Global Crypto-Friendly Jurisdictions Ranked
The 2024 ranking of top countries/regions for crypto businesses is led by Dubai, followed by Switzerland, South Korea, Singapore, the U.S., Estonia, Italy, Russia, Germany, and Brazil. Dubai scored highest in regulatory clarity, zero capital gains tax, favorable corporate tax (9%), and affordable licensing fees.
South Africa’s Tax Compliance Expansion
The South African Revenue Service (SARS) now requires crypto asset reporting in tax filings. Enhanced audit teams and AI tools will track undeclared transactions, with penalties for tax evasion.
India Delays Crypto Policy Paper
India’s planned September 2024 crypto policy paper is postponed due to prioritization of World Bank meetings. Stakeholder consultations with RBI and market regulators remain ongoing.
Brazil Drops Charges Against Deceased MTI CEO
A federal judge dismissed criminal charges against Johann Steynberg (late CEO of Mirror Trading International) after confirming his death via acute respiratory failure.
Germany’s BSI Recommends Hardware Wallets
The Federal Office for Information Security advises cold wallets for offline key storage, citing exchange hacks and hot wallet vulnerabilities as critical risks.
U.S. GOP Criticizes Fairshake’s Democratic Endorsements
Republicans condemn the crypto PAC’s support for anti-crypto Democrats Ruben Gallego (AZ) and Elissa Slotkin (MI), straining industry-GOP alliances ahead of 2024 elections.
Market Sentiment Hits "Extreme Fear"
Today’s Crypto Fear & Greed Index dropped to 25 (from 27), reflecting bearish signals from volatility, trading volume, and social metrics.
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Dubai Court Validates Crypto Salaries
A landmark 2024 ruling (Case No. 1739) recognized cryptocurrency as legal wage payment under UAE labor contracts, reversing prior valuation disputes.
FAQ
Q: Why is Dubai top for crypto businesses?
A: Dubai offers tax advantages, clear regulations, and low licensing costs.
Q: How does South Africa enforce crypto taxes?
A: SARS collaborates with regulators to identify non-compliant taxpayers using advanced tech.
Q: Are hardware wallets truly safer?
A: Yes – offline storage prevents remote hacking compared to exchange or software wallets.