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Réglementations en matière de crypto-monnaie dans le monde entier

Conformité LCB-FT Crypto-monnaie Articles

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 U.S. 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 friendlier 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 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 body 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 speculation financial. 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.

EU

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

Crypto-monnaie : N’a pas cours légal
Échange de devises cryptographiques : Juridique, réglementé en vertu de la VFA Act

Malte a adopté une approche très progressiste à l’égard des crypto-monnaies, se positionnant comme un leader mondial de la réglementation de la crypto-monnaies. Bien que les crypto-monnaies n’aient pas cours légal, elles sont reconnues par le gouvernement comme  » un moyen d’échange, une unité de compte ou une réserve de valeur « . Malte n’a pas de législation fiscale spécifique en matière de crypto-monnaies, et la TVA n’est pas non plus applicable actuellement aux opérations d’échange de devises étrangères contre des cryptogrammes.

Echanges

Les échanges de devises cryptographiques sont légaux à Malte et, en 2018, le gouvernement maltais a introduit une législation historique pour définir un nouveau cadre réglementaire pour les crypto-monnaies et répondre aux préoccupations LCB/FT. La législation comprend trois projets de loi distincts, dont la Virtual Financial Assets Act (VFA), qui établit un précédent mondial en établissant un régime réglementaire applicable aux bourses de valeurs, aux ICO, aux courtiers, aux fournisseurs de portefeuilles, aux conseillers et aux gestionnaires de fortune.

Règlements futurs

Les règlements de la VFA (en vigueur à partir de novembre 2018) ont également introduit la Loi sur les arrangements et les services en matière de technologie innovatrice qui établit le régime pour l’enregistrement futur et la responsabilité des fournisseurs de services de crypto. L’Autorité maltaise pour l’innovation numérique a également été créée : à l’avenir, la MDIA sera l’autorité gouvernementale responsable de la création d’une politique de cryptage, de la collaboration avec d’autres pays et organisations et de l’application de normes éthiques pour l’utilisation des technologies de cryptage et de la chaîne de blocage.

Estonie

Crypto-monnaie : N’a pas cours légal
Échange de devises cryptographiques : Juridique, doit s’enregistrer auprès de la cellule de renseignements financiers

Les réglementations en matière de crypto-monnaies en Estonie sont ouvertes et innovantes, en particulier par rapport aux autres États membres de l’UE. Bien que n’ayant pas cours légal, le gouvernement estonien considère les crypto-monnaies comme des « valeurs représentées sous forme numérique ». Le gouvernement classe les crypto-monnaies comme des actifs numériques à des fins fiscales mais ne les soumet pas à la TVA. En 2017, la loi sur la lutte contre le blanchiment d’argent et le financement du terrorisme a introduit de nouvelles règles strictes pour les entreprises de crypto opérant en Estonie.

Echanges

Les échanges sont légaux en Estonie mais, après la législation LCB/FT de 2017, ils s’inscrivent dans un cadre réglementaire bien défini qui comprend des règles strictes de reporting et de KYC. En vertu de la législation actuelle, les échanges de devises cryptographiques doivent obtenir deux licences de la Cellule de renseignement financier de l’Estonie : la Licence de service d’échange de monnaie virtuelle et la Licence de service de portefeuille de monnaie virtuelle.

Règlements futurs

Un certain nombre d’initiatives de crypto ayant des conséquences réglementaires potentiellement importantes ont été évoquées en Estonie, y compris un plan spéculatif du gouvernement visant à introduire une cryptocurrency nationale connue sous le nom de « estcoin ». Après les critiques de l’UE, le gouvernement estonien a pris du recul par rapport au plan, mais continue d’examiner les moyens d’utiliser l’estcoin dans le cadre d’un programme gouvernemental de « résidence électronique ».

Gibraltar

Crypto-monnaie : N’a pas cours légal
Échange de devises cryptographiques : Juridique, doit s’enregistrer auprès du GFSC

Gibraltar est un chef de file mondial en matière de réglementation de la crypto-monnaie : la crypto-monnaie n’a pas cours légal dans le pays, mais les échanges de crypto-actifs sont légaux et s’inscrivent dans un cadre réglementaire bien défini.  Gibraltar a la réputation d’être un pays à faible fiscalité : il n’impose pas d’impôt sur les plus-values ou les dividendes sur les crypto-monnaies, et les échanges de crypto sont soumis à un taux d’imposition des sociétés favorable aux entreprises de 10%.

