Tag: Report

How to track and report crypto transactions for tax purposes

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As cryptocurrencies and blockchain assets continue to grow in popularity and mainstream adoption, the United States Internal Revenue Service has taken an increasing interest in their taxation.  In the U.S., cryptocurrency is subject to crypto tax and is classified as transactions instead of property or assets. Needless to say, failure to accurately track and report these transactions can result in penalties and fines. Here is a comprehensive crypto tax guide for tracking and reporting crypto transactions for tax purposes in the United States. How cryptocurrency is taxed in the U.S.…

$1,400,000,000,000 Deutsche Bank Applies for Cryptocurrency Custody License in Germany: Report

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A multinational investment bank and financial services company valued at $1.4 trillion is applying for a crypto custody license in Germany. According to a new Bloomberg report, Deutsche Bank AG, Germany’s largest and the European Union’s second-largest bank, is seeking regulatory approval to offer a custody service for digital assets, including cryptocurrencies, in Germany. Says David Lynne, runner of Deutsche Bank AG’s commercial unit, “We’re building out our digital assets and custody business. We just put our application into the BaFin for the digital asset license.” BaFin, the Bundesanstalt für…

Do Kwon denies forging passport, blames ‘Chinese’ agency: Report

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Terraform Labs founder Do Kwon told a Montenegro court that he wasn’t aware the passport he was traveling with was allegedly forged and instead pinned the blame on a Chinese-named agency. In a June 17 report from South Korean news outlet Segye Ilbo, Kwon told the Montenegrin Basic Court he received his allegedly forged passports and travel documentation, including a Costa Rican passport, through third-party “agencies.” “I received my Costa Rica passport after filling in the documents required by a Singaporean agency that was recommended to me by a friend.…

‘We had to change strategies,’ says SEC enforcement director on recent actions: Report

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Gurbir Grewal, director of the United States Securities and Exchange Commission (SEC) division of enforcement, has reportedly said the entire crypto industry was “built around noncompliance,” leading to enforcement actions. According to a June 16 Reuters report, Grewal spoke at an event hosted by law firm Lowenstein Sandler and Rutgers University Law School in New York, which also featured Coinbase chief policy officer Faryar Shirzad. The SEC enforcement director reportedly said the commission had worked “thoughtfully and incrementally” for actions related to the crypto space, but this approach had failed…

Bakkt follows Robinhood, eToro in delisting major altcoins: Report

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New York-based derivatives exchange Bakkt is delisting three popular altcoins due to recent regulatory developments in the United States. According to a Fortune report, trading of Solana (SOL), Polygon (MATIC), and Cardano (ADA) has been suspended. The decision follows last week’s lawsuits brought by the Securities and Exchange Commission (SEC) against crypto exchanges Binance and Coinbase. In the complaints, the regulator labeled over 20 digital assets as securities, including SOL, MATIC, and ADA. The total number of cryptocurrencies the U.S. regulator sees as a “security” has now reached an estimated…

Binance under investigation in France since February 2022: Report

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The legal troubles for world’s leading crypto exchange Binance continue to mount as new reports suggest the exchange has been under investigation in France since early last year. According to a report published in French daily Le Monde, the French arm of the crypto exchange has been the subject of a preliminary investigation – conducted by the judicial investigation service of finance under the direction of the specialized interregional jurisdiction of Paris – since February 2022. The Paris public prosecutor’s office reportedly cited “acts of illegal exercise of the function…

Coinbase Report Casts Doubt on Bitcoin Halving Effects on Market Performance

It remains uncertain how the upcoming halving will affect Bitcoin’s price behavior, especially with global liquidity appearing to have peaked in the near term. With the next Bitcoin (BTC) halving anticipated in the second quarter of 2024, there is considerable speculation about its potential impact on the performance of the leading crypto asset and the market in general. However, according to reports, a new  Coinbase publication suggests that while halving is often seen as a positive event due to its effect on Bitcoin scarcity and supply-demand dynamics, the true outcome of…

Binance Under Investigation in France, Accused of ‘Serious’ Money Laundering: Report

Allegations against Binance from French prosecutors “relates on the one hand to acts of illegal exercise” of operating as a digital asset service provider and “acts of aggravated money laundering, by competition with operations of investments, concealment, conversion, the latter being carried out by perpetrators of offenses having generated profits,” the Paris’ public prosecution office told CoinDesk. Source

Do Kwon to Remain in Jail While Montenegro Courts Consider South Korea Extradition: Report

In March, the South Korean national was arrested in Montenegro over the alleged possession of falsified documents along with fellow Terra executive Han Chang-Joon. South Korean officials were already searching for Kwon, and following his arrest, the country requested Kwon’s extradition, as did the U.S. Kwon also faces possible jail time in Montenegro over the document forgery case. Source

Fed, SEC investigate Goldman Sachs over Silicon Valley Bank’s securities portfolio: Report

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Goldman Sachs is currently facing scrutiny from the Federal Reserve and Securities and Exchange Commission (SEC) regarding its involvement in the purchase of Silicon Valley Bank’s securities portfolio prior to the bank’s collapse, The Wall Street Journal has reported, citing sources familiar with the matter. Breaking: Goldman Sachs is being investigated by the Federal Reserve and the Securities and Exchange Commission over its role in Silicon Valley Bank’s final days https://t.co/L7buF8TfvX — The Wall Street Journal (@WSJ) June 15, 2023 According to the report, both agencies are investigating Goldman Sachs’ actions…