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The Spanish Ministry of Finance aims to enhance its authority to seize crypto and non-fungible tokens (NFTs) as part of a new tax reform . The Ministry of Finance of Spain is gearing up to push a new tax reform that would grant it new power to seize cryptocurrencies and digital collectibles in case of failure to pay taxes, according to the Spanish daily newspaper El Economista. The report says the ministry has proposed reform s to the General Tax Law, specifically Article 162, that would empower the local tax agency authority to seize crypto when executing a user debt. Additionally, amendments to the General Collection Regulations are suggested to enable the embargo of cryptocurrencies. El Economista notes that the ministry already has information on taxpayers’ crypto holdings, adding that individuals and companies starting this year are obligated to declare their crypto held abroad. You might also like: Ex-Spain FA boss Rubiales launches NFTs amid sexual assault ac...

The new bill seeks to introduce a crypto regulatory framework that aligns with the EU’s MiCA. Poland’s Financial Supervision Authority (KNF) will supervise cryptocurrencies and impose penalties where applicable. Poland’s financial markets regulator plans to have a crypto regulatory framework in place by the end of the year, the Finance Magnates has reported. According to the publication, which has cited details published in local media outlets, the Polish government is looking to introduce a crypto regulation bill that will facilitate this in Q2. The move will see the Polish Financial Supervision Authority (KNF) empowered to surpervise the digital assets market in the country in line with European crypto regulatory guidelines. The EU adopte its Markets in Crypto Assets (MiCA) law in 2023 and is set to come into effect this year. Poland ’s pursuit of new crypto -related legislation is therefore down to the need to align local laws ...

The cryptocurrency industry saw a significant increase in lobbying efforts in 2023, particularly aimed at influencing stablecoin regulations and legislative outcomes on Capitol Hill. Stablecoins, a crucial link between the crypto and traditional financial systems, gained significance due to their supposed backing by secure assets like dollars or treasuries. The push for federal regulation highlights the need for legitimacy within the asset class and sets the stage for potential widespread adoption. The Biden administration, along with both congressional Democrats and Republicans, has prioritized oversight of stablecoin s. This bipartisan interest persists despite disagreements on other digital asset issues following the collapse of Sam Bankman-Fried’s FTX empire. You might also like: Coinbase urges U.S. lawmakers to bring clear stablecoin regulation as ‘cash is outdated’ Lobbying efforts intensified, with Tether Operations Ltd. spending $760,000 during the first thre...

Tether and Bitfinex say the decision not to appeal the Freedom of Information Law request by several media outlets was made in the interests of transparency. Tether and Bitfinex have jointly agreed to drop initial opposition to a Freedom of Information Law (FOIL) request lodged in New York by a number of high-profile news publications. A statement from the USDT stablecoin issuer and cryptocurrency exchange shared with Cointelegraph notes that it is committed to transparently sharing information following a FOIL request from CoinDesk earlier this year. The companies also indicated that they would not be openly releasing documentation, claiming that the approach is not in line with its business practices: “It’s essential to clarify that transparency does not mean a wholesale release of all our documents.” Tether and Bitfinex will not appeal against the FOIL request put forward by journalists, including Zeke Faux, Shane Shifflett and Ada Hui, whom they accuse of exhibiting “certain beh...

Analysts at Matrixport do not rule out there will be pressure to ‘right-size’ Binance. With Changpeng Zhao leaving Binance as its Chief Executive Officer (CEO), the crypto exchange will likely have from two to three years before competition in the market starts affecting the company’s position, according to a new report. Analysts at Matrixport, a Singapore based crypto management platform founded by Jihan Wu, wrote that there “will likely be pressure to ‘right-size’ the company.” As of July 2023, Binance had almost 8,000 employees and even planned to hire more, while other crypto exchange s reduced their headcounts in a bid to optimize operating expenses. “With Changpeng Zhao stepping down and the fine less than the $10 billion feared, Binance will likely remain a top-three exchange over the next two-three years.” Matrixport You might also like: Coingecko: Coinbase tops crypto lobbying spenders in 2023 Analysts al...

