Regulatory Dynamics

1. The Russian Ministry of Finance has proposed to ease the declaration threshold for crypto assets.

The Russian Ministry of Finance recently proposed new amendments to the upcoming cryptocurrency asset law, aiming to reduce the reporting requirements for cryptocurrency taxpayers. According to the latest draft, individuals will need to declare their holdings if their annual cryptocurrency transaction amount exceeds 600,000 rubles (approximately $7,800), a significant increase from the previous threshold of 100,000 rubles. The bill is planned to be passed in January next year, and the Ministry of Finance hopes that asset disclosures for the next tax year will be completed no later than April 30, 2022. The bill stipulates that the value of the declared cryptocurrencies will be calculated by the tax authorities based on the market price at the time of the transaction.

2. New Jersey proposes cryptocurrency regulation bill

New Jersey, USA, recently submitted a Senate bill titled "Digital Asset and Blockchain Technology Act" aimed at regulating cryptocurrency service providers. The bill requires entities that provide digital asset trading, storage, purchasing, selling, trading, lending, or issuance services in New Jersey to obtain a license. These entities will not be able to engage in any related commercial activities before obtaining a license from New Jersey or another state.

3. Beijing plans to establish a legal digital currency pilot zone

Recently, Beijing held a financial policy promotion conference, where it was mentioned that support will be given to the establishment of a financial technology center by the People's Bank of China Digital Currency Research Institute, as well as the construction of a legal digital currency pilot zone and digital financial system. Related policies also mentioned that support will be provided for the implementation of major financial technology projects around payment clearing, registration and custody, credit rating, and other aspects, while cautiously carrying out financial technology innovation under the premise of controllable risks.

4. Spain approves fintech testing platform

The Spanish Senate recently unanimously passed a proposal to launch a new regulatory fintech testing platform. This platform will allow companies to test blockchain, bitcoin, and other crypto-related projects. This initiative aims to promote fintech innovation while ensuring the effectiveness of regulation.

5. Argentina advances digital currency legislation

The Argentine Congress is advancing a bill related to digital currency, aimed at providing a legal framework for digital currencies and encouraging their adoption. If the bill is passed, banks and businesses will have the option to use digital currencies. This initiative comes in the context of Argentina facing severe inflation issues, with the country's fiat currency, the peso, depreciating by about 40% in 2019.

6. Lebanon plans to launch a digital currency in 2021

The Governor of the Central Bank of Lebanon stated that the country plans to launch a digital currency in 2021 to restore public confidence in the banking sector and promote the transition to a cashless system. At the same time, he also called for a restructuring of the banking industry, including a 20% capital restructuring plan.

Industry News

Bitcoin's market value ranks among the top 20 assets globally.

Recent data shows that the market capitalization of Bitcoin has approached $300 billion, making it the twentieth largest asset in the world by market value. Currently, Bitcoin's market cap has surpassed that of well-known American companies such as Home Depot, Verizon, and PayPal. This development marks a continuous rise in the status of cryptocurrencies, especially Bitcoin, within global financial assets.