Réglementation bancaire des cryptomonnaies

As cryptocurrencies spread across the globe, so do the regulations put in place to try to govern them . The landscape is constantly changing and it is not easy to be kept up to date with the rules in force in the different territories. To help you navigate the various legislative positions regarding cryptocurrencies and related activities, we have put together this guide. Find out how different nations are approaching coin and exchange regulations and if they have any upcoming legislation that could change their approach to cryptocurrencies .

UNITED STATES

Cryptocurrency: Not legal tender
Cryptocurrency trading: Legal, regulations vary by state

It is difficult to find a consistent legal approach to cryptocurrencies in the United States. Laws governing exchanges vary from state to state, and federal authorities actually differ in their definition of the term “cryptocurrency.” The Financial Crimes Enforcement Network (FinCEN) does not consider cryptocurrencies to be legal tender, but since 2013 has considered exchanges to be transfers of money (under their jurisdiction) on the basis that tokens are « another value which replaces currency ». The IRS, on the other hand, considers cryptocurrencies to be property – and has issued tax guidelines accordingly.

Trades

In the United States, cryptocurrency exchange regulation is also in uncertain legal territory, with several federal regulators claiming jurisdiction over that country. Among major US regulators, the Securities and Exchange Commission (SEC) has indicated that it views cryptocurrencies as securities: in March 2018, it said it was seeking to enforce securities laws comprehensively for digital wallets and exchanges. In contrast, the Commodities Futures Trading Commission (CFTC) has taken a friendly approach, describing bitcoin as a commodity and allowing cryptocurrency derivatives to trade publicly.

Future settlement

The Department of Justice is coordinating with the SEC and CFTC on the development of future cryptocurrency regulations  to ensure effective consumer protection and more streamlined regulatory oversight. The US Treasury has highlighted the urgent need for cryptocurrency regulation to combat global and domestic criminal activity, and in January 2018 Treasury Secretary Steve Mnuchin announced the creation of a new task force, the FSOC to explore the increasingly crowded cryptocurrency market.

Canada

Cryptocurrency: not legal tender
Cryptocurrency trading: Legal, regulations vary by province

Cryptocurrencies are not legal tender in Canada, but the Canada Revenue Agency has been taxing them since 2013. Canada has been quite proactive in its treatment of cryptocurrencies: in 2014, it made the money laundering and terrorist activity financing entities that engage in virtual currency transactions , while in 2017 the British Columbia Securities Commission registered the first crypto-only investment fund. currency.

Trades

In Canada, the regulation of cryptocurrency exchange is not uniform at the provincial level, but at the federal level, authorities treat cryptocurrencies as securities. In August 2017, the Canadian Securities Administrators (CSA) published an opinion on the applicability of existing securities laws to cryptocurrencies, and in January 2018, the head of the Central Bank of Canada called them « technically » of titles .

Future settlement

Further crypto exchange regulations are on the way. In response to its mutual assessment by the FATF, Canadian authorities published draft amendments to the Proceeds of Crime (Money Laundering) and Terrorist Financing Act in June 2018. The revised regulations will now include cryptocurrency exchanges , which means that these entities are subject to reporting obligations and are regulated in much the same way as money services businesses.

Singapore

Cryptocurrency: No legal tender
Cryptocurrency exchange: Legal, no registration required

In Singapore, trading and trading in crypto currencies is legal, and the city-state has taken a friendlier stance on the matter than its regional neighbors. Although crypto is not legal tender, Singapore’s tax authorities treat bitcoin as « goods » and therefore apply Goods and Services Tax (Singapore’s version of Value Added Tax).

Trades

The Monetary Authority of Singapore (MAS) takes a relatively lenient approach to cryptocurrency exchange regulation, applying existing legal frameworks where possible. In January 2018, however, the MAS issued a press release warning the public of the risks of crypto speculation and Sopnendu Mohanty, head of MAS FinTech, indicated that additional legislative measures would be needed for crypto to continue to grow. MAS’ main concern is the need to ensure that cryptocurrencies are not used for money laundering, terrorist financing or other financial crimes. In January 2018,

Future settlements

The MAS continues to closely monitor cryptocurrencies: in addition to potential additional AML/CFT measures, it was reported in March that the financial authority was working on stricter cryptocurrency regulations to  specifically protect investors.

