1. Russian President Putin Signs Digital Currency Taxation Law link

Russian President Vladimir Putin has signed a digital currency taxation law, officially classifying digital currencies as property and extending their use to foreign trade payments under the EPR framework. Mining and sales of digital currencies are exempt from value-added tax (VAT), and services within the EPR framework are also tax-free. Mining operators are required to report their activities to tax authorities. For individuals, income derived from mining is calculated based on the market value of the digital currency and taxed at a progressive rate of 13%-15%. Starting in 2025, businesses engaged in mining will be subject to a 25% corporate income tax. Income from the sale and circulation of digital currencies will also be included under a unified tax base.

2. Taiwan’s New Anti-Money Laundering Rules for Cryptocurrencies to Take Effect on November 30 link

This initiative has been accelerated by one month from its original timeline as the regulatory body intensifies its anti-fraud efforts. The new rules mandate cryptocurrency service providers, such as crypto exchanges, to complete anti-money laundering (AML) compliance registration. Non-compliance could result in penalties, including up to two years of imprisonment and fines of up to NT$5 million (approximately $153,700). The Financial Supervisory Commission (FSC) stated that overseas “Virtual Asset Service Providers” (VASPs) must establish a company or branch in accordance with Taiwan’s Company Act and complete the required AML registration before conducting business in Taiwan. These regulations follow legal amendments introduced in July.

3. South Korea’s Financial Services Commission Vows to Intensify Crackdown on Illegal Virtual Asset Transactions link

Kim Byeong-hwan, Chairman of South Korea’s Financial Services Commission (FSC), announced during the 18th Anti-Money Laundering Day ceremony that efforts to combat illegal transactions involving virtual assets will be intensified to prevent these assets from becoming a “loophole” for money laundering. He proposed amendments to the *Foreign Exchange Transactions Act* to introduce pre-registration requirements for service providers involved in cross-border virtual asset transactions, mandating the reporting of transaction records to prevent their use in illicit remittances or tax evasion. Additionally, Kim emphasized proactive measures to address illegal financial activities, including underage gambling and unauthorized stock promotions, and plans to implement a system for freezing criminal fund accounts to enhance the effectiveness of confiscating illicit assets.

4. Hong Kong Legislator’s Proposal to Bolster Virtual Asset Development Passes link

Hong Kong legislator Robert Lee Wai-wang’s motion, “Promoting High-Quality Development and Building a Financial Powerhouse,” has been passed. Robert Lee emphasized the need to enhance the development of the virtual asset sector to bolster Hong Kong’s competitiveness in digital finance. He proposed allowing retail investors to participate in a wider variety of virtual asset types and currencies, while urging the Securities and Futures Commission (SFC) to expedite the approval process for relevant licensing upgrades. Furthermore, Robert Lee suggested that the Hong Kong Monetary Authority (HKMA) strengthen collaboration with the People’s Bank of China (PBOC) to address the banking challenges faced by the virtual asset industry.

5. Japan’s Weekly News

5.1 Japan’s New Prime Minister Restructures Web3 Policy Team, Appoints Former Leader to Head Digital Society Advancement Office link

According to *Cryptonews*, Japanese Prime Minister Shigeru Ishiba has reorganized the ruling party’s Web3 and cryptocurrency policy-making division. Newly appointed Digital Minister Masaaki Taira announced at a forum on November 27 that the Liberal Democratic Party (LDP) will dissolve its existing Web3 Project Team (PT) and establish a dedicated body within the party’s Digital Society Promotion Department, to be led by former Web3 PT Secretary Akihisa Shiozaki. The government reaffirmed its commitment to advancing Web3-related initiatives.

Previously, Masaaki Taira, as head of the Web3 PT, advocated for reforms in Japan’s cryptocurrency tax policies. Furthermore, as outlined in Shigeru Ishiba’s campaign manifesto, the government plans to leverage blockchain technology and NFTs to promote regional development projects, maximizing the value of local products, including food and tourism experiences.

5.2 Japan’s Financial Services Agency Proposes Lightweight Legislation for Non-Exchange Crypto Intermediaries link

The Japanese Financial Services Agency (FSA) is exploring a streamlined regulatory framework for cryptocurrency intermediaries. These intermediaries do not directly engage in cryptocurrency transactions but instead serve as traffic guides for platforms (such as gaming apps or self-custody wallets), without handling crypto assets or fiat currency. Under the proposal, these entities would be required to register as intermediaries, fulfill information disclosure obligations, comply with advertising restrictions, and assume potential liabilities in case of issues. The FSA is also considering compensation mechanisms, which may include requiring intermediaries to deposit collateral or holding affiliated cryptocurrency exchanges accountable.

