- EU to Make Crypto Companies Report Tax Details to Authorities
The European Commission plans to make crypto companies report user holdings to tax authorities, it said Thursday – but the European Union (EU) body says it’s still working on how to enforce the measures on wallet providers or exchanges based outside the bloc.
As previously reported by CoinDesk, the proposed new tax rules, known as the eighth Directive on Administrative Cooperation or DAC8, seeks to halt billions of euros in evasion by taxpayers stashing crypto abroad.
“Anonymity means that many crypto-asset users making significant profits fall under the radar of national tax authorities. This is not acceptable,” Paolo Gentiloni, EU Commissioner for tax, said in a statement.
- ETH Price to Fall to $922 by December 10, Coincodex Predicts
According to an analysis by the digital asset exchange platform Coincodex, the U.S. dollar value of ETH is expected to drop to $922.66 by Dec. 10. The analysis suggests ether price, which stood at $1,230 on Dec. 7 (1:00 p.m. EST), must decline by almost 25% for this prediction to become a reality.
In a report which shares some factors that led to the negative price prediction, the Coincodex team also points to ETH’s negative trend which can be evidenced by its 21.5% decline between Nov. 5 and Dec. 5. Similarly, in a period of 90 days that ended on Dec. 5, the crypto asset’s price fell by nearly 23%.
https://news.bitcoin.com/eth-price-to-fall-to-922-by-december-10-coincodex-predicts/
- Bankruptcy Judge Orders Celsius to Return $44M in Cryptocurrencies
U.S. bankruptcy judge responsible for the Celsius Network case has ordered the bankrupt crypto lender to return around $44 million worth of cryptocurrencies.
According to Bloomberg, the ruling by Judge Martin Glenn will impact customer funds that never touched the firm’s flagship interest-bearing lending service, which represents a fairly small minority of the overall customer funds held by Celsius.
According to a recent court filing, around 58,300 users held assets worth $210.02 million in its interest-bearing Earn Program or its Borrow Program.
https://decrypt.co/116732/bankruptcy-judge-orders-celsius-return-44m-cryptocurrencies
- Kazakhstan Adopts Regulation Of Crypto And Mining Bill
The changes include regulations requiring miners to purchase only surplus electricity from the public grid, new tax rules governing crypto, and plans to ban cryptocurrency transactions advertising.
The Mäjilis, the lower house of Parliament of Kazakhstan, has approved several cryptocurrency-related bills, including the “On Digital Assets of the Republic of Kazakhstan” and four bills to regulate crypto mining in the country. The bill will now go to a third reading, which precedes a vote.
The proposed legislation will establish separate licensing regimes for cryptocurrency miners based on whether they operate their own facilities or rent them from third-party providers.
https://www.binance.com/en/news/flash/7315601
- Hong Kong to subject crypto exchanges to the same laws governing TradFi
Hong Kong’s legislative council has passed a new amendment to its anti-money laundering (AML) and terrorist financing system to include virtual asset service providers.
The latest legislation will establish a new licensing regime for virtual asset service providers, set to come into effect from June 1, 2023. The new amendment will subject crypto exchange service providers to the same legislation as followed by traditional financial institutions.
It means virtual exchanges looking to open a business in Hong Kong will have to go through rigorous AML guidelines and investor protection laws before being granted a license of operation. Unlike most other regulators around the globe, Hong Kong has used the FTX collapse as a way to mitigate regulatory risks associated with centralized exchanges.
- Ether Breaks Trendline From Previous Bear Cycle Lows
The bear market in ether (ETH) is forecast to intensify because the cryptocurrency has dipped below pivotal support.
Ether, the second-largest cryptocurrency by market value, fell 17% last month, breaching an ascending trendline connecting June and October lows.
The trendline was expected to put a floor under ether, considering its extended version corresponds with major market bottoms registered in March 2020 and December 2016, according to the log-scaled weekly chart provided by TradingView.
Therefore, the downside break of the trendline is keeping Decentral Park Capital’s portfolio manager Lewis Harland awake at night.
https://www.coindesk.com/markets/2022/12/08/ether-breaks-trendline-from-previous-bear-cycle-lows/
- Russia Expects Sizable Increase in Crypto Miners’ Share of Power Usage
The share of cryptocurrency miners may reach 1.5 – 2% of Russia’s total consumption of electrical power by the end of 2022, according to the Russian Deputy Energy Minister Pavel Snikkars. During a crypto conference organized by the business news portal RBC, the government official recalled that last year’s figure was around 1%.
The availability of electricity for mining across the vast country would depend on the number of users that want to connect to the grid in a particular location, Snikkars added. In certain Russian regions — the deputy minister mentioned Murmansk as an example — unused power generating capacities are currently being offered to the crypto industry.
Snikkars explained the availability of such resources with the way new power plants are built.
https://news.bitcoin.com/russia-expects-sizable-increase-in-crypto-miners-share-of-power-usage/
- Kim Kardashian, Floyd Mayweather EthereumMax Lawsuit Dismissed
The share of cryptocurrency miners may reach 1.5 – 2% of Russia’s total consumption of The share of cryptocurrency miners may reach 1.5 – 2% of Russia’s total consumption of electrical power by the end of 2022, according to the Russian Deputy Energy Minister Pavel Snikkars. During a crypto conference organized by the business news portal RBC, the government official recalled that last year’s figure was around 1%.
The availability of electricity for mining across the vast country would depend on the number of users that want to connect to the grid in a particular location, Snikkars added. In certain Russian regions — the deputy minister mentioned Murmansk as an example — unused power generating capacities are currently being offered to the crypto industry.
https://decrypt.co/116734/kim-kardashian-floyd-mayweather-ethereummax-lawsuit-dismissed
- Crypto Lender Genesis Has No Solution yet for Withdrawal Halts
Crypto lending platform Genesis has informed its customers that its withdrawal freeze is likely to last “additional weeks” amid efforts to stave off a potential bankruptcy filing.
In a Dec. 7 letter to its customers shared by Genesis to Cointelegraph, interim CEO Derar Islim — who took the temporary helm of the company in August — said it will be weeks for them to formulate a recovery plan that could see withdrawals reopened, stating:
“At this point, we anticipate that it will take additional weeks rather than days for us to arrive at a path forward.”
The letter also stated that Genesis is “working in consultation with highly experienced advisors” and are “evaluating the most effective path to preserve client assets, strengthen our liquidity, and ultimately move our business forward.”
“All other Genesis entities remain fully operational,” the letter added.
https://www.binance.com/en/news/flash/7315479
- Crypto consumer protection, proof-of-reserves bills introduced into US Congress
As one of the main growing subsectors in the crypto industry, decentralized finance United States Representative Ritchie Torres has introduced bills in the House of Representatives to prohibit misuse of customer funds by cryptocurrency exchanges and to require they disclose proof of reserves to the Securities and Exchange Commission. The short bills are intended to supplement other legislation on cryptocurrency, Torres said.
Torres introduced the bills, which have the titles of “Crypto Consumer Investor Protection Act’’ and “Crypto Exchange Disclosure Act,’’ on Dec. 1. The bills are very short. In copies obtained from Torres’ office, the body of the first bill, H.R. 9241, reads:
“A cryptocurrency exchange may not lend, leverage, or co-mingle the funds of a customer without the consent of such customer.”
