Corporate Tax

Bitcoin’s Swift Course of, International Company Tax, Ripple Wins A Battle + Extra Information

Source: Adobe / Tottem Torro

Get your daily, bite-sized roundup of crypto asset and blockchain news – and investigate the stories flying under the radar of today’s crypto news.

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Business news

  • The finance ministers of the Group of Seven Rich Nations (G7) will vow this week to help their economies overcome the pandemic and to reach an “ambitious” deal on a global minimum corporate tax in July, Reuters reported, citing a draft communique. “We undertake to find a fair solution in the allocation of taxation rights and to achieve high ambitions for the rate for a global minimum tax,” says the draft, without giving any figures, according to the report. In May, the US proposed setting the minimum tax at 15%.
  • Ripple won another battle in its war with the US Securities and Exchange Commission as the court ruled to deny the regulator’s motion to force Ripple to make memos of XRP sales with the blockchain company’s lawyers, citing the attorney – and client privilege. The SEC wanted to “see any communications that constitute, transmit, or discuss any legal advice that Ripple has sought or received regarding whether its offers and sales of XRP are or are subject to federal securities laws.”
  • A lawsuit filed by employees of an Israeli venture capital fund on May 25 alleges that three of Israel’s largest initial coin offerings (ICOs) in 2017 and 2018 were open fraud, The Times of Israel reported. The three ICOs, launched by Sirin Labs, Stx Technologies Limited and Leadcoin, collectively raised $ 250 million from investors around the world, she added.
  • Five people who helped the infamous Bitconnect exchange raise more than $ 2 billion through its YouTube promotional videos have been sued by the SEC, Bloomberg reported. Those who were not named had earned more than USD 2.6 million in commissions for their recruiting and advertising efforts.

Regulatory News

  • The Central Reserve Bank of India (RBI) today issued a memo stating that certain banks and regulated companies have warned their customers against trading virtual currencies by referring to the RBI circular of April 2018 However, references “are not in order”. as this circular was repealed by the Supreme Court in 2020, which means that it “is no longer valid as of the date of the Supreme Court judgment and therefore cannot be quoted or cited”. These companies can continue to conduct customer due diligence processes in accordance with regulations on Know Your Customer (KYC), Anti-Money Laundering (AML), Counter-Terrorism Financing (CFT), etc. standards, they said.

Attachment messages

  • Payment infrastructure firm Circle said it has closed a $ 440 million round of funding that will fuel its further expansion. The rise of its Stablecoin USD coin (USDC) contributed to the company’s growth as the market capitalization of the coin rose 436% in 2021 alone and increased over 28,000% in the past 12 months to over USD 22 billion.
  • Venture giant Andreessen Horowitz (a16z) is in the process of raising its third $ 2 billion crypto fund since 2018, Newcomer reported, citing undisclosed sources familiar with the matter. According to reports, the fund will charge a 2.5% management fee, which alone would translate into an annual fee of $ 50 million.
  • Asian financial services company DBS announced that it has set a SGD 15 million ($ 11 million) digital bond, marking DBS Digital Exchanges’ first Security Token Offering (STO). “This paves the way for other issuers and clients to leverage DDEx’s capabilities to efficiently access capital markets for their funding needs, and sets the stage for more STO issues and listings on DDEx as asset tokenization becomes mainstream “They added.

DeFi news

  • Belt Finance, a platform that provides automated market making for decentralized finance (DeFi), suffered a flash credit attack on Saturday that resulted in a loss of more than $ 6.23 million in Binance USD (BUSD). According to their report, the team is working on a compensation plan. This is only the latest in a series of incidents reported by the logs based on Binance Smart Chain (BSC).

Exchange messages

  • The Japanese exchange Coincheck announced that it will launch the country’s first first exchange offering (IEO) this summer. The company did not specify when exactly the IEO of HTP, the native token of the non-fungible token (NFT) platform for digital content distribution, Hash Palette, could take place.
  • Singapore-based crypto derivatives exchange Bybit has received a formal warning letter from the Japan Financial Services Agency. It stressed that the company is not registered to operate crypto services in the country.

Marketing news

  • The Bitcoin Token took part in the famous Indianapolis 500 race last weekend as part of a sponsorship deal with Ed Carpenter Racing, the first team to incorporate BTC as a payment option for all of its employees. According to the race results, Ed Carpenter finished fifth, 1.24 seconds behind the winner.

    P8 in my second # Indy500. Did 32 laps and was in the running for victory. A few unfortunate moments on the…

    – Rinus VeeKay (@rinusveekay)

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