Global Crypto Regulatory News - 1 October 2023

September 2023

Whilst Blockpass monitors and adapts to regulatory changes around the world, we only cover some of the news and developments in articles on the Blockpass blog. However, to showcase more information around what is going on in the blockchain and crypto regulatory scene around the world, we’ve selected some prominent or interesting news and articles that feature relevant crypto regulatory and compliance developments.

  • International Crypto Framework Incoming

The G20 is seeking global crypto asset frameworks in the next few years as it attempts to encourage transparency and clarity between different jurisdictions on topics such as taxation.

  • IMF and FSC Want Crypto Regulation, Not Ban

In a paper highlighting the need to mitigate risks, the International Monetary Fund and Financial Stability Board have called for FATF regulation standards to be upheld.

  • New Tax Reporting Rule Comes Into Effect in the EU

Stricter tax reporting rules are coming for crypto exchanges in order to reduce tax fraud following a European Parliament vote in Strasbourg.

  • New Crypto Reporting Requirements from IRS 

Cryptocurrency brokers are set to be subject to new requirements in tax reporting from 2025 thanks to  proposed regulations from the Inland Revenue Service.

  • New York Clamps Down on Crypto

A new bill attempting to clear the waters on crypto regulation has been announced by the attorney general of New York.

  • Crypto and Digital Assets Legally Protected in China

Although the country is still seemingly anti-crypto, the China’s People’s Court has ruled that virtual currencies can be legally protected when held by relevant entities.

  • FCA Clarifies Expectations for Travel Rule in UK

Cryptoasset companies are expected to comply with the rules set out by the Financial Conduct Authority when facilitating cryptoasset transactions as outlined in its recent statement.

  • Germany Proposes Further Crypto-Asset Legislation

Building on MiCA regulations, Germany’s Federal Ministry of Finance and Federal Ministry of Justice are seeking to launch the ‘Future Financing Act’.

  • South Korea Shifts Focus

In response to recent trends, South Korean regulators are looking to regulate against the rise of illicit over-the-counter trading. The Financial Services Commission has also recently stated that a stablecoin can be a virtual asset in some cases.

  •  Taiwan Public Hearing Steers Crypto Future?

A public hearing involving government, industry, academic, association and legal professionals on virtual assets and regulation in Taiwan may lead to the formation of a Financial Technology Bureau, blockchain adoption and regulatory developments.

  • Malta Adheres to MiCA

The Malta Financial Services Authority has launched a public consultation as it seeks to bring its regulations in line with those outlined in the MiCA regulations.