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Approval of stablecoins and cryptocurrency laws in the United Kingdom possible within six months
Minister Bim Afolami stated that the British government is actively working towards adopting new cryptocurrency legislation.
United Kingdom on track to regulate stablecoins and crypto bets
The government of the United Kingdom is actively seeking approval for legislation that would regulate stablecoins and cryptocurrency bets, with expectations that new laws will be approved within the next six months.
Bim Afolami, Economic Secretary to the Treasury, at a cryptocurrency conference hosted by Coinbase in London on February 19, stated that the government is aiming to approve new legislation ahead of the upcoming general elections, as reported by Bloomberg.
Afolami was cautious and did not provide detailed information on the expected crypto regulation. "I cannot provide exact information... There is a lot happening, and at this point, I do not want to commit to any specific timeline," he said.
In 2022, British Prime Minister Rishi Sunak pledged that the United Kingdom would become a "global center for cryptocurrencies," emphasizing the opportunity for crypto firms to invest, innovate, and grow in the United Kingdom.
However, little progress has been made in cryptocurrency regulation in the United Kingdom so far, despite repeated calls for clear regulations from cryptocurrency companies operating in the country.
On July 1, the British Law Commission published four main recommendations for reforming domestic laws related to the use and ownership of cryptocurrencies, including creating a new category of personal property for digital assets. Additionally, it was recommended that the government analyze cryptocurrencies under common law and establish a panel of experts to advise courts on cryptocurrency-related matters.
On October 1, 2023, the government announced plans to introduce specific regulation for cryptocurrencies, including regulation of stablecoins under the oversight of the Financial Conduct Authority (FCA) in 2024.
With the upcoming general elections expected in the second half of the year, and the leading position of the Labour Party in public opinion polls, which is traditionally considered less favorable to cryptocurrencies, the situation regarding crypto regulation may continue to evolve.
#stablecoin #cryptocurrency #crypto #law
Notice:
,,The information and views presented in this article are intended solely for educational purposes and should not be taken as investment advice in any situation. The content of these pages should not be regarded as financial, investment, or any other form of advice. We caution that investing in cryptocurrencies can be risky and may lead to financial losses.“
United Kingdom on track to regulate stablecoins and crypto bets
The government of the United Kingdom is actively seeking approval for legislation that would regulate stablecoins and cryptocurrency bets, with expectations that new laws will be approved within the next six months.
Bim Afolami, Economic Secretary to the Treasury, at a cryptocurrency conference hosted by Coinbase in London on February 19, stated that the government is aiming to approve new legislation ahead of the upcoming general elections, as reported by Bloomberg.
Afolami was cautious and did not provide detailed information on the expected crypto regulation. "I cannot provide exact information... There is a lot happening, and at this point, I do not want to commit to any specific timeline," he said.
In 2022, British Prime Minister Rishi Sunak pledged that the United Kingdom would become a "global center for cryptocurrencies," emphasizing the opportunity for crypto firms to invest, innovate, and grow in the United Kingdom.
However, little progress has been made in cryptocurrency regulation in the United Kingdom so far, despite repeated calls for clear regulations from cryptocurrency companies operating in the country.
On July 1, the British Law Commission published four main recommendations for reforming domestic laws related to the use and ownership of cryptocurrencies, including creating a new category of personal property for digital assets. Additionally, it was recommended that the government analyze cryptocurrencies under common law and establish a panel of experts to advise courts on cryptocurrency-related matters.
On October 1, 2023, the government announced plans to introduce specific regulation for cryptocurrencies, including regulation of stablecoins under the oversight of the Financial Conduct Authority (FCA) in 2024.
With the upcoming general elections expected in the second half of the year, and the leading position of the Labour Party in public opinion polls, which is traditionally considered less favorable to cryptocurrencies, the situation regarding crypto regulation may continue to evolve.
#stablecoin #cryptocurrency #crypto #law
Notice:
,,The information and views presented in this article are intended solely for educational purposes and should not be taken as investment advice in any situation. The content of these pages should not be regarded as financial, investment, or any other form of advice. We caution that investing in cryptocurrencies can be risky and may lead to financial losses.“
A #SouthKorean an government official has been accused of misappropriating approximately $400,000 in public funds over a seven-year period. The funds were allegedly used to invest in cryptocurrencies and stocks.
