According to the Canada Revenue Agency (CRA), nearly 400 audits have been launched to curb cryptocurrency tax evasion, with the aim of recovering CAD 54 million (approximately USD 39.5 million) in suspected unpaid taxes.

This move highlights the CRA's determination to combat tax evasion and demonstrates its strategy to strengthen cryptocurrency compliance. Despite ongoing audits, the CRA is also aware of the need to enhance public education on cryptocurrency tax obligations to ensure that all taxable cryptocurrency transactions are transparent and compliant.

Senior tax lawyer David Rotfleisch criticized the current measures as insufficient and called for greater education efforts.

To address the challenge, Canada plans to implement a Cryptocurrency Asset Reporting Framework (CARF) by 2026, emphasizing that capital gains from cryptocurrency must be included in tax returns. (Beincrypto)

Brazil will consider purchasing cryptocurrency from foreign exchanges as imports, breaking its previous record and adding weight to Brazil's trade balance. In the past 12 months, cryptocurrency purchases have reached $14.84 billion, up from $12.3 billion last year. Similarly, in the first quarter of 2024, cryptocurrency imports reached $4.69 billion, a 118% increase from the first quarter of 2023.

The Canadian Revenue Agency (CRA) has announced that it has begun auditing about 400 cases and will strengthen its crackdown on virtual asset tax evasion. The Canadian Revenue Agency plans to recover approximately $39.5 million in suspected unpaid taxes related to virtual assets. The Canadian Revenue Agency explained that there is an urgent need to strengthen public education on tax obligations related to virtual assets, and the goal of strengthening the crackdown on tax evasion is to ensure that all taxable cryptocurrency transactions are accurately and transparently reported. Previously, Canada announced plans to implement the Cryptocurrency Asset Reporting Framework (CARF) of the Organization for Economic Cooperation and Development (OECD) by 2026. CARF is a tax standard designed to address virtual asset tax evasion issues, and its updated version stipulates that it can collect virtual asset transaction information outside its jurisdiction.

US Congressman Sean Casten stated that new legislation is about to be introduced that will crack down on mixer services as a money laundering tool. Casten also emphasized that USDT is the favorite token of illegal finance.

There were disagreements between the Democratic and Republican parties during a congressional hearing on Tuesday regarding the Securities and Exchange Commission's (SEC) stance on cryptocurrency regulation. Democratic representative Maxine Waters stated that the party will always pursue compliance, protect investors, and maintain market integrity, while SEC Chairman Gary Gensler insisted that most cryptocurrencies should be considered securities. In addition, the SEC's handling of the case of cryptocurrency start-up DEBT Box was questioned, with one federal judge criticizing the agency's behavior as malicious, and two of its lawyers resigning due to mishandling of the case. On the other hand, Republican lawmakers plan to repeal an accounting guidance policy of the SEC, sparking another round of controversy. This hearing also involved regulation of mixers, with a Democratic congressman proposing a bill aimed at combating cryptocurrency mixing services suspected of money laundering. These disputes highlight the complexity of cryptocurrency regulation and the disagreements that exist between government, industry, and regulatory agencies.

Emilio B. Aquino, Chairman of the Philippine Securities and Exchange Commission (SEC), stated that the commission plans to launch a regulatory framework for crypto assets and their trading in the second half of this year. The framework aims to protect the interests of Filipinos engaged in cryptocurrency trading, as reported by Business World.

The United States has announced sanctions on the head of the Russian LockBit ransomware organization. (FX168)Earlier reports indicated that Tether had added LockBit-related addresses (starting with 0xf370) to its blacklist. The UK's National Crime Agency (NCA) also announced that it had taken control of multiple LockBit services and dismantled the entire criminal gang.In addition, the US Treasury Department announced on its official website that it has added Bitcoin and Ethereum addresses associated with LockBit's subsidiary organizations in Russia to its sanctions list. The Treasury Department noted that this action is the first in a continuing collaboration with the US Department of Justice, the Federal Bureau of Investigation, and international partners targeting LockBit.

It was reported that as the Central Bank of Nigeria (CBN) prepares to introduce a new round of cryptocurrency trading regulations, several Nigerian fintech startups are warning users to stop trading cryptocurrencies or risk having their accounts closed and being reported to law enforcement agencies. Lagos-based startup Moniepoint informed users on Monday that it will be closing all accounts engaged in cryptocurrency trading in compliance with CBN regulations. Chinese digital bank OPay also issued a similar warning to its users.

Indonesian authorities recently uncovered a synthetic marijuana laboratory that allegedly used cryptocurrency for funding. It is currently unclear how much of the raw materials were purchased with cryptocurrency. The criminal group had been operating for six months before being arrested last week.

The left-wing Democratic Party of Korea plans to ask financial regulators to review the currently banned trading of spot bitcoin exchange-traded funds (ETFs). This marks the party's next move to make spot bitcoin funds available locally. In the April election, the opposition Democratic Party won a major victory, securing 175 of the 300 seats in the local legislature, while the ruling conservative party won 108 seats. The party had promised to allow local financial institutions to launch spot crypto ETFs and allow individual investors to buy these funds through tax-free accounts. A report from BloomingBit cited a member as saying that once the 22nd National Assembly of Korea opens in June, the Democratic Party plans to ask the Financial Services Commission, the country's top financial regulator, to re-examine spot bitcoin ETFs with the aim of opening such products locally. Reportedly, the FSC concluded that there is no legal basis to indicate that bitcoin or other cryptocurrencies can serve as underlying assets for such products, so currently spot bitcoin ETFs cannot be issued or traded.