Seized Crypto Agent Posititon May be Created in US

As reported, U.S. Marshals Service is looking to set up an agent for managing confiscated cryptocurrency
12 March 2019   471

The US Marshals Service (USMS) is considering the feasibility of establishing the position of an agent who will be entrusted with managing confiscated bitcoins and other cryptocurrency. Cointelegraph reported this with reference to public documents published recently.

The documents are part of the Request for Information on the procedural rules for the management and sale of seized cryptocurrency assets.

A key element of the US Department of Justice’s asset confiscation program, of which the USMS is a member, is the position of an agent or contractor who will deal with the management and sale of cryptocurrencies seized or seized. As the agency hopes, this will allow it to improve existing practices for storing such assets.

Thus, in the first document, USMS describes the full range of services for the management and sale of seized cryptocurrency, including general procedures and the responsibility of the contractor. In particular, it will have to ensure the accuracy and security of transactions, including direct exchange of cryptocurrency for US dollars, exchange for more liquid cryptocurrency and return of assets to the owner.

The contract also describes other tasks of the contractor: financial statements, work with clients, supervisory audit, management of blockchain forks, creation of wallets, etc.

In the second quality assurance monitoring document, USMS introduces a contractor performance evaluation system.

As the department notes, the documents are published solely for information and planning purposes and are not a request for tender proposals or a promise to make such a request in the future.

Authorities to Study Bankrupt QuadrigaCX

Canada Revenue Agency sent a request for access to the tax info from Oct. 1 2015 to Sep. 30, 2018
18 September 2019   43

The Canadian Revenue Agency (CRA) intends to examine corporate declarations that ceased to exist as a result of the bankruptcy of the QuadrigaCX bitcoin exchange, The Globe and Mail reports.

CRA sent a request for access to the tax reporting of the exchange from October 1, 2015 to September 30, 2018, that is, on the date when QuadrigaCX tentatively began problems with the withdrawal of funds.

The E&Y auditor, acting as the trustee of the exchange, intends to discuss the tax request and obtain permission from the court to disclose information.

At the same time, the company noted that one way or another they are forced to comply with the CRA requirements, although this will take a lot of time and delay the payment of compensation to victims.

At the beginning of the year it became known that QuadrigaCX lost access to user funds by $ 190 million, and somewhat later, Indian authorities confirmed the death of the founder of the exchange, Gerald Cotten.