ChainCatcher news, the chairman of the Financial Services Commission of Korea, Kim Byung-hwan, recently stated: "The prices of virtual assets have surged significantly in the short term, and the volatility of the market itself is also very high, so the government needs to closely monitor and focus on whether there are any abnormal transactions in virtual assets." The Financial Supervisory Service plans to check the operational status of the abnormal transaction monitoring system for virtual asset exchanges in the near future.Regarding the fact that the trading volume of the virtual asset market has exceeded that of the stock market, he stated: "If we look at the two markets, funds should flow into the stock market."He added: "We all recognize that the stock market is very important for the healthy cycle of our economy, but due to doubts about the positive impact of virtual assets on the real economy, it is necessary to study the situation where their trading volume remains high."

ChainCatcher news, according to Bitcoin.com, the South African Financial Intelligence Centre has issued Directive No. 9, requiring digital asset platforms to collect and store identity information for cryptocurrency transactions.This directive will take effect on April 30, 2025, and aims to help South Africa be removed from the Financial Action Task Force (FATF) grey list. The grey list affects the country's reputation, increases the cost of financial transactions, and raises borrowing costs.According to the directive, the full names and wallet addresses of both parties in a transaction must be recorded, with stricter requirements when the transaction amount exceeds $277 (5,000 rand). Sean Sanders, CEO of Altify, expressed support for regulatory developments but questioned the $277 threshold, calling it the lowest globally.

ChainCatcher news, according to Bitcoin.com, Spanish real estate technology company Enlace revealed that the number of real estate transactions using some form of cryptocurrency as a payment method has significantly increased this year.The company found that due to the advantages of these payment methods, such as faster fund availability compared to traditional home buying methods and being more cost-effective than international bank transfers, the usage rate of this payment method has grown by 15% in 2024.This trend is particularly evident in major cities like Barcelona, Madrid, and Valencia, where cryptocurrency transactions account for 60% of all transactions in the industry. Enlace expects that approximately 6% of real estate transactions in 2024 will involve cryptocurrency payments.

ChainCatcher news, according to Bloomberg, informed sources revealed that the government led by Italian Prime Minister Giorgia Meloni may approve a proposal from coalition partners to reduce the tax increase on cryptocurrency transactions.A copy of the proposal shows that as the junior partner in Meloni's ruling coalition, The League has proposed an amendment to cap the tax rate on crypto transactions at 28%, while the budget proposed last month initially suggested an increase to 42%. The current tax rate is 26%. Cryptocurrency executives have stated that the proposed rate is too high and would make the local industry less competitive compared to other EU countries. The EU is preparing to fully adopt its first comprehensive cryptocurrency regulation across the EU, known as "MiCA," by the end of this year.Additionally, another ruling coalition party, Forza Italia, founded by the late Silvio Berlusconi, has proposed another amendment aimed at completely eliminating the tax increase and removing the tax exemption for earnings of €2,000 ($2,120) or less.

ChainCatcher news, according to Bloomberg, informed sources revealed that the government led by Italian Prime Minister Giorgia Meloni may approve the proposal from coalition partners to reduce the tax increase on cryptocurrency transactions.A copy of the proposal shows that as the junior partner in Meloni's ruling coalition, The League has put forward an amendment to limit the tax rate on crypto transactions to 28%, while the budget proposed last month initially suggested an increase to 42%. The current tax rate is 26%.Cryptocurrency executives have stated that the proposed tax rate is too high and would make the local industry less competitive compared to other EU countries. The EU is preparing to fully adopt its first comprehensive cryptocurrency regulation across the bloc, known as "MiCA," by the end of this year.Additionally, another ruling coalition party, Forza Italia, founded by the late Silvio Berlusconi, has proposed another amendment aimed at completely eliminating the tax increase and removing the tax exemption for earnings of €2,000 ($2,120) or less.As part of the coalition's proposed amendments, Italy will establish a permanent working group composed of digital asset companies and consumer associations to educate investors about cryptocurrency. Two informed sources indicated that the government is likely to approve The League's proposal, although no final decision has been made, and it may be subject to modifications.

ChainCatcher news, according to Protos, Terra founder Do Kwon was arrested in Montenegro on March 23, 2023, but his electronic devices were not handed over to the investigating judge until June of that year.An official from the Montenegrin special police told Portal ETV that during a search of inmates, including Do Kwon, laptops, mobile phones, cryptocurrency wallet login information, and "other codes to access the blockchain" were discovered.Two sources stated that at least three cryptocurrency transactions were made using Do Kwon's cryptocurrency wallet during his detention. This information was obtained through accounts related to a mobile phone company in Podgorica.

ChainCatcher news, according to Cointelegraph, Chainalysis CEO Michael Gronager stated at the Token2049 in Singapore that government prosecutors and tax authorities will use AI Agents to regulate all cryptocurrency transactions and "solve crimes" within 5 years, and these AI Agents can even identify cryptocurrency tax evaders.

