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Crypto is Thriving Through Offshore Corporate Structures
1.10.2022
Marc Piano, Senior Associate at global offshore law firm Harneys, is a member of the Investment Funds, Corporate, and Banking & Finance teams in the Cayman Islands office. Phil Graham, Partner at Harneys, is global head of the Investment Funds and Regulatory groups and head of the transactional...
Chinese Currency Breaches 7:1 Exchange Rate Against US Dollar for First Time in Two Years
21.9.2022
The offshore exchange rate of China’s fiat currency versus the U.S. dollar recently breached the 7:1 mark for the first time in over two years, after it touched a new 2022 low of 7.0188 yuan for every dollar on September 15. Similar to other global currencies that have depreciated in 2022...
Three Arrows Paper Trail Leads to Trading Desk Obscured Via Offshore Entities
2.7.2022
As Three Arrows Capital collapsed under market pressure, its much-lesser known trading desk TPS Capital remained active, sources say. But a complex ownership structure might frustrate creditors' efforts to collect
China’s Crackdown Spurs Massive Onchain Transfers, Cold Wallets Move $3 Billion in Bitcoin and 800K Ether
26.9.2021
Following the latest statements from China’s central bank concerning cryptocurrencies and offshore crypto exchanges, massive amounts of funds have been moving onchain. On September 26, at approximately 1:00 a.m. (UTC) 72,999 BTC or $3.1 billion in bitcoin was dispersed to unknown wallets....
China’s Crypto Crackdown: Fundamentals Still Show Bull Market Continuation, Bobby Lee Says ‘Don’t Panic’
24.9.2021
The People’s Bank of China (PBOC), the country’s central bank, published a Q&A to its website which said that Chinese citizens participating in virtual currency exchange offshore is “considered illegal financial activity.” The PBOC also reiterated comments it...
South African Expert Says Tax-Dodging Crypto Traders Face Heightened Jail Threat
13.8.2021
A South African tax expert, Thomas Lobban, has warned non-tax paying crypto traders that they now face possible jail time if the South African Revenue Services (SARS) decides to lay tax offense charges against them. He adds that this threat of jail time similarly applies to South African crypto...
Bitcoin mining difficulty jumps second time as miners settle offshore
13.8.2021
Bitcoin mining difficulty took a second jump following the dip in mid-July as the mining ecosystem continues to turn back online
India Plans to Unveil Central Bank Digital Currency Model by Year End
9.8.2021
The deputy governor of India’s central bank, the Reserve Bank of India (RBI), says the bank should be able to come up with a central bank digital currency (CBDC) model by the end of this year. India May Unveil a CBDC Model by Year End The Reserve Bank of India (RBI) may unveil a model...
US Senator Warns Passing Unproven Crypto Law Will Stifle Innovation and ‘Make Americans Poorer’
8.8.2021
U.S. Senator Mike Lee has raised concerns that adopting the crypto tax provision in the $1.2 trillion infrastructure bill will stifle innovation and make Americans poorer. He explained that cryptocurrencies are not like securities and cannot be regulated with the same policies, noting that to do...
Existing Indian law could impose 2% levy on crypto bought from offshore exchanges
22.6.2021
Existing law in India could mandate a 2% levy on cryptocurrency purchases from offshore-based exchanges servicing India’s market
Ripple seeks docs from 15 offshore exchanges it says could be ‘fatal’ to the SEC’s charges
3.6.2021
Ripple believes records held by offshore exchanges will prove its executives did not violate Section 5 of the Securities Act by offloading XRP on the U.S. public
South African Tax Collector Targeting Crypto Investors in Its Bid to Raise Extra Revenues
10.5.2021
Latest reports from South Africa suggest that the country’s tax agency will now be targeting cryptocurrency investors as it attempts to increase the total value of revenues collected. Alongside high net worth individuals and offshore investors, digital currency holders now constitute an area...
Jack Dorsey warns that FinCEN regulations will drive crypto users offshore
5.1.2021
Major U.S crypto firms are united in opposition to new AML laws proposed by FinCEN, warning they could drive users away from regulated platforms and stifle innovation
FinCEN is now interested in offshore crypto holdings, proposes new regulation
1.1.2021
Eleventh hour note announces intention to propose a change in Foreign Bank and Financial Accounts regulations
FinCEN Wants US Citizens to Disclose Offshore Crypto Holdings of $10K+
31.12.2020
The Financial Crimes Enforcement Network wants U.S. persons who hold crypto in offshore accounts to report holdings over $10,000
Fundstrat Warns of Trading on Offshore Crypto Exchanges
12.10.2020
Tom Lee. Regulators could have their sights locked on a new target in the crypto world – with Tom Lee’s Fundstrat Global Advisors warning that trading on offshore exchanges might become riskier.
The investment advisory firm, based in New York, has issued a new report on the crypto space...
UK Crypto Derivatives Ban Seen Having Limited Effect on Small Market
12.10.2020
The FCA's ban could prompt some individuals to shift their crypto trading to offshore, unregulated exchanges
Chinese Mining Rig Manufacturer Microbt Announces Offshore ASIC Factory
27.9.2020
On Friday, China-based bitcoin mining rig manufacturer Microbt announced plans to create an offshore facility that produces the company’s Whatsminer devices and parts for North America. The firm revealed the expansion news when it announced a recent partnership with the New York-based Foundry...
MicroBT Sets Up First Offshore Bitcoin Miner Factory to Expand US Market Share
25.9.2020
The new Southeast Asian facility will mean U.S. buyers won't have to pay an additional 25% tax on miner orders
Bakkt Futures Volume Up on Institutional Trading; Its President Slams Offshore Options
27.8.2020
Institutional interest is driving Bakkt's bitcoin futures volumes up, but its options market has remained quiet