Chile vs China
Crypto regulation comparison
Chile
China
Legal
Banned
Chile passed a Fintech Law (Ley 21,521) in January 2023, establishing a regulatory framework for crypto service providers. The CMF is developing implementing regulations for virtual asset platforms. Crypto gains are taxed under general income tax rules.
China has imposed a comprehensive ban on cryptocurrency activities. In September 2021, the PBOC and ten other agencies jointly declared all cryptocurrency transactions illegal, and the State Council banned crypto mining. China is instead promoting the digital yuan (e-CNY) CBDC.
Tax Type
Capital gains
Tax Type
Unclear
Tax Rate
0-40%
Tax Rate
N/A
Exchanges
Yes
Exchanges
No
Mining
Yes
Mining
No
Regulator
CMF (Comisión para el Mercado Financiero)
Regulator
PBOC (People's Bank of China), CBIRC, CSRC
Stablecoin Rules
To be addressed under the Fintech Law implementing regulations
Stablecoin Rules
Not applicable; all crypto activities are banned
Key Points
- Fintech Law (Ley 21,521) passed in January 2023 covers crypto service providers
- CMF designated as regulator for crypto platforms under the new law
- Crypto exchanges must register and comply with AML/KYC requirements
- Capital gains on crypto taxed under general income tax at progressive rates up to 40%
- Chile has an active crypto market with exchanges like Buda.com operating since 2015
Key Points
- All crypto transactions declared illegal by PBOC and 10 agencies in September 2021
- Crypto mining banned by the State Council in 2021 after a series of provincial crackdowns
- Financial institutions and payment companies prohibited from facilitating crypto services
- China actively developing and piloting the digital yuan (e-CNY) CBDC
- Despite the ban, some Chinese citizens reportedly access crypto via VPNs and OTC desks