Troubled Crypto Exchange FTX Files for Chapter 11 Bankruptcy Protection, CEO Steps Down

By | November 11, 2022

The embattled crypto exchange FTX has informed the public that the FTX parent firm West Realm Shires Services, Alameda Research, and approximately 130 additional affiliated companies have filed for Chapter 11 bankruptcy protection in Delaware. FTX’s Parent Company, Alameda Research, and 130 Associated Firms Voluntarily Commence Bankruptcy Proceedings After days of confusion and speculation, the… Read More »

EU Council Endorses Markets in Crypto Assets (MiCA) Legislation

By | October 6, 2022

Council of the EU, one of the European Union’s legislative bodies, has approved the proposed regulatory framework for the European crypto space. It’s now up to European lawmakers to approve the Markets in Crypto Assets package before its final adoption. Comprehensive Crypto Regulation Moves Closer to Adoption in EU The Committee of Permanent Representatives (COREPER)… Read More »

Australian Tax Office to Prompt 400,000 Crypto Holders to Report Their Gains

By | May 29, 2021

Australia’s revenue service has reminded a growing number of crypto investors about their tax obligations. Rejecting the common misconception that crypto gains are only taxable when coins are cashed back into dollars, the tax office is going to prompt hundreds of thousands of taxpayers to report profits and losses from their cryptocurrency transactions. Tax Office… Read More »

Uganda’s Financial Intelligence Authority Wants Government to Formulate a Crypto Regulatory Framework

By | May 25, 2021

Uganda’s Financial Intelligence Authority (FIA) says it wants the country’s Finance Ministry to help formulate a regulatory framework for crypto service providers. According to the FIA, this call for the government’s intervention has prompted by the Ugandan crypto industry’s failure to comply with an earlier plea for industry players to register. Terrorism Concerns Furthermore, in… Read More »

Dutch Central Bank Revokes Strict Verification Rules for Crypto Exchanges

By | May 21, 2021

The cryptocurrency industry in the Netherlands has won a small but significant battle. The country’s central bank has canceled some excessive verification procedures that it imposed on crypto service providers last fall. The move comes after a local exchange took the matter to court. DNB Takes a Step Back on Unlawful KYC Requirements De Nederlandsche… Read More »

Crypto Prices Consolidate, Analysts Blame Bitcoin Market Rout on ‘Overleveraged Positions’

By | May 21, 2021

Digital currency markets have been consolidating after taking some heavy losses during the last few days. Billions of dollars have jumped back into the crypto economy on Thursday, as the overall market valuation of all coins in existence has jumped back to $1.75 trillion on Friday. Bitcoin is resting above the $40k handle but the… Read More »

Top US Banking Regulator to Review Cryptocurrency Standards Under New Leadership

By | May 20, 2021

The new Acting Comptroller of the Currency, Michael Hsu, has requested a review of the cryptocurrency standards established by the top U.S. banking regulator. He is also urged to “reassess any conditional national trust charters and halt the approval of any additional charters to nonbank entities” during the review. Top Banking Regulator Reviewing Crypto Policy… Read More »

US Lawmaker Pushes for Safe Harbor Legislation to Protect Crypto Investors With Forked Coins

By | May 20, 2021

US Congressman Tom Emmer is pushing for safe harbor legislation to protect taxpayers with forked coins. A bill entitled “Safe Harbor for Taxpayers with Forked Assets Act of 2021” has been introduced to prohibit “penalties against taxpayers attempting to report certain gains or losses on ‘forked assets’ until the IRS issues sufficient guidance on how… Read More »