South Korea might tax crypto airdrops

    In South Korea, recipients of crypto airdrops could be taxed with an up to 50% fee. A government official said that crypto airdrops count as gifts under tax legislation. Airdrops, or blockchain-based token giveaways, are one of the ways crypto companies market their initiatives. South Korea said in 2021 it will start taxing inherited or…

    The central bank of South Africa allows banks to serve crypto clients

    The South African Reserve Bank (SARB) warned financial institutions against the “wholesale” ban on customers with digital assets. The regulator said the banks should not “avoid risk entirely” amid the booming economy in the region. The South African central bank said that south African financial institutions will now be allowed to deal with funds linked…

    The EU moves toward creating a new AML regulator to oversee crypto

    Targeting anti-money laundering, the European Union is building a new regulator — “Anti-Money Laundering Authority” (AMLA) — that will direct oversee crypto businesses. Many negotiations remain before the AMLA launch, but all signs are that it’s underway. The EU is set to create a brand new regulator focused on direct crypto oversight. Although the crypto…

    US Treasury blacklists Tornado Cash, sparking criticism from the crypto industry

    The US Treasury sanctions against the crypto mixer Tornado Cash meet criticism from the crypto community. While GitHub, stablecoin issuers and crypto infrastructure providers join the Treasury action, some anonymous troll is sending crypto from a Tornado Cash wallet, trying to “dust” numerous celebrities. On August 8, the US Department of the Treasury announced sanctions…

    Iran makes its first import worth $10 million in crypto with ‘widespread’ plans

    As Tasnim agency reported Tuesday, citing Alireza Peymanpak, an Iranian official from the Ministry of Industry, Mine, and Trade, the country this week executed its first official order for importing goods via the crypto payment route, worth $10 million cumulatively. “This week, the first official import order registration worth 10 million dollars was successfully completed…

    Binance-backed exchange WazirX is cracked down on by Indian authorities

    India’s Enforcement Directorate has frozen WazirX’s bank balances with around $8 million worth. WazirX faced scrutiny for its alleged money laundering. Meanwhile, Binance’s CEO said the company never completed the acquisition of WazirX, which it had announced in November 2019. India’s Enforcement Directorate (ED), a law enforcement agency that investigates financial crimes, has frozen bank…