PYMNTS

JANUARY 7, 2020

In other crypto news , cryptocurrency tax automation software TaxBit has raised $5 million in funding. TaxBit was founded by software developers, tax attorneys and CPAs to automate and simplify tax compliance for crypto users. ” TaxBit will use the funding to speed up customer growth, and make its products better.

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PYMNTS

SEPTEMBER 24, 2020

The legislation describes a new structure for cryptocurrencies, which would provide them with a treatment like those of commodities with the Commodities Exchange Act. In other news, the Ministry of Finance in Russia keeps advocating for digital currency industry rules through the introduction of new tax mandates, Cointelegraph reported.

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National Report Taxes Bitcoin 121

PYMNTS

JULY 16, 2019

Treasury Secretary Steven Mnuchin believes that Facebook’s proposed cryptocurrency could pose as a national security threat. Mnuchin added that the Treasury has informed Facebook, as well as other cryptocurrency users, that they need to implement the same anti-money-laundering and counter-terrorism safeguards as other financial institutions.

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National Security cryptocurrency US 187

PYMNTS

MAY 19, 2020

BlockFi said it was “able to confirm that no funds, passwords, social security numbers, tax identification numbers, passports, licenses, bank account information, nor similar non-public identification information was exposed as a result of this incident.”. dollars and Ukrainian hryvnias.

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Data Bitcoin cryptocurrency Taxes 212

PYMNTS

JULY 26, 2020

Avanti Financial Group said in a press release that it has received permission from the Wyoming Division of Banking to begin operating in the state as a bank as early as October and plans to offer a real-time settlement solution for corporate treasurers. The new banking options are largely built around blockchain technologies.

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Wyoming cryptocurrency Regulation blockchain 153

PYMNTS

FEBRUARY 18, 2019

Cryptocurrency has come a long way since bitcoin’s emergence as an unregulated, anonymous payment technology. Perhaps the most poignant moment in this evolution came about last week when JPMorgan Chase announced the development of the JPM Coin, the first bank-backed cryptocurrency in the U.S.,

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PYMNTS

JANUARY 7, 2020

For a country that is striving mightily to go digital when it comes to financial services, it may be a bit curious that Qatar has seemingly put the brakes on cryptocurrencies. The financial center operates with its own legal, regulatory and tax infrastructure and traces its roots back to 2005. As was reported Monday (Jan.

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PYMNTS

JULY 17, 2019

Group of Seven (G7) finance leaders said on Wednesday (July 17) that there were numerous issues that needed to be worked out, regulatory and otherwise, in order for Facebook’s proposed cryptocurrency Libra to ever be viable. This is not something that can be discussed among G7 central banks alone.”.

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PYMNTS

SEPTEMBER 26, 2018

The initial coin offering (ICO) has emerged as a corporate financing trend just as volatile as many of the cryptocurrencies themselves. It marked the first drop in ICO funding in more than a year, according to Bloomberg reports, citing a correlation between ICO funding declines and drops in cryptocurrency values. This week, U.S.

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PYMNTS

MARCH 3, 2020

In today’s top news, Apple manufacturer and supplier Foxconn has returned to production, the Department of Justice charged two Chinese nationals with laundering over $100 million in cryptocurrency, and TurboTax’s deal to buy Credit Karma has sparked antitrust concerns. Apple Parts Maker Foxconn Back To Work In China.

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Apple National cryptocurrency Payments 132

PYMNTS

MAY 19, 2020

And, beyond emails and passcodes, the SSU said per the report that the database had “eWallets of cryptocurrencies” and “PIN codes for bank cards,” among other information. In other news, the government of Iran is aiming to limit digital currency exchanges with so-called “currency smuggling” regulations, CoinDesk reported.

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Bitcoin cryptocurrency Taxes Security 148

PYMNTS

MARCH 19, 2018

Plattsburgh, the small upstate New York town, has placed a temporary halt on cryptocurrency mining in an effort to preserve natural resources, the health of the residents of the town and the so-called “character and direction” of the small city. The city council said it needs the 18 months to consider zoning laws and lighting regulations.

