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.

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. Attorneys for the FTX debtors, represented by the law firm of Sullivan & Cromwell, filed suit against SBF's parents, Joseph Bankman and Barbara Fried. Plaintiffs allege that Bankman and Fried used their access and influence in the FTX empire to enrich themselves at the expense of the debtors in the FTX bankruptcy. Debtors claim SBF parents were "closely involved" in FTX affairs from inception to collapse, contrary to SBF's claims.

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.