Cryptocurrency News Roundup: Tax Breaks, Scams, and Regulatory Shifts
November 28, 2024 – The cryptocurrency world continues to evolve rapidly, with governments worldwide grappling with its regulation and investors facing both lucrative opportunities and significant risks. This news roundup summarizes recent developments.
Hong Kong Favors Billionaires in Crypto Tax Exemption
Hong Kong is reportedly planning to exempt cryptocurrency gains for private equity funds, hedge funds, and the ultra-wealthy. This move has sparked debate regarding tax fairness and the potential impact on the broader cryptocurrency market.
Ohio Man Loses Life Savings in $425K Crypto Scam
A concerning trend in the crypto space involves fraud. A recent case involves an Ohio man losing his life savings of $425,000 in a cryptocurrency scam. This highlights the importance of vigilance and careful research before investing in cryptocurrencies.
Russia Implements New Crypto Tax Bill
Russia’s upper house has approved a new tax bill for cryptocurrency mining and trading. This includes a maximum 15% income tax on transactions, but exempts them from value-added tax (VAT). This signals a continued regulatory approach to crypto in the region.
Tether Ends EURT Support; Introduces MiCAR Compliant Stablecoins
Tether, a major stablecoin issuer, is ceasing support for its euro-denominated stablecoin, EURT, by November 2025. The company is transitioning to MiCAR-compliant stablecoins (EURQ and USDQ) issued by Quantoz Payments. This move reflects the evolving regulatory landscape for stablecoins globally.
Crypto Founders Accuse Biden Administration of “Debanking”
Cryptocurrency founders are accusing the Biden administration of using the US banking system to stifle the crypto industry. They allege that pressure on banks led to severing ties with blockchain firms. This accusation raises concerns about government intervention in the digital asset space.
