US Government Delays Issuing Tax Rule for Cryptocurrency, Causing Frustration for Investors and Brokerages
The completion of a proposed tax rule that would change how cryptocurrency investors and brokerages report their taxes has yet to be issued by the US government, causing frustration for the industry. The delay may be due to concerns from the White House about legitimizing the crypto industry while debating oversight legislation for digital assets markets and stablecoins. The proposed rule would govern how crypto firms report information about customers’ tax positions, potentially addressing a central objection to crypto. The delay means that the new rules may not be in place until after the 2023 tax season, causing a tight timeline for compliance in 2024 and prompting some lawmakers to urge the IRS to act swiftly to prevent tax evasion.
Singapore Red Cross Now Accepting Cryptocurrency Donations Through Partnership with Triple-A Payment Gateway
Singapore Red Cross, a charity organization that provides humanitarian aid and community services, has added cryptocurrency as a newly-accepted form of donation. Bitcoin, Ether, Tether and USD Coin donations are now accepted and will be converted into fiat currency and settled via bank transfer within one business day. The organization has partnered with Triple-A, the first crypto payment gateway licensed by the Monetary Authority of Singapore, to enable anonymous donations in crypto. This move is aimed at attracting a new segment of tech-savvy donors who wish to make a difference through their digital assets.
Blockstream CEO Adam Back Wagers One Million Satoshis on Bitcoin Hitting $100K Before 2024 Halving
Adam Back, CEO of Blockstream and an early pioneer of cryptocurrency, has bet one million satoshis (worth $290) that Bitcoin will reach an all-time high of over $100,000 before the halving in 2024. Back believes the price will reach this level sooner than the actual date of the halving, which is currently on track for April 26. Despite the small bet, it reflects a growing bullish trend on the price of Bitcoin among market commentators and analysts ahead of next year’s halving. Other Bitcoiners, such as Samson Mow, also expect a new all-time high for Bitcoin before the halving.
Worldcoin Sees 148% Surge in Unique Addresses, Top 20 Wallets Control 94% of WLD Supply
Worldcoin's native cryptocurrency, worldcoin (WLD), has experienced a significant increase in the number of unique addresses holding the token. Over the past 12 days, the count of individual addresses has surged by 148%, rising from 164,195 wallets to 408,721.
China announces aggressive measures to tackle crypto and AI fraud
China has declared its determination to combat the rising trend of fraudulent activities facilitated by emerging technologies like cryptocurrency and artificial intelligence. The government is targeting foreign telecommunication companies that allegedly use these technologies to orchestrate fraudulent schemes aimed at luring locals into illegal activities. The resolution was passed during a recent plenary session, with the Chinese Central Political and Legal Committee emphasizing the need for a systematic governance approach and a robust legal framework to curb illegal activities in the nation's digital landscape. To effectively combat this transnational threat, the ruling party has called for international collaboration in law enforcement. Additionally, the Chinese government is increasing public awareness campaigns and educational initiatives to empower individuals, especially the younger generation, to identify and thwart telecommunications and network fraud.
Bitcoin Whales Continue to Accumulate Despite Market Turbulence, Signaling Positive Market Dynamics
Bitcoin's price has been volatile, currently sitting at $29,072 with no immediate support level. However, Bitcoin whales, who hold large amounts of the cryptocurrency, are continuing to accumulate more despite the market turbulence and not securing their profits. This accumulation suggests a positive dynamic in the market and anticipation of an upcoming price increase. The next Bitcoin halving is expected in 2024, and historical trends indicate a new market cycle will commence, potentially triggering significant price rallies. While major investors are banking on Bitcoin's long-term potential, retail investors should approach with caution and conduct thorough research.
YesStyle Collaborates with Binance Pay to Bring Cryptocurrency Payments to the Beauty and Fashion Industry
Global marketplace leader YesStyle has partnered with Binance Pay, a prominent cryptocurrency payment gateway, to allow customers to use various cryptocurrencies, including Shiba Inu (SHIB), to make purchases from over 300 beauty brands on the YesStyle platform. This collaboration reflects the growing mainstream acceptance of cryptocurrencies and the evolving preferences of consumers.
FBI Warns of Phishing Scams and Social Media Account Hijackers
The FBI has issued a warning about criminals who are taking over social media accounts and pretending to be legitimate individuals in the non-fungible token and cryptocurrency space. They have also expressed concerns about fake websites that deceive victims into thinking they are using legitimate platforms in order to steal their NFTs and cryptocurrencies.
Crypto Privacy Battle: US Businesses to Collect User IDs on $10,000 Crypto Purchases Sparks Controversy
US businesses will soon be required to collect personal information, such as name, address, and government ID, from individuals using over $10,000 worth of cryptocurrency for purchases. This has sparked a privacy battle in the crypto industry, with Coin Center suing the Treasury Department over concerns of unconstitutional surveillance. A judge dismissed the lawsuit, citing its premature nature, but Coin Center has appealed the decision.
Elon Musk claims X 'never will' launch a crypto token
Elon Musk, has stated that the platform will never launch its own cryptocurrency. Musk's response came after a user warned others to be cautious of fake tokens or memecoins claiming to be official X-sanctioned crypto projects.
