Crypto regulation in the world: weekly digest #24


The US Senators Elizabeth Warren and Roger Marshall have introduced a bill to combat money laundering, as well as terrorists and rogue nations financing using digital assets.

If passed, the Digital Asset Anti-Money Laundering Act will introduce mandatory know-your-customer (KYC) rules for crypto market participants and will prohibit financial institutions from making transactions using mixers, as well as other tools designed to hide the origin of funds.

The law will also allow the U.S. Financial Intelligence Unit (FinCEN) to implement a rule requiring crypto companies to report certain transactions involving non-custodial wallets. Since such wallets often remain anonymous and operate independently of centralized exchanges, the risks of using them for illicit transactions are higher. Therefore, there should be stricter control rules for transactions made.

The bill proposal also introduces disclosure requirements for offshore transactions with digital assets worth $10,000 or more. It is also proposed that crypto ATM operators must identify customers and report the location and number of installed devices to the authorities.

While lawmakers are already preparing the new rules the Bill on the comprehensive regulation of cryptocurrencies, the Responsible Financial Innovation Act still has not yet been adopted, and its final consideration has been postponed until early next year.


In recent years, the Thailand authorities have been actively strengthening control over the cryptocurrency market. This week, the country's central bank announced the start of work on the creation of new rules to ensure maximum transparency in transactions with digital assets.

The decisive position of the authorities was confirmed by the Securities and Exchange Commission of Thailand. According to the regulator, the task of ensuring the security of crypto investors is especially important. The recent collapse of blockchain companies such as Luna and the FTX exchange has forced the SEC of Thailand to step up its efforts in this direction. First of all, measures aimed at reducing the volume of investments of the country's citizens in digital currencies are discussed.

The SEC of Thailand believes that the occurred events reflect the vulnerability of the digital assets industry due to the lack of sufficient supervision. To address these issues, the regulator has created a working committee to study the crypto industry. It was composed of government agencies and representatives of the private sector.

For now, cryptocurrencies remain available in Thailand, but it is difficult to predict how the country’s government will restrict them in the future. At the same time, strict rules for advertising for crypto companies have recently been established in the country, significantly limiting the public offer of such services.

Also, the Central Bank of Thailand is gearing up to launch a retail CBDC pilot before the end of the year and is apparently not interested in decentralized cryptocurrencies like Bitcoin and Ethereum.


As we already wrote, Japan has some of the highest taxes on cryptocurrency transactions in the world. Profits from such transactions are currently subject to corporate tax at a rate of around 30%. The Japanese government has long been thinking of easing the tax burden for local crypto firms and excluding paper gains from the tax base.

In the middle of this year, the Japan Cryptoasset Business Association (JCBA) and the Japan Virtual Currency Exchange Association (JVCEA) petitioned the Financial Services Agency (FSA) to reduce the tax burden of local cryptocurrency companies.

The regulator is asked to exclude taxation of paper gains from cryptocurrency assets if companies own them for a long time. Japan's ruling party held a meeting on December 15 and approved an FSA proposal that would remove the requirement for crypto-currency companies to pay taxes on paper gains from crypto-assets.

The new cryptocurrency tax rules are expected to be submitted to the Japanese Parliament for approval in January and, if approved, will come into effect in the next fiscal year starting April 1.

News from other countries:

  • The US Attorney's Office may accuse the Binance exchange of money laundering and sanctions violating. The investigation has been ongoing over the past few years. The investigation began back in 2018 and is focused on Binance's compliance with US laws and sanctions, especially against Iran.
  • The G20 countries are calling for increased cooperation in the field of control over the movement of funds in digital assets. Cryptocurrencies have made a great impact on the global economy, so it is necessary not only to ensure the transparency of transactions, but also the security of market participants.
  • France plans to amend the legislation, according to which all virtual asset service providers will be required to have a license from regulatory authorities.
  • In Russia, a draft law on the regulation of cryptocurrencies will be considered in the near future. The proposed bill completely bans the use of cryptocurrencies in the country, with the only exception of mining.

We continue to highlight the news of the world of crypto regulation worldwide. Please stay with us!

The TokenScope Team
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