The accused, a grade six civil servant working at Cheongju City Hall, is suspected of forging documents to cover up the embezzlement. Authorities have seized assets including apartments and vehicles in an attempt to recover the stolen funds.
This incident comes amidst increased #regulatory scrutiny of the crypto industry in South Korea, following the #collapse of Terra-Luna and FTX. The country recently enacted a new #law aimed at #Protecting crypto investors.
$BTC
$SOL
The accused, a grade six civil servant working at Cheongju City Hall, is suspected of forging documents to cover up the embezzlement. Authorities have seized assets including apartments and vehicles in an attempt to recover the stolen funds.
This incident comes amidst increased #regulatory scrutiny of the crypto industry in South Korea, following the #collapse of Terra-Luna and FTX. The country recently enacted a new #law aimed at #Protecting crypto investors.
$BTC
$SOL
#SECGuidance
🔑 Unlock compliance! Check out the latest #SECGuidance. 🚀 Smart moves for a secure future. ✨ #FinancialRegulation #law
Confused by the new #SECGuidance? 🤷♀️ You're not alone! Let's break it down together. 👇 What are your biggest questions? #SecuritiesLaw #AskTheExperts
$BTC $ETH $SOL
🔑 Unlock compliance! Check out the latest #SECGuidance. 🚀 Smart moves for a secure future. ✨ #FinancialRegulation #law
Confused by the new #SECGuidance? 🤷♀️ You're not alone! Let's break it down together. 👇 What are your biggest questions? #SecuritiesLaw #AskTheExperts
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New "Do Kwon Law" for Cryptocurrencies in South Korea: Effective from June
The South Korean government has introduced a new law called the "Law on the Protection of Users of Virtual Assets," which will come into effect from July 19. The main objective of this law is to protect #cryptocurrency users from various forms of market manipulation, illegal transactions, and misuse of confidential information.
Restriction on Market Manipulation and Illegal Transactions
The new law introduces strict measures against market manipulation, illegal trading, and misuse of non-public information about virtual assets. Violations of these rules may result in criminal sanctions, including imprisonment and fines of up to five times the amount of unjust enrichment.
Penalties and Accountability
Enforcement agencies may impose fines after the Financial Services Commission (FSC) files charges with the Attorney General's Office and receives a notification of the investigation results. Fines may be imposed based on the profits from unauthorized activities, and in the case of higher amounts, a lifetime imprisonment and significant fines may be imposed.
Liability Insurance
Operators of virtual assets are required to obtain insurance or have sufficient financial coverage for accidents, such as hacking or computer failures. These measures are aimed at ensuring user protection and minimizing financial risks associated with cryptocurrency operations.
#crypto #law
Notice:
,,The information and views presented in this article are intended solely for educational purposes and should not be taken as investment advice in any situation. The content of these pages should not be regarded as financial, investment, or any other form of advice. We caution that investing in cryptocurrencies can be risky and may lead to financial losses.“
Restriction on Market Manipulation and Illegal Transactions
The new law introduces strict measures against market manipulation, illegal trading, and misuse of non-public information about virtual assets. Violations of these rules may result in criminal sanctions, including imprisonment and fines of up to five times the amount of unjust enrichment.
Penalties and Accountability
Enforcement agencies may impose fines after the Financial Services Commission (FSC) files charges with the Attorney General's Office and receives a notification of the investigation results. Fines may be imposed based on the profits from unauthorized activities, and in the case of higher amounts, a lifetime imprisonment and significant fines may be imposed.
Liability Insurance
Operators of virtual assets are required to obtain insurance or have sufficient financial coverage for accidents, such as hacking or computer failures. These measures are aimed at ensuring user protection and minimizing financial risks associated with cryptocurrency operations.
#crypto #law
Notice:
,,The information and views presented in this article are intended solely for educational purposes and should not be taken as investment advice in any situation. The content of these pages should not be regarded as financial, investment, or any other form of advice. We caution that investing in cryptocurrencies can be risky and may lead to financial losses.“
The Austrian Federal Criminal Police Office's money laundering reporting center registered nearly 6,000 cases in 2021, a 20% increase from the previous year.
