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Last week, His Majesty’s Revenue and Customs (HMRC) presented an unpleasant Christmas surprise to hodlers in the United Kingdom, demanding they declare any crypto holdings they failed to report in the last four, six or even 20 years. The tax authority also reminded taxpayers of the interest, charged daily from the date tax is due until it is paid. As an additional tax on previous-year crypto holdings would now be classified as late, it automatically suggests the interest owed. Failing to include the correct interest will result in a rejection of disclosure. After disclosing unpaid taxes, users will get payment reference numbers and have 30 days to remit the entire sum owed. The disclosure must include “exchange tokens,” such as Bitcoin (BTC), as well as any nonfungible tokens (NFTs) and “utility tokens.”

Less harsh in its demands, the Spanish Tax Administration Agency has also reminded its citizens about their obligations to declare crypto, even if they store it abroad. The Agency published Form 721, the submission period for which will commence on Jan.1 and end on the last day of March. However, only individuals with balance sheets exceeding the equivalent of 50,000 euros (around $55,000) in crypto assets are obliged to declare their foreign holdings. Those who store their assets in self-custodied wallets must report their holdings through the standard wealth tax Form 714.

Brazil will also proceed to tax its citizens’ foreign crypto holdings via a bill already passed in the Chamber of Deputies and expected to be approved by President Luiz Inácio Lula da Silva. Under the bill, any Brazilian who earns more than 6,000 Brazilian reals ($1,200) on exchanges based outside the country would be subject to the tax, effective Jan. 1, 2024. The change makes those funds taxable at the same rate as domestic funds. Funds earned before that date would be taxed when accessed by the owner, and earnings on funds accessed before Dec. 31 will be taxed at 8%.

The SEC is still digging into Binance.US

The United States Securities and Exchange Commission is still looking for evidence that Binance.US had a backdoor to potentially control customer assets similarly to FTX. While Binance and former CEO Changpeng Zhao agreed to plead guilty to breaking U.S. Anti-Money Laundering laws as part of a $4.3 billion settlement with the U.S. Justice Department, Treasury Department and the Commodity Futures Trading Commission, the case didn’t include any of the SEC’s fraud-related claims stemming from its lawsuit with the cryptocurrency exchange in June. However, Judge Zia Faruqui, presiding over the Binance and SEC case, reportedly said the guilty pleas make it less likely that Binance.US and Zhao misappropriated customer assets.

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Voyager Digital will settle on $1.65 billion with the FTC

A federal judge has approved an order requiring crypto lending firm Voyager Digital and its affiliates to pay $1.65 billion in monetary relief to the United States Federal Trade Commission (FTC). In the U.S. District Court for the Southern District of New York, Judge Gregory Woods ordered Voyager to pay $1.65 billion following a settlement between the lending firm and the FTC announced in October. Voyager will be “permanently restrained and enjoined” from marketing or providing products or services related to digital assets as part of the agreement.

According to Judge Woods, the order will largely not impact Voyager’s bankruptcy proceedings. The company filed for Chapter 11 protection in July 2022 and disclosed liabilities ranging from $1 billion to $10 billion. In May, the bankruptcy court approved a plan allowing Voyager users to initially receive 35.72% of their claims from the lending firm.

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36 companies might get a license to operate in South Africa till the end of 2023

South Africa’s principal financial regulator, the Financial Sector Conduct Authority (FSCA), reviewed 128 applications from crypto asset service providers but intends to discuss only 36 during its next Licensing Executive Committee meeting on Dec. 12. A further 22 applications will be presented on Feb.13, while a final 14 applications will have to wait until March 12. The fate of the remaining applications wasn’t specified by the FSCA, which explained its evaluation method as an assessment that combines Know Your Customer onboarding, data protection, cyber risk management, conflict of interest management, complaints handling, and credit counterparty risk management.

