The Australian Taxation Office (ATO) has provided guidance on the tax treatment of decentralized finance (DeFi) and wrapping crypto tokens. The ATO clarified that Australians will be taxed on capital gains when wrapping and unwrapping tokens. This is part of the ATO’s focus on crypto capital gains, which was outlined in May 2022. The transfer […]
In the ongoing legal battle between Binance and the U.S. Securities and Exchange Commission (SEC), a joint motion for a protective order has been filed. This motion aims to establish guidelines for the treatment and disclosure of confidential information during the litigation process. The SEC’s enforcement actions in the cryptocurrency sector have increased under Chair […]
US District Judge Analisa Torres has set important dates for the ongoing legal battle between Ripple Labs and the SEC. The court order outlines the schedule for the remedies briefing and discovery phase of the SEC v. Ripple lawsuit. The key dates to remember are as follows:- February 12, 2024: Remedies briefing officially begins, marking […]
The Asia-Pacific Economic Cooperation (APEC) summit kicked off in San Francisco, with a highly anticipated meeting between US President Joe Biden and Chinese leader Xi Ping scheduled for November 15. While the focus of the event is on the regional economy, the finance ministers’ meeting is also of great importance. US Treasury Secretary Janet Yellen […]
The Blockchain Association, a cryptocurrency advocacy group in the United States, has expressed opposition to proposed tax regulations by the Internal Revenue Service (IRS). In a letter submitted on November 13, the association argued that the IRS rules, which aim to regulate the sale and exchange of digital assets, exceeded the agency’s authority and demonstrated […]
Senator Rob Portman clarified on the Senate floor that brokers sell on behalf of someone else and do not just provide ancillary services. However, a proposed rule aims to expand the definition of brokers to include not only those who directly act as dealers or agents in digital-asset transactions, but also a broad category of […]
The United States Financial Services Committee (FSC) has scheduled a hearing on November 15th to delve into the issue of illicit activities within the cryptocurrency ecosystem. The hearing, titled “Crypto crime in context: breaking down the illicit activity in digital assets,” will feature prominent figures from the crypto industry as witnesses. Among them are Bill […]
Backpack, a Solana-based NFT wallet app, has announced its plans to launch a regulated cryptocurrency exchange called Backpack Exchange. The company has obtained a Virtual Asset Service Provider (VASP) license for Exchange Services from Dubai’s Virtual Asset Regulatory Authority (VARA). This license specifically applies to Backpack Exchange and not other services offered by the app. […]
Ripple CEO Brad Garlinghouse has criticized the U.S. Securities and Exchange Commission (SEC) for its aggressive enforcement actions against the crypto industry, claiming that they have hindered innovation and failed to protect investors. Speaking at the Ripple Swell conference in Dubai, Garlinghouse called for a regulatory overhaul and a new framework that takes into account […]
Bitcoin experienced significant price fluctuations in the past week, driven by rumors surrounding the approval of a Bitcoin ETF. The price surged to $30,000 on Monday due to reports suggesting that the SEC had approved BlackRock’s iShares Bitcoin ETF. However, these reports were quickly debunked, and the price retreated to previous levels. The crypto market’s […]