BNB hit its highest price since June after Bloomberg reported the Justice Department wanted $4 billion from Binance to end its probe into the exchange. BNB (BNB) has gained over 7% in the last day after Bloomberg report ed that the United States Department of Justice is contemplating a $4 billion settlement with Binance to resolve its investigation into the company. Cointelegraph Markets Pro shows BNB spiked 6% to $262 in around 30 minutes after Bloomberg’s Nov. 20 report , which said Binance was negotiating an agreement to resolve a DOJ probe into alleged sanctions violations, money laundering and fraud. BNB dropped to $252 around four hours later but notched a second spike to $266 — its highest price since June 7 — two days after the Securities and Exchange Commission sued Binance and CEO Changpeng “CZ” Zhao alleging they violated various securities laws. BNB has seen an over 7% gain in the last 24 hours. Source: Cointelegraph Markets Pro The Binance-issued token has the highest 24...

There’s an eight day window between Nov. 9 and Nov. 17 where all 12 spot Bitcoin ETF filings could be approved by the SEC, according to Bloomberg ETF analysts James Seyffart and Eric Balchunas. The United States Securities and Exchange Commission could approve all 12 of the pending spot Bitcoin (BTC) exchange traded fund (ETF) applications within the next eight days.  Bloomberg ETF analysts James Seyffart and Eric Balchunas wrote that starting from Nov. 9 the SEC has a “ window ” to approve all 12 spot Bitcoin ETF filings — including Grayscale’s conversion of its GBTC trust product — in the days leading up to Nov. 17, but stressed this was only a possibility. New Research note from me today. We still believe 90% chance by Jan 10 for spot #Bitcoin ETF approvals. But if it comes earlier we are entering a window where a wave of approval orders for all the current applicants *COULD* occur pic.twitter.com/u6dBva1ytD — James Seyffart (@JSeyff) November 8, 2023 “Delay orders were issued ...

SEBA began its quest for Hong Kong expansion late last year, setting up an office in November 2022 and by August 2023, the firm obtained an in-principle approval to offer virtual asset trading services. Switzerland-based crypto bank SEBA AG has become the latest crypto-centered firm to obtain a license from the Hong Kong Securities and Futures Commission (SFC). SEBA’s Hong Kong subsidiary, SEBA Hong Kong, received the regulatory nod to offer a range of crypto -related services in the region. According to the data available on the SFC website, SEBA received the license on 3rd Nov. SEBA SFC license details. Source: SFC The license makes way for SEBA in dealing and distribution of all securities, including virtual assets-related products such as over-the-counter (OTC) derivatives. The license marks SEBA’s first footprint in the Asia Pacific region. SEBA first launched an office in Hong Kong in November 2022 with a focus on expanding its services in the region and received an in-princip...

Custodia Bank’s launch of Bitcoin custody follows a series of regulatory challenges the firm faced earlier this year. Custodia Bank, a cryptocurrency-friendly bank founded by Bitcoin (BTC) advocate Caitlin Long, has launch ed its Bitcoin custody platform . The firm took to X (formerly Twitter) on Nov. 7 to announce the launch of Custodia Bank’s Bitcoin custody service targeting businesses like fiduciaries, investment advisers, fund managers and corporate treasurers. The launch comes soon after Custodia Bank earned approval from the Wyoming Division of Banking to go live with its Bitcoin custody service, the announcement notes. Announcing the news, Custodia Bank emphasized that the platform is a non-lending bank built by Bitcoiners and offers segregated custody accounts on its “custom-built Bitcoin custody platform .” The statement said that Custodia Bank offers integrated Bitcoin custody and U.S. dollar services on one platform, which is designed to simplify user operations and re...

Cryptocurrency mining in Uzbekistan can only be carried out by legal entities with the use of solar power, the local crypto watchdog has reiterated. Cryptocurrency mining in Uzbekistan is overcoming major changes as the country’s major crypto market supervisor has approved a framework for licensing crypto mining operations. Uzbekistan’s National Agency for Perspective Projects (NAPP) issued a decree on licensing cryptocurrency mining operations, limiting such activities exclusively to legal entities . Apart from banning individual miners’ operations, the NAPP has also required firms to only use solar power to mine cryptocurrencies like Bitcoin (BTC). However, miners can still use the unified power system of Uzbekistan in certain cases stipulated by the legislation. The document doesn’t mention what cases are meant. Among other requirements, Uzbekistan’s cryptocurrency watchdog demanded companies set up a dedicated room for installing mining equipment and only mine crypto by the reg...

