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In a bid to tackle potential tax evasion in the burgeoning crypto space, the Australian Tax Office (ATO) has launched a crackdown demanding annual transaction details from crypto exchanges. This move aims to ensure investors accurately report their crypto gains and fulfill their tax obligations. Announced in April, the ATO's data collection program requires designated exchanges to furnish specific information, including client names, addresses, birthdays, and transaction details. By promoting transparency, the initiative seeks to foster a fair and balanced tax system in Australia. Acknowledging the complexities of crypto usage, the ATO recognizes the confusion among users regarding their tax responsibilities. The allure of purchasing crypto assets using false information further complicates matters, making them attractive to tax evaders. Australia's significant presence in the crypto ecosystem classifies digital assets as taxable assets, subjecting investors to capital gains tax....

Emilio B. Aquino, chairperson of the Securities and Exchange Commission (SEC) in the Philippines, has unveiled plans to introduce a regulatory framework for cryptocurrency assets and trading in the latter half of 2024. This initiative aims to protect the interests of Filipino cryptocurrency users amidst escalating actions against major platforms like Binance. The upcoming regulatory framework signals the SEC's commitment to ensuring a secure and transparent environment for crypto trading in the Philippines. With the rapid growth of the crypto market, regulatory measures are crucial to safeguarding investors against potential risks and ensuring compliance with national laws. Aquino's announcement comes on the heels of the SEC's intensified actions against Binance, one of the world's largest cryptocurrency exchanges. The SEC has requested tech giants Apple and Google to remove Binance's applications from their respective app stores, citing concerns over the exchange's lack of licensing...

In a bold move to tackle tax evasion in the booming crypto space, the Australian Taxation Office (ATO) has set its sights on approximately 1.2 million crypto accounts. As interest in cryptocurrencies skyrockets, so does the ATO's determination to ensure transparency and compliance within the sector. The ATO's latest initiative targets unreported exchanges of crypto assets for currency or goods and services. With the complexity of the crypto landscape often leading to a lack of awareness about tax obligations, the ATO aims not only to regulate but also to educate traders on their fiscal duties. "Also, the ability to purchase crypto assets using false information may make them attractive to those seeking to avoid their tax obligations," the ATO stated. Australia classifies crypto as assets, not foreign currency, necessitating capital gains tax on profits from selling and trading digital assets. By reinforcing its efforts, the ATO underscores its commitment to ensuring all taxable...

Coinbase is facing a new legal challenge as customers filed a class-action lawsuit accusing its subsidiaries, Coinbase Global and Coinbase Asset Management, of repeatedly violating securities laws since the exchange's inception. The lawsuit highlights contradictions in Coinbase's user agreement, alleging that while certain crypto assets are identified as securities, Coinbase never registered them for sale. The lawsuit specifically identifies digital assets listed on Coinbase as "digital asset securities," including Algorand, Decentraland, Polygon, Near Protocol, Uniswap, and Solana. It alleges that Coinbase knowingly failed to register these securities as required by state law. The lawsuit alleges that Coinbase's failure to disclose key information and its classification of digital assets as securities amplified deceptive marketing tactics. These tactics purportedly pressured customers into purchasing digital asset securities on Coinbase. The plaintiffs claim that Coinbase recognized...

The Federal Court of Australia has ruled against BPS Financial Pty Ltd. for operating the "Qoin Wallet" without proper licenses. The Australian Securities and Investments Commission (ASIC) announced that BPS Financial engaged in unlicensed conduct by offering the Qoin Wallet, which utilized a crypto-asset token called "Qoin." Justice Kylie Downes found BPS guilty of violating the Corporations Act by not holding the necessary licenses to issue or provide financial advice about the Qoin Wallet. ASIC Chair Joe Longo emphasized the significance of this ruling as the first court outcome against a non-cash payment facility involving crypto. Longo stressed the importance of regulatory compliance in the volatile crypto market to protect consumers, highlighting the inherent risks and complexities associated with crypto assets. He underscored the necessity for providers to have appropriate licenses and authorizations, ensuring that investors receive clear and accurate information. The court...

India’s Directorate of Enforcement (ED) has declared its multi-year crackdown on the "E-Nugget" scam in Kolkata successful. The operation, initiated in 2022, targeted a major online gaming app scam known as E-Nugget. The scam lured users with promises of high returns on investments through real-money games and commissions but ceased operations post-investment, leaving users without access to their funds. During the investigation, ED uncovered nearly 2500 dummy bank accounts used in the scam, leading to the seizure of approximately Rs. 19 Crore in cash. The mastermind behind the scam, Aamir Khan, was arrested and is currently in judicial custody. As part of the operation, ED sought details of crypto wallets from various exchanges, including Binance, Zebpay, and Wazirx. Information obtained from these exchanges led to the freezing of approximately Rs. 90 crore in funds across 70 accounts linked to the scam. The frozen crypto assets were subsequently transferred to the ED's crypto...