A significant portion of the assets involved are linked to cyber fraud. The majority of money laundering reports originate from the banking sector, with fraud involving crypto vouchers being a notable issue.
The use of cryptocurrencies in both legal and illegal transactions, particularly in the realm of cybercrime, has been on the rise. While Bitcoin remains the most prominent, other cryptocurrencies, known as altcoins, are also being used.
The involvement of cryptocurrencies in various criminal activities, including fraud, has drawn the attention of law enforcement agencies.
The Austrian Federal Criminal Police Office has highlighted the significant increase in economic crimes related to cryptocurrencies and binary options. These include fraud, social welfare fraud, and other financial crimes.
In 2023, Austria authorities, in collaboration with US agencies and Europol, shut down "ChipMixer," a major crypto money laundering service. It was estimated that the service had laundered around 2.8 billion euros worth of Bitcoin since mid-2017, with the funds originating from criminal activities such as hacking or fraud.
#BMI #Kryptonews #law #Austria #info
$BTC $ETH $BNB
A significant portion of the assets involved are linked to cyber fraud. The majority of money laundering reports originate from the banking sector, with fraud involving crypto vouchers being a notable issue.
The use of cryptocurrencies in both legal and illegal transactions, particularly in the realm of cybercrime, has been on the rise. While Bitcoin remains the most prominent, other cryptocurrencies, known as altcoins, are also being used.
The involvement of cryptocurrencies in various criminal activities, including fraud, has drawn the attention of law enforcement agencies.
The Austrian Federal Criminal Police Office has highlighted the significant increase in economic crimes related to cryptocurrencies and binary options. These include fraud, social welfare fraud, and other financial crimes.
In 2023, Austria authorities, in collaboration with US agencies and Europol, shut down "ChipMixer," a major crypto money laundering service. It was estimated that the service had laundered around 2.8 billion euros worth of Bitcoin since mid-2017, with the funds originating from criminal activities such as hacking or fraud.
#BMI #Kryptonews #law #Austria #info
$BTC $ETH $BNB
Cryptopolitan
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Five Agencies Partner With Justice Department to Counter Civil Rights Violations Stemming From AI...
Five federal agencies have joined forces with the Department of Justice to enforce civil rights against AI-induced prejudice. The point to note is that these federal agencies are in addition to the agencies that have already been working in this regard. The announcement came through a press release on Friday from the Office of Public Affairs of the Department of Justice. The federal agencies vowed to exercise their existing enforcement authorities to deal with situations where artificial intelligence might affect the civil rights of citizens. This is a good news for protecting against any violation of American civil rights.
Agencies to help enforce civil rights
In addition to the agencies already working with the Department of Justice, five new agencies have promised to dedicate their enforcement powers against AI practices affecting citizens. The agencies that were already working with the Department of Justice since April 2023 were the Equal Employment Opportunity Commission, the Consumer Financial Protection Bureau, the Federal Trade Commission, and the Justice Department’s Civil Rights Division.
But now the pool has expanded with the new federal agencies, which include the Department of Health and Human Services, the Department of Housing and Urban Development and Department of Labor. The Department of Education, the Department of Homeland Security, and the Consumer Protection Branch of the Justice Department’s Civil Division.
Assistant Attorney General Kristen Clarke of the Justice Department’s Civil Rights Division said,
“Federal agencies are sending a clear message: we will use our collective authority and power to protect individual rights in the wake of increased reliance on artificial intelligence in various aspects of American life.”
He also added,
“As social media platforms, banks, landlords, employers, and other businesses choose to rely on artificial intelligence algorithms and automated systems to conduct business, we stand ready to hold accountable those entities that fail to address the unfair and discriminatory outcomes that may result. We are mounting a whole-of-government approach to enforcing civil rights and related laws when it comes to automated systems, including AI.”
