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The Terraform co-founder appeared in court on Jan. 2 and pleaded not guilty to all charges, agreeing to be held in detention. It’s unclear whether US authorities will consider a plea deal or intend to move forward with a criminal trial.
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Cathie Wood, founder of ARK Investment Management LLC, predicts a surge in mergers and acquisitions (M&A) will follow Donald Trump’s election and expects it to “support innovative strategies.”
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Buckle…no, lawyer up for 2025. Expect stronger Anti-Money Laundering rules, more defined stablecoin governance and deeper cross-border regulatory cooperation.
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The framework also seeks to decrease compliance burdens by adopting an outcomes-based model, replacing the current prescriptive structure.
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Under the proposed framework, businesses must verify customer identities via risk-based processes, monitor suspicious transactions and maintain transparency for cross-border asset transfers.
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When New York Times journalist Andrew Ross Sorkin asked Powell whether he owned Bitcoin, he responded: “I’m not allowed to.”
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“I don’t think that’s how people think about it,” Powell asserted.
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At the DealBook Summit, Powell also shot down the idea that people view Bitcoin as a symbol of people’s lack of faith in the Federal Reserve and the US dollar.
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Since those comments, Bitcoin has soared 70% while gold has increased just 52%.
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Cryptocurrencies like Bitcoin are highly speculative, and “they’re not backed by anything,” Powell said at the time.
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“People use Bitcoin as a speculative asset. It’s just like gold, only it’s virtual, it’s digital,” Powell said at The New York Times-hosted DealBook Summit in New York on Dec. 4.
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United States Federal Reserve Chair Jerome Powell has reiterated his view that Bitcoin is a direct competitor to gold and isn’t a threat to the US dollar.
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It then rose 1,250% from $5,100 when COVID-19 was declared a pandemic in March 2020 to $69,000 in November 2021.
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Bitcoin’s 2024 rally is not its most meteoric bull action ever. In 2017, Bitcoin saw its price skyrocket by 1,900% from $1,000 in January to $20,000 in December.
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In reaching $100,000, Bitcoin’s market capitalization has also reached a new high, hitting $2 trillion for the first time ever.
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The bill passed three readings in the State Duma before gaining approval from the Federation Council. It now awaits the signature of President Vladimir Putin to become law. Once signed, it will take effect upon official publication.
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The legislation, approved on Nov. 27, recognizes digital currencies as property and imposes a 13%–15% personal income tax on cryptocurrency sales. It also exempts Russian crypto miners from value-added tax (VAT) on mined coins.
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Russia’s Federation Council, the country’s upper house of parliament, has approved a federal bill introducing new taxes on cryptocurrency transactions.
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The Russian government is rushing to enforce new cryptocurrency taxes as Bitcoin smashes all-time highs against Russia’s national currency, the ruble.
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Calvin Ng, alternate chief executive at ZA Bank, said the service was launched in partnership with crypto exchange HashKey to meet regulatory requirements and push toward merging crypto with traditional banking.
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