Japanese token issuers have been exempted from corporate taxes on unrealized cryptocurrency gains. In a recent announcement, the country’s National Tax Agency revealed that it has revised its law to exempt crypto token issuers from 30% corporate taxes on unrealized gains, effective from June 20. The move comes as Japan seeks to boost its blockchain and crypto sectors amid a push…
Read more
The legal teams for Binance, Binance.US and CZ filed a motion for the court to order the SEC to comply with “applicable rules of conduct” following allegedly misleading statements. A federal judge overseeing the lawsuit between Binance.US, Binance Holdings Limited and CEO Changpeng “CZ” Zhao and the United States Securities and Exchange Commission (SEC) has…
Read more
In contrast to the regulatory stance taken by the U.S. Securities and Exchange Commission (SEC), the Commodity Futures Trading Supervisory Agency (CFTSA) of the Republic of Indonesia has officially labeled 501 cryptocurrencies as commodities. The list of these digital assets includes popular tokens such as bitcoin, ethereum, usd coin, litecoin, and several others that the…
Read more
Cryptocurrencies hold “no societal benefits,” and should instead be seen as a form of gambling, according to European Central Bank (ECB) board member Fabio Panetta. In a speech held at the Bank for International Settlements (BIS) last week, Panetta argued that cryptocurrencies, including Bitcoin (BTC) and Ethereum (ETH), fail to serve any meaningful purpose in…
Read more
Jeremy Allaire, CEO of Circle, the company behind the issuance of usd coin (USDC), has expressed his worries about the state of stablecoin regulation in the U.S. In a congressional hearing, Allaire stated that other governments were already regulating the issuance of digital dollars (dollar-backed stablecoins) and called on the U.S. government to act by…
Read more
The United Nations body called on all member states to implement the Travel Rule “without delay” to close “loopholes” not currently protected by regulation. A renewed call from the Financial Action Task Force has asked countries to implement the “Travel Rule” to combat money laundering and terrorism financing activities enabled by cryptocurrencies. On June 23,…
Read more
The third plenary of the Financial Action Task Force (FATF), held in Paris, found a lack of global adoption of the virtual asset recommendations established by the institution. According to evaluations, almost three-quarters of the jurisdictions are partially compliant or non-compliant with these recommendations. FATF Plenary Calls To ‘Close Gaps’ in Global Regulation of Virtual…
Read more
The U.S. Securities and Exchange Commission (SEC)’s former head of internet enforcement has warned that Binance’s recent motion accusing the regulator of ethical violations could expedite criminal charges against the crypto exchange. “Binance’s motion is provocative and Binance’s antagonistic, arrogant, accusatory, and unorthodox ethics battle-cry could fan the flames of whatever Binance-related criminal prosecution is…
Read more
The regulator said Binance must cease “with immediate effect” all crypto-related services in Belgium after being unable to provide sufficient information on its non-EEA companies. The Belgian Financial Services and Markets Authority (FSMA) has ordered major cryptocurrency exchange Binance to stop offering crypto exchange and custody wallet services. In a June 23 notice, the FSMA…
Read more
Authorities in Australia have charged two individuals accused of operating a cryptocurrency scam that defrauded two companies of $5.5 million. Luxury vehicles worth $2.7 million including a $600,000 Ferrari have been seized by law enforcement. Ferrari Seized From Car Dealer Australian authorities have charged two alleged masterminds of a cryptocurrency scam that defrauded $5.5 million…
Read more
