The United States Treasury has called on the IRS to impose rigorous cryptocurrency compliance measures, citing significant tax evasion risk in the industry. According to a new order by the Treasury Department, all transactions over $10,000 have to get filed with the IRS for documentation and taxation objectives. This announcement comes after the cryptocurrency market […]
According to a report by the Financial Review, Australian lawmaker Jane Hume earlier today argued that cryptocurrency is not just a fad and will become more important as an asset class. Her crypto-based comments were part of a speech explaining the Prime Minister of Australia’s approach to the new era of digital financial assets and […]
The Indian government is reportedly rethinking banning crypto use in its jurisdiction and is now considering a more lenient regulatory approach. According to inside information, the government has created a new panel of experts to develop a regulatory framework for cryptocurrency use. The Asian giant has remained indecisive in its efforts regarding cryptocurrency for several […]
Behemoth accounting firm Ernst & Young Global Ltd. has joined the growing list of large corporations investing in crypto and blockchain technology. The firm announced yesterday that it has invested $100 million into engineering and developing distributed ledger technologies (DLT). Ernst & Young unveiled its second-generation (G2) smart contract and token review tools using its […]
China continues to dominate the central bank-issued digital currency (CBDC) space as the People’s Bank of China ramps up its testing efforts. The bank announced recently that it ran a successful pilot program for the digital yuan in Suzhou City, where 181,000 individuals were given ¥55 ($8.5) in free digital yuan to spend at designated […]
Goldman Sachs has announced via its internal memo seen on CNBC Friday that it has assembled a cryptocurrency trading team. According to the publication, this would be the first time the behemoth investment bank has confirmed a relation with cryptocurrency trading. The memo, titled “Formation of Cryptocurrency Trading Team,” was composed by Rajesh Venkataramani, a […]
Vietnam has begun to show interest in the cryptocurrency industry, as the government recently announced the commissioning of a research group for the very purpose. According to the announcement, the inquisition into the crypto space comes as the cryptocurrency industry continues to gain global recognition and adoption. The Vietnamese Ministry of Finance also announced that […]
A recent report by CNBC shows that hundreds of banks in the US will start offering Bitcoin (BTC) exposure to their customers this year, courtesy of a strategic partnership between Fidelity National Information Services (FIS) and the New York Digital Investment Group (NYDIG). Several banks have enrolled to get listed in the program in anticipation […]
The government of Thailand has imposed a new cryptocurrency law, which would require new users to be physically present for registration on exchanges. The Thai Anti-Money Laundering Office (AMLO) noted that the new law will take effect starting from July and that verification of identities will be done using dip-chip machines. Presently, crypto account opening […]
