NewsRoom Articles - Page 41 of 179

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…

ThursdayAug 31, 2023 9:45 am

BREATHE! Convention 2023 – Connecting Ever-Expanding Possibilities

BREATHE!, a historic new tech event that focuses on the emerging technologies that continue to revolutionize the way businesses and communication are conducted worldwide, is proud to announce this year’s BREATHE! Convention. The event, scheduled for September 13-15, 2023, at The Expo @ World Market Center Las Vegas, provides a platform for exhibiting, networking, and speaking opportunities, for individuals and organizations within the emerging tech ecosystem. The event targets a diverse group of attendees, ranging from developers to investors, enthusiasts, and researchers, to discuss the latest developments and trends in emerging technologies while also exploring numerous collaborative and community-driven efforts.…

WednesdayAug 30, 2023 10:30 am

MasterCard to Pull Plug on Crypto Card Program with Binance

MasterCard and Binance are discontinuing their joint crypto-card initiatives in Bahrain, Argentina, Colombia and Brazil starting on Sept. 22, 2023. The Binance cards enabled users to make payments using conventional currencies, facilitated by their crypto reserves within the Binance exchange. While no explicit reason was provided for terminating the crypto-card partnership, it is widely speculated that Binance's recent clashes with the U.S. SEC and the Commodity Futures Trading Commission were contributing factors. Earlier this year, both regulatory bodies filed lawsuits against Binance, encompassing a variety of allegations, such as mingling user funds and operating without proper registration as a securities…

MondayAug 28, 2023 10:30 am

Lawyer Says Jailed Sam Bankman-Fried Is Surviving on Water, Bread

Sam Bankman-Fried’s attorney claims that Bankman-Fried is finding it difficult to prepare for his upcoming fraud trial because he is not getting enough meals in prison. This assertion was made concurrently with Bankman-Fried's not-guilty plea to seven felonies included in a fresh indictment. Bankman-Fried’s bail was canceled a fortnight ago, with the judge stating that there was reasonable suspicion that he had made at least two attempts to tamper with witnesses. According to Mark Cohen, the former billionaire's attorney, his client's capacity to prep for his October trial is being hampered by the inadequate meals provided by Brooklyn's Metropolitan Detention…