IRS reveals final regulations for crypto broker rules

The Internal Revenue Service did not include decentralized exchanges or self-custodial wallets under its broker reporting requirements.

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B2Broker Shakes Up B2Trader with Advanced Features

B2Broker, a technology and liquidity provider, has releasedan update for its B2Trader Brokerage Platform. The new version, BBP v1.1,introduces BBP Prime functionality, enhanced reporting features, andcustomizable layouts.

Adding Prime Brokerage Capabilities

A key addition in BBP v1.1 is the BBP Prime feature. Thisenables the BBP to act as a prime brokerage platform for other B2Traderplatforms. Linked platforms can manage and top up their balances on BBP Prime,which oversees balances on associated accounts. BBP Prime monitors brokers'accounts, processes orders, and manages trades through a custom FIX gateway.

The update also enhances the platform's customizationoptions. BBP admins can now offer personalized workplace layouts, including adefault template for new traders. Admins can import, export, and save up to tencustom setups, accessible from the Settings section.

The reporting system in BBP v1.1 has been extended to helpadmins gain insights into platform activity. A new report type allows admins tolist active accounts over specific periods, aiding in the assessment ofplatform growth. Reports can be generated and customized via a new Reportbutton.

A massive update to our turnkey brokerage solution is incoming! Introducing BBP V1.1 and iOS 1.0. Weve revamped B2Trader with a new prime brokerage feature, improved reporting, and more! https://t.co/5L5LEvRyRX

Account management has been streamlined with the ability toselect accounts directly from the Trading terminal. When traders switchprofiles, widgets and settings automatically adjust to display relevantinformation for the selected account.

The terminal update includes new tabs and workspaces,allowing traders to open up to ten tabs and manage multiple trading spaces.Users can apply broker-provided layouts or create custom setups to organizetheir trades more efficiently.

iOS App with Full Trading Features

B2Broker has released the BBP iOS mobile app as part of theB2Trader turnkey package. The app integrates with the B2Core CRM solution,offering a seamless trading experience for iPhone users. The BBP iOS app v1.0includes all desktop trading functionalities.

The app allows users to switch accounts and view availableand on-hold funds in the Account Details screen. The Market screen providesreal-time charts, historical price data, and quick access to trading andaccount details. Users can place various types of orders and use advancedfilters to manage them.

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Blockchain advocacy group raises privacy concerns over IRS crypto tax form

The Chamber of Digital Commerce proposes adding a field to the form for brokers to indicate if a digital asset has a different tax rate to prevent errors and ensure accurate reporting.

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Nasdaq-listed Tiger Brokers rolls out online crypto trading to Hong Kong

The Tiger Trade app allows professional traders access to 18 different cryptocurrencies alongside stocks, futures, U.S. Treasury bonds and Bitcoin ETFs.

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US lawmakers demand SEC-FINRA records on Prometheum ETH custody

Prometheums willingness to play along with the SECs ambitions for crypto regulation has stirred disapproval in many quarters.

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The Most Comprehensive Bitcoin Circuit Review of 2022

By 2023, it’s anticipated that the worldwide digital currency market will be worth more than $23 billion. So the reality is there’s just no time to spare to get a decent stronghold in the crypto market. In any case, how would you make it happen in a safe trading environment? Continue reading this Bitcoin Circuit […]

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HK SFC: Two Former Brokers Sentenced to Jail Over False Trading

Two former brokers face jail for false trading in Hong Kong. (Read More)

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Interactive Brokers Brings Crypto Trading to UK Customers

Interactive Brokers (Nasdaq: IBKR) has expanded its offerings on its platform in the United Kingdom by launching cryptocurrency trading. Investors, both individuals and institutional, onboarded under the brokerage's UK entity can now trade four cryptocurrencies: Bitcoin, Ethereum, Litecoin, and Bitcoin Cash.

Expansion of Crypto Trading

Announced today (Wednesday), the US-headquartered broker has introduced crypto services in partnership with Paxos, similar to its services in its home country. Although offered in partnership with a third-party crypto exchange, Interactive Brokers highlighted that its users can trade cryptocurrencies along with instruments of other asset classes from the same brokerage account.