South Korea has excluded digital currencies from newly amended donation legislation, potentially dealing a blow to the country's charities and donation drives. The Ministry of Public Administration revealed that amendments to South Korea’s “Donations Act” have been filed, but they restrict the use of crypto assets for donations. Starting in July, various new donation methods will be permitted, including department store gift vouchers, stocks, and loyalty points from Korean internet giant Naver, but digital assets like Bitcoin will not be accepted. The Donations Act, initially enacted in 2006, is being updated to accommodate modern payment methods and technological advancements. While the amendments expand donation methods to include various options such as department store gift vouchers and blockchain-issued gift vouchers, digital asset donations are notably excluded. Despite the popularity of cryptocurrencies in South Korea, the Ministry did not provide reasoning for this exclusion....

The trial of Binance and two of its executives, Tigran Gambaryan and Nadeem Anjarwalla, on a $35.4 million money laundering charge in Nigeria's Federal High Court Abuja faced further delays due to procedural errors. Scheduled to commence on May 2, the trial was adjourned by Federal High Court Judge Justice Emeka Nwite to May 17, citing issues with document service. Binance's lawyer, Tonye Krukrubo, revealed to the court that he had not received the necessary documents to prepare for the case, contradicting claims made by the Economic and Financial Crimes Commission (EFCC), Nigeria’s anti-graft agency. Krukrubo was served with the documents, reportedly 300 pages long, in court after difficulties in serving Binance through Gambaryan, who is held in Kuje prison. Justice Nwite expressed dissatisfaction with the prosecution's repeated procedural lapses, cautioning against further delays. May 17 is now a pivotal date for several aspects of the case, including the commencement of the money...

Ryan Salame, the former co-chief executive of FTX Digital Markets, has agreed to transfer his $5.9 million property in the Bahamas as part of a plea agreement in a criminal case. This agreement was detailed in a motion filed with the United States Bankruptcy Court for the District of Delaware by FTX Trading Ltd and affiliated debtors on May 1. Salame pleaded guilty to criminal charges in September 2023, which required him to pay $5.6 million in restitution to the debtors. Instead of making a cash payment, Salame has proposed transferring ownership of his Bahamian residence, Unit No. 3A in the Marina Residences at Albany Building 10 Condominium, to FTX Digital Markets Ltd. The debtors argue that this arrangement is in their best interests as it prevents Salame from selling the property quickly at a discount, which could adversely affect their ability to monetize other Bahamian properties. This decision comes amidst a downturn in the Bahamian real estate market, with high-end sales...

U.S. Senators Elizabeth Warren and Angus King have expressed concerns about the potential national security threats posed by cryptocurrency mining in Iran. In a letter dated May 1 addressed to key officials such as National Security Advisor Jake Sullivan and Treasury Secretary Janet Yellen, the senators highlighted fears that Iran might be using digital assets to circumvent U.S. sanctions, potentially funding groups that pose threats to U.S. security. The letter urges the Biden administration to address the growing connections between the Iranian government and local crypto miners promptly. According to the senators, Iran has allegedly utilized cryptocurrency mining to evade sanctions and finance actions against U.S. interests, including the recent attack on Israel in April. They assert that the Iranian military has employed crypto to fund well-known terror groups such as Hezbollah, presenting a direct national security threat. The letter IS a call to action for U.S. officials to...

Iranian and Russian officials have confirmed their collaboration on central bank digital currencies (CBDCs) and digital financial assets (DFAs) to facilitate trade between the two nations. Rahimi Mohsen, the trade attaché of the Iranian Embassy in Russia, highlighted the potential of CBDC-powered options to simplify trade between Tehran and Moscow, potentially mitigating the impact of sanctions imposed on both countries. Mohsen acknowledged the challenges associated with CBDC-related payments but emphasized the necessity of creating infrastructure and regulations for new payment methods. He expressed Iran's intention to cooperate with Russia in implementing new regulations, citing the effective trade partnership between Tehran and Moscow. The Chairman of Russia’s Council for the Development of Foreign Trade and International Economic Relations, emphasized the strategic importance of a CBDC-powered partnership with Iran for Moscow. He highlighted the potential for such cooperation to...

The Arkansas House of Representatives has approved Senate Bills 78 and 79, which aim to regulate cryptocurrency mining activities in the state. Senate Bill 78 introduces noise limits, regulates water usage for cooling, prohibits foreign ownership of mining operations, and restores local government control over regulation. Senate Bill 79 establishes a state licensing and regulatory system overseen by the Oil and Gas Commission. Governor Sarah Huckabee Sanders is expected to sign the bills into law. These bills come as a response to the growing crypto mining industry in Arkansas, with concerns raised about its impact on local communities and the environment. The legislation seeks to balance the interests of miners with the need to protect rural areas and empower local authorities to address any issues arising from mining operations. The passage of these bills reflects a broader trend of increased regulatory scrutiny of cryptocurrency activities across the United States. As the crypto...