Governments From Across The Globe Move To Embrace Crypto

As the U.S. appears poised to make a pro-crypto pivot, other nations are moving to embrace web3 as well.

On Dec. 7, Nour News, an Iranian news outlet, reported that Abdolnaser Hemmati, Iran’s Minister of Economic Affairs and Finance, announced plans to regulate digital assets after seeking to limit domestic adoption for many years. Hemmati reportedly noted that digital assets could serve to bypass the stringent economic sanctions imposed on Iran.

One day later, Mohammad Sadegh Alhosseini, a local author, estimated that Iranians hold between $30 billion and $50 billion worth of crypto assets, and drive roughly $143 million worth of daily digital asset trade.

Czech Republic softens crypto taxation

On Dec. 6, Petr Fiala, the prime minister of the Czech Republic, tweeted that the country is moving to pass legislation exempting crypto investors from capital gains taxation when they hold their assets for more than three years.

Fiala added that investors would not have to report transactions worth less than 100,000 koruna ($4,200). “For example, buying coffee with Bitcoin [...] will no longer be a tax transaction,” Fiala said.

The measures were passed by the lower house of the Czech parliament.

The legislation included provisions designed to ensure that crypto firms can easily access bank accounts in a bid to entice crypto firms to establish operations in the Czech Republic.

Argentina greenlights foreign crypto ETFs

On Dec. 5, the Argentine National Securities Commission (CNV) announced that its board of directors had approved the creation of five Argentine Deposit Certificates (CEDEAR) programs enabling local investors to access foreign exchange-traded funds.

The commission explicitly named virtual asset ETFs among the funds available for Argentina investors to access via the programs.

“The new CEDEARs will allow for the first time investment in ETFs that invest in virtual assets, such as Bitcoin and Ethereum, the CNV said. “This opens the door to making investments in virtual assets through the capital market, as has already been allowed in the U.S. for some time.”

ETFs investing in stock indexes, gold, and stock market indexes can also be accessed through the programs.

Russian lawmaker proposes Bitcoin reserve

On Dec. 9, Anton Tkachev, a Russian State Duma deputy representing the New People party, petitioned Russia’s finance minister to examine the feasibility of creating a Russian strategic Bitcoin reserve.

“I ask you, dear Anton Germanovich, to assess the feasibility of creating a strategic Bitcoin reserve in Russia by analogy with state reserves in traditional currencies,” Tkachev said.

Tkachev asserted that Bitcoin could serve as a vehicle for bypassing sanctions, and noted that the Central Bank of Russia is currently preparing to launch a pilot program exploring cross-border payments using digital assets.

"In conditions of limited access to traditional international payment systems for countries under sanctions, cryptocurrencies are becoming virtually the only instrument for international trade,” Tkachev said.

Tkachev added that Bitcoin could offer a hedge against inflation.

The move comes as Republican lawmakers are pushing for the creation of a U.S. strategic Bitcoin reserve under Donald Trump.