law
17,396 views
14 Posts
Hot
Latest
New "Do Kwon Law" for Cryptocurrencies in South Korea: Effective from June
The South Korean government has introduced a new law called the "Law on the Protection of Users of Virtual Assets," which will come into effect from July 19. The main objective of this law is to protect #cryptocurrency users from various forms of market manipulation, illegal transactions, and misuse of confidential information.
Restriction on Market Manipulation and Illegal Transactions
The new law introduces strict measures against market manipulation, illegal trading, and misuse of non-public information about virtual assets. Violations of these rules may result in criminal sanctions, including imprisonment and fines of up to five times the amount of unjust enrichment.
Penalties and Accountability
Enforcement agencies may impose fines after the Financial Services Commission (FSC) files charges with the Attorney General's Office and receives a notification of the investigation results. Fines may be imposed based on the profits from unauthorized activities, and in the case of higher amounts, a lifetime imprisonment and significant fines may be imposed.
Liability Insurance
Operators of virtual assets are required to obtain insurance or have sufficient financial coverage for accidents, such as hacking or computer failures. These measures are aimed at ensuring user protection and minimizing financial risks associated with cryptocurrency operations.
#crypto #law
Notice:
,,The information and views presented in this article are intended solely for educational purposes and should not be taken as investment advice in any situation. The content of these pages should not be regarded as financial, investment, or any other form of advice. We caution that investing in cryptocurrencies can be risky and may lead to financial losses.“
Restriction on Market Manipulation and Illegal Transactions
The new law introduces strict measures against market manipulation, illegal trading, and misuse of non-public information about virtual assets. Violations of these rules may result in criminal sanctions, including imprisonment and fines of up to five times the amount of unjust enrichment.
Penalties and Accountability
Enforcement agencies may impose fines after the Financial Services Commission (FSC) files charges with the Attorney General's Office and receives a notification of the investigation results. Fines may be imposed based on the profits from unauthorized activities, and in the case of higher amounts, a lifetime imprisonment and significant fines may be imposed.
Liability Insurance
Operators of virtual assets are required to obtain insurance or have sufficient financial coverage for accidents, such as hacking or computer failures. These measures are aimed at ensuring user protection and minimizing financial risks associated with cryptocurrency operations.
#crypto #law
Notice:
,,The information and views presented in this article are intended solely for educational purposes and should not be taken as investment advice in any situation. The content of these pages should not be regarded as financial, investment, or any other form of advice. We caution that investing in cryptocurrencies can be risky and may lead to financial losses.“
See original
Did you know that in #ITALIA cryptocurrency holders must declare that they own them?
You will think: "It's obvious, if I hold cryptocurrencies that allow me to live it is logical that I have to declare them to pay taxes".
And instead NO, wrong, Italy wants every holder of cryptocurrencies, whether they are hundreds of millions of euros or a few cents, to declare what they have in their wallet, exchange, or any instrument that allows the holding of cryptocurrencies, not because you actually has to pay taxes but only for the simple fact that Italy is a country of curious people and they want to know.
Failure to declare by November 30th of each year is considered for the "OMISSION" status resulting in penalties to be paid, which range from 250 euros upwards for each year of omission and increase if over time your cryptocurrencies have produced capital gains in the event you didn't even declare those.
Obviously, years will pass before the sanction arrives, because it takes some time to carry out the checks and investigations.
But Mario the worker, who bought cryptocurrencies in 2018 worth a few cents, doesn't know this, thinking he doesn't have to declare anything for small sums he is slowly accumulating fines from the state for every year he doesn't declare what he has purchased in 2018 with 15 euros.
Although the Italian budget law is clear regarding the declaration of cryptocurrencies, many cryptocurrency holders are still unclear on how and where they should be declared.
And did you know it?
Do you know where and how to declare them?
#notfinancialadvice #law
You will think: "It's obvious, if I hold cryptocurrencies that allow me to live it is logical that I have to declare them to pay taxes".
And instead NO, wrong, Italy wants every holder of cryptocurrencies, whether they are hundreds of millions of euros or a few cents, to declare what they have in their wallet, exchange, or any instrument that allows the holding of cryptocurrencies, not because you actually has to pay taxes but only for the simple fact that Italy is a country of curious people and they want to know.
Failure to declare by November 30th of each year is considered for the "OMISSION" status resulting in penalties to be paid, which range from 250 euros upwards for each year of omission and increase if over time your cryptocurrencies have produced capital gains in the event you didn't even declare those.
