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Switzerland: New Amending Law Adapts Several Acts to Developments in Distributed Ledger Technology

(Mar. 3, 2021) On February 1, 2021, some parts of the Act to Adapt Federal Law to Developments in Distributed Ledger Technology (DLT Act) (Bundesgesetz zur Anpassung des Bundesrechts an Entwicklungen der Technik verteilter elektronischer Register), an omnibus bill, entered into force. (DLT Act at 21.) The amendments to several civil and financial market laws […]

Russian Federation: New Bill Defines Cryptocurrency, Proposes Tax Regulations

(Jan. 11, 2021) On December 1, 2020, the government of the Russian Federation introduced to the State Duma (the country’s parliament) Bill No. 1065710-7 on Amendments to Parts One and Two of the Tax Code of the Russian Federation. The bill, proposed in mid-November by the Ministry of Finance, includes provisions that would regulate the […]

European Union: Commission Publishes Legislative Proposal to Regulate Crypto-Assets

(Oct. 6, 2020) On September 24, 2020, the European Commission published a legislative proposal on markets in crypto-assets (MICA), which would regulate crypto-assets that fall outside the scope of current European Union (EU) financial market regulation. In addition, it includes special rules for stablecoins, meaning crypto-assets that are designed to maintain a stable value by […]

Singapore: New Payment Services Act Takes Effect

(Apr. 17, 2020) On January 28, 2020, Singapore’s new Payment Services Act went into effect. The Act unifies and streamlines the regulatory requirements for various payment services provided in Singapore, including electronic payments and cryptocurrency dealing and exchange services. The Act was passed by Parliament on January 14, 2019. The Act regulates seven types of […]

Turkey: New Law Transfers Oversight of Payment System Providers to Central Bank

(Dec. 9, 2019) On November 22, 2019, the Grand National Assembly of Turkey passed Law No. 7192 (the amending law), which brought changes to Law No. 6493 on Payment and Security Settlement Systems, Payment Services and Electronic Money Institutions. Significantly, the Law includes an amendment transferring the authority to regulate and supervise payment services from […]

Liechtenstein: Parliament Adopts Blockchain Act

(Oct. 30, 2019) On October 3, 2019, the Parliament of Liechtenstein unanimously adopted the Token and TT-Service Provider Act (TVTG) (“Blockchain Act”), a “comprehensive regulation of the token economy.” The Act has been substantially revised since the conclusion of the consultation process that ran from August to November 2018. The Blockchain Act is subject to […]

New Zealand: Tax Authority Rules That Salaries Paid in Cryptoassets Are Subject to Tax

(Sept. 5, 2019) On June 27, 2019, New Zealand’s tax authority, the Inland Revenue Department (IRD), issued a binding public ruling (BR Pub 19/01) applicable to the payment of remuneration to employees using “crypto-assets.” A further ruling (BR Pub 19/02) relates to the use of crypto-assets to pay employee bonuses. The rulings were to come […]

Singapore: Payment Services Act Passed, Regulating Cryptocurrency Dealing or Exchange Services

(Apr. 17, 2019) On January 14, 2019, the Parliament of Singapore passed the Payment Services Act, bringing cryptocurrency dealing or exchange services under the supervision of the Monetary Authority of Singapore (MAS), the city-state’s central bank and financial regulator. (Payment Services Act 2019, No. 2 of 2019 (Jan. 14, 2019, assented to by the President […]

Hong Kong: Hong Kong Monetary Authority Issues Circular on Cryptoassets

(Apr. 4, 2019) On March 18, 2019, the Hong Kong Monetary Authority (HKMA) issued a circular endorsing a statement on cryptoassets made by the Basel Committee on Banking Supervision (BCBS). In the Circular, the HKMA asks banks planning to engage in activities relating to cryptoassets to discuss them with the HKMA and demonstrate that they […]

Taiwan: Money Laundering Control Act Amended, Regulating Virtual Currency Platforms

(Jan. 22, 2019) On November 7, 2018, Taiwan’s Money Laundering Control Act was amended to strengthen the legal compliance requirements for the internal control and auditing of financial institutions and to include virtual currency platforms within the regulatory scope of the Act. (Money Laundering Control Act (enacted Oct. 23, 1996, last amended Nov. 7, 2018), […]