Economist Peter Schiff says the only enforcement success of the Joint Chiefs of Global Tax Enforcement (J5) is its “failed” action against his bank, allegedly aimed to “put a stop to the suspected facilitation of offshore tax evasion.” Schiff stressed: “Other than the failed investigation of my bank, which did not result in any charges…
Read more
The Economic and Commerce Development Department of Puerto Rico (DDEC) has issued a document in which it defines the rules that blockchain projects must follow to receive tax benefits that the state offers companies. The action seeks to create an “atmosphere of certainty and stability” for blockchain companies, according to DDEC Secretary Luis Cidre. Puerto…
Read more
Mushegian was an important figure in the crypto community, contributing to multiple projects, including MakerDAO, BitShares and Balancer. Nikolai Mushegian, co-founder of the cryptocurrency lending platform MakerDAO and the decentralized Dai (DAI) stablecoin, was found dead in Puerto Rico last week. Mushegian died due to drowning after being dragged by sea currents on the Condado…
Read more
Gold bug Peter Schiff has settled with Puerto Rico’s financial regulator and agreed to liquidate his Euro Pacific Bank. Schiff stressed that he is not admitting to any legal wrongdoing. Peter Schiff Liquidating Euro Pacific Bank Gold bug and notorious bitcoin skeptic Peter Schiff has settled with the Office of the Commissioner of Financial Institutions…
Read more
In this week’s bite-sized digest of the hottest stories from Bitcoin.com News, a hacker claims to have stolen a massive amount of Chinese citizens’ personal data from Shanghai police, and now wants to sell it for ten bitcoins. Also, Mark Zuckerberg’s Meta has ditched the Novi project, after unveiling a new metaverse wallet. These stories…
Read more
Puerto Rico regulators closed down Schiff’s bank for not maintaining the net minimum capital requirements. As a result, customers lost access to their accounts following a subsequent freeze. Prominent economist Peter Schiff, who is well-known in the community for his anti-crypto sentiments, had his bank shut down by Puerto Rico regulators. The revelation, however, led…
Read more
The new license from Puorto Rico further strengthens Binance CEO Changpeng Zhao’s vision to be licensed everywhere. Puerto Rico becomes the fourth jurisdiction in America to grant a money transmitter license to Binance.US, the American arm of the crypto exchange Binance. Other states that issued operational licenses to Binance.US include Wyoming, Connecticut and West Virginia. …
Read more
The Treasury Department of Puerto Rico has published a working document that amends the current “Sales and Usage Tax” to include NFT sales. While this proposal has yet to be approved, experts believe the inclusion of NFTs in this reform brings validation to the asset class, but also that the application of this regulation presents…
Read more
Crypto capital is moving to Puerto Rico as tax regulations are much more favorable than in the U.S. proper. The United States territory of Puerto Rico is seeing a resurgence of interest among crypto investors attracted by the fact it doesn’t charge federal income tax and eligible investors can pay zero taxes on their crypto…
Read more
The level of freedoms that the U.S. has provides an argument for the country as the most crypto-friendly location, although Puerto Rico also has its benefits. As a burgeoning industry less than 13 years old, cryptocurrency has seen its fair share of regulatory crackdowns and changes, especially in the United States. Jake Yocom-Piatt, co-founder of…
Read more
