ConsenSys, the owner of Ethereum wallet MetaMask, has denied claims that it collects taxes from cryptocurrency users. The company clarified that it only collects sales taxes on certain paid services and that tax-related terms do not apply to MetaMask and other products without sales tax. Rumors Raised Concerns Over MetaMask and ConsenSys’s Terms of Service
South Korea’s Supreme Prosecutor’s Office is set to purchase new blockchain analytics software to aid in the fight against money laundering through cryptocurrencies. The software will be used to scrutinize overseas exchanges with the same level of scrutiny as domestic exchanges to catch and prevent laundering. New Tools for Cyber Investigations The Supreme Prosecutor’s Office
On May 22, Hotbit, a China-based cryptocurrency exchange, announced that it would suspend all operations by 04:00 UTC. Users of the platform were advised to withdraw their assets before June 21. Hotbit cited several factors that led to its decision to halt operations, including ongoing regulatory challenges, cyber attacks, and significant losses. Industry Challenges Hotbit
On May 19, the United States Treasury and its Office of Foreign Assets Control (OFAC) imposed sanctions on various entities with ties to Russia. Huriya Private FZ LLE, a company based in the United Arab Emirates (UAE), is among the entities that have been sanctioned by OFAC. The firm has allegedly been involved in money
President Joe Biden has expressed his opposition to a proposal that could result in low taxes for crypto investors, as reported by The Hill on May 21. Following a G7 summit in Hiroshima, Japan, Biden said that he would not agree to a deal that protects wealth tax cheats and crypto traders while putting food
Navigating the complex world of cryptocurrency can be a daunting task, especially for retail traders trying to keep up with the rapidly changing market trends. However, yPredict, an AI-backed crypto signals firm, has announced a fundraising campaign that has broken the $1 million threshold, and it is preparing to launch a next-generation platform that could
U.S. Representative Tom Emmer has introduced a new bill, the Securities Clarity Act, to provide more clarity on the classification of digital assets and to specify the jurisdiction of each regulator. The bill would amend the securities laws to include “investment contracts asset” and enable crypto projects to operate in a compliant manner. Emmer believes
American fintech company Ripple has acquired Switzerland-based blockchain firm Metaco for $250 million. This marks Ripple’s entry into the asset tokenization field. The acquisition is expected to help Ripple expand its enterprise offerings, particularly in international markets. Ripple plans to provide customers with the technology to custody, issue, and settle any type of tokenized asset.
The head of the Financial Action Task Force (FATF), T Raja Kumar, has called on G7 nations to take a more proactive approach to regulating the crypto industry. Kumar made the call in a letter published ahead of the G7’s 2023 Summit, where the group will discuss the regulation of cryptocurrencies and the overall industry.
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