New cryptocurrency laws in Hong Kong and Thailand: regulation and taxation abroad

The Hong Kong authorities are set to tighten controls on the cryptocurrency market following the arrest of six people accused of fraud in connection with illegal crypto exchange JPEX. The government intends to strengthen investor awareness and remind investors to only use platforms licensed by the Securities and Futures Commission.

In the meantime, Thailand's Department of Revenue plans to levy a tax on personal income from foreign sources, including crypto trading income, of those residing in Thailand for more than 180 days. Under the previous legislation, tax was only imposed on foreign income remitted to Thailand in the year of receipt. The new rule closes this loophole and requires a person to declare any earnings abroad, even if they were not used in the local economy.

In Brazil, lawmakers are also seeking to recognize cryptocurrency as part of personal financial assets - but for a different reason. Lawmakers in Brazil's National Congress plan to amend a bill that aims to protect citizens' personal savings of up to 40 minimum wages from possible confiscation in favor of creditors. In his address to the congressional Constitution, Justice and Citizenship Committee, Deputy Felipe Francisquini said, "Today's investment behavior has changed and the traditional savings account is being overtaken by other forms of financial investment. "

A bill aimed at enhancing the ability of UK authorities to tackle the illegal use of cryptocurrencies has been passed to the final stage of approval by the House of Lords. Economic crime and corporate transparency introduced in September 2022 will return to the lower house of the British parliament, the House of Commons, which will either decide to accept the proposed amendments or recommend further changes to the bill.

Debtors of bankrupt crypto exchange FTX have taken legal action against the parents of the exchange's founder Sam Bankman-Fried, accusing them of embezzling millions of dollars through their involvement in the exchange's affairs.

The anti-Surveillance State CBDC Act, aimed at preventing "unelected bureaucrats in Washington" from issuing Central Bank Digital Currency (CBDC), has moved one step further along its procedural path after passing the House Financial Services Committee. This means the bill will next face a vote in Congress.

The bill contains provisions prohibiting the Federal Reserve from issuing CBVs to individuals and prohibiting the Fed from using CBVs to implement monetary policy. In a recent interview with Cointelegraph, Rep. Tom Emmer called digital assets a "sleeping issue" in U.S. politics, both at the state and federal level.