Coinbase CEO Brian Armstrong has been actively pursuing the exchange's expansion ambitions in the United Kingdom amid mounting legal issues in the U.S.. Brian Armstrong, CEO of major United States-based crypto currency exchange Coinbase, has condemned the decision of JPMorgan’s subsidiary Chase UK to restrict crypto -related transactions. Brian Armstrong took to X (formerly Twitter) on Sept. 26 to slam Chase Bank for its “totally inappropriate” move to ban its customers in the United Kingdom from making any debit card or wire transfers related to crypto transactions. “U.K. crypto holders should close their accounts if this is how they're going to be treated,” Armstrong wrote. The CEO also urged U.K. officials — including U.K. Prime Minister Rishi Sunak and U.K. Economic Secretary Andrew Griffith — to check whether Chase UK’s actions respect the country’s policy goals. Armstrong expressed hope that Chase UK might change its decision after the officials look into the situation...

The approval is seen as a milestone moment for BlockFi's over 100,000 creditors, who have been long awaiting repayment. The customers of bankrupt cryptocurrency lending platform BlockFi are one step closer to being paid out after a United States Bankruptcy Court in New Jersey approved its liquidation plan. Bankruptcy Judge Michael A. Kaplan approved BlockFi's third amended Chapter 11 plan in a Sept. 26 court hearing, a filing on the same day shows. Sept. 26 court filing in the bankruptcy case of BlockFi. Source: Kroll The amount of repayment received by BlockFi's unsecured creditors will largely depend on whether BlockFi succeeds in its legal battle against FTX and other bankrupt cryptocurrency firms. BlockFi's liquidation plan was approved after the firm settled a long-fought dispute with the creditors committee over the company’s senior management. The now bankrupt lending platform blamed FTX's collapse for its own failure despite the creditor's committee c...

The Economic Security Bureau of Ukraine is conducting a pretrial investigation against local crypto trading platforms suspected of tax avoidance. Ukraine’s Economic Security Bureau (ESB) is investigating local crypto exchanges after the bureau found that non-regulated exchanges operating in the country cost over $80 million in lost taxes. In an interview with Forbes Ukraine, ESB head Andriy Pashchuk said the investigation is being conducted only against trading platforms whose beneficiary is a citizen of Ukraine. He revealed that analysts at ESB are using data services like Chainalysis and Crystal Blockchain to trace all crypto operations. “Currently, the bureau is conducting a pretrial investigation against entities that are participants of the [local] cryptocurrency market.” Andriy Pashchuk, Ukraine’s ESB head Besides on-chain data, ESB also relies on OSINT insights to estimate the total crypto turnover in digital wallets on Ukrainian crypto exchanges...

From accusing the SEC of suppressing Bitcoin to suggesting alternatives, the community showed varied responses to Grayscale’s legal challenge against the SEC. As Grayscale’s application to convert the Grayscale Bitcoin Trust (GBTC) into a Bitcoin (BTC) exchange-traded fund (ETF) got denied, the firm launched a legal challenge against the United States Securities and Exchanges Commission (SEC). Following these events, the community responded with various reactions, from accusing the SEC of price manipulation to suggesting different solutions.  ThatsMRcurmudgeon2u, a Redditor who introduced himself as a securities lawyer also weighed in on the matter. According to the Reddit user, many anticipated the lawsuit as SEC chair Gary Gensler as they made it clear that they want exchanges to register with the SEC. The Redditor also accused the SEC of “holding GBTC hostage.” Lawyer Jake Chervinsky tweeted that the ETF denial is "deeply disappointing," and it defies federal law and co...

The new Conservative Party of Canada leader has previously advocated for financial freedom through crypto tokens, smart contracts and decentralized finance. Canadian politician and noted crypto advocate Pierre Poilievre has taken the helm of Canada’s Conservative Party, which looks set to give the current administration a run for its money in the next federal election.  The pro-crypto politician reportedly won the leadership of the Conservative Party of Canada in a landslide victory on Sept. 10, securing 68.15% of the electoral points up for grabs, and far outpacing his nearest opponent Jean Charest who received just 16.07% of the vote. Poilievre has been a member of the Conservative Party since 2003, first winning office in the 2004 election. He has since served as a Member of Parliament for seven terms and held various roles including Shadow Minister for Finance and Minister of Employment and Social Development. Poilievre has been known as a supporter of crypto and Bitcoin (BTC), a...

