FinTax Crypto Compliance Highlights — September 2026, Issue 1

Abstract

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

On the tax front, German Federal Ministry drafts 25% tax on crypto gains, with banks and platforms to begin withholding the tax from 2028. Two major U.S. crypto industry associations sought an injunction to block Illinois’ digital asset tax from taking effect.

On the supervision front, the U.S. Senate released updated text of the CLARITY Act, but the bill failed to advance to the next stage after a vote of 50 in favor and 49 against. The U.S. Securities and Exchange Commission (SEC) proposed a comprehensive overhaul of transfer agent rules to reflect blockchain recordkeeping and paperless securities. The European Securities and Markets Authority (ESMA) published a report warning of crypto-related financial spillover risks. Thailand’s Securities and Exchange Commission finalized the Travel Rule for Digital Assets, which will take effect in February 2027. The Monetary Authority of Singapore (MAS) launched a public consultation on a stablecoin regulatory framework under the Payment Services Act. South Korea’s Financial Services Commission (FSC) unveiled a three-phase roadmap to advance the tokenization of securities.

Part I Tax

1. German Finance Ministry Drafts 25% Tax on Crypto Gains(09.09)

A draft bill from German Federal Ministry of Finance proposes imposing a flat 25% capital gains tax on gains from the disposal of crypto-assets acquired after December 31, 2026. Including the solidarity surcharge, the effective tax rate would be approximately 26.375%, and banks and platforms would withhold the tax automatically from 2028. Under current rules, gains from the sale of crypto-assets held for more than one year are tax-free in Germany, while gains on assets held for less than one year are exempt if they fall below the annual tax-free threshold, currently EUR 1,000. The proposal would retain a personal tax allowance. Click here to read the original.

2. Two U.S. Crypto Industry Groups Seek Injunction to Block Illinois Digital Asset Tax (09.09)

On September 9, the Crypto Council for Innovation and the Blockchain Association filed a motion for a preliminary injunction with the Circuit Court of Sangamon County, Illinois, seeking to block the state’s Digital Asset Tax Act before it takes effect. The Act would impose a 0.2% tax on digital asset transactions. The two associations argue that the tax violates the federal Internet Tax Freedom Act and the Illinois Constitution, and that businesses would be forced to rush into compliance without clear guidance while facing criminal penalties. Click here to read the original.

Part II Supervision

1. U.S. Senate Releases Updated CLARITY Act Text (09.14)

On September 14, Republican members of the U.S. Senate released updated text of the CLARITY Act. The revised text includes multiple adjustments concerning ethics rules, the Blockchain Regulatory Certainty Act (BRCA), stablecoin rewards and provisions related to the Senate Agriculture Committee. Among the changes, the scope of BRCA developer protections was further narrowed to matters involving the Bank Secrecy Act and civil enforcement; the Tillis-Gallego ethics proposal was substantially reflected; and a circuit-breaker mechanism was added for stablecoin rewards to allow intervention in the event of large-scale deposit outflows from community banks. On September 15, the bill failed to meet the threshold to advance to the next stage of consideration in the Senate after a vote of 50 in favor and 49 against.

Click here to read the original.

2. ESMA Warns of Crypto-Related Financial Spillover Risks in New Report (09.10)

The European Securities and Markets Authority (ESMA) published its Trends, Risks and Vulnerabilities (TRV) Report, No. 2, 2026, warning that the increasingly close links between crypto-assets and the traditional financial system pose potential risks to traditional finance. ESMA called for enhanced monitoring of this deepening interconnectedness to help prevent risks from spilling over into the broader financial system. Click here to read the original.

3. Thailand’s Securities Regulator Finalizes Crypto Travel Rule, Effective February 2027 (09.02)

Thailand’s Securities and Exchange Commission (SEC) formally issued the Travel Rule for Digital Assets. The new rules will take effect on February 27, 2027 and require digital asset business operators to collect information on the originator and beneficiary in connection with transfers, transmit the required information with transfer orders, and retain transaction records for at least five years. For transfers involving self-hosted wallets, operators must also verify ownership of, or control over, the wallet. Click here to read the original.

4. Singapore MAS Consults on Legislative Amendments to Implement Stablecoin Regulatory Framework(09.01)

The Monetary Authority of Singapore (MAS) published Consultation Paper P015-2026 on proposed amendments to the Payment Services Act 2019, seeking feedback on legislative changes to implement its regulatory framework for single-currency stablecoins pegged to the Singapore dollar or G10 currencies. The consultation closes on October 16. The paper proposes that relevant stablecoins be backed 100% by low-risk, highly liquid reserve assets and prohibits the payment of interest or distribution of returns to stablecoin holders. Click here to read the original.

5. U.S. SEC Proposes Transfer Agent Rule Overhaul Covering Blockchain Recordkeeping and Paperless Securities (09.01)

The U.S. Securities and Exchange Commission (SEC) issued a proposal to comprehensively modernize the rules governing registered transfer agents, expressly reflecting the use of electronic communications and blockchain technology in securities offerings and share transfers. The proposal would allow electronic databases, including blockchain ledgers, to serve as official records of securities ownership. The proposal will enter a 60-day public comment period after publication in the Federal Register, after which the SEC will revise the proposal based on feedback and proceed to a final vote. Click here to read the original.

6. South Korea FSC Unveils Three-Phase Roadmap for Tokenization of Securities, Starting February 2027 (09.04)

South Korea’s Financial Services Commission (FSC) unveiled a three-phase roadmap for the digital transformation and tokenization of securities issuance and circulation, with phased implementation scheduled to begin in February 2027. The first phase covers privately pooled money market funds (MMFs) and bonds exclusively for institutional investors, unlisted stocks held through trust structures, and certain publicly offered fractional investment securities. Later phases will expand the scope of publicly offered securities and explore on-chain settlement using payment instruments such as stablecoins. Click here to read the original.