Crypto Tax Compliance Pressure and North Korea’s Alleged Laundering: A Troubling Connection

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The crypto industry is facing mounting pressure for tax compliance as US Congress members Brad Sherman and Stephen Lynch express their concerns in a letter sent to Treasury Secretary Janet Yellen and Internal Revenue Service (IRS) Commissioner Daniel Werfel. The Congress members are urging that tax regulations be implemented for cryptocurrencies. The industry has been a significant source of tax evasion for years, and they hope that the Treasury and the IRS will release regulations to close the tax gap.

In related news, the funds from the $35 million Atomic Wallet hack have been traced to, a mixer allegedly involved in laundering over $100 million in cryptoassets stolen by North Korea’s Lazarus Group. According to Elliptic’s Investigations Team, the stolen funds are being swapped for Bitcoin (BTC) before being laundered through

In exchange news, OKX has joined Komainu Connect, a collateral management platform managed by Komainu, a digital asset custody service provider. The partnership allows institutional clients to conduct 24/7 trading of segregated assets under custody through the OKX platform. Komainu Connect aims to reduce counterparty risk by removing the need to store collateral with trading counterparties, thus providing safe custody instead.

Furthermore, Bitget announced improvements to its Broker Program, providing brokers with additional benefits and support, including detailed performance data and automated notifications to resolve issues. Bitget aims to help brokers navigate the world of crypto trading more efficiently with its enhanced services.

Investment news reveals that cryptocurrency storage provider Zodia Custody has collaborated with infrastructure provider Blockdaemon to launch Staking 2.0, offering crypto staking options to institutional clients and providing secure opportunities to earn staking rewards.

The US Commodity Futures Trading Commission (CFTC) has approved an amended order of registration for Cboe Clear Digital to clear digital asset futures on a margined basis for futures commission merchants. This expands their clearing services portfolio.

Digital collectibles company Dew Drops announced a successful $1.5 million pre-seed round, with investment coming from various venture funds and technologists. Dew Drops intends to use these funds to develop their platform further and introduce collectors to the world of digital collectibles.

Lastly, in career news, Binance has hired former OKX exchange employee Rachel Conlan as its Vice President of Global Marketing. In her new role, Conlan will lead Binance’s marketing and brand campaigns and work to develop the company’s brand partnerships and entertainment properties.

Source: Cryptonews

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