Amazing Crypto

Category: Regulations

  • South Korea Imposes $69M Tax Obligation on Crypto Exchange Bithumb

    The National Tax Service of South Korea (NTS) has decided to withhold income tax from Bithumb’s foreign customers. The total tax to be imposed on their transactions amounts to more than 80 billion won (over $69 million), the leading Korean cryptocurrency exchange announced. Also read: Poles Hit With Backdated Tax on Crypto Trades Bithumb to…

  • Harsh Laws Make Bitcoin Holders Consider Renunciation or Dual Citizenship

    As digital currencies become a mainstay in society, a great number of governments have enforced strict tax guidelines, severe money transmission rules, and tough regulations. Because of a few nation-states’ harsh rules against cryptos, there are individuals who plan to renounce their citizenship in order to become stateless. Some people will also attempt to get…

  • As FATF Regulations Galvanize, Crypto Mixing Applications Are Targeted

    Since the inception of Bitcoin, governments have tried to keep track of all the transactions taking place on the public blockchain. As the years progressed, authorities have shown a distaste for cryptocurrency mixing applications like Coinjoin. On Dec. 19, a Binance customer couldn’t withdraw his bitcoin because the exchange told him he used the mixing…

  • Uzbekistan Bans Citizens From Buying Crypto, They Can Only Sell

    Uzbekistan Bans Citizens From Buying Crypto, They Can Only Sell

    Authorities in Uzbekistan have effectively banned residents from purchasing cryptocurrencies on digital asset exchanges licensed in the country. Crypto holders will only be able to sell their coins and that’s if these have not been obtained through anonymous transactions, amendments to the local regulations postulate. Also read: Poles Hit With Backdated Tax on Crypto Trades…

  • Poloniex Restores Unverified Accounts With Unlimited Trading

    Poloniex Restores Unverified Accounts With Unlimited Trading

    In times of mounting pressure on crypto companies to comply with expanding due diligence requirements, Poloniex has taken a step in the opposite direction. The exchange is lifting restrictions that applied to unverified users in response to customer demand. New and current accounts will enjoy access to unlimited trading and deposits. Also read: P2P Crypto…

  • Australia Probes Big Four Bank Accused of 23 Million Money Laundering Breaches

    Australia Probes Big Four Bank Accused of 23 Million Money Laundering Breaches

    With stricter new regulations on the horizon for the crypto space around the world, Australians have found that it’s actually their traditional financial institutions that have been breaching well-established anti-money laundering rules and other industry standards this year. Westpac, one of the country’s largest banks, is now under investigation for millions of purported violations of…

  • Ciphertrace Says Banks Unknowingly Process $2 Billion in Crypto per Year

    Ciphertrace Says Banks Unknowingly Process $2 Billion in Crypto per Year

    According to the blockchain analysis firm Ciphertrace, major U.S. banks process roughly $2 billion in digital currency transactions that go undetected every year. Ciphertrace disclosed a slew of financial institutions have not deployed the right KYC/AML infrastructure to detect unregistered cryptocurrency transfers. Also read: US to Strictly Enforce Crypto Rules Similar to FATF Guidelines All…

  • European AML Directive Pushes Crypto Startup Bottle Pay Out of Business

    European AML Directive Pushes Crypto Startup Bottle Pay Out of Business

    Bottle Pay, a cryptocurrency payments provider from the U.K., has announced its decision to cease operations by the end of the year. Despite attracting some serious funding and expanding its user base significantly in the past few months, the company has found it unacceptable to continue to work under the upcoming EU regulations. AMLD5, the…

  • Regulatory Roundup: Bitcoin Futures Fund Approved, India’s RBI-Backed Digital Currency

    Regulatory Roundup: Bitcoin Futures Fund Approved, India’s RBI-Backed Digital Currency

    In this regulatory roundup, we cover the U.S. SEC approving a bitcoin futures fund, the new IRS tax form targeting crypto owners, and several more steps taken by the U.S. government toward crypto regulation. We also cover India’s central bank digital currency plan, South Korea’s crypto taxation plan, and the European Commission’s announcement regarding stablecoins.…

  • Almost 70 Crypto Funds Close This Year, Twice as Many Launch

    Almost 70 Crypto Funds Close This Year, Twice as Many Launch

    Dozens of crypto funds, almost 70, have closed this year, a mainstream media outlet reported. And while the startling number reveals the influx of institutional investors into the crypto space might not be happening at a fast pace, it’s also worth noting that crypto fund launches are projected to reach 140 by the end of…