USDWeekly Global Crypto Regulations Shift: Tax Cuts, ETFs, and Policies
Japan Revamps Crypto Regulations: Tax Cuts, Bitcoin ETFs, and Stricter Oversight Ahead
Japan is undergoing a significant overhaul of its cryptocurrency regulations, aiming to treat digital assets more like traditional financial products. Key changes include the potential approval of Bitcoin spot ETFs and a proposed reduction in the crypto tax rate from 55% to 20%, aligning with financial investment taxes. The Financial Services Agency (FSA) is reviewing regulations to prevent fraud and ensure a safer market, with new policies expected by June 2025 and legal amendments by 2026.
However, classifying crypto as securities could tighten trading rules for retail investors. Institutional interest is growing, highlighted by SoftBank's investments in crypto ventures following a strong financial performance. Overall, these regulatory shifts could enhance investor confidence and position Japan as a significant player in the global crypto landscape, reflecting broader global trends in digital asset legitimacy and support.
Poland’s National Bank Rejects Bitcoin for Reserves, Citing Security Concerns Amid Election Speculation
Poland's National Bank (NBP) has officially declined to add Bitcoin to its national reserves, emphasizing security and stability concerns. NBP President stated that reserves must be "absolutely secure," reaffirming the central bank's commitment to traditional assets like gold, U.S. dollars, and euros. As of January 2025, Poland's official reserves totaled EUR 217.1 billion (USD 225.4 billion), showing a year-over-year increase of over 22.1%.
The NBP's rejection aligns with the European Central Bank's stance, as ECB President Christine Lagarde has also ruled out Bitcoin as a reserve asset. However, the upcoming Polish presidential election in May 2025 may shift this policy, with candidate Mentzen advocating for the establishment of a Bitcoin reserve to create a "cryptocurrency haven." This potential change reflects growing interest in cryptocurrencies amid broader European reluctance to adopt them as official reserve assets.
Ukraine Aims to Legalize Cryptocurrency by Summer 2025, Lawmaker Confirms
A top Ukrainian lawmaker, Danylo Hetmantsev, announced that Ukraine aims to "legalize" cryptocurrency by summer 2025, with the main bill already prepared. Ongoing debates among lawmakers focus on crypto taxation and monitoring transactions on blockchain networks. Hetmantsev emphasized that no special incentives will be offered for crypto use to prevent an uneven tax burden on traditional industries. He stated that crypto transactions will be taxed similarly to other investment assets.
Key unresolved issues include a proposed transition period for investors who cannot verify purchases and the delegation of regulatory responsibilities to the National Securities and Stock Market Commission, which currently lacks the capacity to oversee the industry. Hetmantsev expressed confidence that the draft law would undergo its first reading in the first quarter of 2025 and aims for its passage by summer. The bill has been developed with input from international experts, including the International Monetary Fund.
South Korea to Allow Charities, Universities, and Crypto Exchanges to Sell Digital Assets
South Korea is set to allow charities, universities, and cryptocurrency exchanges to legally sell digital assets, responding to increasing demand for institutional crypto trading. The Financial Services Commission (FSC) announced that starting in the second quarter of 2025, these institutions can sell cryptocurrency donations, while exchanges will be permitted to convert digital assets received as fees into cash for operational expenses.
Following a phased approach, approximately 3,500 listed companies and investment firms will be able to open real-name crypto accounts in late 2024. This regulatory shift is a response to growing corporate interest and aims to align South Korea’s crypto regulations with global standards, enhancing safeguards against risks. The FSC is collaborating with industry players to establish comprehensive guidelines, marking a significant change from previous restrictions around corporate participation in the crypto market since 2017, influenced by concerns over speculation and money laundering.
This article has been refined and enhanced by ChatGPT.
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