Here are some of the major developments in the world of crypto over the past few days
Spot Bitcoin exchange-traded funds in the United States saw more than $310 million in inflows on July 12, their biggest day since June 5. According to Farside Investors statistics, BlackRock's iShares Bitcoin Trust (IBIT) and the Fidelity Wise Origin Bitcoin Fund (FBTC) received most of the flows, totalling $120 million and $115.1 million, respectively.
The Bitwise Bitcoin ETF came in third with $28.4 million while the Grayscale Bitcoin Trust (GBTC) had another unusual influx of $23 million. It was the greatest flow day since June 5, when spot Bitcoin ETF issuers received $488.1 million. According to Friday's figures, spot Bitcoin ETF issuers received a total of $1.04 billion this week.
The Hashdex Bitcoin ETF (DEFI) is the only other spot Bitcoin ETF to see a net outflow, however it is minor at $2 million. Moreover, it is down 15% this month and 21% from its all-time high. Following a first round of input late last month these issuers are now awaiting the US Securities and Exchange Commission's approval of their modified S-1 registration statements.
A High Court in Abuja has scheduled a ruling in the tax evasion trial of famous cryptocurrency platform Binance for October 11. Binance is charged with four charges of tax evasion including failure to register with Nigeria's Federal Inland Revenue Service (FIRS) for tax purposes. Binance's legal team tried to dismiss the claims, citing a lack of substance, comparable to a dropped case against an imprisoned CEO.
In June, a Federal High Court in Abuja acquitted Gambaryan and Anjarwalla of tax evasion. Gambaryan, an American, and Anjarwalla, a British Kenyan who fled to Kenya, are still facing separate money laundering accusations, which both deny. This development occurred when Binance appointed Ayodele Omotilewa, a Nigerian representative to oversee its local activities.
Judge Nwite's decision to postpone the case until October provides for more consideration and assessment of the facts given. This allows the defence and prosecution more time to prepare their respective cases. In February, Nigerian authorities detained Binance executives Anjarwalla and Gambaryan. They were jailed for many weeks on suspicions of tax evasion and money laundering.
The Law Commission of the United Kingdom considers that decentralized autonomous organizations (DAOs) do not require separate legal control and can be accommodated within current financial rules and tax systems. The Law Commission issued a scoping report on DAOs which highlighted the lack of agreement on their features.
The panel states that because DAOs operate in a fragmented environment that adapts to local legal constraints, enacting a blanket rule on them is not practicable in its current form. The panel suggested that to supervise DAOs as limited liability partnerships, the Companies Act of 2006 be reviewed.
A worldwide AML and tax framework for DAOs was also demanded by the commission along with international collaboration in this regard. When examining questionable emails the SRA suggested doing due diligence. Reach out to the legal firm directly and verify the SRA's records for authorization to confirm the legitimacy of the correspondence.