This report summarizes major global tax and regulatory developments in the crypto industry during the second half of April 2026.
On the tax front, Uzbekistan established the Besskala Mining Valley Special Mining Zone and extended the tax exemption period for mining income in the zone to January 1, 2035, while requiring operators to pay a monthly fee equal to 1% of mining income and to transfer token-sale proceeds into bank accounts in Uzbekistan.
On the regulatory front, Israel approved its first regulated stablecoin pegged to the Israeli new shekel; Canadian lawmakers proposed a nationwide ban on crypto ATMs; the U.S. SEC opened review of NYSE Arca’s proposed 85/15 generic listing standard; the Hong Kong Monetary Authority warned the public about unauthorized stablecoins appearing in the market; the EU adopted its 20th sanctions package against Russia, extending restrictions to crypto platforms, RUBx, and the digital ruble; Russia’s digital asset bill passed its first reading and may allow digital assets to be used for international trade settlement; the UK FCA published consultation paper CP26/13 to clarify the cryptoasset regulatory perimeter; and Pakistan ended its banking ban on licensed crypto firms, allowing them to access regulated financial services.
Uzbekistan’s President signed Presidential Resolution PQ-143 on April 17, 2026, formally establishing the Besskala Mining Valley Special Mining Zone. The zone permits mining using the unified power grid, various renewable energy sources, and hydrogen energy. Income from mining activities will be exempt from taxes until January 1, 2035, but operators must pay a monthly fee equal to 1% of mining income to the administration, and proceeds from the sale of mined tokens must be transferred into bank accounts in Uzbekistan. The resolution took effect on April 20. Access the original document.
Israel has approved its first regulated stablecoin pegged to the Israeli new shekel, named BILS. The token will be issued by licensed crypto company Bits of Gold and supervised by the Israel Capital Market, Insurance and Savings Authority (CMISA). The stablecoin will maintain a 1:1 peg to the shekel and is expected to be used for digital payments, on-chain settlement, and tokenized financial services. Access the original document.
Canada’s Liberal government has proposed a nationwide ban on cryptocurrency automated teller machines (Crypto ATMs) as one measure to combat scams, financial fraud, and money laundering. The proposal has been included in the government’s 2026 Spring Economic Statement and has not yet formally entered into force. Access the original document.
The U.S. Securities and Exchange Commission (SEC) has initiated a public comment process to review a proposed rule change submitted by NYSE Arca. The proposal seeks to amend NYSE Arca Rule 8.201-E, the rule for Commodity-Based Trust Shares, requiring that at least 85% of a trust’s net asset value (NAV) be invested in assets that already meet existing generic listing standards, while the remaining 15% may be allocated to non-qualifying assets. The proposal also provides that derivatives exposure would be calculated based on total notional value, which may affect how mainstream crypto assets connect with traditional financial markets. Access the original document.
The Hong Kong Monetary Authority (HKMA) has warned the public that tokens using the tickers “HKDAP” or “HSBC” are not issued by any licensed stablecoin issuer in Hong Kong and are not affiliated with any licensed institution. As of now, Hong Kong’s first licensed issuers have not launched any regulated stablecoin products. Access the original document.
The European Union has formally adopted its 20th sanctions package against Russia, imposing a sectoral ban on crypto-asset service providers and trading platforms established in Russia, prohibiting transactions involving the ruble stablecoin RUBx, and banning EU persons and entities from supporting the digital ruble issued by the Central Bank of Russia. The package also imposes transaction bans on financial institutions located in third countries that are suspected of helping Russia circumvent sanctions or access Russia’s SPFS payment messaging network. In addition, the EU designated an entity based in Kyrgyzstan that operates a trading platform for the Russian stablecoin A7A5. Access the original document.
Russia’s digital asset regulatory bill has passed its first reading in the State Duma and would formally allow digital assets to be used for international trade settlement. The draft bill recognizes cryptocurrencies as “property” under Russian law while maintaining the ruble as the only legal tender within Russia. The bill also proposes that the Central Bank of Russia be responsible for licensing, market access, and supervision of crypto market participants, including exchanges, brokers, and other authorized intermediaries. Access the original document.
The UK Financial Conduct Authority (FCA) has published consultation paper CP26/13, setting out draft guidance on the regulatory perimeter for cryptoasset activities under the Financial Services and Markets Act (FSMA). The consultation paper proposes bringing multiple cryptoasset activities, including custody services, trading platforms, stablecoin issuance, staking, and validation services, within the regulatory scope. For determining whether a relevant business constitutes regulated custody, the regulator would assess whether it has “functional control” over client assets or private keys, rather than applying a fixed holding-period test. Access the original document.
The State Bank of Pakistan issued Circular Letter No. 10 of 2026, formally allowing banks and financial institutions to open accounts for licensed Virtual Asset Service Providers (VASPs) and provide basic financial services such as payments and settlement. However, banks remain prohibited from using their own funds or customer deposits to trade, invest in, or hold crypto assets. The move ends Pakistan’s seven-year restriction on crypto firms since 2018 and is a key supporting measure following the implementation of the Virtual Assets Act 2026. Access the original document.
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