Welcome to Barmy’s Daily Crypto News – December 25th, 2022
1. US postpones crypto tax reporting regulations
The US delays crypto tax reporting regulations because it still doesn’t know what a
The United States Treasury Department has decided to postpone until further notice a significant set of crypto tax reporting regulations. According to the Infrastructure Investment and Jobs Act, which was passed in November 2021, the regulations were meant to take effect in the 2023 tax filing year.
The new rule mandates that the Internal Revenue Service (IRS) create a uniform definition of a “cryptocurrency broker,” and any company that satisfies this description must provide each client with a Form 1099-B that includes information on their trade gains and losses. The IRS must also receive this same information from these businesses so that it is aware of the trading-related income of clients.
The infrastructure bill was voted into law more than a year ago, but the IRS has yet to define a “crypto broker” or produce standard forms for these businesses to use when filing the reports.
The blockchain sector has debated the crypto tax laws ever since they were initially put forth. The broad term of “broker” in the law, according to critics, might be used to target Bitcoin miners, who are likely to be unable to abide by the reporting requirements.
2. In 2023, the ECB plan to issue digital euros
A second report on the progress of the inquiry phase of the eurozone central bank’s initiative to issue a digital version of the common European currency has been made public. The document outlines the functions of the ECB and market participants in the digital euro ecosystem and proposes a set of design and distribution choices that have just been approved by its Governing Council.
A digital euro would be a liability on the balance sheet of the Eurosystem, the monetary authority of the eurozone made up of the European Central Bank and the national central banks of the member states, just like banknotes are today. As a result, the regulator argues, the Eurosystem must have complete authority over the issuance and settlement of digital euros.
The European Central Bank further guarantees that its involvement in the processing of user data will be minimized by the architecture of the digital euro.
In 2021, the initiative to create a digital euro officially began its study phase. In September 2022, the ECB released its first progress report. The creation of the distribution scheme’s ruleset should start in January. In the fall of 2023, the Governing Council of the central bank will assess the research’s findings and decide whether to move forward with a realization phase.
3. Samsung Is Investing in Metaverse Initiatives
Many businesses have begun to advertise their goods and brands in the metaverse because they see it as an essential component of their marketing plans. One of the largest electronics corporations in the world, Samsung, recently disclosed that it is devoting more than $35 million to Latam clients’ metaverse efforts.
Anita Caerols, head of marketing and corporate citizenship at Samsung Electronics Chile, outlines the goals behind the company’s push into virtual reality in a Dec. 20 piece. Fully immersive platforms, in Caerols’ opinion, are a necessary component of the future of marketing, and since the current metaverse is a logical extension of social media platforms for digital natives, it makes sense for Samsung to investigate it.
Samsung hopes to entice Gen Z and Gen Alpha, audiences who are more accustomed to these platforms, to its proposal and its goods. A Linkedin survey estimates that 400 million users log onto metaverse platforms each month, with 51% of them being 13 or younger.
Samsung has always been interested in the virtual world, and the corporation has previously taken a number of actions to join several metaverse platforms.
4. Albania and Italy Expose a $15 million Crypto Investment Scam
Italian and Albanian law enforcement officials have shut down a website scam advertising phony cryptocurrency investment opportunities. With the assistance of Eurojust, the EU organization in charge of judicial cooperation in Europe, the inquiry was conducted.
The criminal organization that orchestrated the scam has had assets worth over $3.2 million (€3 million) seized by law enforcement agencies involved in the joint operation. According to a press release from Eurojust, the overall losses as a result of its operations have been assessed at €15 million (more than $15.9 million).
The criminals used virtual phone numbers and VPNs to contact victims over the phone and online from a call center they ran out of the Albanian city Tirana. Customers were persuaded to create accounts and make transfers on a special website.
Italy filed a criminal complaint with Eurojust in 2020, and the organization helped the national authorities involved in the inquiry work together by, among other things, establishing a coordination center for the effort to take down the fraud network.
Stay with us for more daily crypto news. Comment your thoughts of these news on our social channels below