Chinese Official Warns Libra Could Abet Illegal Cross-Border Transfers
Libra must abide by international foreign exchange regulations to not enable illegal transfers or “it should be banned,” a senior Chinese regulator said Monday.
The South Korea-based exchange is fighting a move by the country's tax authority to withhold over $69 million in tax on foreign cryptocurrency transactions.
Denmark's tax authority, the Skattestyrelsen, has been sending letters to cryptocurrency users it suspects of tax avoidance, demanding a range of information about their trading activities.
Officials from the Ministry of Economy and Finance's income tax office have reportedly been reviewing the proposal.
After clarifying how individual taxpayers should deal with cryptos last year, the U.K.'s HMRC has now issued guidance for enterprises.
The internet giant, which has been working on blockchain-based invoices for some time, will lead the development of new standards.