Global #crypto transactions

Turkey's cryptocurrency market is experiencing significant growth, driven by a population increasingly seeking alternatives to traditional banking amidst rising inflation.

In a significant move to enhance consumer protection and regulate the cryptocurrency market, the recent regulations align with Temporary Article 11 of Capital Markets Law No. 6362.

A recent review by the British Columbia Securities Commission (BCSC) has uncovered a major cryptocurrency theft involving Smillie, a key figure associated with the now-defunct cryptocurrency platform, EzBtc.

On August 8, the Internal Revenue Service (IRS) unveiled a revised draft of Form 1099-DA, aimed at streamlining the process for reporting digital asset transactions. The updated form, tentatively titled “Digital Asset Proceeds From Broker Transactions,” is set to come into effect for transactions starting in tax year 2025, with reports due by April 2026.

Indonesia's cryptocurrency sector is experiencing a notable growth trajectory, significantly impacting the country’s tax revenue from digital economic activities. This uptick in revenue comes amid a broader surge in cryptocurrency transactions as more individuals turn to digital assets to hedge against market volatility.

South Korean regulators are revving up enforcement efforts in the cryptocurrency space by initiating "full-scale probes" into unfair crypto transactions.