5.3 Japan’s FSA Issues Warnings to Five Unregistered Overseas Crypto Exchanges link

The Japanese Financial Services Agency (FSA) has issued warning letters to five unregistered overseas cryptocurrency exchanges, including KuCoin, bitcastle LLC, Bybit Fintech Limited, MEXC Global, and Bitget Limited. The FSA pointed out that these exchanges are offering cryptocurrency trading services to Japanese users without proper authorization, violating Japan’s regulations on crypto asset trading. As these exchanges are not registered, they are not under the FSA’s supervision, meaning their management of customer assets and security cannot be guaranteed. In the event of disputes or incidents, users may be unable to seek legal protection and will not be eligible for asset preservation or compensation mechanisms under Japanese law.

6. The Mainland of China’s Weekly News

6.1 Shenzhen Qianhai Court Rules on a Labor Dispute Involving Cryptocurrency Wage Payments link

The court ruled that cryptocurrency should not, and cannot, be used as a standard for salary payments. It determined that a company’s failure to pay an employee, Mr. Zhou, in accordance with their labor contract constituted an unlawful termination of the employment contract. In the case, Mr. Zhou and the company agreed to a monthly salary of 45,000 yuan, with 20,000 yuan paid via bank transfer and the remaining 25,000 yuan to be paid in the cryptocurrency USDT. However, the cryptocurrency portion was not paid on time. The court emphasized that, according to the 2021 notice on further preventing and addressing risks related to virtual currency transactions and speculation, virtual currencies do not have legal tender status and cannot be used for market circulation as salary payments.

6.2 Supreme People’s Procuratorate: Reinforce Crackdown on Money Laundering via Virtual Currency and Emerging Technologies link

According to a report by China News Service, in a meeting held on November 29, the Secretary of the Communist Party Committee and Procurator-General of the Supreme People’s Procuratorate, Ying Yong, emphasized the importance of strengthening the fight against money laundering crimes involving new technologies such as virtual currencies. The meeting highlighted the full implementation of the revised Anti-Money Laundering Law, which expands the scope of upstream crimes, and reinforced the mechanisms for coordinated enforcement. It was noted that procuratorial authorities must deepen the three-year action plan to combat and govern money laundering crimes, accurately apply the legal interpretations of the “Two Highs” regarding money laundering offenses, and promote the development of anti-money laundering capabilities in emerging fields such as virtual currencies, in order to effectively prevent money laundering from threatening the financial system and national security.

7. Wintermute Asia Announces Plans to Establish New Headquarters in Singapore link

The cryptocurrency derivatives trading platform Wintermute Asia has announced plans to establish a new headquarters in Singapore and expand its workforce in the Asia-Pacific region by doubling the number of employees. The digital assets derivatives division of Wintermute Group stated that it is “actively recruiting key personnel for positions crucial to expanding its business operations.”

8. Metaplanet Aims to Raise $62 Million for Bitcoin Purchases link

Japanese publicly listed company Metaplanet has announced the issuance of floating strike price stock subscription rights, aiming to raise up to 9.5 billion yen (approximately 62 million USD) to accelerate its accumulation of Bitcoin. As of now, its total Bitcoin holdings amount to 1,142.287 BTC.

9. Boyaa Interactive Completes Ethereum-to-Bitcoin Swap, Holding 3,183 BTC link

Boyaa Interactive announced that from November 19 to November 28, 2024, it exchanged 14,200 ETH for approximately 515 BTC. The total market value of this exchange was around $49.48 million, with the original purchase cost of the ETH being approximately $39.45 million. After the exchange, Boyaa Interactive Group now holds approximately 3,183 BTC, with an average holding cost of about $57,724 per BTC.

10. Arthur Hayes: South Korea’s Two-Year Delay on Crypto Taxation Could Prolong the Bull Market link

Arthur Hayes cited a report from South Korean media, stating, “The bull market can continue, as South Korea has postponed the capital gains tax for another two years.” According to the Korea Cultural Daily, Park Chan-dae, the ruling party’s floor leader, announced today, “We have decided to agree to postpone the taxation of virtual assets for two years.”

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