Governments around the world are stepping up regulations on cryptocurrencies, signaling a global shift as countries grapple with the rapidly evolving digital asset sector.
Morocco is preparing to regulate cryptocurrencies with a bill currently being passed, according to central bank governor Abdellatif Jouahri. Despite the ban on cryptocurrencies since 2017, their clandestine use has persisted, which prompted Bank Al-Maghrib to move towards formal supervision.
At an international conference in Rabat, Jouahri highlighted the bank’s dual focus on regulating crypto assets and exploring a central bank digital currency (CBDC). This development reflects a broader trend as countries evaluate how digital currencies can align with regulatory frameworks while fostering innovation.
Russia has taken important steps by enacting a new law regarding cryptocurrencies. President Vladimir Putin signed a law that officially recognizes digital currencies as property and allows their use in foreign commercial payments. The law exempts the mining and sale of cryptocurrencies from value added tax (VAT) and sets tax rates for profits made from the purchase, sale or exchange of digital currencies.
For individuals, tax rates are set at 13% for income up to 2.4 million rubles and 15% for amounts exceeding this limit. Legal entities will be subject to the standard corporate tax rate of 25% from 2025. The legislation aims to create a clear regulatory framework for digital assets, potentially strengthening Russia’s position in the global cryptocurrency market.
China The Supreme People’s Procuratorate emphasized strict enforcement of the revised anti-money laundering law, focusing on virtual currencies and financial crimes to safeguard national security. The revised law, introduced in November 2024 and expected to come into force in January 2025, expands the scope of predicate money laundering offenses to include crypto transactions.
Attorney General Ying Yong stressed the importance of combating money laundering involving digital currencies and coordinating efforts across agencies to effectively enforce the updated provisions. The move highlights China’s continued crackdown on cryptocurrency activities within its borders.
In Polandthe government is preparing for the upcoming Markets in Crypto Assets (MiCA) Regulation, which will require companies providing cryptocurrency-related services in the European Union to obtain a Crypto Asset Service Provider (CASP) license ). The deadline to apply for a CASP license is June 30, 2025. Poland’s FinTech ecosystem is growing rapidly, making the country an attractive destination for crypto companies looking to adapt to the new regulatory landscape.
Brazil The Central Bank (BCB) has introduced a regulatory proposal banning centralized exchanges from allowing users to withdraw stablecoins to self-custodial wallets. The move aims to strengthen regulation and allow the BCB to supervise the crypto industry under the crypto law of December 2022. Stakeholders can submit their comments on the proposal by February 28, 2025.
from Japan The Financial Services Agency (FSA) has issued formal warnings to five foreign crypto exchanges, including KuCoin and Bybit, for operating without proper registration. The FSA highlighted that unregistered exchanges lack oversight, putting users’ funds at risk. Japan recently lowered the capital gains tax rate on cryptocurrency investments to 20%, aligning with stock market tax policies aimed at boosting the domestic cryptocurrency market.
In TaiwanThe Financial Supervisory Commission (FSC) has accelerated its anti-money laundering (AML) regulations for cryptocurrency providers, moving the registration deadline to November 30 from the previously planned January 1, 2025. The FSC clarified that no operator has completed the registration procedure. registration required for the prevention of money laundering under the Virtual Asset Service Provider (VASP) registration measures.
