The Inland Revenue Department of New Zealand stated that the country will now allow employees to get their monthly salaries in cryptocurrencies. Though it didn’t reveal the name of any particular cryptocurrency, it has stated that certain cryptocurrencies that conform to the crypto and tax payment policies have been approved by the government to be used for paying salaries. The plan will be active for the next three years.
The Czech Republic is aspiring to to implement more stringent policies than those of the European Union in a pursuit to ensure anti-money laundering (AML) compliance. Though the government has not revealed the timeline for the Czech government’s formalization of both AMLD5 and its additional rules, EU member states are compelled to incorporate the directive into their respective national laws by Jan 20, 2020.
Richard Neiman and Robert Easton, who have previously associated with New York State Banking Department and the New York Department of Financial Services have joined Coinbase’s Board of Directors. Coinbase belives that as it is regulated by the New York Department of Financial Services (NYDFS), addition of 2 former experts form the regulators will give them a edge in the market.
The Her Majesty’s Revenue & Customs (HMRC) has sent a new request to cryptocurrency exchanges to reveal all the information regarding the exchanges’ customers, including their names, as well as transactions. The main aim of this exercise is to crack down and punish all attempts of tax evasion within the country. HMRC believes that they have the power to request this information if they believe that there is cause for suspicion of illegal activities regarding taxes.
BMO Capital Markets’ chief investment strategist Brian Belski has shared that it is premature to call Bitcoin (BTC) a safe haven from economic turmoil. He argued: “Bitcoin has been excessively volatile, especially the last couple of years. It’s the sexy kind of thing to go to now. I don’t base my investments on sex appeal. I base my investment on longer-term perspective, in terms of Bitcoin being that safe haven, I think it’s way too soon to call that.”
A couple operating out of Merced, California have pleaded guilty to selling drugs on the dark web in exchange for cryptocurrencies, including Bitcoin (BTC) and Bitcoin Cash (BCH). The couple operated vendor accounts named “Best Buy Meds,” “Trap Mart” and “House Of Dank” to distribute cocaine, cocaine base, methamphetamine, and marijuana. The US judiciary have caught them & ordered them to all their earnings from the illicit activity.
The cryptocurrency ban in South Korea will affect the blockchain regulation-free zone & make it to become ‘ineffective’ in Busan. Busan Metropolitan Government exerted, “Busan should review the proposals when the relevant ministries give opinions on the special district participation such as acceptance or conditional acceptance…the special regulation-free on cryptocurrency, the Ministry of SMEs and Startups cannot change it to acceptance.”
A new Fintech law introduced by the Bank of Mexico which restrict on progress of blockchain and crypto improvements in the country & can shutdown al startups related to it. The Director at Mexico’s Secretary of Finance, Josu San Martin explained, “At the end, the law came out very restrictive, especially for cryptocurrencies to the point where an exchange can’t work under the Mexican law.”
A new tax bill has been introduced by the United States House of Representatives which will enable the exclusion of gain or loss on virtual currency. The new bill mentioned, “No gain or loss shall be recognized on the exchange of real property held for productive use in a trade or business or investment if such real property is exchanged solely for real property of like-kind which is to be held either for productive use in a trade or business or investment.”
A former partner of a blockchain firm, Orbs based in Israel, Elad Arad has sued the company in a failed joint Venture, Cointree Capital. From the lawsuit stated, “The respondents (the Peled brothers) exploited Cointree Capital’s business opportunities to set up new companies based upon new opportunities in the new world of virtual currencies, as well as ideas and plans of Cointree Capital.”