IRS Dispels Crypto Tax Confusion

The U.S. Internal Revenue Service (IRS) has cleared up some confusion about how cryptocurrency transactions are taxed, particularly regarding like-kind exchanges and promotional airdrops. As the tax agency intensifies its enforcement efforts, more people are seeking the best tax software to help them. Also read: Tax Guide: What Crypto Owners Should Know Pre-2018 Like-Kind Exchanges … Read more

How AI and machine learning can benefit finance teams

Finance teams are integral and essential to the smooth running of any business. It’s no longer as simple as responsibility over regulatory compliance, financial reporting, payroll, and public interest – but so much more. The role of the finance team is beginning to increase in scope, and this means that finance professionals are beginning to … Read more

International Law Enforcement Conference Addresses Crypto and the ‘Criminal Economy’

The 2019 National Proceeds of Crime Conference (NPOCC) held in Brisbane, Australia from November 13-15 addressed “Globalisation and Digitisation of the Criminal Economy,” and featured 200+ delegates hearing from representatives of organizations such as the Australian Federal Police, Singapore and New Zealand police, United States Department of Justice, and the Australian Criminal Intelligence Commission. The … Read more

The International Securities Services Association Publishes Paper on Crypto-Assets, Makes Recommendations Regarding Issuance & Trading

The International Securities Services Association (ISSA), a Switzerland based association that promotes best practices in the securities sector, has added their voice to the emerging digital asset or crypto-asset sector. This includes security tokens, payment tokens (cryptocurrencies, stablecoins etc.) and utility tokens. In October 2018, ISSA created a DLT working group to review the emerging … Read more

Crypto Mom: SEC Commissioner Hester Peirce Says Lack of Regulatory Framework has Harmed Digital Asset Innovation

SEC Commissioner Hester Peirce delivered a speech, entitled Broken Windows, addressing SEC enforcement actions earlier this week. Peirce reviewed the topic in advance of the annual report on such actions. The SEC Division of Enforcement is the largest Division within the Commission. According to the report published on Wednesday, The SEC dealt with a diverse … Read more

It’s not just Congress—China’s tech giants are scared of Facebook’s Libra too

If Facebook’s digital currency ever gets off the ground, it will threaten the business of China’s massively popular digital payment platforms Alipay and WeChat Pay, according to Tencent, one of the country’s largest tech companies. The news: According to a report by CoinDesk, Tencent, the company behind WeChat, published a Chinese-language report this week that … Read more

Tommaso Mancini-Griffoli from IMF Pitches Synthetic Central Bank Digital Currency

In a presentation entitled “The Future of Money: The Impact of Digitization, including “social coins” on Currency, Payments and Markets, Tommaso Mancini-Griffoli, Deputy Division Chief in the Monetary and Capital Markets Department from the IMF pitched the concept of a “synthetic CBDC” (Central Bank Digital Currency). The concept of a CBDC has been around for … Read more

Jamie Dimon About Libra: ‘A Neat Idea That Will Never Happen’

JPMorgan Chase CEO Jamie Dimon has said that Facebook’s not-yet-released Libra stablecoin is “a neat idea that will never happen.” Dimon delivered his comments during a speech at the Institute of International Finance conference on Friday, BNN Bloomberg reported on Oct. 18. Dimon said that the idea behind Libra is not unique and further turned … Read more

FATF Joins BIS in Calling Stablecoins ‘Global Risk,’ Citing Money Laundering Concerns

Stablecoins pose a money laundering and terrorist financing risk to the world, the Financial Action Task Force (FATF) said Friday. In documents released after its latest meeting, the intergovernmental organization referred to cryptocurrencies as a “major strategic initiative,” and said cryptos whose values are pegged to fiat currencies could have a particularly big impact. Some … Read more