Regulatory Dynamics

1. The Russian Ministry of Finance plans to relax reporting standards for crypto assets.

The Russian Ministry of Finance recently proposed an amendment aimed at reducing the reporting requirements for cryptocurrency taxpayers. The new draft stipulates that individuals must declare their assets when their annual crypto trading volume exceeds 600,000 rubles (approximately 7,800 dollars), significantly raising the previous threshold of 100,000 rubles. The bill is expected to pass in January next year, with the first reporting deadline possibly set for April 30, 2022. The value of declared cryptocurrencies will be calculated by tax authorities based on the market price at the time of the transaction.

2. New Jersey, USA proposes cryptocurrency regulation bill

The New Jersey Senate recently submitted a proposal titled "Digital Asset and Blockchain Technology Act," aimed at regulating cryptocurrency service providers. The bill requires entities engaged in activities such as digital asset trading, storage, buying, and selling to obtain a license. These entities will be prohibited from conducting related business activities unless they have obtained a license in New Jersey or other states.

3. Beijing plans to build a digital currency pilot zone

Recently, Beijing held a financial policy promotion conference, proposing to support the establishment of a financial technology center by the Digital Currency Research Institute of the People's Bank of China, as well as the construction of a legal digital currency pilot zone and a digital financial system. The related policies also mentioned that support will be provided for major financial technology projects in areas such as payment and settlement, registration, and custody, with a focus on prudently carrying out financial technology innovations under the premise of controllable risks.

4. Spain approves fintech testing platform

The Spanish Senate has unanimously passed a proposal to launch a new regulatory fintech testing platform. This platform will allow companies to conduct pilot projects related to blockchain, Bitcoin, and other cryptocurrency initiatives. This initiative aims to promote financial innovation while ensuring compliance and 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 currency and encouraging its use. If the bill is passed, banks and businesses will have the option to use digital currency. This initiative may be related to Argentina's severe inflation problem, as the country's legal tender, the peso, depreciated by about 40% in 2019.

6. The Central Bank of Lebanon plans to launch a digital currency.

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 cashless process. He also called for a restructuring of the banking sector, including a 20% capital restructuring.

Industry News

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

Recent data shows that the market value of Bitcoin has approached $300 billion, making it the twentieth asset in the global market capitalization ranking. Currently, the market value of Bitcoin has surpassed that of well-known American entrepreneurs like Home Depot, Verizon Communications, and PayPal. This milestone highlights the increasing status of Bitcoin as a digital asset.