Recently, the IRS criminal investigation chief, Guy Ficco, shared alarming statistics with CNBC regarding the rise of tax crimes involving cryptocurrency. Ficco pointed out that there has been a noticeable increase in what he refers to as “pure crypto tax crimes” falling under Title 26 of the US Code, specifically federal income tax violations. These
Regulation
The European Securities and Markets Authority (ESMA) recently issued a warning about the high concentration levels in the crypto market. The agency expressed concerns about the potential impact of a single asset or exchange failure on the entire crypto ecosystem. ESMA found that a small number of assets, such as Bitcoin (BTC), Ethereum (ETH), and
Upon receiving a Wells notice from the US SEC, Hayden Adams, the founder of Uniswap, took to social media to express his frustration. He stated that he was not surprised by the SEC’s warning, but rather annoyed and disappointed. Adams also made it clear that Uniswap’s products are legal and criticized the SEC for its
During a recent Senate hearing, Senator Tim Scott criticized the current US administration for focusing on digital assets as the main source of terrorism financing. He expressed concern that the Treasury’s exclusive requests for expanded authority over cryptocurrencies are overlooking more significant and traditional sources of funding, such as Iran’s $35 billion in oil exports
The persistent disconnect between policymakers and technology often leads to regulations that overlook crucial aspects of new technologies. In the United States, lawmakers and regulators are faced with the daunting task of regulating emerging technologies such as blockchain and artificial intelligence. Senator Cynthia Lummis has recognized the importance of innovation in the financial sector and
Lithuania is set to impose strict licensing requirements on crypto firms by 2025, a move that will significantly reduce the number of companies able to operate in the country. Central bank board member Simonas Krepsta stated that out of the 580 firms currently active in Lithuania, only a limited few will be able to obtain
The Monetary Authority of Singapore (MAS) has recently made significant amendments to its Payments Service Act (PSA) in a bid to boost user protection and strengthen its jurisdiction within the cryptocurrency industry, as announced in a statement on April 2. These revisions are in line with Singapore’s goal of solidifying its position as a cryptocurrency-friendly
In the realm of generative AI, the concept of openness is not as clear-cut as it may seem on the surface. While different vendors may claim to be open by sharing model weights, documentation, or tests, the reality is quite different. The training data sets, which are crucial for validating and verifying models, are often
The Binance-linked HKVAEX exchange has announced the closure of its services and the withdrawal of its application for an operational license in Hong Kong. The move, which came just three months after the company applied for the license, was confirmed through a notice on the Securities and Futures Commission (SFC) website. The exchange, operating under
The recent sanctions imposed by the US Department of the Treasury and its Office of Foreign Assets Control (OFAC) on the Palestinian news network Gaza Now have sent shockwaves through the crypto world. The Treasury sanctions not only targeted Gaza Now but also designated several crypto addresses associated with the news network and its affiliates,
Portugal’s National Data Protection Commission (CNPD) has made the decision to ban Worldcoin from collecting biometric data for a period of three months. The reasons behind this ban are related to the company’s alleged failure to verify the age of its members, leading to the collection of data from minors without proper parental consent. Additionally,
The recent actions taken by the US Department of the Treasury’s Office of Foreign Assets Control (OFAC) have sent shockwaves through the Russian financial services and technology sectors. With the sanctioning of 13 entities and two individuals, including companies involved in virtual assets that enable the evasion of US sanctions, the Treasury Department has made
WisdomTree, the issuer of a Bitcoin exchange-traded fund (ETF), has successfully obtained regulatory approval from the New York State Department of Financial Services (DFS) to operate its digital asset business within the state. This approval comes in the form of a charter that allows WisdomTree to function as a limited-purpose trust company under the New
The Commodities and Futures Trading Commission (CFTC) has recently given the green light to Coinbase Derivatives Exchange to list futures contracts tied to Dogecoin (DOGE), Bitcoin Cash (BCH), and Litecoin (LTC). This approval marks a significant milestone in the cryptocurrency market, as these tokens are now set to enter the world of futures trading. The