A new public web page from the Justice Department
The Justice Department’s Civil Rights Division’s Assistant Attorney General, Kristen Clarke, also announced a webpage especially for civil rights and AI-related issues on the Justice Department’s Civil Rights Department site. This step is an effort to bring together all the content related to the Justice Department’s work related to AI and public civil rights.
The press release also mentioned a meeting attended by senior officials of the federal government and directors of civil rights offices to address the risks possible from artificial intelligence. The Justice Department’s Chief AI Officer also discussed the requirements that agencies need to rate and moderate tech risks like AI-induced discrimination in their operations. Strategies were also discussed to improve coordination among the agencies and Justice Department and to also enhance enforcement and external engagement. Public awareness on the issue of AI’s potential misuse, bias, and its effect was also discussed.
Representatives of the federal agencies also provided updates on their agency undertakings and commitments to ensure best practices, guidance initiatives, and other resources as per the President’s Executive Order. It was also announced in the press release that guidance for agencies’ best practices will also be available by the end of this month.
Original press release of Department of Justice.
Agencies to help enforce civil rights
In addition to the agencies already working with the Department of Justice, five new agencies have promised to dedicate their enforcement powers against AI practices affecting citizens. The agencies that were already working with the Department of Justice since April 2023 were the Equal Employment Opportunity Commission, the Consumer Financial Protection Bureau, the Federal Trade Commission, and the Justice Department’s Civil Rights Division.
But now the pool has expanded with the new federal agencies, which include the Department of Health and Human Services, the Department of Housing and Urban Development and Department of Labor. The Department of Education, the Department of Homeland Security, and the Consumer Protection Branch of the Justice Department’s Civil Division.
Assistant Attorney General Kristen Clarke of the Justice Department’s Civil Rights Division said,
“Federal agencies are sending a clear message: we will use our collective authority and power to protect individual rights in the wake of increased reliance on artificial intelligence in various aspects of American life.”
He also added,
“As social media platforms, banks, landlords, employers, and other businesses choose to rely on artificial intelligence algorithms and automated systems to conduct business, we stand ready to hold accountable those entities that fail to address the unfair and discriminatory outcomes that may result. We are mounting a whole-of-government approach to enforcing civil rights and related laws when it comes to automated systems, including AI.”
A new public web page from the Justice Department
The Justice Department’s Civil Rights Division’s Assistant Attorney General, Kristen Clarke, also announced a webpage especially for civil rights and AI-related issues on the Justice Department’s Civil Rights Department site. This step is an effort to bring together all the content related to the Justice Department’s work related to AI and public civil rights.
The press release also mentioned a meeting attended by senior officials of the federal government and directors of civil rights offices to address the risks possible from artificial intelligence. The Justice Department’s Chief AI Officer also discussed the requirements that agencies need to rate and moderate tech risks like AI-induced discrimination in their operations. Strategies were also discussed to improve coordination among the agencies and Justice Department and to also enhance enforcement and external engagement. Public awareness on the issue of AI’s potential misuse, bias, and its effect was also discussed.
Representatives of the federal agencies also provided updates on their agency undertakings and commitments to ensure best practices, guidance initiatives, and other resources as per the President’s Executive Order. It was also announced in the press release that guidance for agencies’ best practices will also be available by the end of this month.
Original press release of Department of Justice.
US Treasury sued for giving Elon Musk’s DOGE access to sensitive info
The US Treasury was accused of unlawfully allowing Elon Musk and his government efficiency organization access to millions of Americans’ personal and financial data.
Union groups have sued the US Treasury, accusing it of breaking federal laws by giving Elon Musk’s Department of Government Efficiency enforcers access to sensitive financial and personal information.
The American Federation of Labor and Congress of Industrial Organizations, the country’s largest union group, sued the Treasury and Secretary Scott Bessent in a Washington, DC, federal court on Feb. 3 to stop what it alleged is an “unlawful ongoing, systematic, and continuous disclosure of personal and financial information” to Musk and DOGE.
“The scale of the intrusion into individuals’ privacy is massive and unprecedented,” the AFL-CIO said. “People who must share information with the federal government should not be forced to share information with Elon Musk or his ‘DOGE.’”
