South African tax consultancy firm Tax Consulting SA, has said the recent announcement by the central bank — that will start to regulate cryptocurrency in 12 to 18 months — has legal and tax implications for both crypto investors and organizations providing intermediary services. The firm, however, says the South African Reserve Bank (SARB) “will…
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The Bank for International Settlements, the International Monetary Fund and the World Bank say CBDCs should be programmed in advance to avoid interoperability issues. International agencies are urging central banks to consider interoperability early in the design of central bank digital currencies (CBDCs). The Bank for International Settlements (BIS) Committee on Payments and Market Infrastructures,…
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Coinbase has announced that the company plans to introduce a number of changes for customers in the Netherlands in order to comply with the 1977 Sanctions Act, a law that recently applied know-your-customer (KYC) guidelines to non-custodial wallets. If the person living in the Netherlands wants to send crypto to a third-party wallet via Coinbase,…
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Dutch users need to provide the recipient’s full name, the purpose of transfer and full residential address to move digital assets off the platform. In a new blog post published Thursday, Coinbase says that starting Monday, all of its customers in the Netherlands will need to complete new Know Your Customer, or KYC, requirements when…
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The incoming governor of the Philippine central bank, Felipe Medalla, has suggested that people that invest in cryptocurrencies like bitcoin are adherents of the Greater Fool Theory. He also argued that people investing in cryptocurrencies are doing so because they want to “hide their money from the government.” A ‘Very Scary’ Investment Strategy The new…
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Payments giant Mastercard has announced it is working to bring direct payment support for a number of NFT and Web3 platforms with its cards. According to the company, this will enable more customers to enter the industry as the barrier to acquiring such digital goods is lowered via more flexible payment products.
Mastercard To…
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The company said there will be a $1,000 daily spending limit, but no personal information is required. On Wednesday, self-custody crypto exchange Edge announced a no-Know Your Customer (KYC) debit Mastercard that can be funded with Bitcoin and other digital currencies. Without KYC verification, users would be able to spend their crypto at more than…
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Despite the imminent possibility of serving jail time, proactively owning up to the allegations resulted in Hayes being sentenced to six months of house arrest and two years of probation. Bringing closure to the long-awaited judgment related to the money laundering activities over the BitMEX crypto exchange, one of the four federal district courthouses in…
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Bitstamp now requires users to provide info like nationality, place of birth and tax residency, in addition to documents proving the origin of crypto and the annual income. Major global cryptocurrency exchange Bitstamp continues increasing compliance efforts by requesting its users to provide more data like their source of wealth. In an email notification to…
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Launched in late 2021, the Cronos network has amassed over 450,000 DeFi and NFT users, requiring proper compliance tools. Cronos has partnered with the blockchain intelligence firm Chainalysis to enable real-time transaction monitoring tools for the Cronos (CRO) token and all CRC-20 tokens running on the Cronos network, according to an announcement shared with Cointelegraph…
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