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UK minister: Digital currency companies falling short on AML obligations

John Glen said there had been significant difficulties in registering digital currency companies under the regulations, resulting in a majority of applicants for AML approval withdrawing their licenses. ....

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Japan warns derivatives platform Bybit over alleged illegal operations

The Financial Services Agency said Bybit is allowing Japanese residents to register and leverage the exchange, despite not having the proper registration to offer such services in the country. ....

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Kuwait central bank issues warning against digital currencies

The Central Bank of Kuwait has cautioned Kuwaiti citizens against investing in digital currencies, reminding them that these currencies are unregulated, and they could end up losing all their money. ....

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Hungary considers digital currency investor tax cut for COVID stimulus

Hungary considers digital currency investor tax cut for COVID stimulus
Business
Digital currency investors in Hungary could be in line for a tax cut as part of new stimulus measures being proposed by the government designed to make the country more competitive.
Authorities in Hungary are weighing proposals which would slash the applicable rate of tax on digital currency gains down from 30.5% to just 15%, part of a package of measures being rolled out to help boost economic recovery in the wake of the damage caused by COVID-19 restrictions.
In a recently published video, Finance Minister Mihály Varga set out a range of measures on the table through 2022, with the digital currency tax measures expected to play a significant role in making Hungary a more tax-competitive jurisdiction. ....

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Thailand requires in-person KYC for new digital currency exchange signups

Thailand requires in-person KYC for new digital currency exchange signups
Business
New digital currency traders in Thailand will be required to physically present themselves when they open new accounts on exchanges. This is after the country’s regulators revealed a new stringent KYC process that is seeking to stamp out money laundering, scams and other illegal activities from the industry. The new regulations kick in starting September.
Currently, Thai exchanges conduct the onboarding process entirely online from the application, to the ID submission, verification and account opening. However, according to a report by the Bangkok Post this all changes in three months’ time. The Thai Anti-Money Laundering Office (AMLO) has mandated all exchanges to use the dip-chip machine for identity verification. This machine scans a chip embedded on the Thai national identity card, requiring the customer to be physically present. ....

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