Ukraine's National Anti-corruption Bureau (NABU) has announced its collaboration with the US Embassy to investigate the crypto sector for money laundering activities. The NABU stated that it will be financially supported by the US State Department's Bureau of International Narcotics and Law Enforcement Affairs. Over 250 detectives and analysts will be studying cryptoassets as part of a nine-month training program covering cryptocurrency technologies and methods of investigating crimes using cryptoassets. The NABU aims to establish channels of cooperation and interaction with key Ukrainian and global crypto exchanges and international law enforcement organizations to ensure that cryptocurrency will no longer be a "panacea" for corrupt individuals.
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Ukraine's Anti-Corruption Bureau Launches Probe into Crypto Sector to Unmask Money Launderers
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Hong Kong Securities and Futures Commission: The public should beware of Quantum AI’s suspected fraudulent activities related to virtual assets
Hong Kong Securities and Futures Commission warned the public to beware of Quantum AI's alleged involvement in virtual asset-related fraud. It is reported that Quantum AI claims to use its related artificial intelligence technology to provide cryptocurrency trading services. The Securities and Futures Commission suspects that Quantum AI used deepfake videos and photos made by artificial intelligence, impersonating Mr. Elon Musk, on its website and social media to deceive the public into thinking that Mr. Musk is the developer of Quantum AI's related technology. The Hong Kong Police Force has responded to the Securities and Futures Commission's request and taken action to block Quantum AI's website and remove its related social media pages. Although the police have taken action, the public should beware that scammers may continue to establish websites and social media pages with similar domain names. -
Brazil considers purchases of cryptocurrencies from foreign crypto exchanges as imports, with crypto purchases reaching $14.84 billion in the past 12 months
Brazil's purchase of cryptocurrency from foreign cryptocurrency exchanges is considered an import, breaking records and adding weight to Brazil's trade balance. In the past 12 months, the amount of cryptocurrency purchases reached $14.84 billion, up from $12.3 billion last year. Similarly, cryptocurrency imports in the first quarter of 2024 reached $4.69 billion, an increase of 118% compared to the first quarter of 2023. In March, cryptocurrency purchases rose to $1.751 billion. (Bitcoin.com) -
Canada Revenue Agency to Chase Crypto Tax Evaders for $39.5 Million in Suspected Unpaid Taxes
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Brazil to Treat Foreign Crypto Purchases from Crypto Exchanges as Imports
Brazil will consider purchasing cryptocurrency from foreign exchanges as imports, breaking its previous record and adding weight to Brazil's trade balance. In the past 12 months, cryptocurrency purchases have reached $14.84 billion, up from $12.3 billion last year. Similarly, in the first quarter of 2024, cryptocurrency imports reached $4.69 billion, a 118% increase from the first quarter of 2023. -
Canada Revenue Agency steps up crackdown on virtual asset tax evasion
The Canadian Revenue Agency (CRA) has announced that it has begun auditing about 400 cases and will strengthen its crackdown on virtual asset tax evasion. The Canadian Revenue Agency plans to recover approximately $39.5 million in suspected unpaid taxes related to virtual assets. The Canadian Revenue Agency explained that there is an urgent need to strengthen public education on tax obligations related to virtual assets, and the goal of strengthening the crackdown on tax evasion is to ensure that all taxable cryptocurrency transactions are accurately and transparently reported. Previously, Canada announced plans to implement the Cryptocurrency Asset Reporting Framework (CARF) of the Organization for Economic Cooperation and Development (OECD) by 2026. CARF is a tax standard designed to address virtual asset tax evasion issues, and its updated version stipulates that it can collect virtual asset transaction information outside its jurisdiction. -
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US SEC cryptocurrency regulation sparks partisan divide, with DEBT Box case and mixer regulation in focus
There were disagreements between the Democratic and Republican parties during a congressional hearing on Tuesday regarding the Securities and Exchange Commission's (SEC) stance on cryptocurrency regulation. Democratic representative Maxine Waters stated that the party will always pursue compliance, protect investors, and maintain market integrity, while SEC Chairman Gary Gensler insisted that most cryptocurrencies should be considered securities. In addition, the SEC's handling of the case of cryptocurrency start-up DEBT Box was questioned, with one federal judge criticizing the agency's behavior as malicious, and two of its lawyers resigning due to mishandling of the case. On the other hand, Republican lawmakers plan to repeal an accounting guidance policy of the SEC, sparking another round of controversy. This hearing also involved regulation of mixers, with a Democratic congressman proposing a bill aimed at combating cryptocurrency mixing services suspected of money laundering. These disputes highlight the complexity of cryptocurrency regulation and the disagreements that exist between government, industry, and regulatory agencies. -
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