Obviously, years will pass before the sanction arrives, because it takes some time to carry out the checks and investigations.
But Mario the worker, who bought cryptocurrencies in 2018 worth a few cents, doesn't know this, thinking he doesn't have to declare anything for small sums he is slowly accumulating fines from the state for every year he doesn't declare what he has purchased in 2018 with 15 euros.
Although the Italian budget law is clear regarding the declaration of cryptocurrencies, many cryptocurrency holders are still unclear on how and where they should be declared.
And did you know it?
Do you know where and how to declare them?
#notfinancialadvice #law
🗓️ #Digest of Interesting Publications from the Past Week by Match System.
🚨 The Most Ridiculous #Crypto #Scams .
🤷♂️ In 2022, Ilya Lichtenstein and his wife Heather Morgan were arrested in the United States for laundering cryptocurrency stolen from the Bitfinex exchange in 2016. The couple made no secret of their involvement, spending millions on purchases, and Lichtenstein left a trail by uploading their data to the cloud. Morgan maintained active channels on TikTok and YouTube, where she shared business advice, mentioned the Bitcoin theft, and wrote articles for Forbes, despite her distrust of cryptocurrencies.
🇬🇧 England's Law Commission Proposes New Ownership Category for Crypto Assets.
📄 The #law Commission of England and Wales has proposed that the UK government create a new category of personal property for cryptoassets to improve their legal protection and address classification issues. The Commission believes that the current system, which divides property into tangible and intangible categories, is not suitable for crypto assets that possess characteristics of both. They have proposed a law to facilitate the development of the digital asset sector in the region.
🚨 The Most Ridiculous #Crypto #Scams .
🤷♂️ In 2022, Ilya Lichtenstein and his wife Heather Morgan were arrested in the United States for laundering cryptocurrency stolen from the Bitfinex exchange in 2016. The couple made no secret of their involvement, spending millions on purchases, and Lichtenstein left a trail by uploading their data to the cloud. Morgan maintained active channels on TikTok and YouTube, where she shared business advice, mentioned the Bitcoin theft, and wrote articles for Forbes, despite her distrust of cryptocurrencies.
🇬🇧 England's Law Commission Proposes New Ownership Category for Crypto Assets.
📄 The #law Commission of England and Wales has proposed that the UK government create a new category of personal property for cryptoassets to improve their legal protection and address classification issues. The Commission believes that the current system, which divides property into tangible and intangible categories, is not suitable for crypto assets that possess characteristics of both. They have proposed a law to facilitate the development of the digital asset sector in the region.
Approval of stablecoins and cryptocurrency laws in the United Kingdom possible within six months
Minister Bim Afolami stated that the British government is actively working towards adopting new cryptocurrency legislation.
United Kingdom on track to regulate stablecoins and crypto bets
The government of the United Kingdom is actively seeking approval for legislation that would regulate stablecoins and cryptocurrency bets, with expectations that new laws will be approved within the next six months.
Bim Afolami, Economic Secretary to the Treasury, at a cryptocurrency conference hosted by Coinbase in London on February 19, stated that the government is aiming to approve new legislation ahead of the upcoming general elections, as reported by Bloomberg.
Afolami was cautious and did not provide detailed information on the expected crypto regulation. "I cannot provide exact information... There is a lot happening, and at this point, I do not want to commit to any specific timeline," he said.
In 2022, British Prime Minister Rishi Sunak pledged that the United Kingdom would become a "global center for cryptocurrencies," emphasizing the opportunity for crypto firms to invest, innovate, and grow in the United Kingdom.
However, little progress has been made in cryptocurrency regulation in the United Kingdom so far, despite repeated calls for clear regulations from cryptocurrency companies operating in the country.
On July 1, the British Law Commission published four main recommendations for reforming domestic laws related to the use and ownership of cryptocurrencies, including creating a new category of personal property for digital assets. Additionally, it was recommended that the government analyze cryptocurrencies under common law and establish a panel of experts to advise courts on cryptocurrency-related matters.
On October 1, 2023, the government announced plans to introduce specific regulation for cryptocurrencies, including regulation of stablecoins under the oversight of the Financial Conduct Authority (FCA) in 2024.
