More and more countries pay attention to the cryptocurrency sector. Only in the last two weeks, three States announced the beginning of implementation of the analytical and legislative programmes in respect of blockchain projects. First and foremost, we are talking about taxation.
As you might expect, many departments — especially in the Asian region, has tried to get rid of all the ambiguous nuances in the rules of the Declaration of cryptocurrency traders their profits and losses. Some initiatives are at an early stage, but already now it is possible to tell with confidence that the authorities are trying to achieve maximum clarity for those who are already working in the industry, and even potential entrants.
In this respect, the government resolved to clear the way for companies involved in the exchange and trade cryptocurrencies. As a rule, in practice, this translates into reduced tax rates — as an additional measure to ensure the physical offices of these companies on the territory of a state.
To absolute clarity so far away — will have to wait at least until the next tax period. But the process began — that only the individual countries have chosen different input points.
Thailand: tougher tax laws
Thailand is on the verge of making the 7-percent value added tax cryptocurrency transactions, as well as a 15 percent tax on capital gains. In addition, soon will come into effect two new rules relating to the activities of cripture.
Last week the Ministry of Finance said that the bill is passed, despite the request of the Thai Blockcanvas Association to review the tax burden contemplated by the document.
The draft text also States that exchanges should be required to move to more rigorous KYC procedures and maintain records of identity of all its clients.
Philippines: special economic zone
In turn, the Philippine government chose to say the opposite tactics.
In April, the authorities announced the admission of 10 start-UPS (including miners, ICO, and exchanges) associated with cryptocurrencies, in the special economic zone of reduced taxation.
Companies will still have to pay a license fee in the amount of $100,000. In addition, under the terms of the permit in the economic area, start-UPS are required over the next two years to invest at least $1 million to the national economy of the Philippines. The second condition is necessarily offshore implementation of all operations involving Fiat money.
Abu Dhabi, UAE: a dialogue with the industry
The office for regulation of financial services (FSRA) of the Global market Abu Dhabi decided in the first place to obtain feedback from practitioners in the industry before you make laws. Recently, the Agency published a draft new set of rules of cryptocurrency trading; all offers must be submitted until may 28, 2018.
Also under the new rules, spelled out measures to counter money laundering and financing terrorism, consumer protection, management of technology and safe custody of assets.
North Carolina, USA: targeted killings
If we leave aside the tax issues, one of the main activities of the Supervisory authorities of the United States is to combat allegedly fraudulent schemes to potential investors.
The securities Department office of the Secretary of North Carolina published April 19, order the immediate permanent cessation of the pool’s activities PowerMining Pool. In March, the company was issued a similar warrant short term, however, the response to it is not followed.
In particular, the Agency was accused PowerMining Pool in violation of the securities Act (1933), and unreasonable use risky methods when selling its own shares for BTC. The latter, as indicated in the text of the order should have a positive impact on the mining potential of the company. Already before the compilation of the second order, the website PowerMining Pool has been disabled.