Crypto Regulation Update November 2024
Oxido Solutions provides crypto trading bot software to institutional clients worldwide. While our IT services don’t require licensing, many of our clients face regulatory obligations that can impact who we serve. Here’s a roundup of the latest international crypto regulation updates:
🇺🇸 United States: Detroit (image) becomes the largest U.S. city to accept crypto for tax payments, starting in mid-2025, modernizing public services and supporting unbanked residents.
🇸🇮 Slovenia: Bitstamp gains a license for crypto derivatives under MiFID, enabling it to offer sophisticated products to both retail and institutional clients.
🇪🇺 EU: Coinbase will delist non-compliant stablecoins for EU clients by year-end to meet MiCA standards, impacting coins like USDT.
🇩🇰 Denmark: Denmark’s proposed tax framework might introduce taxes on unrealized crypto gains, with changes expected in 2026 if passed.
🇮🇹 Italy: Italy raises its crypto capital gains tax to 42% amidst EU regulatory changes, aligning with the incoming MiCA framework.
🇬🇧 UK: TikTok’s coin system may classify as a crypto exchange, potentially bringing it under FCA scrutiny for anti-money laundering compliance.
🇳🇴 Norway: Norges Bank backs MICA and considers a CBDC to support cross-border payments and financial stability.
🇭🇰 Hong Kong: Hong Kong considers tax breaks for crypto investments and is planning updates for stablecoin and OTC regulations to foster growth.
🇷🇺 Russia: New legislation expands state control over crypto, including mining restrictions and heightened transaction monitoring.
🇳🇱 Netherlands: The Netherlands consults on a bill to require crypto services to report user data to tax authorities, aiming to prevent tax evasion.
🇦🇪 UAE: Ras Al-Khaimah (RAK) launches a framework for DAOs, providing legal clarity and tax benefits in its free zone.
🇵🇰 Pakistan: Pakistan signals a major shift by proposing amendments to legalize crypto, including potential issuance of a central bank digital currency.
🇮🇩 Indonesia: Indonesia extends the deadline for crypto exchanges to meet new licensing requirements, supporting safer and more transparent transactions.
Stay tuned for more updates on the evolving regulatory landscape in our next edition!
