Newsfeed

Billionaire Joe Lewis, connected to FTX founder Sam Bankman-Fried, pleaded guilty to one count of conspiracy to commit securities fraud and two counts of securities fraud in Manhattan federal court. The charges involve Lewis abusing inside information gained through corporate boardroom access to tip off friends, employees, and romantic interests. The net worth of the principal investor of Tavistock Group is estimated at $6.2 billion. Lewis faces a $5 million fine and a potential 45 years in prison, marking the largest financial penalty for insider trading in a decade. Parallels between Lewis and Bankman-Fried's cases include their connections and extravagant lifestyles, with both facing sentencing on March 28th. The guilty plea by billionaire Joe Lewis sheds light on the potential legal ramifications of insider trading, reinforcing the importance of accountability in financial markets. The case further highlights the scrutiny faced by high-profile individuals in the crypto space and...

Cryptocurrency exchanges in Thailand are informing customers about the tax implications arising from their cryptocurrency trading activities in the country. The move comes in response to recent tax policies introduced by the Thai government to generate revenue from the crypto space. Exchanges, such as Bitkub, have updated their websites to provide information about the changes. According to the updated FAQ section, crypto taxpayers include individuals who have sold, paid, transferred, or exchanged a cryptocurrency/digital token on a registered exchange in Thailand, as well as crypto miners and those earning in cryptocurrencies. The FAQ page outlines details about taxes on digital assets held by users. Notably, exchanges clarify that they do not disclose customer information to tax authorities unless requested by the customer. By notifying customers about tax obligations, exchanges are aligning with regulatory requirements and promoting compliance within the industry. (Source:...

The Internal Revenue Service (IRS) in the United States has modified and expanded the digital asset question on income tax forms for the 2023 tax year. The question, present on Form 1040 for reporting U.S. Individual Income Tax Return, has been revised to include the phrasing: "At any time during 2023, did you: (a) receive (as a reward, award or payment for property or services); or (b) sell, exchange, or otherwise dispose of a digital asset (or a financial interest in a digital asset)?" Additionally, the digital asset question has been added to four more tax forms: 1041 (U.S. Income Tax Return for Estates and Trusts), 1065 (U.S. Return of Partnership Income), 1120 (U.S. Corporation Income Tax Return), and 1120-S (U.S. Income Tax Return for an S Corporation). The IRS emphasizes that all taxpayers must answer the digital asset question, regardless of whether they engaged in a transaction involving digital assets during the tax year. The expanded inclusion of the question on additional...

Russia's largest crypto mining industry association, the Industrial Mining Association (APM), has expressed strong opposition to the Russian Ministry of Energy's plans to increase electricity tariffs for miners. The ministry proposes a two to fivefold increase in tariffs, aiming to discourage miners from setting up operations in remote regions. The APM argues that legalizing the sector and allowing power companies to charge higher, unsubsidized rates would be a more effective solution. The association warns that the proposed tariff hike would force miners into a "gray zone" of semi-illegality, potentially undermining Russia's position as a global leader in crypto mining. APM Director Sergei Bezdelov contends that the proposal violates anti-monopoly legislation and could make industrial mining unprofitable, leading to an increase in illegal mining activities. The conflict over electricity tariffs for crypto miners in Russia underscores the challenges of regulating the rapidly growing...

Singapore's AXS, supported by DBS Bank and Tower Capital Asia, has joined forces with cryptocurrency firm Triple-A to introduce cryptocurrency payments for various services. Users in Singapore can now pay bills using Bitcoin (BTC), Ethereum (ETH), Tether (USDT), and USD Coin (USDC) through AXS' mobile app, AXS m-station, covering 550 out of 600 available services. Triple-A will facilitate the payments by instantly converting the chosen cryptocurrency into Singapore dollars and crediting the amount to AXS' bank account. The partnership aims to extend cryptocurrency payment options to AXS Stations and the AXS e-Station website in the second quarter of 2024, providing greater convenience to AXS's user base of 650,000 monthly active users. As AXS expands the cryptocurrency payment option to more platforms, it contributes to the ongoing narrative of digital assets becoming a mainstream part of financial ecosystems. (Source: Bitcoinist)

The U.S. National Science Foundation (NSF) has unveiled the National Artificial Intelligence Research Resource (NAIRR), a collaborative initiative involving 25 private, nonprofit, and charitable organizations, along with 10 federal agencies. The program aims to establish a shared research infrastructure to enhance access to essential resources for responsible AI innovation. Tech giants such as Microsoft, Google, IBM, and others are participating in the NAIRR pilot, fostering collaboration between the public and private sectors. This initiative aligns with the U.S.'s strategic goal of maintaining global leadership in AI research and development, emphasizing the need for opportunities across the country to ensure continued advancement and competitiveness. United States, through initiatives like NAIRR, seeks to position itself at the forefront of AI innovation, promoting research opportunities and global competitiveness. (Source: Coingape)