This week, The Market Report discusses why $22,000 is the next logical step for Bitcoin and why BitMEX co-founder Arthur Hayes claims the bull market started back in March. In the latest episode of Cointelegraph’s The Market Report , analyst Marcel Pechman explores the drivers that point to Bitcoin heading to $22,000, with investor sentiment worsening after Grayscale Investment’s much-hyped legal victory against the United States Securities and Exchange Commission (SEC) on Aug. 29 and its postponement of multiple spot Bitcoin (BTC) exchange-traded fund applications. According to Pechman, on the side of the bears are multiple lawsuits from the SEC against Binance and Coinbase, including a potential indictment from the U.S. Department of Justice regarding money laundering and facilitating trades from Russian entities. But, more importantly, U.S. inflation has come down to 3.2%, and the U.S. Federal Reserve is draining liquidity from the markets. Pechman also analyzes BitMEX founder Arth...

Despite a blanket ban on cryptocurrencies imposed by Beijing in 2021, many Chinese courts over the years have established that virtual asset holders have property rights. People’s courts in China exercise judicial power independently and are not subject to interference by an administrative or public organization. These courts try criminal, civil, administrative, and cases that involve economic disputes. The report titled "Identification of the Property Attributes of Virtual Currency and Disposal of Property Involved in the Case," acknowledged that virtual assets have economic attributes and thus can be classified as property, reported a local daily. Although China has deemed all foreign digital assets illegal by imposing a blanket ban, the report argued that virtual assets held by individuals should be considered legal and protected by law under the current policy framework. The report also added suggestions to deal with crimes involving virtual asset s and noted that sinc...

Responsibility for crypto scams does not only belong to the cryptocurrency industry, it also involves banks, telecoms and social media platforms, Australian exchanges say. Cryptocurrency exchanges in Australia have been increasingly communicating with their users as part of preventative measures against scams. According to local crypto firms, such communication is the key to preventing scams as it is able to “break trust” between victims and scammers. Executives at major Australian crypto firms such as Cointree, CoinSpot and Swyftx met at a panel of the fintech conference Intersekt 2023 in Melbourne on Aug. 31 to discuss the issue of scams and fraud in crypto. At the panel, the executives mentioned a variety of measures taken by the platforms in order to protect their users from fraud, including automated and manual Anti-Money Laundering (AML) checks, investigations, education and communication. Cointree, CoinSpot, Swyftx and Chainalysis executives at Intersekt 2023. Source: Cointeleg...

Indian crypto exchanges CoinSwitch and CoinDCX have been struggling to maintain headcount amid bear market and TDS. The CoinSwitch crypto exchange is the latest crypto trading platform in India that cut its workforce amid the prolonged cryptocurrency winter, the local news agency Moneycontrol reported on Aug. 28. The crypto exchange reportedly laid off 44 employees from its customer support division in August, citing redundancy in roles amid the bear market-triggered lack of customer queries. “We continuously evaluate our business to stay competitive, prioritizing innovation, value, and service for our customers. To that end, we right-sized our customer support team to align with the present volume of customer queries on our platform,” CoinSwitch said. The firm added that this impacted the roles of 44 members of its support team, who “voluntarily resigned from their roles after a detailed discussion with their managers.” 44 employees account for a significant share — or roughly 8% — o...

HashKey, along with OSL, received a major license upgrade on Aug.3 clearing their way to offer crypto trading services to retail customers. Asian cryptocurrency exchange HashKey is set to start offering Bitcoin and Ether crypto trading services to retail customers in Hong Kong starting on August 28, according to a local media report. Investors will only be allowed to invest up to 30% of their net worth into cryptocurrencies when using the platform HashKey became the first crypto exchange in Hong Kong to get regulatory clearance to offer crypto trading services to retail traders after upgrading two major licenses issued by the country’s Securities and Futures Commission (SFC). The first license known as Type 1, made way for HashKey to start a virtual asset trading platform under Hong Kong’s securities laws. The second license called Type 7, allows the crypto exchange to provide automated trading services to both institutional as well as retail users. Apart from HashKey, another ...