Global #crypto industry

In a bold move, ConsenSys, a leading blockchain software technology company, has publicly refused to comply with the Internal Revenue Service's (IRS) new cryptocurrency tax regulations and reporting requirements. The company argues that the regulations are overly complex, burdensome, and stifle innovation in the rapidly evolving digital asset space.

In a surprising turn of events, South Korean lawmakers are reportedly considering the abolishment of the country's nascent cryptocurrency tax law. The tax, initially slated to come into effect in 2025, has been a point of contention within the nation's crypto community and political sphere.

MoonPay has intensified its efforts in catering to brands seeking enhanced digital experiences, as announced on May 28. The company is rolling out a dedicated platform aimed at providing Web3 tools for digital engagement.

In the fast-paced realm of cryptocurrency, staying abreast of regulations while fostering innovation is paramount. KuCoin, a major player in the global crypto scene, has taken significant steps by registering with India’s FIU.

New York Attorney General Letitia James has issued a stern warning to cryptocurrency companies, emphasizing the importance of compliance with regulations. This comes in the wake of a record-breaking $2 billion settlement with the bankrupt platform Genesis Global Capital.

Coinbase is mulling over the addition of Core (CORE) to its list of supported cryptocurrencies, a move that could strengthen the Bitcoin ecosystem.