IRS clarifies reporting requirements for crypto bought with fiat

The United States Internal Revenue Service, or IRS, has updated its FAQ section on cryptocurrency to clarify investors who have only purchased crypto assets with fiat currency do not need to report their transactions under the “virtual currency” question. The first page of U.S. citizens’ Individual Income Tax Return form, or Form 1040, asks whether the respondent received, sold, sent, exchanged, or otherwise acquired “any financial interest in any virtual currency” during 2020. As such, the form’s wording suggests that individuals who acquired crypto assets through any means would be…

Free fantasy soccer crypto game launched by Ubisoft and Belgium’s Jupiler Pro League

France-based game publisher Ubisoft just launched One Shot League, a new free-to-play fantasy soccer game powered by crypto assets. One Shot League was developed by the Ubisoft Strategic Innovation Lab in collaboration with Sorare, an Ethereum-based fantasy soccer game built around collectable cards in the form of NFTs. Discover an all-new fantasy football experience with One Shot League! Developed by the Ubisoft Strategic Innovation Lab, build your squad for the Belgian Pro League and win digital collectible @SorareHQ cards ⚽ #NFT — Ubisoft (@Ubisoft) March 2, 2021 They’ve partnered with…

PayPal to Buy Curv Crypto Custody Firm

Key Takeaways PayPal is reportedly buying Curv, an Israeli crypto custody firm, for $200 million – $500 million. Curv has raised funds from Coinbase Ventures and DGC as well as integrated with the Compound protocol. PayPal expressed an interest last year in purchasing the BitGo custody firm before the deal apparently fell through. Share this article PayPal is reportedly buying the Curv cryptocurrency custody firm, with price estimates ranging between $200 to $500 million. PayPal Moves Further Into Crypto The Curv acquisition is the latest in a series of moves…

Thai SEC forced to clarify proposed crypto rules after public backlash

Thailand’s Securities and Exchange Commission has walked back previous plans to enact a 1 million baht (about $33,000) minimum annual income requirement for crypto investment in the country. According to a report by the Bangkok Post on Tuesday, the Commission has clarified that the previous draft document was published to gauge investor sentiment. The Thai SEC backtracking comes amid outrage from crypto stakeholders in the country who bemoaned the proposed rule saying that it would exclude low and middle-income earners from the cryptocurrency market. Clarifying the commission’s position of the…

Coinbase custodies 11% of entire crypto capitalization

Crypto data aggregator Messari has reported that the quantity of crypto assets stored in custody on U.S. exchange giant Coinbase surged in the last quarter of 2020. Messari Crypto has revealed that as much as 11% of the entire crypto market capitalization was held with Coinbase custody at the end of last year. The Coinbase offers custody services for over 90 crypto assets, roughly half of which are tradable on Coinbase’s exchange. The value of assets custodied with Coinbase spiked to roughly $90 billion in the fourth quarter of 2020…

Leverage traders ‘flushed out’ by late-February crypto crash: Glassnode

According to on-chain analytics provider, Glassnode, the late-February crypto market correction may have purged excessive leverage from the markets. On March 1, Glassnode published a report analyzing the recent crypto crash — which was only the second significant crypto correction since the markets pushed into new record highs in late 2020. Glassnode noted the crash peaked with a 25% fall from the local top of $58,300 to $43,343. As such, the move was weaker than January’s dip which saw a roughly 30% retracement from $42,000 to less than $30,000. The…

‘Play by the rules or we will shut you down,’ says NY AG to crypto industry

New York Attorney General Letitia James is advising members of the crypto industry and investors to stay vigilant against participating in or becoming a victim of illegal activities.  According to the New York Attorney General’s office, James issued an alert to crypto investors today warning them to exercise “extreme caution when investing in virtual currencies.” She referred to cryptocurrencies as “high-risk, unstable investments that could result in devastating losses.” James’ message included a warning to industry players that the AG would come down hard on firms skirting the law. She…

Crypto bank opens physical location in India’s capital as potential regulatory ban looms

India’s Unicas crypto bank opened its third physical branch last week in New Delhi. Previous locations were launched in Jamnagar and Jaipur. Unicas reportedly allows customers to access fiat and crypto services at the bank and provides digital loans using crypto holdings as collateral. The bank aims to launch 50 branches across the country by the end of the year and 50 more by the end of 2022. Its plans may be stifled, however, due to a crypto bill that is awaiting consideration in India’s parliament. The Cryptocurrency and Regulation of…

China’s Inner Mongolia to shut down crypto mining farms by April

Authorities of the Chinese autonomous region of Inner Mongolia have proposed closing down all local cryptocurrency mining facilities to reduce energy consumption in the region. The Inner Mongolia National Development and Reform Commission, or NDRC, released an official proposal to shut down local crypto mining operations in line with its energy-saving rules. Published Thursday of last week, the draft proposal suggests to “comprehensively clean up and shut down virtual currency mining projects” by the end of April. The authority also proposed a strict ban on new cryptocurrency mining projects in the…