Skipping crypto taxes can trigger hefty fines and legal issues. Find out what really happens if you fail to report or pay taxes on your holdings. Tax authorities like the IRS, HMRC and ATO classify crypto as a capital asset, meaning that sales, trades and even swaps are considered taxable events. Tax authorities worldwide are coordinating through frameworks like the FATF and the OECD’s CARF to track transactions, even across borders and privacy coins. Authorities use blockchain analytics firms like Chainalysis to link wallet addresses with real identities, tracking even complex DeFi and cross-chain transactions. Read more
JPYC President Noriyoshi Okabe said that the stablecoin has already garnered interest from seven companies that are looking to incorporate it into their services. Tokyo-based fintech firm JPYC has launched Japan’s first yen-backed stablecoin along with a platform to issue the new coin, amid a growing global race to corner the growing market. The Japanese yen stablecoin JPYC went live on Monday and is backed one-to-one by bank deposits and government bonds, and also has a 1:1 exchange rate with the yen, the company said on Friday. At a press conference in Tokyo, JPYC President Noriyoshi Okabe said the stablecoin from his company is a “major milestone in the history of Japanese currency,” and has also attracted interest from seven companies planning to incorporate it, according to a report from Business Insider Japan. Read more
Australia’s crypto exchanges have been largely positive about the government’s proposed crypto laws, but have told the Treasury that further clarity is needed. Australia’s crypto industry has largely backed the government’s draft crypto legislation released last month, but has still responded to a Treasury consultation with demands for further clarity. “The draft legislation, as it stands, leaves some critical questions unanswered,” Caroline Bowler, the former CEO of crypto exchange BTC Markets, said in a statement. On Friday, the Treasury concluded a consultation that began in late September on draft rules extending finance sector laws to crypto exchanges. Read more
The Crypto Fear & Greed Index has flipped to neutral, leaving “fear” behind for the first time since the mid-October market crash sparked by Trump’s China tariffs. The Crypto Fear & Greed Index finally clawed its way out of the “fear” zone on Sunday, resolving to neutral for the first time in more than two weeks as the price of Bitcoin surged back to around $115,000 over the weekend. The Crypto Fear & Greed Index, which measures overall market sentiment, is currently sitting in the “neutral” zone with a score of 51 out of 100. It’s up 11 points from the fearful score of 40 on Saturday, and also up over 20 points since last week, marking a sharp change in tune over the past few days. Read more