The lawsuit is the latest challenge to Donald Trump’s promise to cut federal spending. He put Musk in charge of the effort with DOGE, seemingly an homage to Dogecoin (DOGE $0.2643) , which the billionaire has mentioned in the past.
The complaint cited a Feb. 1 Bluesky post from US Senator Ron Wyden, which said that sources had told his office that “Bessent has granted DOGE full access” to the Treasury’s payments system. A day earlier, Wyden had demanded answers from Bessent over Musk DOGE’s access to the system.
The payments system at issue includes “names, Social Security numbers, birth dates, birthplaces, home addresses and telephone numbers, email addresses, and bank account information” of millions of members of the public, according to the suit.
It comes as top Democrats, including the party’s Senate leader Chuck Schumer and Senator Elizabeth Warren, held a press conference on Feb. 3 to air concerns over Musk and DOGE’s access to the Treasury systems.
Schumer said that he’d be introducing legislation “to stop unlawful meddling in the Treasury Department’s payments systems.”
“DOGE is not a real government agency,” he added. “It has no authority to make spending decisions. It has no authority to shut programs down or ignore federal law.”
Warren said the system “is now at the mercy of Elon Musk,” who “has the power to suck out all that information for his own use.”
The Treasury and the US DOGE Service (USDS), the parent agency of DOGE, did not immediately respond to requests for comment.
#Law #Court #ElonMusk #crypto
$DOGE
Union groups have sued the US Treasury, accusing it of breaking federal laws by giving Elon Musk’s Department of Government Efficiency enforcers access to sensitive financial and personal information.
The American Federation of Labor and Congress of Industrial Organizations, the country’s largest union group, sued the Treasury and Secretary Scott Bessent in a Washington, DC, federal court on Feb. 3 to stop what it alleged is an “unlawful ongoing, systematic, and continuous disclosure of personal and financial information” to Musk and DOGE.
“The scale of the intrusion into individuals’ privacy is massive and unprecedented,” the AFL-CIO said. “People who must share information with the federal government should not be forced to share information with Elon Musk or his ‘DOGE.’”
The lawsuit is the latest challenge to Donald Trump’s promise to cut federal spending. He put Musk in charge of the effort with DOGE, seemingly an homage to Dogecoin (DOGE $0.2643) , which the billionaire has mentioned in the past.
The complaint cited a Feb. 1 Bluesky post from US Senator Ron Wyden, which said that sources had told his office that “Bessent has granted DOGE full access” to the Treasury’s payments system. A day earlier, Wyden had demanded answers from Bessent over Musk DOGE’s access to the system.
The payments system at issue includes “names, Social Security numbers, birth dates, birthplaces, home addresses and telephone numbers, email addresses, and bank account information” of millions of members of the public, according to the suit.
It comes as top Democrats, including the party’s Senate leader Chuck Schumer and Senator Elizabeth Warren, held a press conference on Feb. 3 to air concerns over Musk and DOGE’s access to the Treasury systems.
Schumer said that he’d be introducing legislation “to stop unlawful meddling in the Treasury Department’s payments systems.”
“DOGE is not a real government agency,” he added. “It has no authority to make spending decisions. It has no authority to shut programs down or ignore federal law.”
Warren said the system “is now at the mercy of Elon Musk,” who “has the power to suck out all that information for his own use.”
The Treasury and the US DOGE Service (USDS), the parent agency of DOGE, did not immediately respond to requests for comment.
#Law #Court #ElonMusk #crypto
$DOGE
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💵🪪💲📈⚖️#адвокатмайданюкярославрусланович #law #lawyer #TROY #Bitcoin❗ A lawyer in cryptocurrency. Here are some tips on how to understand projects using the DYOR (Do Your Own Research) method:
Studying the Whitepaper: Read the project document. It should contain details about the technology, objectives, tokenomics and the team.
Team: Check who is behind the project. Research their experience, reputation and previous projects.
Audits: Make sure the project has undergone an independent code audit. This reduces the risks of vulnerabilities.
Community: Pay attention to the activity of the community in social networks and forums. Is there support? How do you respond to criticism?
Competition: Compare the project with competitors. What makes it unique?
