Hong Kong Tightens Crypto Regulations, Thailand Taxes Crypto Abroad: Law Decoded

Hong Kong regulators are looking to tighten the noose around the crypto market after arresting six individuals following allegations of fraud around an unlicensed crypto exchange, JPEX. The government intends to increase its efforts to inform investors and remind them only to utilize platforms granted Securities and Futures Commission licenses.

Meanwhile, Thailand’s Revenue Department plans to impose personal income tax on foreign revenues, including those from crypto trading, of any person residing in Thailand for more than 180 days. Under the previous regulation, only foreign income remitted to Thailand in the year of earning was taxed. The new rule closes this loophole and obligates an individual to declare any income earned overseas, even if it wasn’t used in the local economy.

In Brazil, lawmakers are also pushing to acknowledge crypto as a part of personal financial assets — but for another reason. Lawmakers in the National Congress of Brazil aim to include digital assets in an amendment to a bill that aims to protect the private savings of individuals up to an amount equal to 40 minimum wages from potential seizure on behalf of creditors. In a note to the congressional Committee on the Constitution, Justice and Citizenship, Deputy Felipe Francischini said, “Nowadays, people’s investment behavior changed, with the traditional savings account losing ground to other forms of financial investment.”