The Internal Revenue Service (IRS) has recently offered a temporary reprieve regarding the reporting rules for cryptocurrency cost-basis, a move that could greatly benefit digital asset investors. This relief highlights a growing awareness among tax regulators about the intricate and often confusing landscape of cryptocurrency taxation. Specifically, the IRS has delayed the implementation of a
Regulation
In a significant move to strengthen its control over the financial ecosystem, China has instituted new regulations targeting foreign exchange activities, particularly those associated with cryptocurrencies. As outlined by the South China Morning Post, these measures, enacted by the State Administration of Foreign Exchange (SAFE), mandate banks to surveil and report suspicious transactions related to
Recent reports indicate that Morgan Stanley’s crypto subsidiary, E-Trade, is on the verge of initiating cryptocurrency trading services. This anticipated expansion is a notable shift, as it aligns with projections of a friendlier regulatory landscape influenced by the incoming administration of President-elect Donald Trump. The motivation behind this strategic pivot is multifaceted, with E-Trade preparing
The landscape of digital assets within the European Union has undergone a significant transformation with the introduction of the Markets in Crypto-Assets (MiCA) regulation. This sweeping framework marks a fundamental shift in the approach to overseeing digital currencies and their associated services across member states. In this article, we delve into the implications of MiCA
The emergence of cryptocurrency as a prominent financial instrument has led to a surge in interest and investment. However, along with this growth comes a myriad of challenges, particularly in regulatory frameworks aimed at safeguarding consumer interests. The UK’s Financial Conduct Authority (FCA) is at the forefront of this battle, trying to manage an influx
In a significant development for the cryptocurrency industry, MoonPay, a prominent crypto payment solutions provider, has obtained approval to operate under the European Union’s Markets in Crypto-Assets (MiCA) regulation. This approval comes from the Netherlands’ Authority for the Financial Markets (AFM) and marks a pivotal milestone for MoonPay, allowing it to offer its services throughout
In the ever-evolving landscape of digital finance, the regulatory environment plays a pivotal role in shaping the industry’s trajectory. Recently, A16z Crypto, the blockchain-focused arm of the renowned venture capital firm Andreessen Horowitz, has voiced strong opposition to new rules proposed by the U.S. Internal Revenue Service (IRS) and the Treasury Department targeting decentralized finance
In response to ongoing concerns regarding the oversight of financial institutions, particularly in the crypto sector, Japan’s Financial Services Authority (FSA) is taking significant steps to fortify internal audit mechanisms within these organizations. This initiative reflects the FSA’s recognition of existing shortcomings in audit procedures and its commitment to aligning with international regulatory standards. By
The U.S. Department of the Treasury and the Internal Revenue Service (IRS) have taken a significant step in regulating the rapidly evolving landscape of digital assets by introducing final broker rules. These regulations mandate Know-Your-Customer (KYC) procedures for decentralized finance (DeFi) protocols and impose stringent reporting obligations on all brokers engaged in digital asset transactions.
The cryptocurrency landscape has undergone seismic shifts in recent years, particularly following the dramatic collapse of TerraUSD (UST) in May 2021. With millions of dollars at stake and countless investors left uncertain, government regulators have stepped in to scrutinize the actions of crypto firms. The recent charges laid out by the Securities and Exchange Commission
