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Crypto Exchange Nexo Integrates Koinly Tax Reporting Tool
39 minutes ago
Coinscreed
Coinscreed
Coinspeaker
Coinspeaker
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Coinspeaker CZ Binance Hires Former US Prosecutor Matthew Diggs Changpeng Zhao (CZ), the founder and former CEO of the world’s largest cryptocurrency exchange Binance has hired Matthew Diggs, an ex-prosecutor in the United States with years of criminal and regulatory experience, to defend his interests in the ongoing settlement saga with the government. Recall that Binance inked a $4.3 billion settlement deal with the US law enforcement agencies, including the country’s Commodities Futures Trading Commission (CFTC) and the Department of Justice (DOJ), which resulted in CZ’s resignation as the CEO of the exchange last week. The former Binance boss pleaded guilty to money laundering violations and is facing up to 18 months in prison as part of the agreement with the US government. However, despite being released on a $175 million personal recognizable bond, the DOJ insisted that CZ was a flight risk and has been denied returning to the United Arab Emirates pending a court hearing scheduled for sentencing in February 2024. Diggs Joins Defense Team in High-Stakes Lawsuit Against CZ According to a court document filed on November 27, the veteran lawyer and former US federal prosecutor filed a notice of attorney appearance to defend CZ. The move comes after the ex-Binance boss failed to represent his interest and convince Judge Richard Jones of the US District Court for the Western District of Washington to grant him permission to return to his family in Dubai. CZ was ordered to remain in the United States until his sentencing hearing in 2024 in accordance with the conditions of his bond release. However, with Diggs currently in the picture, the former enforcement officer may be able to persuade the court to let him return to his home in Dubai. The Chinese-born entrepreneur is a citizen of both Canada and the UAE. The seasoned former prosecutor, also a member of the Davis Wright Tremaine, is known for handling intricate litigation matters and has defended against False Claims Act investigations and various government enforcement actions. His experience includes assisting clients facing challenging white-collar cases and investigations. For over 15 years, he has handled diverse legal cases across different sectors, including healthcare fraud, environmental crimes, investment fraud, and tax prosecutions. Binance to Maintain its Position as a Global Leader Despite the ongoing legal battle with CZ Binance and the US government, market experts believe the company will continue to maintain its position as the biggest crypto exchange in the world. Last week, Bernstein analysts led by Gautam Chhugani said the recent settlement with the US government had no negative impact on Binance outside the country despite recording outflows of around $1 billion. Non-US retail customers remained optimistic about the exchange, and the experts predicted it would continue to be a major player outside the American market. Despite maintaining its dominance on an international level, analysts said the settlement will pave the way for more competition. CZ had earlier clarified that the US government had dismissed all criminal charges against the company. According to him, the authorities no longer allege the exchange violated AML rules, mishandled users’ funds, or participated in market manipulation. next CZ Binance Hires Former US Prosecutor Matthew Diggs