Australia

Cryptocurrency : Legal, treated as property Crypto Currency
Exchange: Legal, must register with AUSTRAC

Cryptocurrencies and exchanges are legal in Australia, and the country has been progressive in its implementation of cryptocurrency regulations. In 2017, the Australian government declared cryptocurrencies legal and specifically stated that bitcoin (and cryptocurrencies that shared its characteristics) should be treated as property, and subject to tax on capital gains. capital (CGT). Cryptocurrencies were previously subject to controversial double taxation under Australia’s Goods and Services Tax (GST) – the change in tax treatment is indicative of the Australian government’s progressive approach to crypto.

Trades

In 2018, the Australian Transaction Reports and Analysis Center (AUSTRAC) announced the implementation of more stringent cryptocurrency exchange regulations. New crypto regulations require exchanges operating in Australia to register with AUSTRAC, identify and verify users, maintain records and comply with government AML/CFT obligations.

Future settlements

Australia has established a proactive regulatory model to fight crime. Beyond cryptocurrency exchanges, ICOs also come under scrutiny: Australian Securities and Investments Commission (ASIC) guidelines, released in 2017, state that the natural structure of tokens (title or utility) will determine their legal treatment under general consumer law and the Corporations Act.

Japan

Cryptocurrency: Legal, treated as property
Cryptocurrency exchanges: Legal, must register with the Financial Services Agency

Japan has the world’s most progressive regulatory climate for cryptocurrencies and, as of April 2017, recognizes bitcoin and other digital currencies as legal property under the Payment Services Act. Japan is the world’s largest market for bitcoin, and in December 2017 the National Tax Agency ruled that gains on cryptocurrencies should be categorized as « miscellaneous income » and investors taxed at rates from 15 to 55%.

Trades

Japanese cryptocurrency regulation of currencies is equally progressive. Exchanges are legal in Japan, but after a series of high-profile hacks, including Coincheck’s infamous heist of $530 million in digital currency , cryptocurrency regulation has become a pressing national concern. The Japan Financial Services Agency (FSA) has stepped up its efforts to regulate commerce and exchanges: Amendments to the Payment Services Act now require cryptocurrency exchanges to be registered with the FSA in order to operate – a process that can take up to six months and which imposes more stringent requirements for both cybersecurity and AML/CFT.

Future settlements

Japan remains a favorable environment for cryptocurrencies, but growing AML concerns draw the FSA’s attention to new regulatory measures – following talks between the exchanges and the FSA, an agreement to create a self-regulatory body – the Japanese Virtual Currency Exchange Association ( JVCEA ) – has been set up. The JVCEA will provide guidance to unlicensed exchanges and encourage regulatory compliance.

south korea

Cryptocurrency: Not legal tender
Cryptocurrency exchanges: Legal, must register with FSS

In South Korea, cryptocurrencies are not considered legal tender and exchanges, while legal, are part of a tightly monitored regulatory system. The taxation of cryptocurrencies in South Korea is a gray area: since they are neither considered currencies nor financial assets, cryptocurrency transactions are currently exempt from taxation, but the Ministry of Economy and Finance plans to announce a fiscal framework in 2018, with taxation to be applied in 2019.

Trades 

In South Korea, crypto exchange regulations are strict and involve government registration and other measures overseen by the South Korean Financial Supervisory Service (FSS). Although a rumored ban never materialized, in 2017 the South Korean government banned the use of anonymous accounts in cryptocurrency trading, and also banned local financial institutes from hosting transactions. of Bitcoin Futures. In 2018, the Financial Services Commission (FSC) imposed stricter disclosure requirements on banks whose accounts are held by crypto exchanges.

Future settlements

In early 2018, South Korea’s finance minister revealed that the government was planning to introduce tougher cryptocurrency regulation, but there are signs that authorities’ stance on this issue may be weakening. In May 2018, Yoon Suk-heun took over the leadership of the FSS: Yoon spoke about the « positive aspects » of cryptocurrencies, and the need to exchange to serve the interests of investors while complying with regulations.

