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Author: Wei Xiang

  • [MarketsAble.com] Crypto ETFs Report – 2024 Q3

    [MarketsAble.com] Crypto ETFs Report – 2024 Q3

    Wei Xiang

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  • [standard chartered] Stablecoins: The first killer app

    [standard chartered] Stablecoins: The first killer app

    Wei Xiang

    Stablecoins are digital assets designed to maintain a stable value relative to fiat currencies or other assets. Initially, they were primarily used for trading, lending, and other activities on digital asset trading platforms. The total market capitalization of stablecoins has reached $163 billion, with Tether (USDT) and USD Coin (USDC) dominating the market. These stablecoins… Read more

  • [ONCHAIN ACCOUNTING] 2024 ULTIMATE CRYPTO ACCOUNTING GUIDE

    [ONCHAIN ACCOUNTING] 2024 ULTIMATE CRYPTO ACCOUNTING GUIDE

    Wei Xiang

    The diverse range of businesses and individuals in the crypto space, including exchanges, miners, investment funds, VCs, and others, underscores the growing importance of specialized crypto accounting services. These services are crucial for ensuring accurate financial reporting, tax compliance, and effective management of crypto-related activities. Here are our top five tips to get you started:… Read more

  • [BEOSIN] ANALYSIS OF THE BITFOREX INCIDENT

    [BEOSIN] ANALYSIS OF THE BITFOREX INCIDENT

    Wei Xiang

    On February 23, 2024, ZachXBT reported an outflow of approximately $56.5 million from BitForex’s hot wallets. The platform subsequently suspended withdrawal services, and its CEO had resigned a month earlier, leaving the platform with ineffective leadership and lack of updates. On March 4, the Hong Kong Securities and Futures Commission issued a warning stating that… Read more

  • [The Network Firm] The Power of Proof of Reserves: Exchanges, Stablecoins, & ETFs

    [The Network Firm] The Power of Proof of Reserves: Exchanges, Stablecoins, & ETFs

    Wei Xiang

    In the evolving landscape of cryptocurrency and digital assets, trust remains a cornerstone of adoption and growth. The concept of Proof of Reserves (PoR), born in the aftermath of the catastrophic Mt. Gox collapse, has become a crucial mechanism to ensure transparency and accountability across various facets of the crypto ecosystem.  https://www.thenetworkfirm.com/blog/the-power-of-proof-of-reserves Read more

  • [The Network Firm] Your Quick Guide to Audit Readiness with Crypto on the Balance Sheet

    [The Network Firm] Your Quick Guide to Audit Readiness with Crypto on the Balance Sheet

    Wei Xiang

    Crypto audits and proof of reserves reports are on the rise as the IRS increases oversight on cryptocurrency transactions. The lack of clear, universal guidelines, however, make it challenging for crypto companies to accurately value and report their crypto assets, adding to the complexity of compliance. To prepare your business for a crypto audit, be… Read more

  • [IRAS] Singapore Enhances International Tax Cooperation through Automatic Exchange of Information on Crypto-Assets

    [IRAS] Singapore Enhances International Tax Cooperation through Automatic Exchange of Information on Crypto-Assets

    Wei Xiang

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    1. On 26 November 2024, Singapore, with 60 other jurisdictions at the 17th Global Forum Plenary Meeting in Asunción, Paraguay, committed to the implementation of the Crypto-Asset Reporting Framework (“CARF”). Under the Global Forum’s CARF Commitment Process, Singapore has been identified as one of the 52 jurisdictions relevant to the CARF in 2024 and is expected… Read more

  • [Continuum] Understanding Digital Asset Custody Risks

    [Continuum] Understanding Digital Asset Custody Risks

    Wei Xiang

    As cryptocurrencies and digital assets gain mainstream acceptance, crypto firms face increasing challenges in securing these valuable holdings. Digital asset custody is a cornerstone of any robust risk management strategy, yet it remains a complex and evolving area. In this guide, we’ll break down the risks associated with digital asset custody and provide insights into… Read more

  • [BEOSIN] A PRACTICAL GUIDELINE TO AML/CFT COMPLIANCE FOR VASPS IN DUBAI

    [BEOSIN] A PRACTICAL GUIDELINE TO AML/CFT COMPLIANCE FOR VASPS IN DUBAI

    Wei Xiang

    VARA issued the Virtual Assets and Related Activities Regulations 2023 (the Regulations) on 7 February 2023, an all-encompassing virtual asset regulatory framework applicable to all Virtual Asset Service Providers (VASPs) in Dubai but excluding the DIFC. Ever since then, 22 VASPs have got the licenses and the number is still growing rapidly. This achievement is… Read more

  • [CCAF] THE GLOBAL STATE OF OPEN BANKING AND OPEN FINANCE REPORT

    [CCAF] THE GLOBAL STATE OF OPEN BANKING AND OPEN FINANCE REPORT

    Wei Xiang

    The Global State of Open Banking and Open Finance Report examines the diverse regulatory and operational landscape for open banking and open finance across 95 jurisdictions. This comprehensive study provides an analysis of governance practices, highlights factors driving convergence or divergence among frameworks, and draws lessons from varying implementation strategies that are shaping the future… Read more