ChainCatcher news, according to Cointelegraph, the U.S. Department of the Treasury (DOT) released a semi-annual regulatory agenda on August 16, revealing that the federal government is set to create a fair regulatory environment for both cryptocurrencies and traditional fiat currencies. The Federal Reserve Board (FRS) and the Financial Crimes Enforcement Network (FinCEN) plan to amend the definition of "currency" used in the Bank Secrecy Act (BSA) to strengthen reporting requirements for financial institutions regarding domestic and cross-border cryptocurrency transactions.According to the agenda: "These agencies hope that the revised proposal will ensure that the rules apply to domestic and cross-border transactions involving convertible virtual currencies, which are a medium of exchange (such as cryptocurrencies) that have value equivalent to or can substitute for currency but lack legal tender status."The proposal will also extend reporting requirements to digital assets with legal tender status, including central bank digital currencies (CBDCs). The final notice for the proposed rulemaking is currently scheduled to be published in September 2025, pending approval.

ChainCatcher news, according to CryptoNews, Kazakhstan's anti-money laundering agency has reported that it has blocked a total of 75.4 million dollars in illegal cryptocurrency transactions and confirmed 18 criminal cases related to illegal cryptocurrency trading and mining. In 2024, Kazakhstan's courts have made six rulings on such cases and confiscated assets worth a total of 2.51 million dollars.In addition, the country strictly regulates cryptocurrency exchanges and mining activities, with unlicensed cryptocurrency exchanges and mining equipment that have not completed the licensing process facing legal sanctions.

ChainCatcher news, according to Bloomberg, Nigeria has vowed to ban the use of the naira for person-to-person cryptocurrency transactions, marking the latest move by the West African nation to control an industry accused of undermining its local currency.Emomotimi Agama, chairman of the Securities and Exchange Commission of Nigeria, also stated during a meeting with fintech professionals on Monday that new regulations covering cryptocurrency trading platforms, digital asset custodians, and other areas of the industry will be introduced in the "coming days."In a statement released on Monday evening at the exchange's headquarters in Abuja, Emomotimi Agama said, "Recent concerns regarding cryptocurrency peer-to-peer traders and their impact on the naira exchange rate highlight the need for collective action."

ChainCatcher news, according to NBC, Twitter co-founder Jack Dorsey's fintech company Block is under a compliance investigation by federal prosecutors. Internal documents provided by a former employee to the Southern District of New York prosecutors indicate that Block's Square and Cash App businesses have long-standing and widespread compliance deficiencies.These issues include: insufficient collection of customer information to assess risk; Square processed thousands of transactions involving sanctioned countries; Block handled multiple cryptocurrency transactions for terrorist organizations; and most suspicious transactions involving credit cards, dollar transfers, and Bitcoin were not accurately reported to the government.Block stated that it has established a comprehensive compliance program and continues to invest to address new threats and the evolving sanctions regulatory environment. However, the former employee claimed that the company did not take corrective actions after discovering violations. Additionally, an external consulting firm found nearly 50 deficiencies in Block's internal monitoring system last year.It is reported that Block's payment application Verse in Europe was also fined by the Bank of Lithuania last year and ordered to rectify for "serious and systemic" violations of anti-money laundering and anti-terrorism financing laws.As one of the most popular mobile payment applications in the United States, Cash App has 56 million active users, but its banking partner Sutton Bank recently reached a settlement with the Federal Deposit Insurance Corporation (FDIC) over issues such as violations of the Bank Secrecy Act. Financial regulators are intensifying compliance reviews of third-party payment institutions.

ChainCatcher news, according to Bloomberg, the United States and the United Kingdom are reviewing over $20 billion in cryptocurrency transactions conducted through a Russian virtual trading platform. Sources say the payments under scrutiny were made using the Moscow-based cryptocurrency exchange Garantex with the dollar-pegged cryptocurrency Tether (USDT).It is reported that the U.S. and the U.K. imposed sanctions on Garantex in April 2022, citing its alleged involvement in money laundering, terrorist financing, and ransomware attacks. This $20 billion transaction would be one of the most serious violations since the sanctions began.

ChainCatcher news, according to CoinDesk, the department of the U.S. Treasury responsible for combating the financing of terrorism has stated that multiple financial institutions have reported potential cryptocurrency transactions totaling $165 million that may be related to Hamas.According to a letter signed by U.S. Treasury Deputy Secretary Adewale Adeyemo, the Financial Crimes Enforcement Network (FinCEN) analyzed suspicious activity reports submitted from January 2020 to October 2023. FinCEN found that over 200 cryptocurrency addresses may have been used in these transactions.It is reported that the U.S. Treasury is currently conducting "ongoing analysis" to assess the potential threats posed by cryptocurrencies and cryptocurrency services. The letter stated: "We continue to assess Hamas and other terrorists' preference for traditional financial products and services, but we remain concerned that as we cut off their access to traditional finance, these organizations will increasingly turn to virtual assets."

