Hong Kong to Strengthen Crypto Regulations, Thailand to Tax Overseas Crypto: Law Decoded

Hong Kong regulators are tightening their grip on the cryptocurrency market following the arrest of six individuals over allegations of fraud related to an unlicensed crypto exchange, JPEX. The government aims to enhance its efforts to educate investors, urging them to use only platforms that have received licenses from the Securities and Futures Commission.

In Thailand, the Revenue Department plans to implement personal income tax on foreign earnings, including those from cryptocurrency trading, for any resident who has been in the country for more than 180 days. Previously, only foreign income that was remitted to Thailand in the year it was earned was subject to tax. The new regulation addresses this loophole, requiring individuals to declare any income earned abroad, regardless of whether it was utilized in the local economy.

In other news, the House of Lords in the U.K. has approved a bill that allows the seizure of stolen cryptocurrency. Additionally, Sam Bankman-Fried’s parents have formally joined the ongoing court proceedings related to FTX. Meanwhile, a U.S. House Committee has endorsed an anti-Central Bank Digital Currency bill.