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Australian Tax Office Urges NFT Investors To Report Activity

The Australian tax officer urged the crypto and NFT investors to report their crypto activity in order to be tax compliant and will soon get a letter from the agency to do so, as we can see more in our latest crypto news today. The Australian tax office expects to prompt up to 300,000 crypto investors to report the capital gains and the agency warned that crypto and NFT investors are still subject to normal capital gain taxes. The office also warned that most investors are in for a surprise if they don’t report their gains or believe that they…

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South African Crypto Holders Urged to Approach Tax Body Before It Descends on Them

A South Africa-based tax expert, David Lesperance, says with the country’s revenue collector now closing in on cryptocurrencies, holders must now take the initiative and approach South Africa Revenue Services (SARS) before it descends on them. Lesperance argues that by making the first move, cryptocurrency investors will be able to avoid the punitive penalties that SARS often imposes on tax dodgers. Crypto Taxes Inevitable In the meantime, Lesperance, in remarks that were made during a call with Bitcoin.com News, urged crypto holders to get over “the fantasy that they are not going pay taxes.” Also, in his message aimed especially…

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Cryptocurrency Investors Lost $80M To Scams In 6 Months: FTC Report

Cryptocurrency investors lost about $80 million to scams in 6 months according to the recent report by the FTC-Federal Trade Commission agency as we can see more in our latest crypto news today. The FTC is an agency that seeks to protect US customers against fraud and revealed that cryptocurrency investors lost $80 million to crypto investments scams between October 2020 and March 2021. According to a report published by the FTC, the agency noted that it has witnessed an increase in crypto scams since October with the data revealing that it received 7000 reports from consumers between Q4 2020…

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Gary Gensler Calls For Improved Protection For Crypto Investors

SEC’s Chairman Gary Gensler calls for improved protection for all crypto investors after calling Bitcoin a scarce and speculative store of value so let’s see more in our latest cryptocurrency news. The recently-appointed SEC Chair Gary Gensler calls for better protection in the crypto space as he believes that the industry and the people involved need more advanced protection. He also referred to BTC as a speculative store of value and called for an update of the existing regulation in the US. The cryptocurrency boom that started in 2020 which saw the prices booming and the demand skyrocketing, caught the…

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South African Regulator Zeroes in on Scams and Unregulated Firms in Its Second Crypto ‘Health Warning’

South African regulator the Financial Sector Conduct Authority recently issued its second crypto “health warning” after it noticed increased reports of crypto-related losses suffered “in the past three months.” In the warning, the regulator reminds investors that since cryptocurrencies are “not regulated by the authority or any other body,” there will be no legal recourse “if something goes wrong.” Unregulated Firms and Promises of High Rewards The FSCA’s second warning comes in the wake of the collapse of the Mirror Trading International (MTI), a bitcoin Ponzi scheme. As reported by Bitcoin.com News, MTI was subsequently identified as the biggest crypto…

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Are Cryptocurrencies Getting Closer to Becoming Regulated Money Equivalents?

Over the last few months, cryptocurrency holders saw their investment portfolio becoming more valuable because of the unexpected cryptocurrency rally. Bitcoin and Ethereum went from being two cryptocurrencies showing great potential to being two cryptocurrencies that are worth more than many traditional financial assets. This development is not only a result of the heavy investment that has been breaking one record after another since the beginning of October 2020, but it is also an outcome of the trust markets have started showing in cryptocurrencies. Continue reading Are Cryptocurrencies Getting Closer to Becoming Regulated Money Equivalents? at Smartereum.

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Law Firm Sees Crypto Investors Flocking to St. Kitts & Nevis for Dual Citizenship

This week news.Bitcoin.com spoke with Jennifer Harding Marlin from the St. Kitts & Nevis islands law firm JH Marlin. The business specializes in all types of law practice and citizenship by Investment (immigration) is very popular. Marlin explained that recently, the company is getting “a lot of clients in the crypto space that are looking to obtain second passports.” During the last few months, the whole world has been shaken by the Covid-19 outbreak and this has caused citizens to seek alternatives in certain careers, education, and even citizenship. News.Bitcoin.com recently spoke with an expert when it comes to second-citizenship…

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Bitcoin Tops $11,000 Reigniting Interest in India

A resurgent bitcoin is rekindling Indian interest in cryptocurrencies with reports suggesting many dormant holders are back to trading. A report in Livemint is also attributing the piqued interest to a recent Indian supreme court decision to overturn a prohibition that barred banks from dealing with cryptocurrency exchanges. The ban was imposed by the Reserve Bank of India (RBI) in April 2018. Nischal Shetty, founder and CEO of Wazirx, a cryptocurrency exchange in India, says they are witnessing a renewed excitement. Shetty said bitcoin’s price, which breached the $11,000 mark on Tuesday, resulted in Wazirx “seeing a big jump in…

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