FameEX Morning Crypto News Recap | March 22, 2023

UK Financial Watchdog Considers Enhancing Asset Management Through Tokenization
https://www.fameex.com/en-US/news/crypto-trending-news-2023032201
The UK's Financial Conduct Authority (FCA) has released a discussion paper titled "Updating and Improving the UK regime for asset management", which includes a section on the potential benefits of tokenization for improving asset management in the country. The 49-page document explores ways to enhance the current regulatory framework and is part of the FCA's ongoing efforts to improve the asset management industry.


IRS Contemplates Treating NFTs as Collectibles for Taxation Purposes
https://www.fameex.com/en-US/news/crypto-trending-news-2023032202
The IRS and the US Treasury Department are seeking feedback on how to tax non-fungible tokens (NFTs) under Section 408(m) of the Internal Revenue Code. The announcement follows an IRS notice stating that NFTs should be treated as collectibles and subject to higher capital gains tax rates. The feedback will likely help clarify how NFTs should be taxed and could have significant implications for NFT creators and investors.

Fujitsu, Japan's Biggest IT Service Provider, Applies for Trademark to Cover Crypto Trading Services
Fujitsu, a major Japanese IT services provider, has filed a trademark application with the US Patent and Trademark Office for several cryptocurrency services, including financial management of crypto assets, financial exchange of crypto assets, and financial broker services for cryptocurrency trading. The move suggests that Fujitsu is interested in expanding its services to include cryptocurrency-related offerings.

Taiwanese Financial Regulator to Regulate Digital Assets, Excluding NFTs
Taiwan's Financial Supervisory Commission (FSC) will become the official regulator of digital currencies as part of new legislation. Despite previously taking a wait-and-see approach to digital asset regulations, FSC Chairman Huang Tien-mu confirmed the move during a hearing about the stability of Taiwan's banking industry in light of US bank collapses. The FSC will take over jurisdiction of the industry 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.