News Overview India is tightening its grip on cryptocurrencies. The 2025 budget has introduced stricter crypto reporting requirements on top of the existing 30% tax rate imposed in 2022. The new clause 285BAA in the Income Tax Act demands that certain entities report crypto transactions within specified...
News Overview Between March 25 and 26, 2025, the tax authorities in Hubei, Shandong, Shanghai, and Zhejiang launched a coordinated campaign within a 48-hour window to investigate unreported foreign income of Chinese tax residents. In September 2014, China officially committed to adopting the Automatic Exchange of Financial Account Information...
News Summary On March 19, 2025, Ripple’s CEO Brad Garlinghouse posted on the X platform to announce that the U.S. Securities and Exchange Commission (SEC) will abandon its appeal against Ripple. In July 2023, a court ruled that XRP itself does not constitute a security, although some direct...
Related News In March 2025, Japan’s Cabinet approved an amendment to the Payment Service Act (PSA) submitted by the Financial Services Agency (FSA). The amendment will now be submitted to the National Diet for discussion and voting. Historically, no crypto-related legal change that was approved by the Cabinet...
Related News According to official statements from OKX, on February 25, 2025, OKX’s Seychelles-based subsidiary, Aux Cayes FinTech Co. Ltd., reached a settlement with the U.S. Department of Justice (DOJ), admitting to conducting remittance business in the U.S. without proper authorization. As part of the settlement agreement, the...
Related News: On January 26, The Wall Street Journal reported that MicroStrategy Inc. might face a huge tax liability due to its unrealized gains. The company holds 461,000 bitcoins and could be forced to sell some of them to pay the taxes if no exemption is granted. The issue...
1. Introduction The Kingdom of Saudi Arabia, located on the Arabian Peninsula in Southwest Asia, is one of the world’s largest oil exporters and is renowned for its abundant petroleum resources. With the rapid advancement of the financial industry, Saudi Arabia is gaining prominence as a significant financial...
This report summarizes the global tax, accounting, and compliance policy developments in the cryptocurrency sector during the second half of January 2025. In terms of tax, U.S. Senator Ted Cruz is looking to block a crypto broker tax rule that was put in place before D.J. Trump took office....
1. Introduction Kenya is regarded as Africa’s crypto pioneer. A 2022 report by the United Nations highlighted that Kenya has the highest percentage of cryptocurrency users in Africa. While cryptocurrency provides Kenyans with more financial possibilities, it also presents significant risks in terms of financial stability and tax security....
Introduction In recent years, with the rapid development of the cryptocurrency market and digital payment technologies, several exchanges and wallet service providers have launched their own USDT/USDC prepaid card products. USDT/USDC prepaid card have increasingly become a tool for Web3 users to conduct cross-border payments and everyday transactions. At...
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