Lawmakers want more answers on the Treasury’s work targeting crypto in Russia’s sanctions evasion. On April 6, Janet Yellen, secretary of the US Treasury Department, testified before the House Financial Services Committee in a hearing entitled «The State of the International Financial System.» Though Yellen only said the word «sanction» once in her opening statements, […]
It’s no secret the IRS is on the hunt for new sources of tax revenue—and that the agency has turned its attention to taxpayers who under-report crypto-related transactions. Indeed, the IRS recently launched “Operation Hidden Treasure,” a partnership between its Office of Fraud Enforcement and Criminal Investigation Division that seeks to uncover crypto tax avoidance. […]
The first bank in Australia to announce crypto-services is reportedly facing regulatory hurdles. Local reports confirmed today that the Commonwealth Bank of Australia is facing delays to extend new crypto offerings to retail investors. Sources to Financial Review state that the Australian Securities and Investments Commission (ASIC) has obstructed CBA’s banking app pilot that included crypto assets. The […]
A leading member of the Senate Banking Committee introduced a bill to create a three-pronged regulatory framework for stablecoin issuers in the U.S. on Wednesday. Sen. Patrick Toomey (R-Pa.), the ranking member of the committee, announced the «Stablecoin Transparency of Reserves and Uniform Safe Transactions Act of 2022,» dubbed the Stablecoin TRUST Act for short, […]
Thailand’s cabinet, Khana Ratthamontri, has relaxed tax rules for investments in digital assets including cryptocurrencies and digital tokens to help promote and develop the market following a surge in cryptocurrency trading in Southeast Asia’s second-largest economy. Thailand’s Tax Rules For Digital Assets The rules, in line with an earlier announcement, will allow traders to offset […]