and Futures Commission, stated that the Commission and the Police Force have established a working group for virtual asset trading platforms. Four meetings were held in October and November, and according to this mechanism, there will be at least two information exchanges per week regarding individual cases and incidents related to virtual platforms. Both sides will formulate guidelines, conduct risk assessments on individual cases, and decide whether to further investigate or enforce. If the Commission discovers particularly suspicious cases that require rapid enforcement or related actions, it will contact the police as soon as possible to ensure effective coordination during the investigation and enforcement period.
Nikkei News: Japan considers tax exemption for companies’ long-term cryptocurrency gains
A proposal being discussed by Japan's ruling coalition would exempt companies from paying taxes on unrealized cryptocurrency gains if they hold digital assets. Under the proposed tax law change, cryptocurrencies held for purposes other than short-term trading would be exempt from corporate tax based on their market value at the end of each fiscal year.
Rep. Maxine Waters calls for US lawmakers to hold meeting on crypto-related issues
Representative Maxine Waters has called for a meeting among US legislators to discuss issues related to cryptocurrency. She hopes to organize a group of legislators to conduct more in-depth research on companies operating in the industry and study how to regulate them.
New Jersey Considers Bill to Classify Virtual Currencies as Securities for Institutional Investors
A bill introduced by Democratic Assemblyman Herb Conaway, Jr. in New Jersey proposes that all virtual currencies issued and sold to institutional investors be considered securities under state law. The bill would only apply to transactions governed by New Jersey law and would not impact the federal Securities and Exchange Commission. Two other bills are pending in New Jersey that affect crypto, including the "Virtual Currency and Blockchain Regulation Act" which recently passed both houses of the New Jersey legislature and is awaiting action by the governor. The "Digital Asset and Blockchain Technology Act" would require the state Department of Treasury to review and approve a digital payment platform for state-approved businesses.
Rep. Tom Emmer slams Treasury Department proposal for tighter cryptocurrency controls
At the Blockchain Association Policy Summit, when asked about the US Treasury's cryptocurrency proposal, Tom Emmer, a member of the House Financial Services Committee and a representative from Minnesota, criticized the US Treasury's proposal to strengthen control over cryptocurrencies, criticizing the agency's "savior complex".
IRS Proposes New Tax Rules for Cryptocurrency Providers, Raising Concerns about Privacy and Compliance
The IRS is proposing new tax rules for cryptocurrency providers that could have significant consequences for the industry. The agency wants to expand the definition of "brokers" to include nearly all crypto-service providers, requiring them to collect personal information from users and report it to the IRS. This move could roll back the anonymity and flexibility currently offered by digital assets and reshape the entire US cryptocurrency landscape. The industry's response has been marked by concern and proactive engagement, with major players expressing apprehensions about the intrusion into personal privacy. The cryptocurrency industry must proactively engage with regulators to ensure the creation of fair, practical, and innovation-friendly regulations while preserving its innovative and decentralized nature.
Brazilian Senate Approves New Income-Tax Regulations for Cryptocurrency Earnings on International Exchanges
The Brazilian Senate has given the green light to new income-tax regulations that could result in citizens having to pay up to 15% on earnings from cryptocurrencies held on international exchanges. The bill has already been approved by the Chamber of Deputies and could come into effect from January 1st if it is sanctioned by President Luiz Inacio Lula da Silva. The new regulations will apply to Brazilians earning over $1,200 from foreign exchanges and investment funds with a single shareholder, with the government aiming to generate $4 billion in revenue from these taxes in the new year. Despite Brazil ranking ninth in terms of crypto adoption, Senator Rogerio Marinho criticized the law, stating that it was introduced due to poor management.
UK Government Urges Crypto Users to Report Unpaid Taxes to Avoid Penalties
The UK government is encouraging crypto investors to report any unpaid taxes voluntarily to avoid penalties. A recent survey revealed that 72% of crypto owners in the UK have not read the government's crypto tax guidance, but this will not be accepted as an excuse for tax evasion. Tax advisors warn that regulators can use various tactics, including whistleblowers and creditor lists from bankruptcies, to track undeclared crypto. The government has requested investors to calculate and disclose any unpaid income or capital gains taxes voluntarily to avoid penalties or additional interest. It is important for investors to keep track of their transactions to make the tax calculation process easier, as failure to do so could result in difficulties. The UK plans to penalize crypto users who do not pay their taxes.
Binance and Binance.US have spent more than $1 million on lobbying this year
OpenSecrets cited data from the US Federal Election Commission, showing that in the past two years, Binance has significantly expanded its lobbying investments, with lobbying expenditures for Binance and Binance.US exceeding $1 million in 2023.
Coinbase CEO Praises Canada's Streamlined Crypto Regulations and Expands Operations
Coinbase CEO Brian Armstrong praised Canada's streamlined regulatory approach to cryptocurrency during a fireside chat in Toronto. This approach demands compliance with strict investor protections and has led to significant exchanges like FTX and Binance exiting the Canadian market. Coinbase officially commenced operations in Canada in August, tapping into the substantial Canadian interest in cryptocurrencies. Armstrong envisions a future where crypto plays a pivotal role in payments, with a focus on reducing transaction delays and integrating crypto wallets with internet browsers.
