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2023 October Tax News
CRA issues Tax Tip on reporting of cryptocurrency holdings and transactions Table of Contents October 27, 2023 Canadians who hold “crypto-assets”, including cryptocurrency, are required to report any income or capital gains resulting from transactions involving such assets. The Canada Revenue Agency recently issued a Tax Tip for such taxpayers, outlining the record keeping and reporting…
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Estonia-Licensed Crypto Firms Blamed for €1 Billion in Damages
Bad actors exploited Estonia’s once liberal licensing regime for crypto companies to defraud investors and commit other crimes, an investigative report claims. The authors say they discovered dozens of such cases, including scams and schemes for sanctions evasion and money laundering. Since Tallinn tightened its rules, many of these entities have left Estonia, whose banking sector was accused of…
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IMF Proposes Framework to Assess Crypto Asset Risks
The International Monetary Fund (IMF) has released a working paper that delves into the macrofinancial risks tied to crypto assets. The paper, part of the IMF’s Working Papers series, proposes a framework aimed at aiding policymakers and regulatory authorities in understanding and tracking systemic risks from the crypto sector. This framework is crucial as traditional financial tools are not…
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Client Demand and ‘Negative Events’ Pushing Tradfi Institutions Towards Crypto — Bitrue Chief Strategy Officer
Growing client demand for cryptocurrencies and the belief that they represent a new asset class help to explain traditional financial institutions’ newfound interest in digital assets, the chief strategy officer at Bitrue has said. The collapse of FTX and Terra Luna in 2022 and the resulting bear market may have helped to remove barriers to entry. The entrance and presence of “tradfi”…
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South Koreans Report Over $98 Billion in Overseas Crypto Assets
South Korean tax payers have declared some 131 trillion won (more than $98 billion) of crypto holdings in overseas accounts this year. The amount was announced by the country’s tax agency and it comes after the authorities in Seoul imposed a mandatory reporting requirement for financial assets held abroad. Almost 1,500 South Korean Firms and Individuals Declare Foreign Crypto Accounts South…
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Even Mark Cuban Isn't Immune: CZ's Essential Guide to Fortifying Your Crypto Assets
Changpeng Zhao, CEO of Binance, emphasized the vulnerability of even experienced crypto users, citing a recent hacking incident. He highlighted the importance of security awareness and practices in the crypto space, pointing to an article he wrote three years ago. CZ highlighted the need for understanding basic security concepts, deciding between storage methods, and using strong passwords and…
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Russia Considers Legalizing Defi DAOs to Draw Liquidity to Its Digital Assets Market
The Finance Ministry in Moscow is pushing to legalize decentralized financial organizations to attract capital to Russia’s regulated market for digital assets. The department hopes this would allow some of the liquidity in the decentralized finance (defi) and crypto space to be invested in Russian digital financial assets (DFAs). Russian Government Looks to Defi Space for Investment Capital The…
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