about 1 hour ago
Optimisus
Optimisus
followers

HM Revenue and Customs (HMRC) in the United Kingdom has announced a new system that will allow taxpayers to “voluntarily” disclose any unpaid tax on various digital assets. This action is part of the government’s broader strategy to improve oversight of the emerging asset class, which includes cryptocurrencies. This initiative, which was announced on November 29, 2023, covers a wide range of crypto assets, including exchange tokens like Bitcoin, non-fungible tokens (NFTs), and utility tokens. The framework established by the regulator allows individuals to proactively disclose any unreported income or gains from crypto assets. This approach aims to help taxpayers correct their tax affairs while potentially avoiding harsh penalties and interest charges for noncompliance. To begin, users must obtain a Government Gateway user ID and gather detailed information about their crypto assets, such as personal information, a National Insurance number, the number and amount of transactions, and comprehensive financial data. Capital Gains Tax, Income Tax, interest, and penalties must all be calculated. The system prioritizes determining the length of time that the unpaid tax must be disclosed, which varies depending on the taxpayer’s behavior—whether it involved reasonable care, carelessness, or deliberate omission in previous tax filings. The period of disclosure ranges from four years for those who exercised reasonable caution to twenty years in cases of deliberate misinformation. The HMRC has created tools and resources, such as penalty and interest calculators, to help taxpayers accurately assess the financial consequences of their crypto-asset transactions. The procedure concludes with the submission of a disclosure form and the payment of all owed amounts, including taxes, interest, and penalties. The new system demonstrates the UK government’s commitment to modernizing tax collection mechanisms in response to technological advances. Its goal is to ensure fair taxation and compliance across all financial sectors while also bringing clarity and efficiency to the taxation of crypto asset gains, in line with global trends in digital asset regulation. The UK’s His Majesty’s Treasury (HMT) unveiled a regulatory framework for crypto assets about a month ago. According to Brian Quintenz of a16z Crypto, this move is part of an effort to integrate cryptocurrencies into the UK financial landscape. Airdrops are excluded from token issuance regulations, and non-fungible tokens (NFTs) are classified as non-financial services activities, according to the framework. Decentralized finance (DeFi) is approached in a balanced manner, avoiding a ban while encouraging innovation. The HMT framework does not equate cryptocurrency trading with gambling, with the goal of aligning with international regulatory standards and fostering crypto innovation. The recent tax warning appears to be another step toward bringing various crypto activities under financial services regulation.

about 6 hours ago
Coinpedia
Coinpedia
followers

The post 7 Top Cryptocurrency Coins To Invest In For 2024 That Holders Could See Explode appeared first on Coinpedia Fintech News Cryptocurrency investing has become an extremely profitable activity for investors who can pick the right coins. However, with over 10,000 token in existence and more launching each day, it can be challenging to identify the top crypto performers. This article will highlight seven promising cryptocurrencies investors may wish to buy and hold through 2024. 1. Meme Kombat (MK) One of the top crypto coins that could explode in 2024 is Meme Kombat (MK), a gaming platform built on the Ethereum blockchain. Meme Kombat’s main feature is a battle arena where users can watch AI-powered fights between meme characters and bet on their outcomes. Prizes are paid out in MK, Meme Kombat’s native ERC-20 token, which can also be staked to earn high yields. Due to its meme coin branding and unique features, Meme Kombat has attracted massive attention in its presale and raised over $2.2 million. Early investors can buy MK tokens through the presale for $0.214 before their DEX launch in January. 2. Bitcoin ETF Token (BTCETF) Next is Bitcoin ETF Token (BTCETF), designed to speculate on the potential market impacts of a spot BTC ETF being launched in the US. Due to the seismic nature of a spot ETF launch, many early backers believe the BTCETF price could soar – especially given its unique tokenomics setup. Every time an ETF approval milestone is reached, such as an official launch date, 5% of the total BTCETF supply will be burned. In addition, a 5% transaction tax will be implemented on BTCETF transfers, further reducing the total supply over time and potentially enhancing value. Although not yet available on exchanges, would-be investors can buy BTCETF tokens for $0.006 ahead of its IEO through the presale at btcetftoken.com. 3. TG.Casino (TGC) TG.Casino (TGC) is a top crypto casino integrated directly into the Telegram app, allowing users to play casino games and bet on sports markets anonymously. Offering fast deposits/withdrawals and boasting a gaming license from Gaming Curacao, TG.Casino seeks to set itself apart from other projects in the GambleFi space. The casino’s native token, TGC, can be staked to earn impressive yields and is also part of a buyback-and-burn mechanism designed to reduce the total supply. TG.Casino users who gamble using TGC will even receive 25% cashback on their losses. The TGC presale has already raised over $3.1 million in funding, with early investors able to buy TGC tokens at the discounted price of $0.17. 4. Bitcoin Minetrix (BTCMTX) Bitcoin Minetrix (BTCMTX) is another cryptocurrency that could explode in 2024 due to its unique Stake-to-Mine feature. This feature allows users to stake BTCMTX, the ecosystem’s native token, to earn cloud mining credits. These credits can then be burned to earn mining power – used to mine Bitcoin virtually and earn recurring rewards. Users can also stake their BTCMTX tokens to earn yields of 132% per year, thereby creating a dual-earning approach that could prove fruitful over the long term. Like the three projects mentioned previously, Bitcoin Minetrix is still in its presale phase, yet interested investors can buy BTCMTX tokens during the current stage for  5. Solana (SOL) Solana (SOL) is already a top crypto that investors may wish to watch in 2024 due to its potential in the blockchain space, and deep correction from its all-time high ($260 in Nov 2021, now $60 as of late 2023). Boasting fast transaction speeds, low fees, and immense scalability, Solana has become the go-to blockchain for many DApp developers. Additionally, Solana has obtained partnerships with companies like Visa, helping boost credibility and adoption. If integration and innovation continue at their current rate, Solana could be poised to compete with Ethereum next year – which might be great news for the SOL price. 6. Immutable (IMX) Investors seeking a top crypto project may also wish to consider investing in Immutable (IMX), given that it acts as a layer-2 scaling solution for NFTs. Immutable offers benefits like instant trade confirmation, zero gas fees, and carbon-neutral minting. Moreover, Immutable has forged partnerships with the likes of GameStop, helping boost its visibility and create new use cases. With the IMX token now listed on an array of Tier-1 exchanges, there’s a chance it could continue growing in 2024 as layer-2 solutions become more widely used. 7. Celestia (TIA) Lastly, Celestia (TIA) is a modular blockchain network that addresses scalability issues by decoupling execution from consensus. This approach is designed to help Celestia solve the scalability issues facing major chains like Ethereum. Using Celestia, developers can build custom blockchains themselves while benefiting from the security of the main consensus layer. In Q4 2023 TIA has already ranked among the top trending crypto projects, thanks to its recent Coinbase listing. As more developers use Celestia to build, there’s likely to be increased demand for the native TIA token – which could see it explode in 2024. 