Echanges

En janvier 2018, Gibraltar a introduit son cadre réglementaire pour la technologie des registres distribués (DLT) après de nombreux engagements avec l’industrie des crypto-actifs. En vertu de ce cadre, les bourses doivent s’enregistrer auprès de la Gibraltar Financial Services Commission (GFSC) et démontrer qu’elles respectent les  » principes  » du cadre DLT, qui mettent fortement l’accent sur la détection et la divulgation du blanchiment de capitaux et du financement du terrorisme.

Règlements futurs

Le gouvernement de Gibraltar cherche à renforcer sa position de leader mondial en explorant plus avant la réglementation de la crypto-monnaie. En 2017, le GFSC a publié une déclaration sur l’utilisation non réglementée des OIC et a suggéré de surveiller leur utilisation dans le cadre du DLT. De même, l’équipe d’innovation et de création de la Commission a été créée pour aider les entreprises à innover de nouveaux produits pour l’économie de la crypto-monnaies.

Luxembourg

Crypto-monnaie : N’a pas cours légal
Échange de devises cryptographiques : Juridique, doit s’inscrire auprès de la CSSF

Il n’existe pas de réglementation spécifique en matière de crypto-monnaie au Luxembourg, mais l’attitude législative du gouvernement à leur égard est généralement progressiste. Bien que n’ayant pas cours légal, le ministre des Finances, Pierre Gramegna, a déclaré que, compte tenu de leur utilisation répandue, les crypto-monnaies devraient être « acceptées comme moyen de paiement pour les biens et services ». En août 2018, les autorités ont émis un avis sur le traitement fiscal des crypto-monnaies qui, dans un contexte commercial, dépend du type de transaction concernée.

Echanges

Au Luxembourg, les échanges de devises cryptographiques sont réglementés par la Commission de Surveillance du Secteur Financier (CSSF), et les nouvelles entreprises de crypto-monnaies doivent obtenir une licence d’établissement de paiement si elles souhaitent commencer leurs activités. Les licences impliquent des obligations de reporting en matière de LCB/FT en vertu des statuts luxembourgeois sur la « monnaie électronique« . La première licence a été accordée en 2016 à Bitstamp, qui négocie dans une série de monnaies, dont l’USD, l’EUR, le bitcoin, l’éthéréum et les passeports vers les États membres de l’UE.

Règlements futurs

Bien qu’il n’y ait pas de mesures législatives spécifiques sur le radar, la CSSF a émis en mars 2018 un avertissement sur la volatilité des cryptomonnaies leur vulnérabilité à la criminalité et les risques associés à l’investissement dans les ICOs. L’approche progressiste du Luxembourg en matière de crypto semble devoir se poursuivre. En 2017, la CSSF a reconnu les avantages financiers de la technologie de blockchain et Pierre Gramegna a parlé de la « valeur ajoutée et des services efficaces » que les crypto-monnaies apportent.

Amérique latine

Crypto-monnaie : Les lois varient d’un pays à l’autre
Échange de devises cryptographiques : Peu de réglementation, les lois varient d’un pays à l’autre

En Amérique latine, la réglementation de la crypto-monnaie s’applique à l’ensemble du spectre législatif. Parmi les pays où la réglementation est plus stricte, la Bolivie, par exemple, a complètement interdit les crypto-monnaies et les échanges, tandis que l’Équateur a interdit la circulation de toutes les crypto-monnaies à l’exception du jeton « SDE » émis par le gouvernement. En revanche, au Mexique, en Argentine, au Brésil, au Venezuela et au Chili, les crypto-m sont couramment acceptées comme moyen de paiement par les détaillants et les marchands. Aux fins fiscales, les crypto-monnaies sont souvent considérées comme des actifs : elles sont largement soumises à l’impôt sur les plus-values dans toute la région, tandis que les transactions au Brésil et en Argentine sont également soumises à l’impôt sur le revenu dans certains contextes.

Echanges

En Amérique latine, les réglementations de change des crypto-monnaies sont rares : de nombreux pays n’ont pas de lois spécifiques régissant le commerce des crypto-monnaies et ne réglementent donc pas les échanges au-delà du champ d’application de la législation existante. Le Mexique réglemente les bourses dans une certaine mesure : la Loi réglementant les sociétés de technologie financière étend les lois anti-blanchiment d’argent (LCB) aux crypto monnaies par le biais d’exigences d’enregistrement et de déclaration.

Règlements futurs

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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Publié initialement octobre 29, 2019, mis à jourjanvier 25, 2023

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