Australian Authorites to Launch Public Crypto Debates

Special page is opened on the website of local watchdog where everyone can leave their comments and suggestions
27 March 2018   685

The Australian Tax Office (ATO) has initiated a public debate, aimed at "understanding the practical aspects associated with tax obligations in relation to the cryptocurrency." This is reported by CoinDesk.

As stated in the message of ATO, a special page is opened on the website of the department where everyone can leave their comments and suggestions. 

In particular, we are interested in any practical issues that may impact on taxpayers' abilities to calculate and substantial any capital gains and losses for (cryptocurrency) capital gains tax (CGT) purposes.
 

Australian Tax Office

The updated recommendations also note that income received as a result of the exchange of one crypto currency for another is subject to taxation. Taxpayers should provide information about such transactions, including their purpose and value in Australian dollars, time and details of the parties involved.

SEC to Accuse Veritaseum ICO of Fraud

SEC believes that project's tokensale, thru which it raised $14.8M back in 2017-2018 had a signs of scam and company misled the investors
14 August 2019   410

The U.S. Securities and Exchange Commission (SEC) has sued New Yorker  and Veritaseum-related companies that have been caught by the agency in conducting an unregistered ICO with signs of fraud. It is reported by Cointelegraph.

According to documents published on the network, the SEC intends to hold Reggie Middleton accountable and immediately freeze the assets of Veritaseum Inc. and Veritaseum LLC.

The Commission claims that the defendants raised about $ 14.8 million through an initial coin offering (ICO) in 2017 - early 2018. At the same time, many investors were misled, as the company distorted information about the conditions of the token sale and deliberately hid some significant details.

The American regulator claims that the project still has about $ 8 million of illegally raised funds. According to the SEC, these assets must be frozen immediately.

Amid this news, the Veritaseum (VERI) rate has fallen by 70%. Now the coin is trading near the $ 5 mark, although at the beginning of 2018 its rate was approaching $ 500.

Veritaseum was created as a financial p2p platform, involving the movement of capital without traditional intermediaries. Also, VERI was positioned as a utility token for use in consulting services and access to various research works.

In 2017, Veritaseum blockchain startup fell victim to hackers, having lost $ 8.4 million from ICO investors.