about 4 hours ago
Cryptopolitan
Cryptopolitan
followers

The United Kingdom’s (UK) crypto users find themselves at the crossroads of innovation and regulatory scrutiny. As the digital asset space continues to grow, so does the attention of tax authorities seeking to ensure compliance with fiscal regulations.  The latest development comes in the form of new tax penalties imposed by the UK’s HM Revenue & Customs (HMRC), leaving many crypto users on the edge, questioning their financial standing and potential liabilities. UK’s HMRC sets nets on unpaid crypto taxes His Majesty’s Revenue and Customs (HMRC) has given a firm order to crypto users in a significant move by the UK’s tax authorities. This announcement, which has serious ramifications for UK crypto investors, focuses on declaring and paying taxes on digital assets within a specific timeline. HMRC says that the amount of time customers have to pay back taxes depends on the reason they did not pay earlier. It asks taxpayers to choose one of three options and admit whether they were careless, purposefully avoided paying, or planned to pay but were unable to do so.  Make a voluntary disclosure of any unpaid tax if you have income or gains from cryptoassets, including exchange tokens, NFT’s and utility tokens […] If you do not contact us to declare your unpaid tax, you could be liable to additional interest and penalties. UK’s HMRC Users who wanted to pay but did not do so will owe the UK’s HMRC the amount for the past four years. The less diligent taxpayer must pay for the past six years, while the deliberate tax evader must pay for everything crypto kept for up to the previous 20 years. Crypto taxation state in the UK Because digital assets are classified similarly to other financial instruments, they are subject to Capital Gains Tax (CGT). CGT rates range from 10% to 20%, depending on an individual’s income and the extent of their profits. The HMRC has said unequivocally that failure to declare and pay taxes on crypto assets will result in additional interest and penalties. The interest, which accrues daily from the due date until complete payment, adds an extra element of urgency to this issue.  It is vital to remember that any tax on previous-year crypto holdings that are now considered late would automatically incur this interest. Disclosures that do not adequately reflect this interest will be rejected. Users who have previously disclosed crypto taxes to the UK Treasury have 30 days from the date of disclosure to complete all required payments. If the deadline is missed, the Treasury will take efforts to reclaim the funds, and users may face penalties, according to the article. The upcoming crypto hub has been clarifying its position on crypto taxation. The Treasury issued a guidebook in 2021 to help UK crypto holders in paying taxes, and the UK declared in March this year that persons would have to report their crypto separately in tax forms. The HMRC’s latest announcement serves as an important warning for UK crypto hodlers to be alert and comply with tax legislation in order to avoid severe penalties. The demand for revenue made in crypto comes as the crypto market enters the bull run. At the time of writing, Bitcoin is currently trading at $37,736.26, with a 24-hour trading volume of $26,438,618,710.77. This is a 0.10% increase in the last 24 hours and a 3.43% increase in the last 7 days. The global crypto market cap is now $1.48 trillion, a 0.46% increase over the last 24 hours and a 70.31% increase over a year ago. Bitcoin (BTC) has a market cap of $739 billion as of today, signifying a 49.83% market dominance. Meanwhile, the market cap of stablecoins is $130 billion, accounting for 8.74% of the total crypto market cap.

