Ukrainian lawmakers are considering two cryptocurrency tax bills
Ukrainian lawmakers are debating two cryptocurrency tax bills as Kiev seeks to raise funds from cryptocurrency traders. Yuriy Boyko, a member of the National Securities and Stock Market Commission of Ukraine, confirmed that the regulator was one of the drafters of one of the bills. Boyko said that the "experts of the Ministry of Finance and the State Tax Service are studying" the second bill, which was authored by MP Anton Shvachko. Meanwhile, the regulator has not disclosed all the details of its proposal, but said it has worked with EY and the Financial Sector Reform Project of the US Agency for International Development to draft the bill.
U.S. judge signs off on $1.65 billion settlement agreement between Voyager Digital and FTC
A federal judge approved an order on November 28th requiring cryptocurrency lending company Voyager Digital and its affiliates to pay $165 million in settlement to the US Federal Trade Commission (FTC) as part of an agreement. Voyager will be "permanently restrained and prohibited" from marketing or offering products or services related to digital assets.
Arthur Hayes: The United States’ handling of CZ and Binance is ridiculous. Cryptocurrency is one of the most important developments in the history of human civilization.
BitMEX co-founder Arthur Hayes wrote that the US government's treatment of CZ and Binance is absurd, highlighting the arbitrariness of national punishment. This absurd phenomenon tells us that cryptocurrency is one of the most important political, financial, and technological developments in human civilization history. It has such a powerful transformative power that in less than a decade, CZ can become one of the richest people in the world, and Binance can be more necessary for daily life than famous financial institutions that have existed for centuries. Hayes also said that since the US dollar is the largest financing currency in the world, if the credit price falls, all fixed supply assets such as Bitcoin and gold will rise in US dollar legal price. An important part of this bullish macro support is that it does not require Chinese companies and high net worth individuals to buy any Bitcoin. The interchangeability of global legal credit will determine the marginal legal dollar flowing into hard currency assets such as Bitcoin.
Indian authorities prepare to charge 3 defendants in alleged $240 million cryptocurrency scam
A special investigation team established to investigate a cryptocurrency fraud case in India worth $240 million will file charges against three main defendants this week. The police initially charged the three defendants, Hem Raj, Sukhdev, and Abhishek, under IPC Section 420 and 120 B (criminal conspiracy), as well as Prohibition Orders 21 and 23.
HKVAEX Applies for License with Hong Kong Securities and Futures Commission
Hong Kong-based virtual asset trading platform HKVAEX has applied for a license with the Securities and Futures Commission (SFC), joining other recent applicants such as Panthertrade and OKX in seeking regulatory approval under Hong Kong's new crypto regulatory framework. The new framework, which permits retail investors to engage in virtual asset trading, has democratized access to digital assets and spurred the SFC to begin issuing licenses to crypto exchanges. The world's largest cryptocurrency exchange, Binance, is reportedly behind the establishment of HKVAEX, although the platform has maintained its independence and commitment to applying for the SFC's virtual asset trading platform license. The JPEX scandal has accelerated the SFC's efforts to approve cryptocurrency products to bolster industry compliance, while regulatory bodies are increasingly monitoring non-compliant platforms and curbing aggressive advertising tactics.
Lawmaker says Binance's $4.3B fine shows no need for new crypto laws, calls for more recruitment instead
Binance and its former CEO CZ have agreed to pay a $4.3 billion fine in a deal with U.S. prosecutors, which has led one lawmaker to argue that current laws are sufficient for regulating cryptocurrencies. Rep. Tom Emmer stated that the successful prosecution shows that current laws can weed out bad actors, and that Congress should focus on bringing more crypto companies to the U.S. instead of creating new laws. However, Emmer's stance may not bode well for bills currently moving through Congress, including one regarding stablecoins introduced by his colleague Rep. Patrick McHenry. Meanwhile, Sen. Elizabeth Warren has called for more government action against the crypto industry, citing Binance's alleged flaunting of anti-money laundering laws as a predictable trend.
Cryptocurrency fund CGV invests $5 million in Blast ecosystem
On November 27th, Japanese cryptocurrency investment company CGV announced a $5 million special investment in the Blast ecosystem, aiming to jointly promote the development of the Blast network.
Argo Blockchain appoints Thomas Chippas as CEO and executive director
Cryptocurrency mining company Argo Blockchain announced the appointment of Thomas Chippas as CEO and Executive Director on social media. Thomas previously served as CEO of CBOE Digital and has executive experience at Citadel, Axoni, Citigroup, and Barclays Bank.
Japanese tax agency investigates hundreds of cryptocurrency tax violations
National Tax Agency (NTA) of Japan has revealed that it has recently investigated hundreds of cases of tax violations related to cryptocurrency. The NTA released its annual tax investigation report before the weekend, which includes a section on cryptocurrency taxation. The data in the report and a report from Japan's CoinPost show that the agency conducted 615 investigations into cryptocurrency held by Japanese residents in the 2022 fiscal year. The NTA noted that it had discovered 548 cases of tax violations, a significant increase from the previous fiscal year. In the 2021 fiscal year, the NTA conducted 444 investigations related to cryptocurrency and discovered 405 violations. However, the value of tax violations related to cryptocurrency seems to have decreased, which may reflect the global decline in cryptocurrency prices.
POLS Market: POLS split solution will be launched and support conversion of POLS inscriptions into PRC20 tokens
POLS Market has published an article on the X platform introducing the POLS split solution based on the PRC20 protocol. This solution allows POLS inscriptions to be divided into any desired number of transferable inscriptions while retaining the original POLS inscriptions. In addition, under the verification of multiple trusted indexers (relays), POLS inscriptions can be converted into PRC20 tokens, which will help POLS to be listed on exchanges. This feature is scheduled to be launched on November 26.
