Regulators in Hong Kong are looking to tighten the noose around the cryptocurrency market after six individuals were arrested following fraud allegations surrounding unlicensed cryptocurrency exchange, JPEX. The government intends to increase its efforts to inform and remind investors to only use platforms granted Securities and Futures Commission licences.
Meanwhile, the Thai Revenue Department plans to impose personal income tax on foreign income, including revenue generated from cryptocurrency trading, of anyone staying in Thailand for more than 180 days. Under the previous regulation, tax was only imposed on foreign income remitted to Thailand in the year of profit. The new rule closes this loophole and obliges the individual to declare any income earned abroad, even if it is not used in the local economy.
In Brazil, lawmakers are also seeking to recognize cryptocurrencies as part of personal financial assets – but for another reason. Lawmakers in Brazil’s National Congress aim to include digital assets in an amendment to a bill aimed at protecting individuals’ private savings up to an amount equal to 40 minimum wages from possible seizure on behalf of creditors. In a memo to the Congressional Committee on the Constitution, Justice and Citizenship, Representative Felipe Franceschini said: “Nowadays, people’s investment behavior has changed, with the traditional savings account losing ground to other forms of financial investment.”
The House of Lords approves a bill to confiscate stolen cryptocurrencies in the UK
A bill aimed at expanding the ability of UK authorities to target the illicit use of cryptocurrencies has been pushed through to the final stages of approval by the House of Lords. The Economic Crime and Corporate Transparency Bill, introduced in September 2022, will return to the lower house of the British Parliament, the House of Commons, which will decide whether to accept the proposed amendments or recommend further changes to the bill.
Sam Bankman-Fried’s parents are officially in on the FTX court saga
Debtors of bankrupt cryptocurrency exchange FTX have launched legal action against the parents of exchange founder Sam Bankman-Fried, alleging that they embezzled millions of dollars through their involvement in the exchange’s business. Debtors and debtors-in-possession attorney FTX, represented by the law firm Sullivan & Cromwell, filed a lawsuit against SBF’s parents, Joseph Bankman and Barbara Fried.
Prosecutors argued that Bankman and Fried exploited their access and influence within the FTX empire to enrich themselves at the expense of debtors in FTX’s bankruptcy estate. The debtors alleged that SBF’s parents were “substantially involved” in FTX’s business from inception until the collapse, contrary to what SBF claimed.
The House Committee approved the US bill to combat central bank digital currencies
The nation’s central bank digital currency (CBDC) anti-surveillance law, which aims to prevent “unelected bureaucrats in Washington” from issuing a central bank digital currency (CBDC), has taken another step forward in its procedural journey after being passed by the House Financial Services Committee. Representatives. This means the bill will face a vote in Congress next.
The bill contains provisions that prohibit the Federal Reserve Bank of the United States from issuing central bank digital currencies to individuals and prohibit the Federal Reserve Bank from using any central bank digital currencies to implement monetary policy. In his recent interview with Cointelegraph, actor Tom Emmer described digital assets as a “sleeper issue” in American politics, both at the state and federal levels.
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