Introducing cryptocurrency trading gives UK clients enhanced flexibility to invest across markets and asset classes while also adding exposure to digital assets, said Gerald Perez, CEO of Interactive Brokers' UK entity.

Interactive Brokers is not the only broker to expanse its crypto services. Recently Robinhood also launched staking services under its crypto platfrom for its customers in Europe.

Low Fees

For the cryptocurrency trades, Interactive Brokers promises a commission between 0.12 percent and 0.18 percent of the trade value, with a minimum of $1.75 per order. It also clarified that there will not be added spreads, custody fees, or markups.

It further highlighted that cryptocurrencies are denominated in USD on its platforms. However, it will allow its UK clients to convert GBP to USD with tight spreads of up to 1/10 of a pip.

Interactive Brokers is a popular brokerage brand with a global presence. The platform first offered cryptocurrency trading in September 2021, a service it launched with its Paxos partnership. Last year, it teamed up with Zero Hash, a crypto infrastructure platform, to offer crypto trading and custody services. The Hong Kong-registered entity of Interactive Brokers also obtained a local licence in the autonomous region to offer retail crypto trading.

Apart from its offerings with third-party crypto partners, the broker is allowing its customers to take exposure to Bitcoin, investing in the Bitcoin exchange-traded funds (ETFs) approved by the US Securities and Exchange Commission.

Meanwhile, total revenue at Interactive Brokers was up 42 percent to $4.3 billion in 2023, which compares very favourably with the 5 percent rise recorded by IG in its last fiscal year, Saxos 11 percent, and Fidelitys 12 percent increase.

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Ripple Drops $1.25B Bombshell, Acquires Prime Broker Clearing $3T Annually

Ripple announced the acquisition of prime broker Hidden Road for $1.25 billion, in what marks the largest deal in the crypto space. The deal is touted to bring institutional customers at scale, bridging traditional finance and decentralized finance. According to the press release, the deal also positions RLUSD as an enterprise-grade collateral across Hidden Road’s prime […]

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Thailand Restricts Introducing Brokers to Only Promote Digital Token Services, Not Cryptos

The Securities and Exchange Commission (SEC) in Thailand has warned digital asset exchanges that their advertisements and the organisation of introducing broker agent (IBA) events might violate local regulations, Bangkok Post reported today (Monday). The regulator clarified that IBAs can only promote digital token services to avoid speculation on cryptocurrencies, which are categorised as high-risk assets.

Clarifying Rules for Investors Benefits

IBAs are local companies or agents that onboard clients in a local market for their partner digital asset exchanges for commission. These practices are standard for exchanges or brokers that do not operate directly in some markets.

The warning came as the Thai regulator is reiterating the operations of digital asset exchanges in the country to ensure their compliance with local business standards and to focus on benefiting investors and protecting their interests.

Cryptocurrency exchanges are legal in Thailand, but they must obtain local approval. Last month, the country even allowed asset management firms to launch private funds to offer bitcoin exchange-traded funds (ETFs), but only to institutional and ultra-high-net-worth investors.

However, the country banned the sale of cryptocurrency lending products and also mandated that exchanges display a risk warning message.

Companies Must Be Honest

The recent cautionary order confirms the Thai regulators priority to ensure the advertisements and sales promotions of the crypto exchanges comply with specified criteria and also eliminate false, exaggerated, distorted, concealing, or misleading information. It further highlighted the mandatory warnings about investment risks for investors in all advertisements and promotions.

When operators organise sales promotions by offering rewards to entice people to use the service, this could encourage use of the service without considering the investment risks. This is especially the case for cryptocurrencies, Anek Yooyuen, Deputy Secretary-General of the Thai SEC said in a statement.

The SEC is asking business operators to strictly comply with the rules and be careful when organising IBAs, advertising and sales promotions, following the relevant rules and guidelines. If there is any violation, there will be punishment according to the law.

