Australia’s ministerial department of Treasury reached out to the public to seek consultation regarding draft legislation that would exclude cryptocurrencies from being taxed as a foreign currency if passed. In a press release, Assistant Treasurer Stephen Jones highlighted the Australian government’s intent to exclude crypto assets from being regarded as a foreign currency for tax purposes.…
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The past few years have seen crypto assets moved from being “niche products” to having more of a mainstream presence, prompting the need for more comprehensive regulation of the space, according to the International Monetary Fund (IMF). In a new report authored by IMF capital markets director Aditya Narain and assistant director Marina Moretti, officials noted…
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Crypto influencer FatManTerra claims to have gathered over $100,000 worth of Bitcoin (BTC) from crypto investors in an investment scheme that was later revealed as fake. The crypto researcher said he created the fake investment scheme as an experiment and to teach people a lesson about blindly following the investment advice of influencers. The account…
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Mark Alexander Hopkins, also known by the moniker ‘Doctor Bitcoin’ or their handle Rizzn, has claimed that “transacting Bitcoin p2p is a federal crime” after announcing the sentence in their case to social media followers. In a Sunday Twitter thread, Hopkins said that they were facing between 6 to 15 months at a federal correctional…
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The United Kingdom’s Financial Reporting Council has reportedly found flaws in the audit of cryptocurrency-friendly payments app Revolut that included an “unacceptably high” risk of “material misstatement.” According to a Monday report from the Financial Times, the U.K. Financial Reporting Council criticized the results of a Revolut audit released in July by accountancy and business…
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The Reserve Bank of India (RBI) is in talks with fintech companies and state-controlled banks about a trial run of a central bank digital currency (CBDC), local publication Moneycontrol reported on Sept. 5. An unnamed public sector bank official told the publication that the trial may precede an RBI launch of a CBDC this fiscal year.…
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The Federal Reserve’s efforts to battle inflation by rising interest rates and killing demand may have limited results as long as the supply side of the inflation problem won’t be fixed, according to macro analyst Lyn Alden. “Until they actually fix the supply side of certain things, like energy especially, but commodities broadly and logistics…
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United States-based crypto lending platform Celsius, which collapsed and stopped the withdrawal option amid the market meltdown in June, pledged its readiness to partially return money to customers. However, there’s a catch — as the company has filed a motion with the United States Bankruptcy Court, its pledge would only apply to Custody and Withold…
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After a race for the leadership of the Conservative Party, Secretary of State for Foreign, Commonwealth and Development affairs Liz Truss defeated former Chancellor of the Exchequer Rishi Sunak and will be the next prime minister of the United Kingdom. Boris Johnson, who served as the prime minister since 2019, will be on his way…
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Law enforcement in Australia is working to boost cryptocurrency expertise and trace crypto transactions by setting up a dedicated police group. The Australian Federal Police (AFP) has established a new cryptocurrency unit to focus on monitoring crypto-related transactions, The Australian Financial Review reported on Monday. Stefan Jerga, the national manager of the AFP’s criminal asset…
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