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FameEX Morning Crypto News Recap | March 22, 2023

2023-03-22 11:37:30

Tokenization Could Improve Asset Management, Says UK Financial Regulator
The Financial Conduct Authority (FCA) of the UK has published a discussion paper called "Updating and Improving the UK Regime for Asset Management," which discusses the potential benefits of tokenization for improving asset management in the country. The 49-page paper proposes ways to enhance the current regulatory framework as part of the FCA's continuous efforts to enhance the asset management sector.

US Tax Agency Considers Taxing NFTs as Collectibles
The US IRS and Treasury Department have issued a request for feedback on how to tax non-fungible tokens (NFTs) under Section 408(m) of the Internal Revenue Code. This request follows a notice from the IRS that proposed treating NFTs as collectibles, subject to higher capital gains tax rates. The feedback received from the public is expected to provide clarity on how NFTs should be taxed and could impact NFT creators and investors.

Japan's Largest IT Service Provider, Fujitsu, Seeks Trademark for Crypto Trading Services Coverage
Fujitsu, a leading IT services provider in Japan, has submitted a trademark application with the US Patent and Trademark Office for a range of cryptocurrency services, such as financial management and exchange of crypto assets, as well as financial brokerage services for cryptocurrency trading. This move suggests Fujitsu's interest in diversifying its service portfolio to include crypto-related offerings.

Taiwan's Financial Regulator to Oversee Digital Assets, with Exclusion of NFTs
Taiwan's Financial Supervisory Commission (FSC) will soon be the official regulator for digital currencies through new legislation. Although they have previously taken a cautious approach to digital asset regulation, FSC Chairman Huang Tien-mu has confirmed the move as part of a hearing on Taiwan's banking industry's stability, following the collapse of three US banks. The FSC will take over the industry's jurisdiction before the end of March.

Disclaimer: The information provided in this section is for informational purposes only, doesn't represent any investment advice or FameEX's official view.

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