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| Name | "Proposed reporting guidelines for hot wallets and brokers in the cryptocurrency sector" |
| Video Uploader | Video From Beryl Elites |
| Upload Date | This Video Uploaded At 05-07-2024 10:33:25 |
| Video Discription | 🔔 Hit SUBSCRIBE button and be the first to get new videos 🎬 Stay tuned on upcoming 120 unique new educational videos covering various aspects of financial markets and artificial intelligence. Join us on this journey of knowledge and innovation at the BERYL ELITES conference! "Proposed reporting guidelines for hot wallets and brokers in the cryptocurrency sector" - Mark Leeds, Partner, Mayer Brown The panel addresses the proposed reporting requirements for hot wallets and brokers within the cryptocurrency sphere. Mark Leeds, a partner at Mayer Brown, discusses the broadened definition of a broker in the new regulations, which may encompass entities such as decentralized autonomous organizations (DAOs). He notes that wallet providers unable to track gross proceeds will be exempt, while others will need to report, signaling a substantial shift for many businesses. This broadening aims to ensure that individuals and entities currently not reporting, or inaccurately reporting, their crypto transactions will be held accountable. Leeds points out that, while the regulations target improved reporting from individuals transacting in crypto and related structures, they maintain existing exemptions for non-US persons, US corporations, and financial institutions. However, he also acknowledges the challenge this poses to businesses, given that compliance costs might outweigh the revenue raised. In essence, the discussion emphasizes the tension between the government's drive to increase tax compliance in the cryptocurrency market and the practical challenges faced by businesses under the extensive scope of the new regulations. There's hope that the definitions will be narrowed down to ensure that businesses can feasibly comply with the new rules. 🗓️ Save the date for the BERYL ELITES 6th Annual Alternative Investments conference, happening in NYC on Oct 28-29. Immerse yourself in 18 dynamic panels featuring 85 esteemed speakers from top financial, investment, and technology companies. |
| Category | Science & Technology |
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