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PYMNTS

AUGUST 28, 2019

While our industry is accustomed to cryptocurrencies operating 24/7/365 (like email), fiat currencies have for the most part remained shackled to ‘banking hours’ or ‘business hours.’ If a voluntary fund cannot be established, a transactional tax should be imposed to fund the initiative.”.

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PYMNTS

JANUARY 15, 2019

Malaysia’s initial coin offering (ICO) regulations are said to take effect on Tuesday (January 15) per a notice from the Securities Commission (SC) in the country, Coindesk reported. At the same time, it was said that those who engage in digital asset dealing will have to follow rules for anti-money laundering (AML), among other regulations.

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Bitcoin Regulation New York Video 108

PYMNTS

SEPTEMBER 12, 2019

Financial services providers that slack on regulatory compliance and fail to safeguard their operations against money laundering, terrorist financing and other criminal activities may face damaged reputations and significant fines. billion — 91 percent — of those penalties, while European regulators demanded $1.7 imposed a full $23.52

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Abrigo

DECEMBER 27, 2022

And while final numbers are still being calculated for 2022, bankers saw typologies exacerbated by the pandemic provide criminals with avenues for fraud while cryptocurrency scams surfaced more frequently. The advance payment may be described as a fee, tax, commission, or incidental expense that will be repaid later.

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PYMNTS

SEPTEMBER 15, 2017

Diehards, however, are still crying “ hodl ” — the cryptocurrency community’s rallying cry, inspired by an enthusiastic misspelling of “hold” in a 2013 Reddit thread. Last week, Chinese regulators went one step further and banned ICOs. percent this week. percent this week. This week, U.K.’s Banned in China.

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Bitcoin cryptocurrency blockchain Regulation 177

PYMNTS

MARCH 30, 2018

tax deadline approaches, CNBC reported. And, in China, the country’s central bank is planning on cracking down on cryptocurrencies this year, Reuters reported. In addition, the bank plans to research and develop its own cryptocurrency. Youbit’s operating company, Yapian Corp., The price of bitcoin was $6,826.68

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Bitcoin cryptocurrency Marketing Taxes 124

PYMNTS

MARCH 14, 2019

Both corporates and banks have said Know Your Customer ( KYC ) regulations are their most pressing compliance concerns, with nearly three-quarters of businesses with more than $1 billion in revenues pointing to KYC as their top challenge. ” and an overall rise in complexity of current regulations. ” Technological Troubles.

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Fraud Survey Taxes Regulation 115

PYMNTS

MARCH 5, 2018

And so, the SEC might be shorthand for “Scare Every Cryptocurrency Firm.”. game have been drawing increased scrutiny from regulators … everyone from exchange operators to miners. game have been drawing increased scrutiny from regulators … everyone from exchange operators to miners. market is a given.

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Bitcoin cryptocurrency Regulation Course 123

PYMNTS

JANUARY 29, 2018

Headlines swirl around the price of bitcoin and its cryptocurrency cousins, around psychological barriers tied to $10,000 thresholds, around raids on suspect operators, around tax rates in South Korea and hacks of crypto exchanges. Operating as a U.S. May there be an opportunity to play on existing and regulated rails?

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PYMNTS

JANUARY 10, 2018

Hype over distributed ledger technology (DLT) has certainly led to a bump in shares for companies operating in the space — and even for some companies with seemingly no connection to the tool. The blockchain hype certainly hasn’t risen without catching the attention of regulators. But it’s not all smooth sailing.

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PYMNTS

APRIL 2, 2018

Cryptocurrencies continued to dip on the heels of various regulatory actions focused on trading activities and exchanges. Here in the United States, tax season looms, of course, which may put additional pressure on cryptos. As of the end of the week, at least one firm, Mattervest, said it had shuttered operations.

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United States social media Arizona cryptocurrency 110

PYMNTS

FEBRUARY 21, 2018

It’s surprisingly common for the information settlement mechanism like SWIFT to be on a separate ledger from the payment settlement mechanism, which is the system more likely to be scrutinized by the bank’s internal controls, as well as the various audits, including inspection by regulators.”. “In

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BankUnderground

OCTOBER 26, 2021

The monetary system is going through significant changes: the rise of cryptocurrencies, negative interest rates, and the decline in the role of traditional banks as intermediaries. Moreover, the national currency belongs to the people, and the state’s role is to regulate it to benefit the people.