Market research: Analyze the demand for a product or service. What is the real problem that the project solves?
Regulation: Find out if the project complies with the legal requirements in your country.
Technical Analysis: It is important for traders to understand charts and trends in order to make informed decisions.
Always remember: your investment is your responsibility. Good luck! Email: [email protected]
Studying the Whitepaper: Read the project document. It should contain details about the technology, objectives, tokenomics and the team.
Team: Check who is behind the project. Research their experience, reputation and previous projects.
Audits: Make sure the project has undergone an independent code audit. This reduces the risks of vulnerabilities.
Community: Pay attention to the activity of the community in social networks and forums. Is there support? How do you respond to criticism?
Competition: Compare the project with competitors. What makes it unique?
Market research: Analyze the demand for a product or service. What is the real problem that the project solves?
Regulation: Find out if the project complies with the legal requirements in your country.
Technical Analysis: It is important for traders to understand charts and trends in order to make informed decisions.
Always remember: your investment is your responsibility. Good luck! Email: [email protected]
El Salvador's Bitcoin Legislation Amended Post-IMF Agreement
El Salvador's Congress has swiftly approved amendments to the nation's #bitcoin law to align with a $1.4 billion loan agreement with the International Monetary Fund (IMF). The revised legislation ensures $BTC remains legal tender while addressing IMF concerns by limiting government exposure and making its acceptance voluntary for the private sector. The bill passed with 55 votes in favor and two against. Despite IMF reservations, President Nayib Bukele's administration plans to continue acquiring Bitcoin to bolster national reserves.
#Binance #bitcoin #law
El Salvador's Congress has swiftly approved amendments to the nation's #bitcoin law to align with a $1.4 billion loan agreement with the International Monetary Fund (IMF). The revised legislation ensures $BTC remains legal tender while addressing IMF concerns by limiting government exposure and making its acceptance voluntary for the private sector. The bill passed with 55 votes in favor and two against. Despite IMF reservations, President Nayib Bukele's administration plans to continue acquiring Bitcoin to bolster national reserves.
#Binance #bitcoin #law
🗓️ #Digest of Interesting Publications from the Past Week by Match System.
🚨 The Most Ridiculous #Crypto #Scams .
🤷♂️ In 2022, Ilya Lichtenstein and his wife Heather Morgan were arrested in the United States for laundering cryptocurrency stolen from the Bitfinex exchange in 2016. The couple made no secret of their involvement, spending millions on purchases, and Lichtenstein left a trail by uploading their data to the cloud. Morgan maintained active channels on TikTok and YouTube, where she shared business advice, mentioned the Bitcoin theft, and wrote articles for Forbes, despite her distrust of cryptocurrencies.
🇬🇧 England's Law Commission Proposes New Ownership Category for Crypto Assets.
📄 The #law Commission of England and Wales has proposed that the UK government create a new category of personal property for cryptoassets to improve their legal protection and address classification issues. The Commission believes that the current system, which divides property into tangible and intangible categories, is not suitable for crypto assets that possess characteristics of both. They have proposed a law to facilitate the development of the digital asset sector in the region.
🚨 The Most Ridiculous #Crypto #Scams .
🤷♂️ In 2022, Ilya Lichtenstein and his wife Heather Morgan were arrested in the United States for laundering cryptocurrency stolen from the Bitfinex exchange in 2016. The couple made no secret of their involvement, spending millions on purchases, and Lichtenstein left a trail by uploading their data to the cloud. Morgan maintained active channels on TikTok and YouTube, where she shared business advice, mentioned the Bitcoin theft, and wrote articles for Forbes, despite her distrust of cryptocurrencies.
🇬🇧 England's Law Commission Proposes New Ownership Category for Crypto Assets.
📄 The #law Commission of England and Wales has proposed that the UK government create a new category of personal property for cryptoassets to improve their legal protection and address classification issues. The Commission believes that the current system, which divides property into tangible and intangible categories, is not suitable for crypto assets that possess characteristics of both. They have proposed a law to facilitate the development of the digital asset sector in the region.
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Did you know that in #ITALIA cryptocurrency holders must declare that they own them?
