Regulatory Dynamics

1. The Russian Ministry of Finance has proposed to relax the reporting threshold for crypto assets.

The Russian Ministry of Finance recently proposed new amendments to the upcoming cryptocurrency legislation, aiming to reduce the reporting requirements for cryptocurrency taxpayers. The latest proposal raises the threshold for personal annual trading volume reporting from the previous 100,000 rubles to 600,000 rubles (approximately 7,800 USD). The bill is planned to be passed in January next year, and the Ministry hopes that taxpayers can complete their first asset disclosure by April 30, 2022. According to the bill, the value of cryptocurrencies will be calculated by the tax authorities based on the price at the time of the transaction.

2. New Jersey Advances Cryptocurrency Regulation Legislation

A Senate bill titled "Digital Asset and Blockchain Technology Act" was recently submitted in New Jersey, USA, aimed at regulating cryptocurrency service providers. The bill requires that licenses be issued to any entity providing services related to the trading, storage, purchase, sale, exchange, lending, or issuance of digital assets. These entities must obtain a license in New Jersey or another state to conduct related business activities.

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

A recent policy briefing held in Beijing revealed that the city is planning to establish a legal digital currency pilot zone and a digital financial system. The relevant plan mentions that it will support the establishment of a financial technology center by the Digital Currency Research Institute of the People's Bank of China. In addition, Beijing will support the implementation of major financial technology projects around payment clearing, registration custody, credit rating, and other aspects, and will carry out financial technology innovation steadily 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 businesses to pilot blockchain, Bitcoin, and other crypto-related projects. This decision aims to promote fintech innovation while ensuring an appropriate regulatory framework.

5. Argentina advances digital currency legislation

The Argentine Congress is advancing a bill to provide a legal framework for digital currencies. The bill aims to encourage the adoption of digital currencies, and if passed, banks and businesses will also have the option to use digital currencies. This initiative comes against the backdrop of Argentina facing severe inflation issues, with the country's legal tender, the peso, depreciating by about 40% in 2019.

6. Lebanon plans to launch a central bank digital currency next year.

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 urged the banking industry to begin reforms, including a 20% capital restructuring.

Industry News

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

Recent data shows that the market value of Bitcoin has approached 300 billion USD, making it the twentieth largest asset in the world by market capitalization. This market value has surpassed several well-known American companies, such as home improvement retailers, major telecommunications companies, and leading payment service providers. The continuous growth in Bitcoin's market value reflects the booming development of the cryptocurrency market and increased confidence from investors.