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IRS Agent Poses as Bitcoin Trader Called ‘Mr. Coins,’ Biden’s IRS Wants ‘Outflow and Inflow’ Data From Banks
2.9.2021
Over the last few weeks, Americans have read about the U.S. Internal Revenue Service (IRS) upping its tax enforcement to catch cryptocurrency users who have not paid taxes. According to one report, the IRS may get access to bank inflows and outflows via Joe Biden’s American Families Plan....
South African Tax Body Updates Crypto Tax Guidance, Confusion Persists
2.9.2021
In late August, the South African Revenue Service (SARS) released new guidelines that clarify the correct treatment of taxable crypto events. The new guidance, which was published on the revenue collector’s webpage, explains how cryptocurrency-related income should be disclosed in...
Philippines Tax Agency Targets Axie Infinity Players — ‘It’s Taxable, Subject to Income Tax’
25.8.2021
According to a regional report, the Philippines Bureau of Internal Revenue (BIR) is focusing on the blockchain-powered game Axie Infinity over tax concerns. Finance Undersecretary Antonette Tionko explained to the press that BIR is looking into methods aimed at capturing Axie Infinity players...
Riot Blockchain reports 1,540% increase in quarterly revenue from Bitcoin mining
24.8.2021
Riot Blockchain netted $19.3 million in income for Q2 following its acquisition of Texas mining facility, Whinstone
62% of Robinhood’s Q2 crypto revenue was from Dogecoin trading
19.8.2021
Around 41% of Robinhood’s quarterly revenues were generated by crypto trading
Bank of America Sees Long Road Ahead for Coinbase to Become the ‘Amazon of Crypto Assets’
17.8.2021
Bank of America has initiated coverage of Coinbase Global. The bank has identified several factors that could boost Coinbase’s revenue. Regarding the crypto exchange’s plan to become “the Amazon of crypto assets,” Bank of America says it is “still in very early stages...
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...
Uniswap has now generated more than $1B in fees for liquidity providers
12.8.2021
More than $1 billion in fees have been generated for Uniswap’s liquidity providers since its November 2018 launch
Q2 Earnings Show Coinbase Raked in $2 Billion — Firm Forms Partnerships With Elon Musk, PNC Bank, Spacex
11.8.2021
Coinbase published the company’s shareholder letter on Tuesday which detailed it made over $2 billion in net revenue during the second quarter. The firm said “Q2 was a strong quarter” for Coinbase as it saw both “growth and diversification” this year. While netting...
Coinbase's Q2 profits top $1.6B as ETH volume surpasses BTC’s for the first time
11.8.2021
Coinbase beat analyst estimates in Q2, after it generated $2.23 billion in revenue compared to estimates of $1.78 billion
South Korean banks doubled crypto transaction fee revenue in Q2
10.8.2021
Shinban Bank, K bank and NH Nonghyup Bank reported a total revenue of 16.9 billion won coming out of partnerships with four crypto exchanges
US Government Has Seized Cryptocurrencies Worth $1.2 Billion So Far This Year
5.8.2021
The U.S. government has seized cryptocurrencies worth $1.2 billion so far this year, according to an Internal Revenue Service director. This is a significant increase from $137 million in crypto seized the previous year. $1.2 Billion in Cryptocurrencies Seized Jarod Koopman, director of cybercrime...
Cash App’s quarterly Bitcoin revenue triples despite BTC impairment loss for Square
2.8.2021
Jack Dorsey’s Square made more than 90% more gross profit than the same period last year, with $546 million coming from Cash App’s Bitcoin services
Senators add crypto taxes to infrastructure deal to raise $28B in extra revenue
29.7.2021
U.S. lawmakers believe they can find $28 billion worth of infrastructure funding by expanding taxation on crypto transactions
IRS Modifies Crypto Question on Tax Form — Now Focusing on Taxable Cryptocurrency Transactions
24.7.2021
The U.S. Internal Revenue Service (IRS) has modified the crypto question asked on the main U.S. tax form. Reducing the scope of the question, the IRS now focuses on taxable cryptocurrency transactions. New Crypto Question on Tax Form 1040 The IRS published a draft Form 1040 for the tax year 2021...
Bitcoin falls to sixth for daily revenue, with just 12% of Ethereum's fees
20.7.2021
Ethereum, Uniswap, Binance Smart Chain, and Aave are all beating out Bitcoin by daily fee revenue
Axie Infinity Down 40% Since Last Week’s Price High, Protocol Revenue Outshines Competitors
19.7.2021
Last week, the game token leveraged within the Axie Infinity gaming universe skyrocketed to all-time highs, while other crypto markets remained extremely lackluster. During the last seven days, Axie Infinity’s platform token has dropped significantly in value shedding more than 12%....
NIFTSY, an NFT Venture, Credits $1M in Revenue Profits
19.7.2021
NIFTSY, developed by the NFT ecosystem, is established to enhance liquidity and royalty functionalities. NIFTY has enhanced its offerings through NFT to administer security rooted and a cross-chain mandate that identifies profitable crypto values. Recently it publicly declared that it has earned...
Report: Tweaks to South African Tax Filing System to Result in Decreased Crypto Arbitrage
17.7.2021
Reports from South Africa suggest that tax authorities have plugged a loophole on the online tax filing system that enabled crypto arbitrage traders to make several purchases on overseas cryptocurrency platforms using just one approval. As a consequence of these tweaks, crypto arbitrage traders...
New York Giants’ Saquon Barkley Plans to Convert Endorsement Revenue to Bitcoin
15.7.2021
Another pro athlete in the National Football League (NFL) is planning to convert some of his earnings into bitcoin. The 24-year-old running back for the New York Giants, Saquon Barkley, discussed converting his endorsement revenue into bitcoin during a recent interview with the Morgan Creek Digital...