In a latest development, the main opposition Democratic Party of Korea (DPK) agreed on Sunday to delay the controversial crypto tax for two years following investor backlash. The latest move pushes the tax’s implementation to 2027, marking a significant shift in the country’s stance on digital asset taxation, allowing the market additional time to adapt....Read More
In a recent development, President-elect Donald Trump has warned BRICS countries against any move to replace the US dollar and has sought a commitment from the nine-member group that includes India, Russia, China, and Brazil. The President-elect has asked these countries to promise not to create a new BRICS currency or support any other currency...Read More
The United States Court of Appeals for the Fifth Circuit issued a ruling that the sanctions against crypto mixer Tornado Cash by the US Treasury Department were unlawful. According to the ruling dated November 26, the Department of the Treasury; Office of Foreign Assets Control (OFAC) overstepped its congressional defined authority in the sanctions against...Read More
The crypto market eagerly awaits the upcoming FOMC interest-rate decision by the US Federal Reserve this week. One of the highly anticipated events this week is expected to shape the sentiments in the digital assets space, potentially setting the path for Bitcoin and other altcoins.. Rate Cut Soon? The digital asset market has reacted positively...Read More
The SEC’s recent appeal of the Ripple case has caused quite a stir in the legal community, with MetaLawMan and several key figures sharing their thoughts on X. The main point of discussion stems from two different dates on the SEC’s Form C, dated October 16 and file stamped on October 17, sparking confusion over...Read More
In a latest development, SEC Commissioner Hester Peirce, known as “Crypto Mom” in the community, criticized the SEC for not confessing sooner that crypto tokens are not securities by default. While speaking at the Practising Law Institute’s SEC Speaks conference in Washington, D.C., she stressed the negative effects SEC’s regulatory ambiguity is having on the...Read More
The court has postponed the case of money laundering against Binance in Nigeria until October 11. Binance faces four allegations of tax evasion in Nigeria. These include allegations of not registering for tax with Nigeria’s Federal Inland Revenue Service. In addition to tax evasion, Nigerian authorities have accused Binance and its two executives, Tigran Gambaryan...Read More
Hong Kong has taken a hard stance against unlicensed cryptocurrency exchanges, issuing a directive for immediate shutdowns. The Securities and Futures Commission (SFC) of Hong Kong has disclosed that eleven platforms, including HKbitEX, PantherTrade, Accumulus, DFX Labs, Bixincom, xWhale, YAX, Bullish, Crypto.com, WhaleFin, and Matrixport HK, are now deemed-to-be-licensed applicants. Only Crypto.com has secured approval...Read More
As we approach the end of May, crypto traders are eagerly awaiting a new week filled with a series of potentially impactful macro events. From Binance’s trial in Nigeria to the FIT21 bill’s voting, these events might have a significant impact on the crypto market. These Events Might Decide Market’s Next Move In recent days,...Read More
Rising anticipation surrounds the once-dominant Bitcoin exchange, MtGox, as recent updates on the Kraken BTC and BCH payment API interface point to major upcoming movements. Data on Reddit reveals that the interface now reads “payment in preparation” with a timestamp dated May 13. It signals that MtGox is getting ready to finally release its massive...Read More
The U.S. Senate on 21st April, Sunday, proposed a new tax regulation for the cryptocurrency industry. According to the new proposed regulation, individuals, trusts, and entities holding BTCs worth over $500,000 will be liable to pay 1% as tax. This move was initiated as part of a large effort made by the centralized body to...Read More
Different regions are widely adopting crypto. Governments of different nations are recognising the value of this evolving sphere and releasing some very friendly regulations to foster more and more acceptability among the residents. February 2024 has been a month of new series of development when it comes to crypto adoption and regulation. The report by...Read More
In a recent development reported by the Wall Street Journal on February 22, 2024, the court in Montenegro has ruled that the infamous cryptocurrency entrepreneur Do Kwon should be extradited to the U.S. to face trial on fraud charges, rejecting his native South Korea as the extradition location. The High Court in Podgorica, Montenegro, delivered...Read More
The banking giant JPMorgan has raised concerns about Tether possibly being controlled by U.S. authorities soon. Despite its offshore base, Tether’s dominance and regulatory challenges could reshape the stablecoin landscape in the States. Tether’s Vulnerability to U.S. Authorities JPMorgan’s report highlights the power of U.S. authorities, specifically the Office of Foreign Assets Control (OFAC), to...Read More
Russia’s Ministry of Finance has embarked on a transformative initiative, drawing parallels between the cryptocurrency market and the nation’s successful gas export model. Ivan Chebeskov, Deputy Minister of Finance, recently unveiled a pioneering concept that would permit Russian cryptocurrency miners to export their mined digital assets as legitimate products, signifying a pivotal step toward formally...Read More
