Kategorie: Crypto News

• Australian Tax Office seeks data from 1.2M crypto users for tax compliance.
• Cryptocurrencies are classified as taxable assets in Australia and capital gains tax applies.
• Global crackdown on crypto tax evasion has gained momentum, especially in Canada, Turkey, and the U.S.

In a move aimed at enforcing tax compliance within the burgeoning crypto market, the Australian Taxation Office (ATO) is reportedly seeking data from up to 1.2 million cryptocurrency exchange users.

The initiative, detailed in a notice seen by Reuters, underscores the ATO’s efforts to identify individuals who may have neglected their tax obligations related to crypto trading.

ATO going after tax evaders

The sought-after data includes a range of personal information such as users’ dates of birth, social media account details, and phone numbers, alongside transaction-related specifics like wallet addresses, types of coins traded, and bank account information.

This comprehensive approach aims to facilitate the identification of traders who have potentially failed to report their crypto-related income and pay the required capital gains tax on profits accrued from cryptocurrency transactions.

Unlike other foreign currencies, cryptocurrencies are classified as taxable assets in Australia, necessitating individuals engaged in crypto trading to fulfil their tax obligations.

According to the ATO, the complex and evolving nature of the cryptocurrency landscape often leads to challenges in tax compliance awareness. The agency noted in its notice that the ease of purchasing crypto assets using falsified information could attract individuals seeking to evade their tax obligations.

Crypto tax compliance across the globe

Australia is not alone in its pursuit of tax compliance within the crypto space. Across the globe, jurisdictions are stepping up efforts to collect unpaid taxes arising from digital asset gains. In Canada, the Canada Revenue Agency (CRA) is reportedly conducting over 400 audits related to cryptocurrency and investigating numerous crypto investors to recover unpaid taxes.

Similarly, Turkey is expected to introduce crypto-related legislation to establish a legal framework for crypto taxes later this year, reflecting the growing recognition of cryptocurrencies in economies worldwide.

In the United States, regulatory proposals aim to raise long-term capital gains tax rates, particularly targeting high-income investors. The Biden administration’s Federal Budget proposal includes plans for a 44.6% tax rate on long-term capital gains for individuals earning over $1 million annually. Additionally, there is a proposal for a 25% tax on unrealized gains for ultra-high-net-worth individuals, though its implementation remains uncertain.

While these regulatory measures signal a tightening of oversight in the cryptocurrency realm, the extent of their impact on market dynamics and investor behaviour remains to be seen.

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• Bancolombia launches Wenia crypto exchange and COPW stablecoin in Colombia.
• The new crypto exchange aims to onboard 60,000 users in 1st year to compete with Binance and Bitso.
• Wenia is registered in Bermuda and will operate independently from other Bancolombia Group entities.

Bancolombia, the largest bank in Colombia, has made a significant foray into the world of cryptocurrencies with the launch of its own crypto exchange named Wenia.

This move comes after nearly a decade of thorough study and research by the banking giant.

Wemia crypto exchange

Wenia aims to establish itself as a prominent player in the crypto market, competing with established platforms like Binance and Bitso. The exchange is set to onboard 60,000 users within its inaugural year of operation.

Wenia will facilitate the trading of various cryptocurrencies including Bitcoin (BTC), Ether (ETH), USD Coin (USDC), and Polygon’s MATIC.

However, access to the platform is limited to Colombian nationals residing in the country.

Wenia is registered outside Colombia

Despite the optimism surrounding the launch, Bancolombia has issued a cautious note to traders regarding the risks associated with trading digital assets.

The bank emphasized that listed crypto assets are not securities and are not backed by any government. Moreover, they pointed out the inherent risks such as volatility and potential price loss.

Bancolombia further clarified that no entity within the Bancolombia Group will be exposed to digital assets.

In a noteworthy detail, it was revealed through a LinkedIn post by a legal professional that Wenia operates as an independent entity registered outside Colombia, specifically in “Las Bermudas.” Consequently, any disputes or claims related to the exchange will be under the jurisdiction of Bermuda’s laws, with resolution sought through Wenia rather than Bancolombia.

The COPW stablecoin

Alongside the newly launched cryptocurrency exchange, Bancolombia has introduced a stablecoin called “COPW,” which is pegged to the Colombian peso.

The introduction of the COPW stablecoin serves as an onboarding solution for users of the exchange.

Juan Carlos Mora, the president of Bancolombia, has expressed the bank’s commitment to fostering the adoption and utilization of digital assets and blockchain technology. In an interview with Forbes, the president highlighted the extensive efforts undertaken by Bancolombia over the past decade to develop the Wenia platform.

Colombia currently ranks third among Latin American countries in terms of crypto adoption, according to the 2023 Global Crypto Adoption Index from Chainalysis. This underscores the potential market demand and relevance for Bancolombia’s venture into the crypto sector.

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• Revolut has launched Revolut X, a new crypto exchange platform for pro traders.
• The exchange will initially only be availabe to UK users.

Revolut’s new crypto trading platform Revolut X is now live, the fintech company announced on Tuesday.

Revolut X brings retail crypto trading to UK customers and offers a number of top features that could see it take a chunk of users from established cryptocurrency platforms currently available in the United Kingdom.

Revolut X goes live for UK users

With its aim at professional traders, Revolut X is designed to be the most accessible crypto exchange to users in the UK via instant on & off ramp and zero fees.

Leonid Bashlykov, Revolut’s Head of Crypto Exchange Product, said in a comment:

“We understand that competitive fees as well as easy on and off ramping are at the heart of what experienced traders want from a crypto platform.”

The new platform will offer real-time trading and analytics for more than 100 tokens. Users have access to advanced features such as market and limit orders. Available tokens include Bitcoin (BTC), Ethereum (ETH) and XRP (XRP).

With more than 40 million users worldwide, the London-based digital bank’s launch of Revolut X could be a major growth channels as crypto attracts more people.

Plans for the crypto exchange surfaced in February, with the standalone exchange set to offers users a chance to buy and sell crypto without having to go to the Revolut app.

The post Revolut’s new crypto exchange goes live appeared first on CoinJournal.

• Nigeria aims to ban naira use on peer-to-peer (P2P) trading platforms.
• News comes after a meeting between the government represented by the Securities and Exchange Commission (SEC) and the blockchain community.

The latest cryptocurrency news from Africa is that Nigeria has plans to delist the local currency naira from all peer-to-peer (P2P) crypto trading platforms in the country.

Newspaper publication PUNCH reported early Tuesday that the Federal Government is working via the Securities and Exchange Commission (SEC) to remove naira from all P2P crypto platforms.

The move comes amid the government’s efforts against alleged dollar racketeers and exchange rate manipulators.

Nigeria SEC met crypto sector players

This latest development in the Nigerian crypto landscape follows a meeting that involved the country’s newly-appointed Director General of the SEC Emomotimi Agama and the blockchain community. Agama revealed the government’s naira plans during this meeting.

While the government will not allow for any manipulative acts that threaten the markets and Nigeria’s interests, the plan is to work closely with the industry to promote responsible growth and innovation.

Agama’s remarks to the Blockchain Industry Coordinating Committee of Nigeria (BICCoN) emphasized the government’s readiness to engage and collaborate with the crypto space.

As Coinjournal highlighted recently, the meeting with the SEC came amid BICCoN’s calls for a roundtable between the SEC chief and crypto exchanges. This meeting could be crucial in the overall quest to make Nigeria a cog in the global digital assets arena.

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