Much of the debate surrounds whether Act 851 should be changed and how specific those changes should be.
Government News
Led by people in various positions of power, governments create and enforce different laws and guidelines. Governments worldwide vary significantly in approach, procedures, laws, etc. With the advent of the internet and social media, government news is now readily accessible to the public online.
Government cryptocurrency overwatch has increased in the years since Bitcoin’s launch in 2009. The European Union has taken a ground-breaking step by enacting regulations requiring crypto service providers to spot and suppress illegal cryptocurrency activity. Similarly, the Canadian government has established itself as a proactive regulator by authorizing the nation’s first Bitcoin exchange-traded fund (ETF).
In contrast to Singapore’s policy of not taxing long-term capital gains, Japan has taken a progressive stance by recognizing cryptocurrencies as legal property under the Payment Services Act. However, China is a leader in developing its government-backed digital currency, the digital yuan (e-CNY), with numerous pilot projects underway. China has outlawed cryptocurrency exchanges, citing unlawful public financing.
Additionally, government news also throws some light on major economies like the EU, the United Kingdom and the United States that are actively developing and exploring their own central bank digital currency (CBDC) initiatives, while nations like the Bahamas and Nigeria have already implemented CBDCs.
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The Swedish Tax Agency found several crypto firms provided misleading business descriptions to avoid paying taxes between 2020 and 2023.
613Pavel Durov, founder of Telegram Messenger, believes that governments’ decreasing tolerance toward privacy will force innovations around secure communication hardware devices.
4284A bill in the House of Representatives aimed at providing guardrails for stablecoins has not moved forward since July 2023.
2993The U.K.’s economic secretary to the Treasury, Bim Afolami, said the government’s priority is improving the payments landscape and providing regulatory clarity for digital assets and blockchain.
11512Did you know it's possible for expats to mostly get out of paying U.S. taxes? We spoke with four tax professionals to get this and other tax-day tips.
1642VALR receives two licenses from South Africa’s Financial Sector Conduct Authority following new requirements for exchanges in the country.
2012According to Uwakwe, the head of Nigeria’s crypto intercommunity working group, investors worry about potential repercussions similar to Binance’s fate when investing in local Web3 companies.
5330Former Ethereum adviser Steven Nerayoff wants the U.S. government to repay $9.6 billion in damages for extortion charges that were eventually dismissed after four years.
3986Jim Lee said his move was partly due to Chainalysis “[leading] the way from the private sector in making cryptocurrency safe.”
1900The agency highlighted that crypto assets in virtual environments like Decentraland and The Sandbox can be exchanged for fiat currency on other cryptocurrency platforms.
7437However, tokens listed on a licensed exchange for over two years may not need to meet these new criteria.
1673The Bank of England and the U.K.’s financial regulator, the Financial Conduct Authority, aim for the inaugural group of applicants to join the Digital Securities Sandbox by autumn 2024.
2029Gambaryan’s lawyer requested an adjournment for the NSA and EFCC to respond, which was granted by the judge, who postponed the case to April 8.
14417By Dec. 1, agencies must establish specific safeguards for AI applications that could affect the rights or safety of Americans, as outlined in a White House fact sheet.
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