August 21, 2024

According to PA News, New Zealand’s Revenue Minister, Simon Watts, has introduced a proposal to incorporate the Organisation for Economic Co-operation and Development’s (OECD) Crypto-Asset Reporting Framework (CARF) into national law. The legislative proposal, submitted on August 26, aims to ensure transparency in crypto transactions and is set to take effect on August 1, 2026.Under this new framework, crypto service providers in New Zealand will be required to collect transaction information from reportable users and submit it to the Inland Revenue by June 30, 2027. The collected data will then be shared with relevant tax authorities globally by September 30, 2027, to ensure proper taxation of crypto-derived profits.Failure to comply with these requirements could result in fines of $300 per instance, with penalties for service providers potentially reaching between $12,000 and $62,000. Users who do not provide the necessary information could face fines of up to $621.This move highlights New Zealand’s commitment to enhancing transparency and ensuring that crypto transactions are properly taxed in line with international standards.

August 21, 2024

According to BlockBeats, on August 27, San Francisco Federal Reserve President Mary Daly stated that she believes it is appropriate for the Federal Reserve to begin cutting interest rates. In an interview on Monday, Daly mentioned, ‘The labor market has achieved full balance. The time to adjust policy has arrived.’This perspective aligns with Federal Reserve Chairman Jerome Powell’s remarks last week. During the Jackson Hole symposium, Powell expressed confidence that the inflation rate is on its way back to 2%, similarly noting that ‘the time to adjust policy has arrived.’ Daly emphasized that the Federal Reserve must bring the inflation rate down to the 2% target, but she and her colleagues will also strive to prevent restrictive policies from harming the labor market.

August 21, 2024

According to Cointelegraph, the United States Securities and Exchange Commission (SEC) announced that cryptocurrency platform Abra has agreed to a settlement over allegations that the firm did not register the offers and sales of its lending product.In an August 26 notice, the regulator stated that Abra, “without admitting or denying the SEC’s allegations,” has agreed to pay civil penalties to be determined by a court and an injunction prohibiting the firm from violating securities laws. The SEC filed charges against the lending platform for failing to register the offers and sales of Abra Earn and operating as an unregistered investment company.The SEC alleged that Abra marketed its Earn service as a way for investors to earn interest “auto-magically” but instead generated income for itself. The platform began offering Abra Earn to US investors in July 2020, facilitating roughly $600 million in assets globally at its peak.“Abra allegedly sold its own securities while skirting applicable Investment Company Act provisions that provide a number of important protections to investors, including minimizing conflicts of interest,” said SEC enforcement associate director Stacy Bogert. “This matter reflects yet again, that in conducting enforcement investigations, we are governed by economic realities, not cosmetic labels.”This is a developing story, and further information will be added as it becomes available.

August 21, 2024

According to Odaily, Federal Reserve’s Barkin has announced a ‘test and learn’ approach to handling interest rate cuts. The decline in inflation, which initially began in the goods sector, has now spread to other parts of the economy. This development has bolstered confidence that the downward trend in inflation will continue.

August 21, 2024

According to Odaily, ANZ has indicated that the Bank of Japan might increase interest rates in October. This potential move is significant as it could impact global financial markets. Additionally, ANZ highlighted that the U.S. Federal Reserve’s policy direction will be heavily influenced by the non-farm payroll report for September. This report is crucial for understanding the labor market’s health and could determine the Fed’s next steps in monetary policy.

August 21, 2024

According to Odaily, European Central Bank (ECB) Governing Council member Robert Holzmann has stated that a rate cut in September is not a certainty. Holzmann emphasized that he does not wish to see an early rate cut. He noted that if the Federal Reserve were to reduce rates, it would make it easier for the ECB to follow suit. Holzmann also mentioned that the battle against inflation has largely been won.

August 21, 2024

According to Odaily, the Governor of the Bank of Thailand has announced that the list of approved virtual banks will be released in 2025. The central bank is also prepared to adjust its monetary policy based on changing circumstances.

August 21, 2024

According to Odaily, Grayscale’s official data reveals that the Grayscale Bitcoin Mini Trust has surpassed $2 billion in assets under management (AUM), reaching $2,031,244,957.38. The trust currently has 359,630,100 shares in circulation and holds a total of 31,894.3102 BTC.Additionally, as of August 23, the Grayscale Bitcoin Trust (GBTC) has an AUM of $14,539,594,686.38. The GBTC has 286,290,100 shares in circulation and holds a total of 228,298.5815 BTC.

August 21, 2024

According to Odaily, Federal Reserve Chairman Jerome Powell emphasized the significance of U.S. employment data in his speech at the Jackson Hole conference, particularly in relation to the upcoming monetary easing cycle. Stephen Stanley from Santander Bank noted in a report that this underscores the importance of the August employment data, which is set to be released on September 6.Stanley pointed out that after the unexpectedly sluggish job growth in July, a similar trend in August would not be entirely surprising. More broadly, Powell and other Federal Reserve officials have recently expressed concerns about the cooling conditions in the labor market. Therefore, stronger employment data for August could potentially dispel the notion of a 50 basis point rate cut next month. Stanley believes that the employment report may be more critical than the core CPI data for August.

August 21, 2024

According to BlockBeats, on August 23, Corpay’s Chief Market Strategist Karl Schamotta emphasized a key statement from Powell’s speech, indicating that they will ‘do everything possible to support a strong labor market while making further progress on price stability.’Schamotta interprets this as Powell acknowledging growing concerns among policymakers about the direction of the labor market. Powell did not mention a 50 basis point rate cut for September, which aligns with market expectations.