With the upcoming general elections expected in the second half of the year, and the leading position of the Labour Party in public opinion polls, which is traditionally considered less favorable to cryptocurrencies, the situation regarding crypto regulation may continue to evolve.
#stablecoin #cryptocurrency #crypto #law
Notice:
,,The information and views presented in this article are intended solely for educational purposes and should not be taken as investment advice in any situation. The content of these pages should not be regarded as financial, investment, or any other form of advice. We caution that investing in cryptocurrencies can be risky and may lead to financial losses.“
United Kingdom on track to regulate stablecoins and crypto bets
The government of the United Kingdom is actively seeking approval for legislation that would regulate stablecoins and cryptocurrency bets, with expectations that new laws will be approved within the next six months.
Bim Afolami, Economic Secretary to the Treasury, at a cryptocurrency conference hosted by Coinbase in London on February 19, stated that the government is aiming to approve new legislation ahead of the upcoming general elections, as reported by Bloomberg.
Afolami was cautious and did not provide detailed information on the expected crypto regulation. "I cannot provide exact information... There is a lot happening, and at this point, I do not want to commit to any specific timeline," he said.
In 2022, British Prime Minister Rishi Sunak pledged that the United Kingdom would become a "global center for cryptocurrencies," emphasizing the opportunity for crypto firms to invest, innovate, and grow in the United Kingdom.
However, little progress has been made in cryptocurrency regulation in the United Kingdom so far, despite repeated calls for clear regulations from cryptocurrency companies operating in the country.
On July 1, the British Law Commission published four main recommendations for reforming domestic laws related to the use and ownership of cryptocurrencies, including creating a new category of personal property for digital assets. Additionally, it was recommended that the government analyze cryptocurrencies under common law and establish a panel of experts to advise courts on cryptocurrency-related matters.
On October 1, 2023, the government announced plans to introduce specific regulation for cryptocurrencies, including regulation of stablecoins under the oversight of the Financial Conduct Authority (FCA) in 2024.
With the upcoming general elections expected in the second half of the year, and the leading position of the Labour Party in public opinion polls, which is traditionally considered less favorable to cryptocurrencies, the situation regarding crypto regulation may continue to evolve.
#stablecoin #cryptocurrency #crypto #law
Notice:
,,The information and views presented in this article are intended solely for educational purposes and should not be taken as investment advice in any situation. The content of these pages should not be regarded as financial, investment, or any other form of advice. We caution that investing in cryptocurrencies can be risky and may lead to financial losses.“
A #SouthKorean an government official has been accused of misappropriating approximately $400,000 in public funds over a seven-year period. The funds were allegedly used to invest in cryptocurrencies and stocks.
The accused, a grade six civil servant working at Cheongju City Hall, is suspected of forging documents to cover up the embezzlement. Authorities have seized assets including apartments and vehicles in an attempt to recover the stolen funds.
This incident comes amidst increased #regulatory scrutiny of the crypto industry in South Korea, following the #collapse of Terra-Luna and FTX. The country recently enacted a new #law aimed at #Protecting crypto investors.
$BTC
$SOL
The accused, a grade six civil servant working at Cheongju City Hall, is suspected of forging documents to cover up the embezzlement. Authorities have seized assets including apartments and vehicles in an attempt to recover the stolen funds.
This incident comes amidst increased #regulatory scrutiny of the crypto industry in South Korea, following the #collapse of Terra-Luna and FTX. The country recently enacted a new #law aimed at #Protecting crypto investors.
$BTC
$SOL
See the Difference Between India and UAE crypto tax law.
🇮🇳
In India, cryptocurrencies are classified as virtual digital assets and are subject to taxation. The gains made from trading cryptocurrencies are taxed at a rate of 30%(plus 4% cess) according to Section 115BBH.
🇦🇪
The country offering zero income tax gives you the benefit of zero percent taxes on capital gain. Dubai views Crypto as an investment asset rather than a currency and charges zero capital gains tax on UAE residents.
#uae #india #cryptocurrecny #law
🇮🇳
In India, cryptocurrencies are classified as virtual digital assets and are subject to taxation. The gains made from trading cryptocurrencies are taxed at a rate of 30%(plus 4% cess) according to Section 115BBH.
🇦🇪
The country offering zero income tax gives you the benefit of zero percent taxes on capital gain. Dubai views Crypto as an investment asset rather than a currency and charges zero capital gains tax on UAE residents.
#uae #india #cryptocurrecny #law
