Hackers Use Fake Skype App To Drain Crypto Wallets In China, Australia To Impose Capital Gains Tax On Crypto Tokens

Here are some of the major developments from the world of crypto over the past few days
Capital Gains Tax, 
Crypto Tokens
Hackers, Australia, Capital Gains Tax, Crypto Tokens

A new phishing scam targeting cryptocurrency users has surfaced in China, and it leverages a phoney Skype video software.

Crypto security firm SlowMist has discovered several wallet addresses linked to the phishing scam that drained hundreds of thousands of dollars from unsuspecting crypto users. The Chinese hackers behind the phishing scam allegedly exploited China’s restriction on foreign programmes to carry out their deception.

Since mainland users frequently seek for social networking apps like Telegram, WhatsApp, and Skype, scammers frequently take advantage of this weakness to target users with phony, clone applications that include malware designed to attack cryptocurrency wallets, according to a report by SlowMist.

Australia To Impose Capital Gains Tax On Crypto Tokens

The Australian Taxation Office (ATO) has issued a guideline stating its decision to levy capital gains tax on Australians when they wrap and unwrap tokens, irrespective of their price at the time. The ATO has also specified how individuals should handle decentralised financing (DeFi) and wrap cryptocurrency tokens for the purpose of capital gains tax.

Previously in May 2022, the ATO had listed capital gains on cryptocurrency as one of its four main areas of concentration. The ATO has now highlighted a number of actions that fall under its purview and are subject to taxation.

According to the new guidelines, the capital gains taxation will occur based on whether the person reported a capital gain or loss. A comparable strategy has been explored for taxing DeFi interest and rewards, as well as users and producers of the liquidity pool.

First Deadline Window Looms For SEC To Approve Bitcoin ETFs

By November 17, 2023 the US Securities and Exchange Commission (SEC) may approve all 12 of the pending applications for exchange-traded funds (ETFs) based on spot Bitcoin. There is supposedly a “window” for the SEC to approve all 12 spot Bitcoin ETF registrations.

However, even if approved by November 17, 2023, the spot Bitcoin ETFs are unlikely to come to market for at least a month after approval.

Apparently, the two-step process of launching an ETF is the reason for the anticipated delay in debut after the SEC approval. Apparently, the SEC’s Trading and Markets division must approve an issuer's 19b-4 filing, and its Corporate Finance division must approve the issuer’s S-1 file or prospectus, before it may launch a Bitcoin ETF. Nine of the 12 applicants for Bitcoin ETFs have sent updated prospectuses demonstrating that they have had correspondence with the Corporate Finance department.

Incidentally, Nasdaq has also submitted the 19b-4 form to the securities commission for the proposed iShares Ethereum Trust ETF on behalf of the $9 trillion asset management company BlackRock. This

decision indicates that BlackRock intends to pursue its goals of a cryptocurrency ETF beyond Bitcoin. The fund has already registered the iShares Ethereum Trust as a corporate entity in Delaware. At least five additional companies—VanEck, ARK 21Shares, Invesco, Grayscale, and Hashdex—are requesting SEC clearance for a spot Ether ETF.

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