Author: James Wilson
India has expanded its global tax reporting framework to include specified crypto-assets, central bank digital currencies, and digital money products under updated FATCA and Common Reporting Standard rules. Summary India’s CBDT has expanded FATCA and CRS reporting rules to include specified crypto assets, CBDCs, and digital money products. Banks, insurers, custodians, mutual funds, and other reporting institutions must follow updated account identification and tax residency verification requirements. High value accounts with balances above $1 million will be subject to enhanced due diligence before being classified for reporting. The revised framework follows recent regulatory actions that increased oversight of crypto transactions,…
Nigeria’s revenue authority has issued detailed crypto tax rules requiring exchanges and P2P marketplace operators to collect, report and remit taxes arising from virtual asset transactions. Summary Platforms must withhold 1% from taxable crypto disposals, while stablecoin sales remain exempt under guidelines. Staking, mining, airdrops and DeFi rewards may face 10% withholding when classified as taxable income. Token to fiat and fiat to token transfers attract 1.5% stamp duty collected by platforms and marketplaces under guidelines. Some withheld taxes require remittance in originating tokens, while VAT follows the transaction’s payment currency. Nigeria’s framework places exchanges and P2P operators at the…
South Korea has finalized its 2026 tax reform package while keeping the planned 22% tax on cryptocurrency investment gains set to begin on Jan. 1, 2027. Summary South Korea has finalized its 2026 tax reform plan without delaying the 22% crypto tax scheduled for Jan. 1, 2027. Annual crypto gains above 2.5 million won will be taxed at a combined 22%, with the first tax filings due in May 2028. Authorities said OECD crypto reporting rules will give South Korea access to overseas transaction data from 48 participating jurisdictions. Parliament can still amend or delay the measure as opposition lawmakers…
Boltz suspended its Bitcoin swap services indefinitely on Aug. 3 after reporting months of automated, AI assisted probing and several contained exploits. Summary Boltz suspended swaps indefinitely after reporting months of automated, AI-assisted probing and several contained exploits. The company says attackers now adapt faster than its team can identify and patch flaws. No user funds were at risk, while Boltz says it absorbed all operational losses itself. Refund APIs and support remain available, but the protocol has provided no reopening date yet. Bull Bitcoin, Aqua and ZEUS reported service disruptions tied to their reliance on Boltz swaps. The noncustodial…
Blockchain Association sent Senate Majority Leader John Thune and Minority Leader Chuck Schumer an eight page response on Aug. 3, disputing the National Sheriffs’ Association’s objections to the latest CLARITY Act draft. Summary Blockchain Association says the CLARITY Act regulates intermediaries while protecting developers who lack asset control. The group says registered crypto brokers, dealers and exchanges would face Bank Secrecy Act duties. Section 10604 protects noncontrolling developers but leaves criminal money laundering and sanctions laws fully intact. The bill authorizes $600 million yearly for digital asset investigations from fiscal 2027 through 2031. Senate leaders ended Monday without scheduling CLARITY,…
President Donald Trump called on ExxonMobil and Chevron to cut US fuel prices after the oil majors earned roughly $26.5 billion combined during the second quarter. Summary ExxonMobil earned $14.5 billion, more than double its profit from the same quarter last year. Chevron posted $12.1 billion in earnings, nearly five times its year-ago result. Trump said the companies were making “too much money” from an oil shortage. US gasoline prices have risen more than 30% since the Iran war began. Trump demands lower fuel prices Trump criticized ExxonMobil and Chevron at the White House on Monday, arguing that supply pressure…
Mastercard has completed its acquisition of stablecoin infrastructure provider BVNK, bringing on-chain payment technology into its global network. Summary Mastercard finalized the up to $1.8 billion acquisition first announced in March. BVNK connects fiat and blockchain networks for payments, settlement, payouts, and treasury flows. The deal expands Mastercard’s ability to support stablecoins and tokenized assets alongside traditional currencies. Mastercard is also backing Open USD and developing stablecoin payments for autonomous AI agents. Mastercard closes deal for BVNK Mastercard confirmed on Aug. 3 that it had completed the acquisition of BVNK, expanding its infrastructure for moving value between fiat currencies and…
A former FBI supervisory agent allegedly stole about $1 million in cryptocurrency, mixed it with personal funds, and asked ChatGPT how to use the money and relocate to Europe. Summary Patrick Yaroch allegedly made about a dozen crypto transfers beginning in late 2024 or early 2025. Investigators said he used ChatGPT to explore investing $1 million and moving to Portugal. Yaroch allegedly booked a Sept. 3 flight to Portugal before his arrest. The FBI dismissed Yaroch on July 31, one day before the affidavit was filed. FBI agent allegedly transferred crypto using discovered keys Federal authorities arrested Yaroch on Friday…
FalconX has reportedly cut about 10% of its global workforce as the digital asset prime broker prepares for an extended cryptocurrency market downturn. Summary FalconX reduced its global workforce by roughly 10%, affecting an estimated 35 positions. The company plans to withdraw its Singapore license application and prioritize crypto derivatives. FalconX will maintain its Asian presence while directing more resources toward European expansion. The layoffs follow recent workforce cuts at Luno, Pump.fun and other crypto companies. FalconX layoffs affect about 10% of staff FalconX implemented the workforce reduction across its global operations, Bloomberg reported Monday, citing people familiar with the…
The CLARITY Act remains stuck in the Senate after the White House reportedly failed to respond to a bipartisan ethics proposal, pushing its 2026 passage odds back down to 27%. Summary The White House has not responded to the Tillis-Gallego ethics counterproposal. Polymarket traders give the CLARITY Act a 27% chance of becoming law this year. Senate leaders have yet to file cloture on the bill as the chamber’s recess approaches. Bernstein warns a delay could cause another “knee-jerk” crypto sell-off. White House has not answered ethics proposal Crypto journalist Eleanor Terrett reported Monday that the White House had yet…