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Harriet Harman calls for ‘mini inquiry’ into race issues raised by grooming gangs scandal

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Harriet Harman calls for 'mini inquiry' into race issues raised by grooming gangs scandal

Harriet Harman has suggested a “mini inquiry” into issues raised by the grooming gangs scandal and called on Sir Keir Starmer and Kemi Badenoch to discuss “terms of reference”.

The Labour peer told Sky’s political editor Beth Rigby on the Electoral Dysfunction podcast that there should “openness” to a future probe as long it does not repeat the previous investigations.

In particular, she said people need to be “trained and confident” that they can take on matters “which are in particular communities” without being accused of being racist.

“I think that whether it’s a task force, whether it’s more action plans, whether it’s a a mini inquiry on this, this is something that we need to develop resilience in,” Ms Harman said.

The grooming gangs scandal is back in the spotlight after Elon Musk hit out at the Labour government for rejecting a new national inquiry into child sexual exploitation in Oldham, saying this should be done at a local level instead.

The Tories also previously said an Oldham inquiry should be done locally and in 2015 commissioned a seven-year national inquiry into child sex abuse, led by Professor Alexis Jay, which looked at grooming gangs.

However, they didn’t implement any of its recommendations while in office – and Sir Keir has vowed to do so instead of launching a fresh investigation into the subject.

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Ms Harman said she agreed with ministers that there is “no point” in a rerun of the £200m Jay Review, which came on top of a number of locally-led inquiries.

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Grooming gangs are ‘in every single part of our country’, Jess Phillips says

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Grooming gangs: What happened?

However, she said there’s “always got to be an openness to further analysis, further consideration of what proposals would move things forward”.

She called on the Conservative Party to start “sensibly discussing with the government what should be the parameters of a future inquiry”, as they “can’t really be arguing they want an absolute repeat of the seven years and £200 million of the Jay inquiry”.

She said the Tories should set out their “terms of reference”, so “the government and everybody can discuss whether or not they’ve already got that sorted”.

Girls as young as 11 were groomed and raped across a number of towns in England – including Oldham, Rochdale, Rotherham and Telford – over a decade ago in a national scandal that was exposed in 2013.

In many cases the victims were white and the perpetrators of south Asian descent – with the local inquiry into Telford finding that exploitation was ignored because of unease about race.

The Jay review did not assess whether ethnicity was a factor in grooming gangs due to poor data, and recommended the compilation of a national core data base on child sex abuse which records the ethnicity of the victim and alleged perpetrator.

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PM: People ‘spreading lies’ are ‘not interested in victims’

Ms Harman’s comments come after the Labour Metro Mayor of Greater Manchester, Andy Burnham, said he believed there was a case for a new “limited national inquiry”.

He told the BBC that a defeated Tory vote on the matter was “opportunism”, but a new probe could “compel people to give evidence who then may have charges to answer and be held to account”.

Jess Phillips, the safeguarding minister who has born the brunt of Mr Musk’s attacks, has told Sky News “nothing is off the table” when it comes to a new inquiry – but she will “listen to victims” and not the world’s richest man.

Sir Keir has said he spoke to victims this week and they do not want another inquiry as it would delay the implementations of the Jay review – though his spokesman later indicated one could take place if those affected call for it.

Tory leader Ms Badenoch has argued that the public will start to “worry about a cover-up” if the prime minister resists calls for a national inquiry, and said no one has yet “joined up the dots” on grooming.

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Pro-crypto CFTC boss, subcommittee rumored as Trump inauguration nears

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Pro-crypto CFTC boss, subcommittee rumored as Trump inauguration nears

New reports suggest the US Senate Banking Committee is looking to create its first crypto subcommittee, while Trump is reportedly eyeing a pro-crypto CFTC Commissioner to take the agency’s helm.

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UK order clarifies crypto staking is not a collective investment scheme

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UK order clarifies crypto staking is not a collective investment scheme

The UK Treasury has amended finance laws to clarify that crypto staking isn’t a collective investment scheme, which a lawyer says is “heavily regulated.”

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