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Bitcoin Buyer Review of Official Website [2022]

People all over the world have been experiencing the effects of inflation. The governments are not left out as unending economic decline seems to be the order of the day in many countries. For this reason, investment decisions are getting more challenging to make. Cryptocurrencies have become the solution individuals and institutions look up to […]

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Bitcoin Digital | Official Website Review [2022]

Have we just found the best trading system in the crypto market? This Bitcoin Digital review will show you a legit website that can make crypto trading safe and efficient. Bitcoin Digital claims it can connect you with the best crypto brokers on the market. Through them, you can use a top-tier trading platform and […]

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IRS Introduces New Form 1099-DA for Reporting Income from Digital Asset Transactions

The US IRS has introduced Form 1099-DA for cryptocurrency brokers to report digital asset transactions, aiming to improve compliance and ensure accurate tax reporting from digital assets starting January 1, 2025. (Read More)

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Trumps Victory: DeFi Broker Rule Overturned in Huge Crypto Win

Donald Trump’s recent decision to overturn the Defi Broker rule has been hailed as a significant victory for the cryptocurrency community. This move represents a major step in the ongoing battle to ensure fair and open access to decentralized finance (DeFi) platforms. The Defi Broker rule, which was introduced during the previous administration, aimed to [...]

The post Trump’s Victory: DeFi Broker Rule Overturned in Huge Crypto Win appeared first on Crypto Breaking News.

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Trump signs resolution abolishing IRS DeFi broker regulation

President Trump has recently signed a resolution that effectively eliminates a controversial IRS rule related to decentralized finance (DeFi) brokers. This move comes as a relief to many in the DeFi community who have been concerned about the potential impact of the rule on their operations. The IRS rule in question required brokers to report [...]

The post Trump signs resolution abolishing IRS DeFi broker regulation appeared first on Crypto Breaking News.

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US Senate Resolves to Eliminate Unfeasible IRS DeFi Broker Rule

The US Senate has given the green light to eliminate a crypto broker rule imposed by the Internal Revenue Service (IRS). This pivotal decision marks a significant step in the regulation of cryptocurrency exchanges. The IRS had previously defined brokers in the crypto space too broadly, requiring them to report transactions involving digital assets. However, [...]

The post US Senate Resolves to Eliminate ‘Unfeasible’ IRS DeFi Broker Rule appeared first on Crypto Breaking News.

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US Lawmakers Push to Overturn IRS Crypto Broker Rule

A bipartisan effort is underway in Congress to overturn an Internal Revenue Service (IRS) regulation that would impose stringent reporting requirements on decentralized finance (DeFi) platforms.

The post US Lawmakers Push to Overturn IRS Crypto Broker Rule appeared first on Kanalcoin.

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White House to Back Repealing DeFi Broker Rule with Support from David Sacks

The White House has decided to reverse the DeFi broker rule, signaling a shift in regulatory strategy. This change comes amidst growing interest in decentralized finance (DeFi) and the challenges it poses to traditional banking systems. The decision to rescind the rule reflects a recognition of the need to adapt regulations to accommodate innovative technologies [...]

The post White House to Back Repealing DeFi Broker Rule with Support from David Sacks appeared first on Crypto Breaking News.

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IRS DeFi Broker Rule Repeal Inches Closer to Approval by President Trump

The Senate has passed a resolution to overturn the IRS’ proposed crypto broker rule under the Trump administration. This move is a significant win for the decentralized finance (DeFi) industry and crypto investors who were concerned about the potential impact of the rule on their financial activities. The resolution, which was passed with bipartisan support, [...]

The post IRS DeFi Broker Rule Repeal Inches Closer to Approval by President Trump appeared first on Crypto Breaking News.

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Demystifying IRS Guidelines for Crypto Brokers: Key Facts for 2025

Crypto brokers have faced increased scrutiny from the IRS in recent years due to the growing popularity of digital currencies. It is crucial for individuals involved in cryptocurrency trading to understand the rules and regulations set forth by the IRS to avoid potential legal issues. One of the most important rules that crypto brokers must [...]

The post Demystifying IRS Guidelines for Crypto Brokers: Key Facts for 2025 appeared first on Crypto Breaking News.

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