1. UK to Enforce Crypto Transaction Reporting by 2026
The UK government has announced that by 2026, crypto firms must begin reporting user transactions to tax authorities. This new regulation will close tax loopholes that have been exploited for years and is set up by the international effort on crypto, the OECD’s Crypto-Asset Reporting Framework (CARF). Companies offering cryptocurrency services now face legal orders to pass on details to the taxman.
2. Australian Court Rules Bitcoin Is Legal Property
An Australian court has ruled that Bitcoin is legal property under Australian law in a landmark judgment. This ruling stems from a bankruptcy case in which the classification of crypto-assets was key. According to legal experts, the decision establishes a precedent that may have implications for the regulation and ownership of digital assets in Australia and perhaps elsewhere.
3. Coinbase Data Breach Triggers Privacy Lawsuits
Thousands of Coinbase users were affected after a massive data breach. A flaw exploited by hackers has allowed access to customer information, causing an influx of lawsuits for privacy violations. As a result of this incident, the methods used for data security in the market will likely be impacted. Moreover, there will be stricter regulation in the market as well.
4. Ripple and Zand Bank Partner to Power UAE Blockchain Payments
Ripple has entered a partnership with the UAE’s Zand Bank to help enhance blockchain-enabled payments. The two companies will use Ripple’s blockchain to make these payments faster and more efficient, making the UAE a leader in fintech. Ripple continues its global expansion with another big win.
