The passage of a bill by the United States House of Representatives has reversed controversial Securities and Exchange Commission (SEC) guidance that prohibited banks from owning cryptocurrencies. The bipartisan bill, titled H.J. Res 109, overturned the SEC’s Special Accounting Bulletin 121 (SAB 121), which required banks to include customers’ crypto assets on their balance sheets. Republican Party Representative Mike Flood, who introduced the resolution, argued that SAB 121 unfairly treated custodial assets differently from traditional assets. However, U.S. President Joe Biden’s administration announced its plan to veto any joint resolution that affects crypto policy at the SEC. The White House expressed strong opposition to the resolution, claiming that it would disrupt the SEC’s efforts to protect investors and the financial system.
In Australia, the Australian Taxation Office (ATO) is seeking personal data and transaction details from up to 1.2 million cryptocurrency exchange users as part of its efforts to crack down on crypto tax obligations. The ATO believes that this data will help identify traders who have not paid their taxes on crypto trades. The requested personal data includes users’ date of birth, social media accounts, phone numbers, wallet addresses, type of coin trades, and bank account details. Unlike other foreign currencies, cryptocurrencies are considered taxable assets in Australia, requiring traders to pay a capital gains tax on profits from selling crypto assets.
In South Korea, the ruling Democratic Party plans to request that the Financial Services Commission (FSC) reconsider its interpretation of the legal status of spot Bitcoin (BTC) exchange-traded funds (ETFs). An official from the Democratic Party policy committee stated that the request would be made after the opening of the National Assembly in June. The Democratic Party, which gained power in the April elections and holds a majority in the legislative body, aims to challenge the FSC’s stance on foreign spot ETFs potentially violating the Capital Markets Act.
Binance, a global cryptocurrency exchange, has received approval from the Indian financial regulator, the Financial Intelligence Unit, to operate in India. This approval makes Binance the second offshore crypto exchange to obtain regulatory approval after KuCoin. In December 2023, Binance, KuCoin, and several other foreign crypto exchanges received a notice of noncompliance. Following the notice, the Indian Finance Ministry instructed its IT department to block access to the banned crypto platforms in India. However, with the recent approval from the Financial Intelligence Unit, Binance can now offer its services in the Indian market.