Asia’s bitcoin industry is experiencing substantial changes as countries enforce more stringent laws while simultaneously promoting innovation. India, Thailand, Japan, Hong Kong, and Indonesia are collaborating to establish a more organized and systematic approach to digital assets.
The Directorate General of GST Intelligence (DCGI) in India has issued a demand of $86 million to Binance, alleging non-payment of the necessary Goods and Services Tax.
According to reports, Binance generated a minimum of $476 million in fees from Indian consumers who traded digital assets. These fees were attributed to Nest Services Limited, which is a company belonging to the Binance Group and is domiciled in the Seychelles.
Japan is taking a careful approach to certifying crypto-related exchange-traded funds (ETFs), giving priority to safeguarding investors rather than focusing on quick market growth.
This strategy has the potential to cause a delay in the introduction of crypto ETFs, despite the preparations being made by prominent companies such as SBI Holdings for their entry into the market.
Hong Kong’s foray into crypto ETFs has yielded varied results, with both positive and negative flows of funds. Gary Tiu, the Executive Director and Head of Regulatory Affairs at OSL, a crypto exchange in Hong Kong, has identified fundamental problems in the market that are impeding the growth of ETFs.
Indonesia is implementing a systematic strategy to regulate digital assets through a plan spanning from 2024 to 2028. This method aims to develop strong regulatory frameworks, foster sector expansion, and ensure long-term viability.
The Financial Services Authority (OJK) has implemented a regulatory sandbox to facilitate innovation and enhance oversight of crypto marketing, specifically focusing on influencers.
Thailand is making progress in the field of cryptocurrency through its Digital Asset Regulatory Sandbox, which is overseen by the Securities and Exchange Commission of Thailand (SEC Thailand).
This program offers a regulated setting for testing and advancing digital asset services, promoting a safe and dynamic market while ensuring transparency and strong operational procedures.
