Uncategorized Archives - Page 23 of 131

WednesdayJan 10, 2024 10:30 am

New U.S. Law on Crypto Tax Reporting Comes into Force

A new tax legislation, the Infrastructure Investment & Jobs Act, ratified in late 2021, now requires individuals or businesses obtaining at least $10,000 in crypto during their commercial activities to submit a report to the Internal Revenue Service (IRS), according to insights from Coin Center, a nonprofit organization dedicated to exploring and advocating public policy aspects of cryptocurrency. Jerry Brito, the executive director of Coin Center, elucidated in a recent blog post that the report should contain essential details such as the person's name, address, social security number, received amount and specifics about the transaction's date as well as its…

TuesdayJan 09, 2024 9:00 am

Mona & Frens – Web3 Is A Joke, Comes To San Francisco January 2024

In collaboration with Boonoob, Canopy and Mediacy Global (media sponsor), Web3 is a Joke brings you the comedy roast event Web3 is a Joke in San Francisco. The event will be hosted by founder Mona Shaikh, a seasoned comedian who has been featured on CNN, Forbes, and MSNBC. Mona and her team of comic entertainers present the epic comedy evening on Friday, January 26, 2024, at Canopy Jackson Square, 595 Pacific Ave 4th Floor, San Francisco, CA. Web3 Is A Joke is a Web3 comedy roast show known for its laugh-learn-link style. The comedians present important learning topics of Web3…

MondayJan 08, 2024 12:00 pm

5,700 Cryptocurrency ATMs Taken Offline in Unprecedented Decline

In a significant departure from previous trends, the cryptocurrency ATM landscape witnessed an unprecedented change last year, marking the first annual reduction since its founding. According to coinatmradar.com data, December 2022 recorded a peak of 39,350 machines globally dispensing cryptocurrency assets such as Bitcoin and ethereum. However, a notable change occurred, with approximately 5,730 machines (14%) of the initial 39,000 units being subtracted. This culminated in the present count of around 33,620 cryptocurrency ATMs. Throughout the first four months of 2023, there was a constant removal of equipment with no increase in activity. In January, about 1,523 devices were removed;…

FridayJan 05, 2024 12:00 pm

India Moves to Block Website URLs of Several Crypto Firms Including Binance, Kraken

The Financial Intelligence Unit (FIU) of India has asked the Ministry of Electronics and Information Technology to restrict the website URLs of nine cryptocurrency exchanges. The aim is to restrict access to platforms such as MEXC Global, Bitfinex, Bitstamp, Binance, Gate.io, Kraken, Bittrex, Huobi and Kucoin, citing their alleged “illegal operations” and noncompliance with the Money Laundering Prevention Act. The FIU, serving as the central national agency, is tasked with receiving, processing, analyzing and disseminating information related to suspect financial transactions, including terror financing and money laundering, to enforcement agencies worldwide. India has been actively working to integrate the cryptocurrency…

FridayDec 29, 2023 9:45 am

SEC Chair Issues Cryptocurrency Warning Amid Rising Anticipation of Approval of Spot BTC ETFs

U.S. Securities and Exchange Commission (SEC) chair Gary Gensler sounded a cautionary note about the state of the cryptocurrency landscape on the social media platform X last week. Gensler expressed concern over the widespread lack of compliance in the crypto space, emphasizing the detrimental impact it has on investor confidence. He highlighted the unfortunate situation where numerous individuals have suffered losses and find themselves queuing up in bankruptcy courts with limited recourse. Accompanying his X post was a video clip from a recent CNBC appearance where Gensler discussed the prevailing issue of noncompliance in the crypto industry, specifically in relation…

WednesdayDec 27, 2023 9:45 am

2023 Top Stories in Crypto Industry

The year 2023 proved to be a challenging period for the cryptocurrency sector, witnessing the reckoning of bad actors that had flourished during the 2021 boom. As Bitcoin regained strength and overall market conditions improved, the stage has been set for digital assets to potentially redefine headlines in 2024. The resilience and adaptability of the cryptocurrency ecosystem will undoubtedly be put to the test in the evolving dynamics of 2024. But before delving into the prospects of the future, here are 10 key events that unfolded in 2023. XRP not a security In a pivotal ruling, the court determined that…

FridayDec 22, 2023 10:30 am

Can Crypto Mixers Evolve to Sidestep Prosecution by U.S. Authorities?

Tornado Cash made headlines in August 2022 when the United States Department of the Treasury’s Office of Foreign Assets Control (OFAC) sanctioned it, raising questions about the role of cryptocurrency mixers in ensuring financial privacy. This debate intensified as Sinbad.io, another major player, faced OFAC sanctions for facilitating illicit transactions, particularly those involving the Lazarus hacking group. While mixers offer a legitimate service by enhancing the privacy of cryptocurrency transactions, concerns arise when criminals exploit them to launder large sums, potentially jeopardizing the services' legitimate use by individuals seeking financial privacy. Contrary to the misconception that cryptocurrencies guarantee complete anonymity,…

WednesdayDec 20, 2023 10:30 am

JPMorgan Expects Ethereum to Outshine Bitcoin in 2024

Despite being apprehensive about the cryptocurrency markets in the upcoming year, JPMorgan anticipates that Ethereum will surpass Bitcoin and other digital currencies in 2024. According to JPMorgan analysts, ether is poised for a resurgence and a recapture of market share within the crypto ecosphere. The primary driving force behind the growth is the anticipated Proto-danksharding, or EIP-4844 upgrade, which is scheduled for the first half of next year. The analysts believe that Proto-danksharding will play a substantial role in improving ether’s network activity, positioning it for superior performance. Proto-danksharding is the first step toward the implementation of Danksharding, a more…

MondayDec 18, 2023 9:00 am

BlackRock Opens Door to Institutions to Invest in Its Bitcoin ETF

BlackRock’s proposed Bitcoin (BTC) spot ETF is undergoing a key adjustment in its mechanics, opening up possibilities for Wall Street financial institutions to play a significant role. The recent modification allows authorized participants, essential players in the ETF ecosphere, to generate new fund shares using cash, a departure from the previous restriction to crypto-only creation. This alteration holds particular significance for highly regulated American banks, which, due to current restrictions, cannot directly hold BTC. This adjustment creates an opportunity for institutions such as Goldman Sachs and JPMorgan, boasting some of the world’s largest balance sheets, to step in as APs…

FridayDec 15, 2023 10:30 am

Elizabeth Warren Reveals Crypto Bill Now Has More Senate Cosponsors

Senator Elizabeth Warren of Massachusetts, known for her vocal opposition to digital assets within the U.S. government, recently shared news that five additional senators have endorsed her legislation aimed at combating money laundering. Warren revealed on Dec. 11, 2023, that several senators, including Ben Ray Luján, Raphael Warnock, Laphonza Butler, John Hickenlooper and Chris V. Hollen, have thrown their support behind the Digital Asset Anti-Money Laundering Act, a bill she refiled in July. This further builds upon the backing received from 14 other senators. Warren stated that the legislation specifically addresses the illicit use of crypto assets for money laundering…