China

Cryptocurrency: Not Legal Tender Crypto Currency
Exchange: Illegal

The People’s Bank of China (PBOC) banned financial institutions from processing Bitcoin transactions in 2013, and went further by banning  initial token offerings (ICOs) and domestic cryptocurrency exchanges in 2017. As one could s Expectedly, China does not consider cryptocurrencies legal tender and the country has a global reputation for its tough cryptocurrency regulations.

Trades

Although domestic cryptocurrency exchanges are under a blanket ban in China, workarounds are possible using foreign platforms and websites that China’s internet firewall does not neutralize. Despite the near total ban on crypto trading and related services, Chinese law still allows crypto mining activities, although there are signs that this may soon change.

Future settlements

In January 2018, a leaked PBOC memo suggested that Bitcoin mining operations would soon be banned in China – the memo mentioned miners’ consumption of energy resources and their tendency to fuel financial speculation. In February 2018, a joint effort by the PBOC and the Department of Industry and Information Technology revealed plans to extend crypto exchange regulations to foreign exchanges, banning access to offshore platforms. and ICO websites. 

India

Cryptocurrency: Not legal tender
Cryptocurrency trading: Effectively illegal – regulations being considered

Cryptocurrencies are not legal tender in India, and although the exchanges are legal, the government has made it very difficult to operate them. Although there is currently a lack of clarity on the tax status of cryptocurrencies, the chairman of the Central Board of Direct Taxes has said that anyone making a profit with Bitcoin will have to pay taxes on them. Other sources from the Income Tax Department have suggested that crypto profits should be taxed as capital gains.

Stock exchange regulations

In India, the regulations on the exchange of crypto currencies have become increasingly strict. Although technically legal, the Reserve Bank of India (RBI) in April 2018 prohibited banks and any regulated financial institution from « trading or settling virtual currencies ». The general regulations banned cryptocurrency trading on national exchanges – and gave existing exchanges until July 6, 2018 to dissolve.

Future settlements

Indian governments seem to be considering the possibility of less prohibitive cryptocurrency regulation. In 2017, the Special Secretary for Economic Affairs established a committee to suggest ways to address potential AML/CFT and consumer protection issues related to cryptocurrencies. In 2018, reports suggested that a government committee was drafting a new law that introduced greater cryptocurrency protection for « ordinary people ».

UK

Cryptocurrency: No Legal Tender Crypto Currency
Exchange: Legal and FCA Registration Requirements

The UK’s approach to cryptocurrency regulation. has been measured: although the United Kingdom does not have specific laws in this area, cryptocurrencies are not legal tender and stock exchanges are subject to registration requirements. HMRC has published a brief on the tax treatment of cryptocurrencies , stating that their « unique identity » means they cannot be compared to conventional investments or payments, and that their « taxability » depends on the activities and parties involved. Gains or losses on cryptocurrencies, however, are subject to capital gains tax.

Trades

In the UK, cryptocurrency exchanges are generally required to register with the Financial Conduct Authority (FCA), although some cryptocurrency businesses can obtain an electronic license. Although it does not include special provisions for exchanges, the FCA guidance emphasizes that entities that engage in cryptocurrency-related activities that fall under existing financial regulations for derivatives (such as futures and options) must be permitted.

Future settlements

In 2018, Bank of England Governor Mark Carney revealed that targeted regulation of cryptocurrencies in the UK was on the horizon. As part of an ongoing parliamentary inquiry , the FCA is working with the BOE and UK Treasury to develop a strategy to address cryptocurrency risks – specifically focusing on AML/CFT, and financial stability. The FCA will unveil new cryptocurrency guidelines at the end of 2018.

Swiss

Cryptocurrency: Legal, accepted as payment in some contexts
Cryptocurrency exchange: Legal, regulated by EFTA

In Switzerland, cryptocurrencies and exchanges are legal, and the country has taken a remarkably progressive stance towards cryptocurrency regulation. The Federal Tax Administration (FCA) considers cryptocurrencies as assets: they are subject to Swiss wealth tax and must be declared in annual tax declarations.

Trades

Switzerland imposes a registration procedure for cryptocurrency exchange transactions, which must obtain a license from the Swiss Financial Market Supervisory Authority (FINMA) in order to operate. In February 2018, FINMA issued a series of guidelines that applied current financial legislation to offerings in many areas – from banking to securities trading and collective investment schemes (depending on the structure).

