South Korea to change crypto legal framework
South Korean authorities are proposing to widen the current Digital Assets Bill due to the security issues in the wake of the FTX collapse. The politician Yoon Chang-hyun is currently working with authorities on amendments to prevent the re-occurrence of FTX-like cases. With a new revision, local regulators such as the Financial Services Commission and […]
NY PoW mining ban comes into force
New York governor Kathy Hochul signed a moratorium on proof-of-work mining for two years, following the bill accepted by the state assembly and State Senate earlier this year. N.Y. State Assemblymember Anna R. Kelles tweeted regarding the new law: We did it! Thank you to Kathy Hochul for signing the crypto moratorium into law! This […]
Cash App Bans Cuban Users
According to a tweet posted by Bitcoin Magazine, Cash App has started censoring users from Cuba. This is due to economic sanctions imposed on the Caribbean country by the USA. Cash App is a popular peer-to-peer payment application, allowing for quick money transferring and investing. According to reports, it’s doing quite well, having made $12.3 […]
Ripple Obtains Long-Sought Documents of Former SEC Official Who Declared Ethereum Not a Security
The founder of Ripple, which created the XRP cryptocurrency, has turned over a series of emails and documents to the SEC and is now embroiled in a high-profile legal battle with regulators over his claims that XRP was illegally sold as a registered security. Ripple’s general counsel, Stuart Alderothy, made the announcement on Twitter Thursday, […]
Texas investigates FTX for securities violations after objecting to Voyager auction
Texas is attempting to impose conditions on FTX’s acquisition of assets from Voyager Digital. It is useful to note that Voyager Digital operates under court protection from federal bankruptcy, arguing that both cryptocurrency exchanges violate state laws. FTX, whose US company agreed last month to spend $1.4 billion to purchase Voyager’s bitcoin assets and use […]
Portuguese Parliament to Vote on Crypto Tax Framework
According to a paper issued by the government of Portugal, the country might become less crypto-friendly soon, despite having a reputation as a “crypto haven”. Namely, if passed, a new crypto tax framework will be in effect as of 2023, that will introduce capital gains tax on crypto in Portugal. Investors would need to pay […]
EU Bans Russian Crypto Payments
After previously limiting Russian crypto payments to European wallets to 10,000 euros, the European Union has now banned all such payments. Effectively, Russian persons and residents are thus blocked from access to any crypto services. This restriction is a part of a new set of sanction measures against Russia, put in place following the country’s […]
European Parliament Votes in Favor of Crypto Tax Resolution
In voting, 566 out of 705 members of the Parliament of the European Union supported a crypto tax-related resolution, proposed by member Lídia Pereira. The resolution is not a binding one, meaning that the European Parliament only recommends that the 27 member-states introduce new crypto tax practices. These include more convenient taxation of those crypto […]
New U.S. Bill Proposing to Eliminate Taxes for Under-$30 Crypto Transactions
If a new bill that was introduced to the U.S. senate is ratified, crypto users in the U.S. will no longer be obligated to report taxes for any transactions worth less than $50. The same goes for any under-$50 crypto earnings. The bill, named the Cryptocurrency Tax Fairness Act, was proposed by senators Patrick Toomey […]
