Crypto Regulation Update September 2024
⚖ At Oxido Solutions, we provide crypto trading bot software to professional and institutional clients worldwide. While our services don’t require a license, many of our clients face regulatory and compliance requirements. Staying up to date on crypto regulations is essential, as they can affect who we can serve. Here are the latest key developments in crypto compliance and regulation:
🇬🇧 UK Regulator Rejects 87% of Crypto Applications
The FCA reported that only four out of 35 crypto registration applications met their approval standards last year. This highlights the UK’s strict regulatory environment for crypto companies, where many are struggling to meet compliance requirements.
🇯🇵 Japan Proposes Lower Crypto Taxes in 2025
Japan’s Financial Services Agency (FSA) is pushing for a revision of the tax code to treat crypto more like traditional financial assets. Currently, crypto profits are taxed between 15% and 55%, but the proposed changes could lower this rate to encourage broader investment in digital assets.
🇰🇷 South Korea to Inspect Crypto Exchanges
South Korea’s Financial Supervisory Service (FSS) will begin inspections of crypto exchanges under its new Virtual Asset Users Protection Act. This follows the introduction of stricter rules targeting illegal trading activities and aims to ensure market order and compliance.
🇮🇳 India Strengthens Crypto Compliance
India’s Financial Intelligence Unit (FIU) recently registered 31 crypto companies, including major players like WazirX and CoinDCX, under its anti-money laundering (AML) framework. This move reflects the country’s efforts to increase transparency and establish regulatory oversight in the crypto sector.
🇶🇦 Qatar Launches Digital Asset Regulations
On September 1, Qatar introduced the Digital Asset Regulations 2024, which govern transactions involving permitted tokens. The new regime is designed for tokenized assets rather than cryptocurrencies like Bitcoin or stablecoins, which are excluded from these rules. This regulatory move positions Qatar as a hub for asset tokenization, though it may face challenges due to the exclusion of widely used crypto assets.
🇸🇬 OKX Secures Full License in Singapore
OKX received a major payment institution (MPI) license from the Monetary Authority of Singapore, allowing it to offer digital payment tokens and cross-border money transfer services. Alongside this, OKX hired former regulator Gracie Lin as CEO of its Singapore operations to strengthen its compliance strategy in the region.
🇭🇰 Hong Kong Extends Crypto License Deadline
Despite a May 31 deadline, Hong Kong’s Securities and Futures Commission (SFC) is still accepting license applications from digital asset exchanges. This regulatory shift signals the city’s continued effort to establish itself as a global crypto hub. Two exchanges, OSL Digital Securities and Hash Blockchain, are fully licensed, while others like Crypto.com and Binance are still in the process.
🇳🇿 New Zealand to Implement Crypto Reporting Framework by 2026
New Zealand plans to adopt the Organisation for Economic Co-operation and Development’s (OECD) crypto reporting framework by April 2026. This will require crypto-asset service providers to collect and report tax-related information on their users’ transactions, part of a global effort to curb tax evasion in the crypto space.
🇹🇭 Thailand Tests Crypto Services in Regulatory Sandbox
Thailand’s Securities and Exchange Commission (SEC) has launched a regulatory sandbox for digital asset services, allowing companies to test new services in a controlled environment. This move reflects Thailand’s ongoing efforts to create a crypto-friendly regulatory environment, including recent approvals for a Bitcoin ETF and tax breaks for crypto investors.
🇳🇬 Nigeria Grants Initial Approval to Two Crypto Exchanges
Nigeria’s Securities and Exchange Commission (SEC) recently gave preliminary approval to two crypto exchanges, Busha and Quidax, under its Accelerated Regulatory Incubation Program. This marks a significant step in regulating the country’s digital asset market and creating a foundation for more robust oversight.
These global regulatory updates demonstrate the rapid changes in the crypto landscape. Stay tuned for more insights in Oxido Solutions’ next crypto regulation roundup.