about 22 hours ago
CoinMarketCap
CoinMarketCap
followers

U.K. Government Warns of Penalties for Unpaid Taxes From Crypto, NFT and Utility Token Holdings In an effort to tighten its control over unpaid crypto taxes, the UK government is urging cryptocurrency users to voluntarily disclose their capital gains or income related to digital assets such as cryptocurrencies, non-fungible tokens (NFTs), and utility tokens. In an announcement published on Nov. 29, the HM Revenue & Customs has advised crypto holders in the UK to voluntarily report their unpaid capital gains and income taxes from digital assets to avoid potential penalties. In the guideline, crypto asset holders are being urged to carefully assess the extent of their unpaid crypto taxes. The number of years to disclose depends on the degree in which the individual has notified authorities or paid previous taxes. Those who have taken “reasonable care” in managing tax affairs will need to pay taxes for 4 years, while those who “did not take care” have to pay what they owe for 6 years. Meanwhile, individuals that “deliberately misled HMRC” will have to pay taxes owed over a maximum of 20 years. Those who have made a disclosure are granted a 30-day timeframe to pay all outstanding taxes on digital assets. Failure to meet this deadline could result in repercussions, including actions taken by the Treasury to recover unpaid amounts. As part of the ongoing efforts to improve tax reporting requirements, the UK government intends to introduce a dedicated section in self-assessment tax return forms for cryptocurrency holders to disclose their gains. This planned change, expected to be implemented in the 2024-25 fiscal year, aims to streamline reporting procedures and enable tax officials to more effectively cross-reference customer information. The UK aims to be a global hub for the cryptocurrency industry. Alongside tax regulations, the UK government has announced its final plans for regulating crypto assets under the Financial Conduct Authority (FCA).

about 8 hours ago
MetaversePost
MetaversePost
followers

The UK government is intensifying its efforts to regulate the crypto market by imposing penalties on users who fail to disclose and pay taxes on their crypto earnings. This move comes as part of the government’s broader initiative to integrate cryptocurrency into its tax framework. The UK Treasury has urged crypto users to voluntarily report any unpaid income or capital gains taxes. These taxes are related to their holdings in exchange tokens like Bitcoin, NFTs and utility tokens. The initiative aims to bring more transparency and compliance in the cryptocurrency sector with existing tax laws. Crypto users who have disclosed their cryptocurrency taxes to the UK Treasury are given a 30-day window from the date of disclosure to settle their dues. Failure to comply within this timeframe could lead to the Treasury taking action to recover the owed amounts. This could also include imposing potential penalties. UK’s Stance on Crypto Taxation The UK, aspiring to be a hub for cryptocurrency, has been steadily defining its position on crypto taxation. In 2021, the Treasury released a manual to assist holders with tax payments. Moreover, in March 2023, the UK announced mandatory separate declarations for crypto assets in tax forms. This move signals its commitment to integrating cryptocurrency into the financial system. In related global tech governance, the UK, alongside US, Singapore and other nations, has recently participated in an international agreement. The agreement focuses on promoting responsible AI development. Detailed in a 20-page document, it emphasizes the importance of prioritizing security in AI design and utilization. The UK’s move to enforce tax penalties on undisclosed cryptocurrency earnings reflects a growing trend of governments seeking to regulate digital assets. This approach aims to ensure tax compliance. It also aligns with broader international efforts to responsibly manage emerging technologies like AI. The post UK Government Set to Impose Penalties for Tax-Evading Crypto Users appeared first on Metaverse Post.

