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The Consumer Financial Protection Bureau (CFPB) has proposed a rule that would subject digital wallets and payment apps with over 5 million transactions per year to regulations similar to banks and credit unions. This rule would affect about 17 companies, including Alphabet $GOOG and Apple, accounting for approximately 13 billion payments annually. Additionally, there is a focus on crypto taxes, with discussions on IRS regulations, FTX clawbacks, and the potential impact of new regulations on brokers reporting crypto transactions. Turkey is also considering new crypto regulations to address licensing and taxation, aiming to shed its gray-list status with the Financial Action Task Force (FATF). Over 40 countries have agreed to implement an international crypto reporting framework developed as mandated by the G20. The proposed regulations and tax-related initiatives are causing concerns about the potential impact on the crypto industry in the United States.
40+ Countries Implementing International #Crypto Reporting Framework ⬇️ #cryptonews https://t.co/GtwjYvNiCc
Turkey is Considering a New Crypto Law that Would Regulate Licensing and Taxation https://t.co/xkJtuYFuY8
📣 Latest News: Turkey mulls addressing licensing and taxation in new crypto rule #news #cryptonews #crypto
Turkey mulls licensing and tax measures for crypto, aiming to shed gray-list status. https://t.co/QGm4WgJgJK
"If the broker rule proceeds as is, it will surely spell the near-total collapse of the crypto industry in the United States," writes @BlockchainAssn CEO @KMSmithDC and @fund_defi CEO Miller Whitehouse-Levine. Opinion for #TaxWeek, presented by @TaxBit https://t.co/2WYQ5CSyat
In Europe and the U.S., there are a host of tax-related initiatives placing new reporting requirements on digital asset market participants, writes TaxBit's @CryptoErin. #TaxWeek, presented by @TaxBit https://t.co/lklzC0jlk5
HAPPENING NOW: @David_Kemmerer, @CryptoTaxAdvice, @taxbitmiles and @btschiller are live on Spaces to break down what you need to know about crypto taxes as part of #TaxWeek, presented by @TaxBit. Hop in: https://t.co/aWyNhYEele https://t.co/zvJ0ZqNVlw
Over 40 countries have agreed to implement the #crypto reporting framework developed as mandated by the #G20. https://t.co/fmxUMxJmt0
COMING UP AT 11 A.M. ET: Join @David_Kemmerer, @CryptoTaxAdvice, @taxbitmiles and @btschiller ss they break down what you need to know about crypto taxes as part of #TaxWeek, presented by @TaxBit. Set a reminder: https://t.co/D0CMLuH9Un https://t.co/Bo62P8I0Li
The country seeks to get out of FATF's "grey list" by putting more regulatory burden on crypto https://t.co/TBI9EqucXv
Turkey's crypto rules seen addressing licensing, taxation after boom https://t.co/dgVXmWVvH4 https://t.co/bcV7FfSd34
40+ Countries Implementing International #Crypto Reporting Framework https://t.co/fmxUMxIODs
More than 120,000 comments have come in regarding an IRS proposal that maps out how crypto brokers and investors would report transactions to the agency. @thebitcoincpa takes a look for #TaxWeek, presented by @TaxBit: https://t.co/oZxArgYiSu
A Washington watchdog wants to police Big Tech like it it does big banks, meaning greater scrutiny for popular mobile payment systems operated by Apple and Alphabet. https://t.co/HC0U7dK8HV
Confused if you owe taxes on your crypto? Join @David_Kemmerer, @CryptoTaxAdvice, @taxbitmiles and @btschiller on Wednesday at 11 a.m. ET as they answer your questions as part of #TaxWeek, presented by @TaxBit. Set a reminder: https://t.co/D0CMLuH9Un https://t.co/GvogZqDqHA
48-Nation Bloc To Crack Down On Using Crypto Assets To Avoid Tax https://t.co/Z527xwPCjc
Don't understand why the @IRSNews broker rule is existential for crypto? It creates a honeypot of sensitive financial data, violates users' privacy and tramples on civil rights @Valkenburgh @CoinCenter tells @danielgkuhn for #TaxWeek, presented by @TaxBit https://t.co/MweC4nUwaU
Blockchain Association Senior Counsel @MTCoppel breaks down what the IRS's proposed crypto tax reporting requirements gets wrong. Opinion for #TaxWeek, presented by @TaxBit https://t.co/1vMmWlF0Y2
What’s in Your (Digital) Wallet? The CFPB Seeks to Supervise Digital Wallets and Payment Applications https://t.co/poG3AHBRBD
Crypto tax software "is limited," @thebitcoincpa says. This means you can't calculate your crypto taxes based on the way the IRS wants you to. Watch him explain more as part of #TaxWeek, presented by @TaxBit: https://t.co/Bfm9090cN0 https://t.co/1MRWIDUvwP
Turkey's crypto rules seen addressing licensing, taxation after boom https://t.co/2LhMZHvJDn https://t.co/L6JfJOVAwO
The CFPB Wants To Regulate Crypto, Here's How https://t.co/eiLHVG0Is6
Turkey's crypto rules seen addressing licensing, taxation after boom https://t.co/zftabJ1OCm https://t.co/5lExwftzoH
. @David_Kemmerer anticipates the consequences of proposed new regulations on brokers reporting crypto transactions. Pricey “tax experts” are set to benefit, he says, even if ordinary investors won’t. Opinion for #TaxWeek, presented by @TaxBit https://t.co/dEw1RH5vBG
Crypto taxes can be complicated. From IRS regulations to FTX clawbacks, join @David_Kemmerer, @CryptoTaxAdvice, @taxbitmiles and @btschiller on Wednesday at 11 a.m. ET as they break it down as part of #TaxWeek, presented by @TaxBit. Set a reminder: https://t.co/D0CMLuH9Un https://t.co/l4rBeP4SY9
Digital wallets and payment apps with more than 5M transactions per year would be regulated like banks and credit unions, according to a proposed rule from the CFPB. The proposal would cover ~17 companies accounting for 13B payments annually, such as Alphabet $GOOG, Apple… https://t.co/2qPiCHdWAo
CFPB Takes Next Step in Its Big Tech Regulatory Strategy: New Rule Proposed to Expand Examination Authority Over Digital Wallets and Payment Apps https://t.co/jwK1U96Z8z