ChainCatcher news, according to the Bangkok Post, the Thai Ministry of Finance has announced the exemption of value-added tax on digital asset/cryptocurrency transactions. Finance Minister's Secretary Paopoom Rojanasakul stated that the Ministry of Finance aims to promote digital assets as a new alternative fundraising tool. The authorities hope this will support the development of Thailand's digital asset industry and provide the necessary impetus for the advancement of Thailand's digital economy in the near future.The value-added tax exemption will take effect on January 1, 2024, with no termination date. The exemption from value-added tax on digital asset transactions previously applied only to authorized digital asset exchanges, and now includes brokers and dealers regulated by the Securities and Exchange Commission.

ChainCatcher news, according to Cointlegraph, some provisions of the U.S. President Biden's infrastructure bill have come into effect, including the requirement to report many digital asset transactions exceeding $10,000 to the Internal Revenue Service (IRS). This bipartisan infrastructure bill, passed by Congress and signed by President Biden in 2021, expanded the requirements for brokers, mandating that many crypto trading platforms and custodians report crypto transactions over $10,000 to the IRS.The bill requires brokers to report crypto transactions exceeding $10,000 to the IRS within 15 days, including the sender's name, address, and Social Security number.Jerry Brito, executive director of the nonprofit crypto research center Coin Center, stated that it is still unclear how to comply with the cryptocurrency tax reporting guidelines for 2024.

ChainCatcher news, according to Cointelegraph, the Central Bank of Nigeria (CBN) has lifted restrictions on banks facilitating cryptocurrency transactions nearly two years after a comprehensive ban on banks handling digital currencies.In a notice sent to banks on December 22, the CBN acknowledged that the growing global demand and adoption of cryptocurrencies made it unreasonable to maintain strict restrictions on financial institutions imposed in 2021. The guidelines aim to establish minimum standards and requirements for banking relationships and account openings for Virtual Asset Service Providers (VASP) in Nigeria, and to ensure robust risk management practices for licensed VASP activities within the banking sector.However, the statement emphasized that financial institutions are still prohibited from holding, trading, or using their own accounts for cryptocurrency transactions. In February 2021, the Central Bank of Nigeria banned all regulated financial institutions from providing services to cryptocurrency exchanges in the country.

ChainCatcher news, blockchain retail solution Pundi X announces partnership with Tron.It is reported that this collaboration will integrate Pundi X's XPOS platform with the Tron network through the TronLink wallet, allowing users to execute cryptocurrency transactions using XPOS devices via the TronLink wallet.

ChainCatcher news, Protos analysts found through reviewing over 5,000 court records that the law firm Sullivan & Cromwell, responsible for handling the FTX bankruptcy case, and the law firm Kirkland & Ellis, which handled the bankruptcies of three other cryptocurrency companies including Celsius, earned fees of $110 million and $101 million, respectively.Additionally, according to The New York Times, following the implosion of cryptocurrency companies FTX, Voyager Digital, Genesis Global, Celsius Network, and BlockFi, law firms, consulting companies, and analysts earned over $700 million.It is reported that an FTX spokesperson stated in a statement that the entire process became more complicated due to the lack of clear cryptocurrency laws and regulations, making legal services inevitably more expensive. The law firms claimed that the high fees reflect the importance of their work in returning funds to investors.

ChainCatcher news, ConsenSys tweeted, "We are aware that there is inaccurate information circulating regarding the terms of service of ConsenSys. To clarify: MetaMask will not tax cryptocurrency transactions, and we have not made any changes to our terms regarding this. At ConsenSys, our goal is to make Web3 universally easy to use, access, and build through our suite of products. It is worth noting that the terms mentioned are not new. They apply to products for which we are required to collect sales tax. The tax section in our terms of service falls under the 'Fees and Payments' section, and it only pertains to products and paid plans offered by ConsenSys. For example, the Infura credit card developer plan includes sales tax. Legal terminology can be complex, but the key point is to emphasize that this section does not apply to MetaMask or any other products that do not involve sales tax. We believe in transparency and accuracy when sharing information with our users. Our commitment to combating misinformation regarding our products and services remains steadfast. We encourage everyone to visit our website to learn more about our products, and if you have any questions or concerns, please contact us."It is reported that on May 18, 1inch co-founder [Anton Bukov](https://www.rootdata.com/zh/member/detail/Anton Bukov?k=MTMwOTY=) tweeted that the blockchain software technology company ConsenSys updated its terms of service in April, where "4.3 Taxes" states that its products "shall be responsible for determining and paying all taxes and other governmental fees and charges as required by applicable law ... We reserve the right to withhold taxes when necessary." (Source link)

ChainCatcher news, the G7 finance ministers have requested the international anti-money laundering regulatory organization to review the regulatory provisions regarding cryptocurrency transactions between individuals. Currently, only transactions conducted through service providers such as cryptocurrency exchanges are regulated, and transactions between individuals may become loopholes for money laundering and economic sanctions. Therefore, measures to strengthen the regulation of cryptocurrency transactions between individuals will be explored.During the G7 meeting of finance ministers and central bank governors from May 11 to May 13, the topic will be discussed, and the Financial Action Task Force (FATF) will be asked to formulate necessary countermeasures. (source link)