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Policies Taxes Maine National 108

PYMNTS

MAY 13, 2016

Stop ISIS, bring peace to the Middle East, clean up the economy, create more jobs, fix the education system, lower taxes, etc., Because he believes there should be proper protection and regulation over them. How Bill Clinton’s administration dealt with the Internet in order to ensure it was not over-regulated. Fair point.

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Bitcoin blockchain Regulation Operations 100

PYMNTS

SEPTEMBER 9, 2016

Tyler and Cameron, who both studied economics at Harvard, are now CEO and president, respectively, of Gemini , a cryptocurrency exchange. Since falling in love with bitcoin, the Winklevoss brothers have invested in several cryptocurrency hardware and software firms to build their bitcoin exchange.

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Bitcoin cryptocurrency Security Taxes 100

PYMNTS

JULY 24, 2018

In just one of the latest, a suit filed earlier this month in California has said the token was born to fund Ripple operations, and the token sales have had “all the traditional hallmarks” of securities – all except the registration as such. Thus: Do not call it a security as, among other things, owning it does not give ownership in Ripple.

Security 101

Security California Bitcoin Taxes 101

PYMNTS

OCTOBER 14, 2016

Although user access to the payments platform was not restricted officially, delays by financial regulators that seemed to have no intent in resolving issues meant that PayPal did not renew its financial license. Bitcoin Regulations. Bitcoin regulation, as Turkey is emphasizing, is a bane in bitcoin’s behind. The payoff is 12.5

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FICO

FEBRUARY 27, 2019

While around one in five banks (19%) felt that increasing fines and penalties was the most feasible way to improve financial probity, a further 40 percent thought it was necessary to better resource the regulators. APAC banks surveyed rated cryptocurrency (33%), shadow banking (22%) and property transactions (20%) as posing the biggest risks.

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PYMNTS

JANUARY 20, 2017

However, recently the People’s Bank of China pointed to irregularities in the operations of bitcoin exchanges BTCC, Huobi and OKCoin as the cause of the recent rollercoaster ride in bitcoin’s price, said Reuters. Other digital currency exchanges operating abroad (while still serving U.S. Coinbase user and attorney Jeffrey K.

Bitcoin 100

Bitcoin Taxes Security Operations 100

Lex Sokolin

JANUARY 14, 2021

American financial regulation is an alphabet soup, and has grown out of politics and crises. Like taxes. Targeting banks and money services businesses allows for jurisdiction and regulation of the choke points (i.e., While Steven Mnuchin is sceptical of cryptocurrencies, Brooks is a clear proponent. See the charts below.

America 52

America Wyoming National Capital 52

Lex Sokolin

JANUARY 14, 2021

American financial regulation is an alphabet soup, and has grown out of politics and crises. Like taxes. Targeting banks and money services businesses allows for jurisdiction and regulation of the choke points (i.e., While Steven Mnuchin is sceptical of cryptocurrencies, Brooks is a clear proponent. See the charts below.

America 52

America Wyoming National Capital 52

PYMNTS

JANUARY 15, 2021

To get a bit more granular, in an interpretive letter , the OCC said that regulated financial institutions (FIs) can participate in independent node verification networks (INVN for short – namely, a blockchain network).

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Regulation US Payments Compliance 253

CB Insights

OCTOBER 10, 2018

Startups targeting retail and commercial banking have been emerging globally, spurred by favorable tech regulations, an uptick in mobile adoption, and shifting customer demographics. One of the biggest challenges these companies face is that many operate without a bank charter or license. why profitability won’t come easy.

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Retail Cards Millennials Mobile 78

PYMNTS

DECEMBER 7, 2017

Blockchain and crypto companies may be operating with cutting-edge technology, but in the back-office, accounting and bookkeeping strategies are stuck in the stone age. There is a huge gap right now, and traditional accounting software doesn’t integrate with blockchains and cryptocurrencies.”. Libra, which recently announced $7.8

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Lex Sokolin

DECEMBER 25, 2019

Further, actually touching client funds immediately makes these apps into regulated custodians or money transmitters or financial advisors, which means a lot of compliance cost for little upside. Certainly, regulators will be asking the same question as the space grows more popular. Who is your counterparty?

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