The President of the United Arab Emirates (UAE) and ruler of Abu Dhabi, Sheikh Mohamed bin Zayed Al Nahyan, has issued a law creating the Artificial Intelligence and Advanced Technology Council (AIATC). Tasked with developing and implementing AI policies, the council will focus on research, infrastructure, and investments, collaborating with local and global partners to bolster Abu Dhabi's standing in the AI sector. Sheikh Tahnoun bin Zayed Al Nahyan was appointed as the AIATC's chairman, with Sheikh Khaled bin Mohamed bin Zayed Al Nahyan serving as vice chairman. The UAE's move aligns with its broader strategy to become a global technology hub, following initiatives like the Emirates Blockchain Strategy and the establishment of the Virtual Asset Regulatory Authority (VARA) and the Dubai Metaverse Strategy. (Source: Cointelegraph)

The United States Department of the Treasury's Office of Foreign Assets Control (OFAC) has introduced a new round of sanctions against networks and facilitators involved in crypto transactions associated with the Palestinian militant group Hamas. This action, prompted by Hamas' attacks on Israel in October 2023, targets financial facilitators who played significant roles in channeling cryptocurrency funds to support the group's alleged terrorist activities. The OFAC, in collaboration with authorities in the United Kingdom and Australia, aims to curtail the exploitation of various financial transfer mechanisms, including cryptocurrencies, by Hamas. While the sanctions build on previous actions, specific crypto addresses were not disclosed in the announcement. (Source: Dailycoin)

In recent federal court hearings involving lawsuits against major crypto exchanges Coinbase and Binance, the United States Securities and Exchange Commission (SEC) has encountered skepticism from judges regarding its inconsistent definition of crypto tokens in relation to securities law. The SEC's attempts to label tokens as illegally unregistered securities offerings have raised concerns about the lack of clarity and consistency in the regulatory approach. Judges have expressed doubt over the SEC's varying arguments, indicating potential challenges for the agency in establishing a clear legal framework for the cryptocurrency industry. (Source: Bitcoin.com)

Former President Donald Trump reiterated his strong opposition to central bank digital currencies (CBDCs) during a rally in Laconia, New Hampshire. Trump emphasized that he would not allow the creation of a CBDC, considering it a dangerous threat to freedom that grants the federal government absolute control over individuals' money. Trump's stance against CBDCs has been consistent, and he pledged to prevent such a currency from being introduced in the United States. This declaration comes as crypto-friendly candidate Vivek Ramaswamy, who shares similar views on CBDCs, recently suspended his campaign. Donald Trump's opposition to central bank digital currencies (CBDCs) takes center stage as crypto-friendly candidate Vivek Ramaswamy suspends his campaign, following Florida Governor Ron DeSantis. At a rally in New Hampshire, Trump stated his commitment to preventing the introduction of a CBDC in the United States, considering it a threat to freedom. With prominent CBDC critics exiting...

The competition-driven fee reduction trend witnessed in the U.S. spot Bitcoin exchange-traded fund (ETF) market has now extended to Europe following the recent approval by the United States Securities and Exchange Commission (SEC). Notably, leading asset managers Invesco and WisdomTree have slashed fees on their European-listed exchange-traded products (ETPs) by over 60%. Invesco's $137 million Physical Bitcoin ETP will see fees drop from 0.99% to 0.39%, while WisdomTree's $325 million Physical Bitcoin ETP will see a reduction from 0.95% to 0.35%. This shift is attributed to heightened competition and the availability of multiple U.S.-based ETFs, making European ETPs less attractive to U.S. investors. The approval of 11 spot Bitcoin ETFs in the U.S. has significantly impacted the demand for European ETPs among U.S. investors, prompting a strategic fee adjustment to attract and retain market share. (Source: Cointelegraph)

The Federal Court of Canada has ruled that the emergency law invoked by the Canadian government to control funds and crypto supporting protesting truckers was unreasonable and unconstitutional. In February 2022, Prime Minister Justin Trudeau's government froze funds, including cryptocurrencies, donated to truckers protesting COVID-19 restrictions. The court found that there was no national emergency justifying the use of the Emergencies Act and deemed the decision unreasonable. The Canadian Civil Liberties Association and other groups had challenged the government's use of the emergency law, arguing it was unnecessary and unconstitutional. The government plans to appeal the decision. Cryptocurrency played a significant role in funding the trucker protests in 2022. (Source: Cointelegraph)