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U.S. Treasury issues new Cryptocurrency tax rules

  • The IRS has set up a tax reporting framework for cryptocurrency brokers, which will be implemented in 2025.
  • The framework does not include decentralised finance and non-hosted wallets, although rules for those will come later in the year.

Under the new framework, crypto brokers, hosted wallet services, and digital asset outlets must file 1099 tax forms to document gains earned on their users’ digital assets. These assets will include coins, tokens, NFTs, and stablecoin transactions above a certain threshold.

The new regime does not yet include tax reporting processes for proceeds and earnings from decentralised finance activities or non-hosted wallets, as it is focused on large centralised firms. However, regulations for DeFi will reportedly come later in the year and will take effect along with the rest of the framework in January 2025.

The regime stipulates that users who earn less than $10,000 worth of stablecoins in a year are exempted from reporting. Furthermore, crypto brokers can report stablecoin sales as an aggregate, although they must report sophisticated, high-volume individual sales separately.

For NFTs, users are exempt from reporting NFT sales proceeds under $600 in a financial year.

Starting 2026, crypto brokers will be required to maintain a cost basis record for all assets, including the prices at which users purchase their assets. Real estate transactions settled with crypto will also be reported using the fair market value of the digital assets used.

The post U.S. Treasury issues new Cryptocurrency tax rules appeared first on CoinJournal.

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Italian Crypto Wallet, Conio, Announces Open Banking Partnership with Digital Asset Integration Platform, Mesh

Italian cryptocurrency wallet provider, Conio, has announced a new open banking partnership with Mesh Connect, a digital asset integration platform headquartered in the US.

The partnership will allow Conio’s 430,000 users to access ten leading cryptocurrency exchanges directly through the Conio app. This integration eliminates the need for cumbersome processes such as scanning QR codes for transactions. Utilizing open banking technology, a single Mesh Connect account can authenticate users across more than 300 centralized crypto exchanges and self-custody wallets, significantly simplifying the crypto trading and management process.

Founded in 2015, Conio is backed by Poste Italiane, Banca Finint, B Heroes, and Banca Generali Private. The crypto wallet provider has raised a total of $20.5 million, most recently a $14 million Series B led by Banca Generali.

Mesh Connect, founded in 2020 and headquartered in San Francisco, was previously known as Front Financial. It’s backed by a number of prominent investment firms, including Plug and Play Ventures, PayPal Ventures, Samsung Next, and Rembrandt Venture Partners. Its most recent funding was a $22 million Series A, which it closed in January 2024, bringing its total fundraising to $32 million.

Announcing this new open banking partnership, Bam Azizi, Founder and CEO of Mesh, said:

“Open banking is Europe’s next major catalyst for digital asset adoption, and with our partnership with Conio, we are deploying the infrastructure to make safe and seamless aggregation and crypto transfers possible for hundreds of thousands of users in the region.”

Christian Miccoli, CEO and founder of Conio, added:

“Our mission is to make the world of digital assets accessible and secure for everyone. This collaboration with Mesh is a crucial step towards consolidating an integrated ecosystem that simplifies the use of secure custody solutions like Conio’s. We are excited to offer our users a unique platform for managing their assets, combining security, simplicity, and direct access to leading exchange platforms.”

The post Italian Crypto Wallet, Conio, Announces Open Banking Partnership with Digital Asset Integration Platform, Mesh appeared first on CoinJournal.

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WIF leads as SOL meme coins gain: Is Solciety the next to explode?

  • WIF topped meme coin gainers early Monday as the crypto market mirrored a swift spike above $63k for Bitcoin.
  • As the market eyes a potential July bounce, could Solciety (SLCTY) be the next Solana meme coin to explode?

According to data from CoinGecko, Dogwifhat (WIF) is outperforming most top meme coins in the market over the past 24 hours. Meanwhile, new Solana meme coin Solciety (SLCTY) has reached $550k in presale as interest skyrockets.

Here’s a price forecast for WIF and what that could mean for Solciety.

Dogwifhat surges as meme coins rebound

With nearly 10% gains in the period at the time of writing, WIF is outshining Dogecoin, Shiba Inu, Pepe, Bonk and Floki.

Dogwifhat is also the top performing meme on Solana in the past 24 hours and its $566 million trading volume exceeds that of top meme coin DOGE.

The surge on WIF price comes as the altcoin market signaled a potential recovery as prices echoed BTC’s upside.

Analysts at market intelligence platform Santiment recently pointed to negative sentiment and Bitcoin’s low RSI as likely indicators of a fresh bounce. While WIF remains negative over the past month, bulls breaking above $2.50 could reignite interest and allow buyers to dominate the market.

WIF price is up 45% in the past week and a similar trajectory in coming weeks could see the meme coin closer to the all-time high of $4.83 reached in March.

Solciety – the new SOL meme eyeing PolitiFi dominance

Solciety is a new meme coin on Solana that’s already creating waves in the PolitiFi space.

After opening its presale on June 18, the project has quickly attracted over $550,000 from early investors eyeing a potential gem.

As the 15-stage presale picks momentum, it’s inevitable the kind of interest Solciety is garnering could see it become the next top Solana meme coin. Dubbed the “political party for degens,” Solciety enters the market as investors eye meme coin summer and as political heat intensifies ahead of US 2024 election.

What sets Solciety apart from  other PolitiFi tokens?

Constitution DAO (PEOPLE), MAGA (TRUMP) and Jeo Boden (BODEN) are currently among the top PolitiFi tokens, which have seen decent gains as investors savour the mix of politics and memes.

While parody, viral moments and satire drive these and other projects, Solciety enters the ecosystem with a novel approach likely to propel it well above the rest.

Meme Campaigner is Solciety’s meme creation tool that allows the community to leverage satire and hype to create memes based on over 200 traits. As the presale gains traction, so will the memes and Solciety’s community.

Solciety price: How high can SLCTY go?

Solciety is for everyone – not aligned with any political divide – and that means the potential to dominate the entire PolitiFi market. The fact is that meme coins are its community, and what Solciety promises suggests the next few months could be huge for its SLCTY token.

Solana’s growth trajectory, cryptocurrency adoption and PolitiFi meme coins are huge trends today and SLCTY will benefit from all.

According to CoinGecko, the meme coins market is $53 billion today, while Solana meme coins market cap is at $7.5 billion.

Meanwhile, the fast-growing PolitiFi sector is just over $1 billion. Growth for the entire market could see Solciety hit and surpass levels that WIF and other top meme coins have reached during the bull market.

A look at MAGA price shows the token is up 585x since its lows of $0.01136 in October, while PEOPLE has soared over 101x. WIF, the breakout Solana meme coin, saw a 1,450x move from $0.001555 in December.

The SLCTY token’s current price of $0.002222 in stage 4 of the presale may therefore offer an opportunity for early birds.

Learn more about Solciety (SLCTY) on the official website.

The post WIF leads as SOL meme coins gain: Is Solciety the next to explode? appeared first on CoinJournal.

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Der BTC-Kurs…

Der BTC-Kurs bewegt sich am Wochenende vor den wöchentlichen, monatlichen und vierteljährlichen Bitcoin-Schlusskursen ungewöhnlich.