NewsRoom Articles - Page 36 of 174

MondaySep 25, 2023 9:00 am

FTX Sues Bankman Fried’s Parents for Improperly Receiving Millions from the Exchange

FTX founder Sam Bankman-Fried's parents are facing a lawsuit over allegations of receiving improper funds from the cryptocurrency exchange prior to its collapse. In a legal submission, administrators of the bankrupt company claim that the couple knowingly accepted millions of dollars in wrongfully transferred funds and turned a blind eye to misconduct within the company. The lawsuit has been initiated on behalf of individuals owed money following the company's downfall, which ultimately led to the arrest of Bankman-Fried last year. The former billionaire, once hailed as the “Crypto King,” is currently facing accusations from U.S. prosecutors for the unlawful transfer…

FridaySep 22, 2023 10:30 am

Blockchain Analysts Suspect Hackers Linked to $70M Crypto Heist

Blockchain experts suggest that hackers linked to North Korea are the likely culprits behind a substantial $70 million theft from the cryptocurrency exchange known as CoinEx. CoinEx, a platform headquartered in Hong Kong, revealed through the social media platform X (formerly Twitter) that the wallets designated for safeguarding the exchange's digital assets had fallen victim to a cyberintrusion. It disclosed that its estimated losses amounted to $70 million, a figure it considered a minor fraction of its total holdings. Elliptic, a blockchain research organization, conducted an analysis pointing toward the Lazarus Group, a hacking collective associated with North Korea, as…

WednesdaySep 20, 2023 12:00 pm

Japan Considers Regulation Permitting VCs to Use Digital Assets as Seed Capital

Japan is planning to provide new avenues for startups to secure fresh capital from venture capital entities using digital assets instead of conventional stock offerings to expand their funding options. According to a recent report by Nikkei, the Japanese government aims to table the proposal in parliament early next year. With the change, limited partnerships would have access to a wider variety of assets. Venture capital firms usually employ limited partnerships to pool funds with other businesses for startup investments, limiting their risk to the money they invest. Historically, the Japanese venture capital ecosystem has been regarded as more conservative…

MondaySep 18, 2023 11:15 am

EU Lawmakers Pass New Crypto Reporting Law with Overwhelming Support

European Parliament legislators overwhelmingly voted last week in favor of the eighth version of the Administrative Cooperation Directive (DAC8), which addresses the reporting of taxes on cryptocurrencies in Strasbourg, France. The directive garnered a resounding show of support, with 535 members casting their votes in favor and a mere 57 opposing it, while 60 members opted to abstain from voting. DAC8 seeks to equip tax authorities with the necessary tools to monitor and evaluate all cryptocurrency transactions carried out by entities or individuals residing within the member nations. According to estimates provided by the European Commission via the European Parliamentary…

FridaySep 15, 2023 9:00 am

FTX Asks Court to Allow Conversion of Assets into Fiat Currency

The insolvent cryptocurrency exchange, FTX, is actively exploring avenues to rejuvenate its operations and settle its debts. Recent court documents reveal its intention to engage Galaxy Digital, under the guidance of Mike Novogratz, as a strategic advisor in this endeavor. FTX, which endured a catastrophic collapse late last year, is eager to devise a plan that will enable it to reimburse creditors in traditional fiat currencies, as opposed to cryptocurrency assets such as Bitcoin or Ethereum. The primary objective is to minimize any adverse impact on its extensive crypto holdings, which are valued at an impressive $3 billion. However, FTX's…

WednesdaySep 13, 2023 11:15 am

Blockchain Association Heeds Legislators’ Call for Input on Cryptocurrency Tax Guidelines

The Blockchain Association, a crypto advocacy organization based in the United States, has put forth recommendations for lawmakers to contemplate regarding potential legislation concerning the taxation of digital assets. In a letter dated Sept. 8, 2023, and addressed to U.S. Senators Mike Crapo and Ron Wyden, the Blockchain Association voiced its support for the Keep Innovation in America Act, a bill aimed at altering the reporting obligations imposed on specific individuals engaged in cryptocurrency transactions. According to the association, any legislative proposals introduced in the halls of Congress should establish a balance in the tax treatment of cryptocurrency and traditional…

MondaySep 11, 2023 10:30 am

Corporations Holding Cryptos to Benefit from Switch to US Accounting Regulations

Media reports have confirmed the unanimous approval of regulations governing the assessment of the fair value of cryptocurrency holdings by companies, as declared by the U.S. Financial Accounting Standards Board (FASB). The FASB serves as the regulatory body responsible for establishing and dictating accounting and reporting standards adhered to by entities following the principles of U.S. Generally Accepted Accounting Principles (GAAP). In the month of March, the FASB initiated a request for input regarding suggested modifications to the FASB Accounting Standards Codification. Following a thorough discussion, the proposed amendments were subjected to a formal vote on Sept. 6, 2023, thus…

ThursdaySep 07, 2023 11:30 am

LSEG Considering Blockchain for Setting Up Digital Ecosystem

The London Stock Exchange Group (LSEG) is currently exploring the utilization of blockchain technology to establish a comprehensive digital marketplace ecosystem aimed at facilitating the raising and transfer of capital across a diverse range of asset categories. Murray Roos, head of capital markets at LSEG, shared with the Financial Times that the exchange has dedicated approximately a year to investigating the potential of establishing a blockchain-powered trading platform. Roos emphasized that LSEG's focus lies not in constructing anything related to cryptocurrency assets but rather in harnessing blockchain technology to enhance the efficiency associated with the procurement, sale and custody of…

TuesdaySep 05, 2023 12:00 pm

Cryptos Climb as Court Paves Way for Bitcoin ETF

Last week witnessed an upsurge in the valuation of cryptocurrency assets, catalyzed by a significant legal development within the United States. This event unfolded as a U.S. court paved the way for the introduction of the country's inaugural exchange-traded fund (ETF) focused on Bitcoin. This court verdict stands as a pivotal occasion for enthusiasts of cryptocurrencies and poses a setback for the Securities and Exchange Commission (SEC), which has been diligently working toward the effective regulation of the rapidly expanding digital asset sector. A trio of judges on the DC Court of Appeals executed a decisive action by overturning the…

FridaySep 01, 2023 11:15 am

The U.S. Treasury Announces New Cryptocurrency Tax-Reporting Requirements

A proposal set forth by the U.S. Treasury Department introduces a fresh regulation aimed at compelling crypto brokers to disclose information regarding users' digital asset exchanges and sales. The rule constitutes a component of efforts led by regulatory entities and Congress, all geared toward tightening the reins on cryptocurrency users who might potentially elude tax obligations. In line with this, a newly devised tax reporting document referred to as the 1099-DA Form has been conceived, with the primary objective of assisting taxpayers in ascertaining their tax accountabilities. The origin of these requirements can be traced back to the 2021 Jobs…