1 day ago
Coinpedia
Coinpedia
followers

The post Crypto Investors in the UK Face Tax Disclosure Deadline! appeared first on Coinpedia Fintech News The UK government has issued a stern warning to cryptocurrency investors, urging them to voluntarily disclose any unpaid capital gains or income taxes on their digital assets. This includes exchange tokens like Bitcoin, NFTs, and utility tokens. The disclosure should reflect any gains or income accrued from these assets. Investors who have already made crypto tax disclosures to the UK Treasury have 30 days from the disclosure date to settle all outstanding payments. Failure to adhere to the deadline could result in penalties and recovery efforts by the Treasury.

1 day ago
Cointelegraph
Cointelegraph
followers

Brazilians may soon be required to pay up to 15% tax on income derived from cryptocurrencies held on exchanges outside the country, after new income tax rules were approved by the Brazil Senate on Nov. 29. The bill has already passed in the Chamber of Deputies and is expected to be approved by President Luiz Inácio Lula da Silva, as his administration initiated the income tax rule changes, Cointelegraph Brazil reports. Under the bill, any Brazilian who earns more than $1,200 (6,000 Brazilian reals) on exchanges based outside Brazil would be subject to the tax, effective Jan. 1, 2024. The change makes those funds taxable at the same rate as funds held domestically. Funds earned before that date would be taxed when accessed by the owner, meanwhile, earnings on funds accessed before Dec. 31 will be taxed at 8%. Fortunately, you are misunderstanding thisBrazil is not taxing people regardless of residencyWhat changes with PL 4173/23:CURRENTLY: Tax-deferralIf you own an offshore company or trust while being a Brazil tax resident, you only pay tax when it distributes profits to… https://t.co/iiG1YyVUr9 — BowTiedGlobe | Your Freedom Dealer (@BowTiedGlobe) November 29, 2023 The bill also affects “exclusive funds” — investment funds with a single shareholder — and foreign companies active on the Brazilian financial market. The government hopes to raise $4 billion (20.3 billion Brazilian reals) in 2024. Senator Rogério Marinho voiced his opposition to the bill. He said: “The government is creating a tax because it is a poor manager.”  In September, the governor of the Banco Central do Brazil Roberto Campos Neto, announced plans to tighten regulations on cryptocurrency in connection with a sharp rise in its popularity in the country. At the time, he said he suspected crypto was being used for tax evasion.  The Brazilian central bank was given jurisdiction over virtual asset service providers in June. Crypto-based securities are regulated by the Comissão de Valores Mobiliários — Brazil’s equivalent of the United States Securities and Exchange Commission. Magazine: 6 Questions for Lugui Tillier about Bitcoin, Ordinals, and the future of crypto

