Global Policy Updates
China's Hebei Province Cracks Down on Crypto Mining and Trading
On September 14, Hebei's Cyberspace Administration launched a joint operation to eliminate unauthorized virtual currency mining activities. Starting October, authorities will implement real-time monitoring systems, with results periodically disclosed to the public.
South Korea Regulates Crypto Exchanges
Key developments:
- September 17: 60+ exchanges received suspension notices unless they register with the Financial Intelligence Unit by September 24
- September 18: Finance Minister Hong Nam-ki confirmed a 20% capital gains tax on crypto profits exceeding ₩2.5M (~$2,100) will take effect January 2022
👉 Discover how leading exchanges ensure compliance
U.S. Regulatory Moves
- Treasury officials proposed stricter stablecoin oversight amid concerns about Tether's risks
- House lawmakers seek to apply wash-sale rules to cryptocurrency transactions starting December 31
International Developments
| Country | Policy Summary |
|---|---|
| Cuba | Central Bank authorized regulated use of virtual assets in commercial transactions |
| Nepal | NRB reiterated all cryptocurrency activities remain illegal |
| India | State Bank of India prohibited UPI payments to crypto exchanges |
| Laos | Government approved 6 companies for crypto mining/trading pilot program |
Industry Highlights
South Korea's Approved Exchanges
The Financial Services Commission released its whitelist of 28 compliant platforms including:
- Upbit, Bithumb, Coinone
- Korbit, Huobi Korea, ProBit
- OKBit (operational post-September 24)
Corporate News
PayPal: Enabled BTC, ETH, BCH, and LTC trading for UK users (September 17)
Bakkt: SEC-approved merger with VIH sets October Nasdaq listing
Coinbase: Received "junk" bond rating from Moody's due to regulatory uncertainty
👉 Explore secure crypto trading platforms
Tech Sector:
- Meizu launched phone-themed NFTs on OpenSea
- South Korea pledged $2.2B for metaverse/blockchain development by 2025
Investment Trends
- Discord: $500M raised at $15B valuation
- Avalanche: $230M private funding led by Polychain
- LayerZero: $6M Series A for cross-chain interoperability
- Abra: $55M Series C for wealth management solutions
FAQ Section
Q: Which crypto exchanges are legally operating in South Korea?
A: 28 platforms including Upbit, Bithumb, and Coinone meet the FSC's September 24 compliance deadline.
Q: When does South Korea's crypto tax take effect?
A: The 20% capital gains tax applies starting January 1, 2022, for annual profits exceeding ₩2.5M.
Q: Can UK users buy cryptocurrency through PayPal?
A: Yes, PayPal UK supports BTC, ETH, BCH, and LTC trading as of September 17.
Q: What triggered the Coinbase debt rating downgrade?
A: Moody's cited regulatory uncertainty and market competition as key factors for the "junk" designation.
Q: How is Hebei Province addressing crypto mining?
A: Through coordinated monitoring systems and public disclosure of enforcement actions starting October.