BaFin president Mark Branson says that regulators have tried a hands-off approach to regulations, and judging by recent collapses, it clearly doesn’t work.
Currently, Japan imposes a 30% tax on digital asset service providers holding unrealized gains from their assets a move widely criticized for stifling innovation.
The Securities and Futures Commission clarified that it doesn’t regulate the industry and urged caution from investors, reminding them they risk losing all their money amid FTX collapse.
As global digital asset exchanges fall like dominoes, Thailand is looking to fortify its oversight powers and impose more stringent protocols in the market to safeguard investors.
The CBDC launch is expected to promote financial inclusion, support existing payment systems and provide better risk control to help Brazil achieve its digital economy ambition.