Japan’s Cabinet has approved a proposal to eliminate corporate tax on unrealized cryptocurrency gains, potentially revolutionizing the crypto landscape in the country. If this proposal becomes law, it would mean that companies would no longer have to pay taxes on the difference between the market and book values of their crypto assets. This move is […]
Chinese authorities have reportedly cracked down on a $2.2 billion underground banking operation that used foreign virtual currency trading platforms to help clients bypass the country’s capital controls. The operation involved underground banks purchasing virtual currencies and then selling them through overseas trading platforms to obtain foreign currency, thus circumventing China’s strict foreign exchange regulations. […]
Hong Kong is considering accepting and regulating fiat-referenced stablecoins (FRS) through a proposed licensing regime. The Financial Services and the Treasury Bureau (FSTB) and the Hong Kong Monetary Authority (HKMA) have published a consultation paper outlining the requirements for obtaining a license. The proposed criteria include full backing of stablecoins with reserves, segregation and safekeeping […]
Africa has emerged as a continent with significant interest in cryptocurrency, with countries like South Africa, Nigeria, Zimbabwe, Kenya, and Ghana leading the way in adoption. In 2023, these countries made significant progress in cryptocurrency regulation and adoption.South Africa has been at the forefront of cryptocurrency regulation, implementing measures such as taxing cryptocurrencies and recognizing […]
Ripple’s Chief Legal Officer, Stuart Alderoty, recently revealed the details of the US Securities and Exchange Commission’s (SEC) settlement offer to the company. The SEC had requested Ripple to publicly acknowledge that XRP is a security and offered a short window for compliance. However, Ripple rejected the offer, maintaining that XRP is not a security.In […]
Ripple, the global payments network, has achieved a significant milestone by obtaining regulatory approval from the Central Bank of Ireland to provide crypto services in the country. This approval allows Ripple to offer digital asset services through its Irish subsidiary, Ripple Markets Ireland Limited. It also demonstrates Ripple’s commitment to regulatory compliance and its vision […]
Telcoin, a decentralized finance platform (DeFi), has suffered a hack in its mobile wallet application, resulting in a loss of over $1 million in cryptocurrencies. The incident, which was first reported by security firm Peckshield, has raised concerns about the security of DeFi platforms.Fortunately, Telcoin has responded quickly to the attack, ensuring the security of […]
Japan is set to approve a revision to its taxation law that will provide tax relief for companies holding cryptocurrency on their books. The reforms, if approved, will come into effect in the 2024 fiscal year. The revision includes specific conditions for assessment and inclusion, such as requiring firms to hold cryptocurrency issued by a […]
Japan is set to approve a revision to its taxation law that will provide tax relief for companies holding cryptocurrency on their books. The reforms, if approved, will come into effect in the 2024 fiscal year. The revision includes specific conditions for assessment and inclusion, such as requiring firms to hold cryptocurrency issued by a […]
The legal battle between Ripple Labs, Inc. and the U.S. Securities and Exchange Commission (SEC) has attracted significant attention in the crypto community. Attorney John Deaton, founder of Crypto Law, recently shared his perspective on the possibility of a settlement in this ongoing dispute. Deaton believes that a settlement is unlikely due to the SEC’s […]