Japan, long a leader in the technology sector, is taking a bold step to embrace the digital asset revolution. The government is preparing to implement a new taxation regime specifically tailored for companies holding cryptocurrencies as long-term investments. This move marks a significant shift in Japan’s approach to crypto and reflects its commitment to becoming...Read More
UK customers of Chase Bank received concerning notices this week: the bank is banning all cryptocurrency-related payments starting October 16th. The email explicitly stated that if the bank thinks the customers are making crypto-related transactions, they will decline it. This blanket crypto payment prohibition follows similar actions by other central UK banks to restrict transactions...Read More
In a recent announcement, Tron network founder Justin Sun took to his social media platform to reveal a significant development in the legal recognition of Bitcoin. Sun shared that the Shanghai No. 2 Intermediate People’s Court has officially recognized Bitcoin as a one-of-a-kind digital currency. They believe it’s unlike virtual currencies such as Q coins...Read More
The crypto industry is currently in a precarious position, teetering on the edge of uncertainty. Without swift action, it risks a potential downfall. The US government’s stance towards most crypto assets, excluding Bitcoin, is hostile. Even more concerning is the mounting pressure on companies embracing the trend of relocating outside the US in search of...Read More
On Wednesday, U.S. accounting standard authorities unanimously approved long-anticipated guidelines for valuing digital assets. These new rules will provide crypto companies and other businesses with substantial digital currency holdings a standardized method for assessing the value of their Bitcoin, Ethereum, and other cryptocurrencies. This research report aims to explore the impact of new crypto accounting...Read More
The first half of 2023 has brought an unexpected twist for the crypto market, which has always been a favourite target for cybercriminals. However, as the number of crypto hacks surged in an alarming fashion, a surprising trend began to emerge from hackers as they now started returning the stolen funds. This event surged exponentially...Read More
In a significant development in the US crypto landscape, senior Democrats in the House of Representatives have voiced their opposition to a comprehensive overhaul of financial laws pertaining to crypto assets. However, they have also indicated that a deal on the regulation of stablecoins could be within reach. The Proposed Bill Failed To Meet Expectations ...Read More
In a significant move to strengthen the oversight of the burgeoning crypto industry, the New York Department of Financial Services (NYDFS) has adopted new regulations aimed at enhancing consumer protection and ensuring the safety and soundness of crypto companies. Under the new framework, companies will be required to comply with rigorous standards for capitalization, cybersecurity...Read More
South Africa is the latest country to come down on cryptocurrency investors, with the South African Revenue Service (SARS) sending audit requests to taxpayers, requesting them to disclose cryptocurrency trades and purchases. The audit request contains questions relating to the purpose for which the taxpayers purchased cryptocurrencies, with SARS also requesting a letter from the...Read More
American businessman and best-selling author of “Rich Dad Poor Dad,” Robert Kiyosaki, took to Twitter today to state that the oldest and leading cryptocurrency, Bitcoin as well as precious metals such as gold and silver, had a “bright future.” He also explained why he thought Bitcoin will soon be heading toward the $50,000 range in...Read More
After the Supreme Court’s ruling to quash the ban on cryptocurrencies in India, activity in the crypto space has grown significantly, however, some rumors have still emerged about the uncertainty regarding the legal status for Bitcoin and cryptocurrencies in the country. However, as Sathvik Vishwanath, CEO of Unocoin stated in a recent interview spoke about...Read More
There has been a lot of discussion around regulation in the crypto space, and perhaps more so now than ever before. This has also led to countries around the world beginning to better understand and regulate this emerging industry of digital assets. Switzerland, in particular, has implemented the Swiss Rule which states that financial institutions...Read More
As per the Special Reporting Act, income tax laws will be applicable to cryptocurrency ownership in South Korea, as of October 2021. However, the provisions of the Act have come under a lot of fire recently. The latest to fire a salvo is the Korean Blockchain Association (KBA) after it voiced its vocal opposition to...Read More
October is off to an interesting start, as news of charges against BitMEX by the CFTC and DOJ come to light – with the arrest of Arthur Hayes and three co-owners of the BitMEX exchange. The exchange that handles over $1.5 billion of trades each day, has been charged by the CFTC for operating an...Read More
Welcome Readers to the next chapter of my writing series, ‘The Cryptocurrency Breakthrough 2020 – Synopsis 20’ – Cryptocurrency Regulations in Argentina. QUICK NAVIGATIONGovernment’s viewpoint on CryptocurrenciesCryptocurrencies Law in ArgentinaLaws Implemented on CryptocurrenciesAnti-Money Laundering LawsFinancial Information Unit(UIF)Taxation and MiningTax Policies on CryptocurrenciesCryptocurrency MiningSeries of EventsWrapping it up!!! The number of users registered on different cryptocurrency...Read More