Future settlements

Looking ahead, the Swiss government has indicated that it will continue to work towards a favorable regulatory environment for cryptocurrencies. In 2016, the city of Zug , a major global cryptocurrency hub, introduced Bitcoin as a means of paying municipal taxes. In January 2018, Swiss Economy Minister Johann Schneider-Ammann said he wanted to make Switzerland « the crypto-nation ». Meanwhile, Swiss International Finance Secretary Jörg Gasser stressed the need to promote cryptocurrencies without compromising existing financial standards.

US

Cryptocurrency: Legal, member states cannot introduce their own cryptocurrencies Crypto currency
exchange: Regulations vary from member state to member state

The European Parliament has not passed specific legislation regarding cryptocurrencies While cryptocurrencies are generally considered legal across the bloc, the regulation of cryptocurrency exchange depends on each member state. Taxation of cryptocurrency also varies, but many member states levy capital gains tax on profits derived from cryptocurrency – at the rate of 0-50%. In 2015, the Court of Justice of the European Union ruled that exchanges of traditional currencies for crypto currencies should be exempt from VAT.

Trades

Cryptocurrency exchanges are currently unregulated regionally. In some member states, exchanges will need to register with their respective regulatory authorities, such as the German Financial Supervisory Authority (BaFin), the French Autorité des Marchés Financiers (AMF) or the Italian Ministry of Finance. The authorizations and licenses issued by these regulators can then be the subject of exchanges of « passports », allowing them to operate under a single regime across the entire bloc. In April 2018, the EU approved the text of the Fifth Money Laundering Directive (5MLD) , which will subject crypto-currency-fiat type currency exchange transactions to European anti-money laundering legislation.5MLD will need exchanges to perform KYC/CDD on clients and meet standard reporting requirements.

Future settlements

The EU is actively exploring the possibility of developing further cryptocurrency regulations. In February 2018, European Central Bank President Mario Draghi said authorities were working with the Single Supervisory Mechanism to develop a way to identify financial risks posed by cryptocurrencies.

malta

Cryptocurrency: Not legal
tender Cryptocurrency exchange: Legal, regulated under the VFA Act

Malta has taken a very progressive approach to cryptocurrencies, positioning itself as a world leader in cryptocurrency regulation. Although cryptocurrencies are not legal tender, they are recognized by the government as « a medium of exchange, unit of account, or store of value ». Malta does not have specific tax legislation regarding cryptocurrencies, nor is VAT currently applicable to foreign currency exchange transactions for cryptograms.

Trades

Cryptocurrency trading is legal in Malta, and in 2018 the Maltese government introduced landmark legislation to set out a new regulatory framework for cryptocurrencies and address AML/CFT concerns. The legislation comprises three separate bills, including the Virtual Financial Assets Act (VFA), which sets a global precedent by establishing a regulatory regime applicable to stock exchanges, ICOs, brokers, wallet providers, advisers and wealth managers.

Future settlements

The VFA regulations (effective from November 2018) also introduced the Innovative Technology Services and Arrangements Act which establishes the regime for the future registration and liability of crypto service providers. The Malta Digital Innovation Authority has also been created: in the future, the MDIA will be the government authority responsible for creating encryption policy, working with other countries and organizations and application of ethical standards for the use of encryption and blockchain technologies.

Estonia

Cryptocurrency: Not legal
tender Cryptocurrency exchange: Legal, must register with the Financial Intelligence Unit

Cryptocurrency regulations in Estonia are open and innovative, especially compared to other EU member states. Although not legal tender, the Estonian government considers cryptocurrencies to be « values ​​represented in digital form ». The government classifies cryptocurrencies as digital assets for tax purposes but does not subject them to VAT. In 2017, the Anti-Money Laundering and Anti-Terrorist Financing Act introduced strict new rules for crypto businesses operating in Estonia.

Trades

Trading is legal in Estonia but, after the 2017 AML/CFT legislation, it operates within a well-defined regulatory framework which includes strict reporting and KYC rules. Under current legislation, cryptocurrency exchanges must obtain two licenses from the Financial Intelligence Unit of Estonia : the Virtual Currency Exchange Service License and the Virtual Currency Wallet Service License.

