IRS broadens tax requirements for crypto to encompass everyone
IRS broadens tax requirements for crypto to encompass everyoneThe IRS said tax and reporting requirements are now mandatory for everyone who received, earned, transferred, or sold cryptocurrencies.
Happy Wednesday!The global crypto market cap is $1.08 trillion with a 24-hour volume of $66.83 billion. The price of Bitcoin is $23,000.26 and BTC market dominance is 41.2%. The price of Ethereum is $1,657.92 and ETH market dominance is 18.9%. The best performing cryptoasset sector is Cannabis, which gained 30%.
Latest NewsIRS broadens tax requirements for crypto to encompass everyone
The IRS said tax and reporting requirements are now mandatory for everyone who received, earned, transferred, or sold cryptocurrencies. Britcoin CBDC touted as replacement to cash by Bank of England‘Britcoin’ wallets will face an initial cap of between £10-20k. ‘Unregulated, rogue’ crypto exchanges to end under passport system, says O’LearyKevin O'Leary forsees an exchange passport system to globally address cryptocurrency's borderless 24/7 nature. 3AC liquidators files against Kyle Davies for ignoring Subpoena orderDavis failed to comply with the subpoena order despite maintaining an active presence on Twitter and attempting to raise $25 million for GTX. Crypto AI tokens struggle as Google chatbot ad campaign shows factual issues; stock falls 6%Following a strong start to 2023, crypto AI tokens stalled as Google failed to demonstrate accuracy in its chatbot preview FTX lawyers S&C file $7.5M invoice for November servicesOver 150 Sullivan & Cromwell (S&C) employees spent 6,561 hours working on the FTX bankruptcy case. Gazprombank warns of losses stemming from launch of Russian CBDCGazprombank is one of 15 banks participating in a pilot test of a Russian CBDC and believes that launching a digital ruble will inevitably lead to losses for banks. Gifto token surges over 300% following rebrand, token swapGFT has spiked to $0.04 from $0.04 in the last 24 hours and recorded a 370% increase over the last 7 days, according to CryptoSlate data. Dubai bars issuance of privacy coins, details other crypto regulationsDubai's virtual assets watchdog said any crypto company looking to set up in the region must secure licensing before it can begin operation. Full audit of Binance’s reserves ‘some way off’ – execBinance Asia-Pacific head Leon Foong said that a full audit of the exchange's reserves will take a while given that big accounting firms are still learning about the crypto sector. CryptoSlate Daily wMarket Update: Polygon leads top 10 second day runningThe wMarket Update condenses the most important price movements in the crypto markets over the reporting period, published 07:45 ET on weekdays. The Sandbox (SAND) surges ahead of token unlockThe next unlock event will release an additional 372.5 million tokens, amounting to 12.419% of total supply.
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Turkish watchdog stretches rules and allows crypto wallets to collect aid
Tuesday, February 7, 2023
A Turkish singer convinced the country's watchdog to allow three wallets to collect funds, even though the act isn't currently legal in Turkey.
Binance is suspending USD-based bank transfers
Monday, February 6, 2023
Binance said its users' could use all other methods of buying and selling crypto, including bank transfers in other fiat currencies like Euros.
UK looks to launch digital pound by 2030, roadmap to be released soon
Sunday, February 5, 2023
The Bank of England and the Treasury believe that the UK will "likely" need a digital pound amid declining cash usage.
London tops crypto hub rankings with 2nd highest number of crypto companies in the world
Saturday, February 4, 2023
The city of London was praised for having over 800 crypto companies.
Bitcoin drops to $23,250 on significantly higher-than-expected US payroll data
Friday, February 3, 2023
The leading cryptocurrency fell to $23250 in response to strong labor market data.
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