about 13 hours ago
Cryptopolitan
Cryptopolitan
followers

The United States Treasury Department, under the guidance of Deputy Secretary Wally Adeyemo, is intensifying its focus on the cryptocurrency sector by exploring new sanctions tools. This move aims to curtail illicit activities within the digital asset ecosystem and is part of a broader strategy to adapt to the evolving challenges posed by the use of cryptocurrencies in unlawful operations. Strengthening Sanctions to Combat Crypto Crimes The U.S. Treasury’s initiative reflects a growing concern about the use of cryptocurrencies in criminal activities such as child sexual abuse, illegal narcotics trafficking, and terrorism. Adeyemo highlighted the need for more robust sanctions, including measures that could completely isolate entities from the U.S. financial system. This approach is intended to prevent groups like Hamas, Al Qaeda, and ISIS from exploiting digital assets for malicious purposes. The deputy treasury secretary’s remarks come in the wake of a recent settlement with the cryptocurrency exchange Binance, where the platform was implicated in facilitating over 100,000 transactions linked to various criminal activities. Adeyemo emphasized the importance of collaboration between the government and financial sector companies in sharing information crucial for combating money laundering, fraud, and the financing of terrorism. He also indicated that stablecoin providers operating outside the U.S. might come under closer scrutiny as the Treasury works to close existing regulatory gaps. Aligning Authorities with Evolving Digital Asset Ecosystem The push for expanded sanctions is part of a broader effort by the U.S. government to update its illicit finance authorities to better address the challenges posed by digital assets. Adeyemo stressed the inadequacy of relying on outdated statutory definitions to tackle current illicit finance risks, especially those emerging in 2023. This need for modernization is evident in the Treasury’s actions, including the recent sanctions imposed on the crypto mixer Sinbad for allegedly facilitating funds laundered by the North Korea-based Lazarus Group. In addition to sanctioning mechanisms, the Treasury is also focusing on tax reporting and payment difficulties associated with crypto transactions. In August, the Treasury released a draft of rules aimed at addressing these challenges, with new reporting requirements for brokers expected to be implemented by 2026. However, these proposals have faced criticism for their impracticality and the burdens they place on brokers. The Treasury’s actions signal a significant shift in the U.S. government’s approach to regulating the crypto industry. By expanding sanctions and updating regulatory frameworks, the Treasury aims to curb the misuse of digital assets while navigating the complexities of this rapidly evolving sector. This development underscores the need for crypto companies to stay abreast of regulatory changes and adapt their operations accordingly to ensure compliance with U.S. laws and regulations. As the digital asset ecosystem continues to grow, the role of government oversight becomes increasingly crucial in maintaining the integrity and security of the financial system.

about 12 hours ago
Sweety-342149150
Sweety-342149150
followers

#BinanceTournament #BTC #link #etf #bullrunBtc 💥💥💥💥SoFi, an online banking platform, has announced that it is discontinuing its cryptocurrency trading service. Customers were notified of this decision via an email sent on Wednesday morning.The company’s existing crypto customers will have the opportunity to migrate their assets to Blockchain.com, known primarily for its digital wallet services.SoFi, a high-yield savings account provider-cum-investing platform, first offered crypto trading in 2019. Until recently however, it has been managing its operations under a two-year conditional approval granted by the Federal Reserve.The San Francisco-based bank appears to be the first domino to fall following the Fed’s “novel activities supervision program” introduced over the summer. This program imposes stringent requirements on how banks interact with emerging financial technologies, including cryptocurrencies. A SoFi spokesperson said the decision to end SoFi’s crypto services was spurred by the Federal Reserve’s regulatory guidance for its digital asset business following SoFi’s approval as a bank holding company. SoFi found it increasingly unlikely their crypto business would be fully approved after seeing the Fed’s crypto requirements grow more strict over time, the spokesperson said.Read more: SoFi says ‘no assurance’ of meeting Federal Reserve crypto standardsSoFi customers have until Dec. 19 to shuttle funds to Blockchain.com, but state regulations will force some out of their crypto investments entirely. New York residents will be forced to sell all their SoFi crypto, while residents in a smattering of other states including Texas have to sell a set of tokens including DeFi-natives AAVE, COMP, MKR, and UNI. A spokesperson for Blockchain.com said the company saw “tens of thousands” of SoFi customers agree to migrate their crypto to the platform immediately following the announcement. Blockchain.com expects that the majority of SoFi’s crypto clients will choose to migrate, as selling their holdings could result in tax liabilities.Blockchain.com announced a $110 million funding round, the fourth-largest crypto raise in 2023, earlier this month.

about 15 hours ago

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