COIN BUREAU NEWSFLASH! – (22/05/22) Here are some of today’s m | Coin Bureau Insider

COIN BUREAU NEWSFLASH! – (22/05/22)
Here are some of today’s most important headlines:

Do Kwon Denies Tax Liabilities In Korea

Do Kwon took to Twitter to state that Terraform Labs (TFL) has no outstanding tax liability in Korea. The statement comes in response to recent press reports claiming that Korean authorities were investigating Kwon and Terraform Labs for unpaid corporate taxes of $78 million.

Kwon stated,

“We have no outstanding tax liabilities in Korea. The NTS did conduct a tax audit across all the major crypto companies with a presence in Korea and applied the Korean tax code to foreign mother companies, and every company ended up paying as a result - we paid in full.”

“Happy to engage with any lawsuit or regulatory inquiry to the best of our ability - we have nothing to hide.”

https://www.theblockcrypto.com/linked/148177/terraform-labs-has-no-tax-liabilities-in-korea-do-kwon-says/

ECB’s Lagarde Says Crypto Has No Worth And Must Be Regulated.

European Central Bank President Christine Lagarde states cryptocurrencies are "based on nothing" and should be regulated to keep individuals from betting their life savings on them. She adds that while cryptocurrencies might not have inherent value, the digital euro is different and that she guarantees it.

Lagarde stated,

“The day when we have the central bank digital currency out, any digital euro, I will guarantee -- so the central bank will behind it and I think it’s vastly different than many of those things,”

https://www.bloomberg.com/news/articles/2022-05-21/lagarde-says-crypto-is-worth-nothing-and-should-be-regulated

Brazilian Crypto Exchange Refunds All UST Holders 1:1

Nox Bitcoin, a Brazilian crypto exchange, has announced that it will spend 620,000 Brazilian reais to compensate UST holders who have been holding the UST token since before the de-pegging incident. The exchange will credit the difference in value between the current price of their UST holding and its $1 peg.

While many see this move as a sign of altruism and trust-building, FatMan (an anonymous Terra analyst and commentator) believes the announcement to be motivated by regulatory concerns. He stated,

“Brazil’s consumer law is quite strong and punishes businesses that lie to customers or falsely represent risks. Let’s see how many countries’ courts come to the same conclusion over the next few days as suits against exchanges roll in. All of this is far from over.”

https://cryptoslate.com/brazilian-crypto-exchange-refunds-all-ust-holders-11/

Financial regulator cautions UK against rushing to create ‘crypto hub’

In a speech on Friday, Financial Conduct Authority Chair- Charles Randell warned against bringing crypto markets into his agency's jurisdiction too quickly. The warning was made in response to the UK government's desire to turn the country into a crypto powerhouse.

Randell asked for "realism" in terms of how long it will take the regulator to prepare to supervise issuers and traders of "purely speculative crypto tokens," and how much crypto businesses must improve before they can be legally authorised.

He also stated that he was unsure of how the regulator would pay for the costs involved in adding digital assets to its responsibilities.

https://www.ft.com/content/69965f02-bfd0-45a4-b5de-b962884ab99e