FinTax Crypto Compliance Highlights — August 2026, Issue 1

Abstract

This report summarizes major tax, accounting and supervisory developments in the global crypto-asset industry during the first half of August 2026.

On the tax front, the Nigeria Revenue Service released the Guidelines on the Taxation of Virtual Assets, establishing the country's first systematic tax framework for virtual assets.

On the accounting front, stablecoin issuer Tether announced the completion of its first full-year financial statement audit. KPMG U.S. issued an unqualified audit opinion, confirming that Tether's reserves exceeded its liabilities by USD6.814 billion as of the end of 2025.

On the supervision front, Binance announced that, in response to recent regulatory requirements, it would restrict transaction channels involving 16 platforms, including HTX, in three phases beginning August 7. The U.S. Securities and Exchange Commission (SEC) temporarily cancelled the open meeting for its Regulation Crypto Assets proposal. During the same period, the U.S. Senate filed a cloture motion in relation to the CLARITY Act, with procedural consideration set to resume after the Senate recess. The consultation period recently closed for the UK Financial Conduct Authority's (FCA) proposed penalty framework for cryptoasset market abuse under Consultation Paper CP26/19. Japan's Financial Services Agency (FSA) formally established a new Crypto-asset and Stablecoin Division, upgrading crypto-asset supervision from a more dispersed office-based structure to a standalone division-level unit. The Bank of Russia proposed allowing the public trading of Bitcoin, Ethereum and USDT, while setting an annual purchase limit of RUB300,000 for non-qualified investors through a single intermediary.

Part I Tax

1. Nigeria Introduces Its First Formal Virtual Asset Tax Framework (08.03)

The Nigeria Revenue Service (NRS) released the Guidelines on the Taxation of Virtual Assets, establishing the country's first systematic tax framework for virtual assets and seeking to provide "clarity, certainty and consistency" in the administration of relevant taxes. The framework specifies the tax obligations of crypto users, exchanges, P2P platforms and other crypto businesses, outlines the tax treatment of various categories of income arising from virtual asset activities, and requires service providers to comply with reporting, record-keeping and other compliance obligations in relation to transactions conducted on their platforms. Click here to read the original.

Part II Accounting

1. Tether Completes First Full Financial Audit, with Reserves Exceeding Liabilities by USD6.814 Billion (08.13)

Tether announced that KPMG U.S. had completed a full independent audit of Tether's financial statements for 2025 and issued an unqualified audit opinion. The audit covered transactions, systems, ownership records, valuations, counterparties and evidence supporting the financial statements. KPMG also physically counted and inspected each individual gold bar held by the company, confirming that Tether's reserves exceeded its liabilities by USD6.814 billion.Click here to read the original.

Part III Supervision

1. Binance Announces Phased Transaction Restrictions Involving HTX and Other Platforms (08.07)

Binance announced that, beginning August 7, it would impose transaction restrictions in phases on 16 crypto trading platforms and service providers, including HTX and EXMO. Once the restrictions take effect, Binance users may not directly or indirectly conduct transactions involving listed entities; otherwise, the transactions may trigger a compliance review and could further result in wallet assets being frozen. The move was taken in response to EU sanctions against Russia and U.S. sanctions enforcement involving Iran-related networks.Click here to read the original.

2. U.S. SEC Temporarily Cancels Open Meeting on Regulation Crypto Assets Proposal (08.13)

On the evening of August 13, the U.S. Securities and Exchange Commission (SEC) announced that the open meeting on the Regulation Crypto Assets proposal, originally scheduled for 10:00 a.m. the following day, had been cancelled due to "unforeseen scheduling issues," with no new date announced. The rule has been positioned as a core component of the SEC's digital asset regulatory agenda and is intended to provide a limited exemption framework for crypto securities offerings, allowing issuers to advance projects without triggering the full registration requirements and to seek to exit securities treatment after satisfying conditions such as decentralization.Click here to read the original.

3. UK FCA Consultation on Cryptoasset Market Abuse Penalty Framework Closes (08.10)

On August 10, the consultation period for the UK Financial Conduct Authority's (FCA) Consultation Paper CP26/19 closed. Based on the Financial Services and Markets Act 2000 (Cryptoassets) Regulations 2026, the consultation proposes formally extending the FCA's existing enforcement penalty framework to cryptoasset market abuse, including penalties relating to insider dealing, unlawful disclosure of inside information and market manipulation. Accordingly, misconduct in cryptoasset markets could face a level of enforcement comparable to that applied in traditional financial markets.Click here to read the original.

4. U.S. Senate Pushes CLARITY Act Vote to September (08.08)

U.S. Senate Majority Leader John Thune filed a cloture motion in connection with consideration of the Digital Asset Market Clarity Act (CLARITY Act). With the Senate entering its August recess, the next procedural vote is expected to begin as early as September 15. The two parties are still negotiating issues including government ethics provisions and stablecoin reward rules, and these differences prevented agreement on the legislation before the recess. The cloture motion requires 60 votes to advance, after which the measure must still pass through multiple statutory waiting periods before proceeding to a substantive vote.Click here to read the original.

5. Japan FSA Establishes Crypto-asset and Stablecoin Division, Upgrading Supervisory Structure (08.07)

Japan's Financial Services Agency (FSA) announced the establishment of a new Crypto-asset and Stablecoin Division dedicated to the supervision of crypto-assets and stablecoins. The division is part of the newly established Asset Management and Insurance Business Supervision Bureau and assumes the functions previously handled by the Office of Director for Crypto-asset and Blockchain Innovation and the Crypto-asset Monitoring Office, upgrading the structure from office-level functions to a standalone division-level unit. The FSA stated that the organizational restructuring is intended to address new challenges arising from financial digitalization and evolving supervisory needs.Click here to read the original.

6. Bank of Russia Proposes Public Trading of Bitcoin, Ethereum and USDT with Purchase Limits (08.11)

The Bank of Russia published a draft crypto trading framework that would allow retail investors to trade Bitcoin, Ethereum and USDT on regulated platforms from September 1, 2026. Under the proposal, non-qualified investors would be subject to an annual purchase limit of RUB300,000, approximately USD3,645, through a single intermediary, while qualified investors would not be subject to a purchase limit. All investors would be required to complete a risk test before trading, and comments on the draft are due by August 24.Click here to read the original.