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Buying Crypto on Foreign Exchanges? Better Tell the IRS

The IRS may be cracking down on crypto bought on foreign exchanges as part of a technicality involving overseas holdings. Americans who hold more than $10,000 abroad are required to file Foreign Bank and Financial Accounts (FBAR) reports each year with the U.S. Treasury Department. They are also required by the Foreign Account Tax Compliance Act (FATCA) to describe their overseas accounts on Form 8938 of their IRS tax forms. The penalty for non-compliance? A potential $100,000-plus fine, plus prison time.

Operation Crypto Sweep – 70 US & Canadian ICOs Investigated

Operation Crypto-Sweep – The North American Securities Administrators Association (NASAA) just announced that they sent out 70 cease-and-desist letters to operations they believe to be scam crypto companies. The operation is being called ‘Operation Crypto-Sweep’ and it has first reached 40 jurisdictions in both Canada and the United States.

Cryptocurrency and Taxation – Here’s What You Need to Know

Crypto investors aren’t exempt from taxation:  The U.S. tax authority has already provided a guideline for cryptocurrency taxation; they believe cryptocurrency transactions are taxable and these currencies should be treated as an intangible asset.  When anyone buys crypto coins and sells them in a market, the investor is liable to pay capital gain tax if he realized any gain.

Singapore Lawmakers Want Crypto Regulation

Another day, another discussion on crypto regulation. That’s not an exaggeration, either. Both BIS general manager Agustin Carsten and members of the parliament of Singapore discussed regulating virtual currencies this week. As for this article, we are going to focus primarily on the latter.

Cryptocurrency Regulation Might Be Discussed at Next G20 Summit

To regulate cryptocurrencies or not to regulate cryptocurrencies? That is the question that will be in focus at the next G20 Summit in March.  It seems that most countries will have something to say about the regulation of it. In fact, last week UK Prime Minister Theresa May disclosed that the country is going to implicate some new cryptocurrency rules. This week, Steven Mnuchin, who is the U.S. Treasury Secretary, joined the conversation.

United Kingdom Planning to Roll Out New Rules for Cryptocurrency Regulation

Woody Allen once said the world is divided into two groups of people: good and bad. There is a part of me that feels I could make the same argument in regards to the cryptocurrency market. Cryptocurrencies, in general, are both good and bad. For the most part, we’ve seen a lot of good come out of the cryptocurrency market, which has caused the vast majority of the world to forget about the downside to the market. Or, we simply choose to ignore the various discussions happening, like the topic of cryptocurrency regulation.