Regulatory developments in various countries: Updates on Crypto Assets policies in China, Hong Kong, Russia, and other countries.

robot
Abstract generation in progress

Regulatory Dynamics

  1. China's "14th Five-Year Plan" proposal mentions the development of digital currency.

The recently released full text of the "Central Committee of the Communist Party of China on Formulating the 14th Five-Year Plan for National Economic and Social Development and Long-Term Goals for 2035" mentions "steadily advancing research and development of digital currency." The document points out that it is necessary to establish a modern central banking system, improve the monetary supply control mechanism, steadily advance research and development of digital currency, and improve the formation and transmission mechanism of market-oriented interest rates.

  1. Hong Kong plans to establish a licensing system for virtual asset service providers.

The Financial Services and the Treasury Bureau of the Hong Kong Special Administrative Region government recently released a consultation document seeking public opinions on amending the "Anti-Money Laundering and Counter-Terrorist Financing Ordinance." The document proposes the establishment of a licensing system for virtual asset service providers, requiring institutions engaging in virtual asset trading platform operations in Hong Kong to apply for a license from the Securities and Futures Commission and meet suitable candidate standards. Licensed institutions are required to comply with relevant anti-money laundering regulations and investor protection requirements. Operating without a license or violating regulations may face a maximum of 7 years imprisonment and a fine of 5 million.

  1. Russia plans to require the declaration of cryptocurrency asset gains.

The Russian State Duma is discussing a new bill that may require Russian citizens to declare their "electronic" asset earnings and holdings on overseas platforms, which could impact cryptocurrency trading. The bill proposes that if a citizen's annual transaction volume on foreign digital platforms exceeds $7,730, they must report it to the tax authorities. The bill also grants lawmakers and the federal tax authority the power to regulate cryptocurrency wallets and trading accounts.

  1. The Netherlands issues cryptocurrency platform licenses for the first time

The cryptocurrency exchange BLOX has become the first retail cryptocurrency platform to obtain an operating license since the Netherlands implemented the EU's 5th Anti-Money Laundering Directive (AMLD5). BLOX is the first consumer-facing cryptocurrency company registered with the Dutch central bank, allowing users to invest a minimum of 1 euro to purchase Bitcoin. This approval means that cryptocurrency remains accessible to the general public. In the Netherlands, all companies that allow users to buy, sell, trade, and hold cryptocurrencies must be registered with the central bank.

  1. South Korea may require the disclosure of cryptocurrency user identities

The Financial Services Commission of South Korea is pushing for a legal amendment that mandates domestic virtual asset service providers to report customers' names. The proposed "Bill on Reporting and Using Specific Financial Transaction Information" aims to prevent money laundering. The bill defines virtual asset service providers as entities engaged in the buying and selling, and trading of virtual assets, as well as custodians, digital wallet service providers, and brokers. The amendment may require service providers to use real-name accounts for financial transactions and comply with multiple regulatory requirements.

  1. Venezuela Launches State-Owned Cryptocurrency Exchange

Venezuela has recently launched a state-owned cryptocurrency exchange named Venezuela Exchange (VEX). The exchange will support trading pairs of Petro, Bitcoin, Litecoin, and Dash with the Bolívar. According to a statement from Venezuela's crypto regulatory body Sunacrip, VEX will adopt "P2P technology" and can be accessed and connected through the government-issued crypto wallet application PetroApp.

BTC-2.46%
View Original
This page may contain third-party content, which is provided for information purposes only (not representations/warranties) and should not be considered as an endorsement of its views by Gate, nor as financial or professional advice. See Disclaimer for details.
  • Reward
  • 8
  • Share
Comment
0/400
GateUser-c799715cvip
· 07-16 22:03
The regulation is really strict.
View OriginalReply0
BearMarketGardenervip
· 07-16 17:36
Won again fam
View OriginalReply0
LiquidityOraclevip
· 07-14 10:06
Everyone is competing for business, it's still uncertain who will win.
View OriginalReply0
GateUser-3824aa38vip
· 07-14 10:04
The spring of suckers is coming.
View OriginalReply0
ruggedNotShruggedvip
· 07-14 10:02
Regulation is increasing, and being played for suckers is slowly becoming more difficult.
View OriginalReply0
FloorPriceWatchervip
· 07-14 10:01
Regulatory oversight is here, and the crypto world is about to undergo significant reshuffling.
View OriginalReply0
MysteriousZhangvip
· 07-14 10:00
Finally waiting for regulation.
View OriginalReply0
LiquidityHuntervip
· 07-14 09:47
Regulation is here, and Liquidity evaporation is just ahead.
View OriginalReply0
Trade Crypto Anywhere Anytime
qrCode
Scan to download Gate app
Community
English
  • 简体中文
  • English
  • Tiếng Việt
  • 繁體中文
  • Español
  • Русский
  • Français (Afrique)
  • Português (Portugal)
  • Bahasa Indonesia
  • 日本語
  • بالعربية
  • Українська
  • Português (Brasil)