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Fate of ‘Millions of Taxpayers’ Hangs in Balance of IRS Crypto Staking Case

After the IRS offered to refund a Nashville couple for taxes paid on unredeemed rewards from staking on the Tezos blockchain, industry experts weigh in about a potential new tax precedent The couple has refused the refund, hoping that moving forward with the case will help to establish a precedent for taxing staked tokens A …

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‘The Upside is Huge’: TradFi Talent Flocks to Crypto

“There are lots of arbitrages going on between TradFi and DeFi,” a hedge fund analyst said As Web3 grows, ambitious people in technology and finance are taking note, Charlie Silver, CEO of Permission.io, said They’re ditching cushy jobs at blue-chip investment banks and top-tier law firms. They’re bidding Silicon Valley goodbye. And in some cases, …

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Fidelity Exec: ‘Fairly Long Tail’ of Institutions Driving Mainstream Crypto Adoption

Offering more products with crypto exposure is “critical” to mainstream adoption, according to Fidelity Digital Assets’ head of sales and marketing Fidelity began mining cryptocurrency in 2014 and launched its crypto execution services and custody platform for institutions in 2017 Fidelity’s considerable cryptocurrency endeavors are just getting started, an executive said, thanks in part to …

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Thailand Drops Plans to Impose 15% Crypto Withholding Tax

Thailand’s Revenue Department will longer impose a 15% withholding tax on crypto income following community feedback Traders have welcomed the move as a positive step toward a progressive approach to crypto taxation Thailand has walked back plans to implement a 15% withholding tax on crypto profits following a negative reception from the kingdom’s traders and …

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Australian Billionaire Brings Criminal Case Against Facebook Over Fake Crypto Ads

Andrew Forrest is bringing the criminal proceedings against Facebook for using his image in crypto scam ads on the social media platform The billionaire said he was doing it for the people to shield them from future crypto scams by “criminal syndicates” Australian billionaire Andrew ‘Twiggy’ Forrest has brought criminal proceedings against Facebook alleging the …

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GameStop, Immutable to Launch $100 Joint Fund For Gaming NFTs

Immutable previously partnered with TikTok for their first foray into NFTs Co-founder of Immutable said talks of a partnership with GameStop started over six months ago GameStop and Immutable are launching a $100 million joint fund to invest in gaming non-fungible tokens (NFTs) projects, according to an announcement on Thursday. Immutable X, a layer-2 scaling …

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FTX Acquires Liquid Group, Expanding Presence in Japan

FTX has acquired fintech firm Liquid for an undisclosed sum and will work with it to provide crypto products to Japanese customers CEO Sam Bankman-Fried said his company has reached out to regulators to initiate a dialogue Sam Bankman-Fried’s FTX has acquired fintech firm Liquid Group and its subsidiaries, for an undisclosed sum, in a …

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Sources: In Win for Crypto Stakers, IRS Says Untraded Tokens Are Tax-Free

In a win for cryptocurrency stakers and miners, the IRS will not tax unsold tokens Tokens attained through proof-of-stake protocols are taxpayer-created property and should not be taxed until sold or exchanged, a Nashville couple argued in May A decision to refund a Nashville couple taxes related to unsold Tezos tokens is set to clarify …

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Zuckerberg Still ‘Confident’ In Metaverse Plans Despite Stock’s 20% Slide

Meta said it faces “headwinds from both increased competition for people’s time and a shift of engagement” Zuckerberg said the company would release a “high-end” virtual reality headset by the end of the year In an earnings call that underwhelmed Wall Street expectations, Facebook parent Meta disclosed a loss of more than $10 billion from …

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Market Recap: Bitcoin, Ether Drop as US Deploys Troops to Eastern Europe

Crypto markets dropped today on news that the US would be deploying troops to Eastern Europe The Eurozone’s annual rate of inflation rose to 5.1% in January, causing more uncertainty on the overall strength of the economy US troops deployed to Eastern Europe President Biden has approved the deployment of around 3,000 American troops to …

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