CipherTrace believes financial institutions are failing to identify up to 90% of suspicious transactions related to crypto assets Financial institutions worldwide have reported 134,500 suspicious transactions concerning virtual currencies in the past two years — but that’s just the tip of the iceberg according to a report published by blockchain forensics firm CipherTrace. The report […]
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A new analytics firm scores a major contract with the U.S. tax agency, which has been upping its crypto engagement left and right. On Sept. 8, the IRS’s criminal investigation department signed a $249,900 contract with a blockchain analytics firm to expand its crypto tracing tools. The contract provides limited information, but it follows an overarching […]
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Lawyers representing creditors of the collapsed exchange QuadrigaCX have hired blockchain forensics specialists to help with the ongoing investigation. The Canadian law firm representing creditors of the defunct crypto exchange QuadrigaCX has hired consultancy firm Kroll to advance its investigation into $190 million lost in user assets in early 2019. As reported, controversy has engulfed […]
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Another crypto merger targets tax reporting. European experts in cryptocurrency tax reporting are joining forces to enter markets in the United States and Canada. Blockpit, an Austria-based crypto compliance expert, has completed a merger with its German competitor CryptoTax, the firm announced on Sept. 8. Both focused on providing crypto tax reporting tools, Blockpit and […]
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A new mining concept is facing criticism in the blockchain sphere. Dr. Elias Strehle of the Blockchain Research Lab and Lennar Ante of the University of Hamburg recently warned that blockchain nodes engaging in exclusive mining “have no incentive to forward new transactions to their peers.” They speculated that crypto miners may instead be incentivized […]
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Russia’s new bill brings it in line with U.K. legislators, though there is a distinction between the approach of the FCA and the State Duma. Not unlike many other jurisdictions around the world, Russia has come to recognize the potential benefits and risks flowing from cryptocurrencies by taking its first step to define and codify […]
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Australian government report on the future of fintech and regtech suggests blockchain technology is critical to Australia’s future The Australian government’s Senate Select Committee on Financial Technology and Regulatory Technology has released a draft report citing blockchain technology more than 50 times. The report is in response to Australia’s first recession in 30 years as […]
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Authorities in the canton of Zug now embrace cryptocurrency for tax settlement. The Swiss canton of Zug is making it easier to imagine a world in which cryptocurrency users are resolutely in the mainstream. The canton — which has earned itself the moniker of “Crypto Valley” for its positive stance towards cryptocurrencies — will begin allowing […]
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A Kazakh minister claimed that there are already preliminary agreements on attracting more than $700 investment for cryptocurrency mining. According to the Digital Development Minister of Kazakhstan, Bagdat Mussin, the country is in negotiations regarding investments in its cryptocurrency mining sector amounting to 300 billion tenges ($714 million). Earlier in June, another Kazakh minister, while […]
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That will be confusing for some, and unsurprising for others. A recent memorandum from the U.S.’ tax authority, the Internal Revenue Service, or IRS, attempted to clarify taxation rules around receiving crypto assets as payment. “Is convertible virtual currency received by an individual for performing a microtask through a crowdsourcing or similar platform taxable income?” […]
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