You will think: "It's obvious, if I hold cryptocurrencies that allow me to live it is logical that I have to declare them to pay taxes".
And instead NO, wrong, Italy wants every holder of cryptocurrencies, whether they are hundreds of millions of euros or a few cents, to declare what they have in their wallet, exchange, or any instrument that allows the holding of cryptocurrencies, not because you actually has to pay taxes but only for the simple fact that Italy is a country of curious people and they want to know.
Failure to declare by November 30th of each year is considered for the "OMISSION" status resulting in penalties to be paid, which range from 250 euros upwards for each year of omission and increase if over time your cryptocurrencies have produced capital gains in the event you didn't even declare those.
Obviously, years will pass before the sanction arrives, because it takes some time to carry out the checks and investigations.
But Mario the worker, who bought cryptocurrencies in 2018 worth a few cents, doesn't know this, thinking he doesn't have to declare anything for small sums he is slowly accumulating fines from the state for every year he doesn't declare what he has purchased in 2018 with 15 euros.
Although the Italian budget law is clear regarding the declaration of cryptocurrencies, many cryptocurrency holders are still unclear on how and where they should be declared.
And did you know it?
Do you know where and how to declare them?
#notfinancialadvice #law
You will think: "It's obvious, if I hold cryptocurrencies that allow me to live it is logical that I have to declare them to pay taxes".
And instead NO, wrong, Italy wants every holder of cryptocurrencies, whether they are hundreds of millions of euros or a few cents, to declare what they have in their wallet, exchange, or any instrument that allows the holding of cryptocurrencies, not because you actually has to pay taxes but only for the simple fact that Italy is a country of curious people and they want to know.
Failure to declare by November 30th of each year is considered for the "OMISSION" status resulting in penalties to be paid, which range from 250 euros upwards for each year of omission and increase if over time your cryptocurrencies have produced capital gains in the event you didn't even declare those.
Obviously, years will pass before the sanction arrives, because it takes some time to carry out the checks and investigations.
But Mario the worker, who bought cryptocurrencies in 2018 worth a few cents, doesn't know this, thinking he doesn't have to declare anything for small sums he is slowly accumulating fines from the state for every year he doesn't declare what he has purchased in 2018 with 15 euros.
Although the Italian budget law is clear regarding the declaration of cryptocurrencies, many cryptocurrency holders are still unclear on how and where they should be declared.
And did you know it?
Do you know where and how to declare them?
#notfinancialadvice #law
Argentinian President Javier Milei launched a memecoin called $LIBRA 💸, claiming it would boost Argentina's economy 📈, but the token crashed by 94% 📉
just hours later, wiping out $4.4 billion in market capitalization 💸, after insiders, including Milei himself, cashed out millions 🤑, sparking widespread criticism and accusations of a rug pull 🚨.
International #law firms are prepping "massive #lawsuits " against Milei, while the Anti-Corruption Office investigates potential misconduct
just hours later, wiping out $4.4 billion in market capitalization 💸, after insiders, including Milei himself, cashed out millions 🤑, sparking widespread criticism and accusations of a rug pull 🚨.
International #law firms are prepping "massive #lawsuits " against Milei, while the Anti-Corruption Office investigates potential misconduct
See the Difference Between India and UAE crypto tax law.
🇮🇳
In India, cryptocurrencies are classified as virtual digital assets and are subject to taxation. The gains made from trading cryptocurrencies are taxed at a rate of 30%(plus 4% cess) according to Section 115BBH.
🇦🇪
The country offering zero income tax gives you the benefit of zero percent taxes on capital gain. Dubai views Crypto as an investment asset rather than a currency and charges zero capital gains tax on UAE residents.
#uae #india #cryptocurrecny #law
🇮🇳
In India, cryptocurrencies are classified as virtual digital assets and are subject to taxation. The gains made from trading cryptocurrencies are taxed at a rate of 30%(plus 4% cess) according to Section 115BBH.
🇦🇪
The country offering zero income tax gives you the benefit of zero percent taxes on capital gain. Dubai views Crypto as an investment asset rather than a currency and charges zero capital gains tax on UAE residents.
#uae #india #cryptocurrecny #law
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