Future settlements

A number of crypto initiatives with potentially significant regulatory consequences have been mooted in Estonia, including a speculative government plan to introduce a national cryptocurrency known as « estcoin ». After criticism from the EU, the Estonian government backed off from the plan, but continues to explore ways to use estcoin as part of a government “e-residency” program .

Gibraltar

Cryptocurrency: Not legal
tender Cryptocurrency exchange: Legal, must register with GFSC

Gibraltar is a world leader in cryptocurrency regulation: cryptocurrency is not legal tender in the country, but crypto-asset exchanges are legal and operate within a well-defined regulatory framework .  Gibraltar has a reputation as a low-tax country : it does not impose tax on capital gains or dividends on cryptocurrencies, and crypto exchanges are subject to a corporate tax rate business-friendly 10%.

Trades

In January 2018, Gibraltar introduced its regulatory framework for Distributed Ledger Technology (DLT) after extensive engagement with the crypto-asset industry. Under this framework, exchanges must register with the Gibraltar Financial Services Commission (GFSC) and demonstrate compliance with the ‘principles’ of the DLT Framework, which places a strong emphasis on the detection and disclosure of money laundering. of capital and the financing of terrorism.

Future settlements

The Gibraltar government is looking to strengthen its position as a global leader by further exploring cryptocurrency regulation. In 2017, the GFSC issued a statement on the unregulated use of ICOs and suggested monitoring their use under DLT. Similarly, the Commission ‘s Innovation and Creation Team was created to help companies innovate new products for the cryptocurrency economy.

Luxemburg

Cryptocurrency: Not legal
tender Cryptocurrency exchange: Legal, must register with the CSSF

There are no specific cryptocurrency regulations in Luxembourg, but the government’s legislative attitude towards them is generally progressive. Although not legal tender, Finance Minister Pierre Gramegna said that given their widespread use, cryptocurrencies should be « accepted as a means of payment for goods and services ». In August 2018, the authorities issued an opinion on the tax treatment of cryptocurrencies which, in a commercial context, depends on the type of transaction concerned.

Trades

In Luxembourg, cryptocurrency exchanges are regulated by the Commission de Surveillance du Secteur Financier (CSSF), and new cryptocurrency businesses must obtain a payment institution license if they wish to start their activities. The licenses imply AML/CFT reporting obligations under the Luxembourg statutes on  » electronic money « . The first license was granted in 2016 to Bitstamp, which trades in a range of currencies including USD, EUR, bitcoin, ethereum and passports to EU member states.

Future settlements

Although there are no specific legislative measures on the radar, the CSSF issued in March 2018 a warning on the volatility of cryptocurrencies, their vulnerability to crime and the risks associated with investing in ICOs. Luxembourg’s progressive approach to crypto looks set to continue. In 2017, the CSSF recognized the financial benefits of blockchain technology and Pierre Gramegna spoke about the  » added value and efficient services  » that cryptocurrencies bring.

Latin America

Cryptocurrency: Laws vary from country to country
Cryptocurrency exchange: Little regulation, laws vary from country to country

In Latin America, cryptocurrency regulation applies across the legislative spectrum. Among the countries with stricter regulations, Bolivia, for example, has completely banned cryptocurrenciesand exchanges, while Ecuador has banned the circulation of all cryptocurrencies except for the government-issued “SDE” token. In contrast, in Mexico, Argentina, Brazil, Venezuela, and Chile, crypto-ms are commonly accepted as payment by retailers and merchants. For tax purposes, cryptocurrencies are often considered assets: they are largely subject to capital gains tax across the region, while transactions in Brazil and Argentina are also subject to capital gains tax. income in some contexts.

Trades

In Latin America, cryptocurrency exchange regulations are rare: many countries do not have specific laws governing the trading of cryptocurrencies and therefore do not regulate exchanges beyond the scope of the legislation. existing. Mexico regulates stock exchanges to some extent: the Act to Regulate FinTech Companies extends anti-money laundering (AML) laws to cryptocurrencies through registration and reporting requirements.

Future settlements

Many Latin American countries have expressed concern about the effect of cryptocurrencies on financial stability and their money laundering risks. Beyond the official warnings, however, the region’s financial authorities have yet to unveil their plans for significant future cryptocurrency regulation.

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