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Block, Inc., the financial services company led by Jack Dorsey, will pay a $40 million penalty to the New York Department of Financial Services (NYDFS) over failures in its anti-money laundering and virtual currency compliance program, regulators announced Thursday. The settlement follows an NYDFS investigation that found Block’s Cash App platform had critical deficiencies in customer due diligence, risk-based controls, and transaction monitoring. These gaps, regulators said, left the platform vulnerable to criminal exploitation, particularly through largely anonymous Bitcoin ( BTC ) transactions that evaded proper scrutiny. “Compliance functions must keep pace with company growth or expansion,” NYDFS Superintendent Adrienne A. Harris said. “The rapid growth of Block’s Cash App absent a robust compliance function created risk and vulnerabilities that violated the rules financial services companies operating in New York must adhere to.” In addition to the fine, Block will be required to retain an independent monitor to oversee improvements to its compliance systems and ensure alignment with state regulatory standards. The company has been licensed to conduct money transmission in New York since 2013 and has held a virtual currency license under the state’s BitLicense regime since 2018. The enforcement action comes just months after Block paid $80 million to 48 state financial regulators over separate AML violations. According to the NYDFS, its latest probe revealed a backlog of unresolved transaction alerts between 2019 and 2020, which increased the risk of illicit financial activity on the platform. Block cooperated with the NYDFS throughout the investigation and has already begun investing in compliance remediation. The regulator’s consent order emphasizes that all financial institutions — crypto platforms included — must maintain effective controls to protect the integrity of the financial system.

Mining, staking, hard forks and airdrops  Other crypto-related activities, such as mining, staking and airdrops, are also addressed in the framework which floated a few options for taxation.  The NSSMC said crypto mining is generally considered a business activity, but there might be a general tax-free limit for certain crypto transactions, including mining.  Under the framework, staking could be considered as “business captive income” or only taxed if the crypto is cashed out for fiat currencies. While hard forks and airdrops could be taxed either as ordinary income or when the tokens are cashed.  Related: Ukraine officials get training on crypto and virtual assets investigation The regulator suggests a tax-free threshold could help “relieve the burden on small investors” and is common in other jurisdictions.  Exemptions for donations, transfers between family members, and holders who keep their crypto for a set amount of time are also flagged as possibilities. However, the NSSMC says the exemption might not apply to non-custodial crypto wallets.  Last December, Daniil Getmantsev, head of the tax committee of Ukraine’s parliament, said a draft bill to legalize cryptocurrencies was under review and expected to be finalized early this year.  Ukrainian President Volodymyr Zelenskyy first signed a law establishing a legal framework for the country to operate a regulated crypto market in March 2022.

Ukraine is making significant strides in regulating cryptocurrency taxation, with the National Securities and Stock Market Commission (NSSMC) unveiling a comprehensive taxation framework for virtual assets. Click the 🔗 for the full story >>>

$PUMP The world of gaming is rapidly evolving, with new technologies and innovations emerging to address the needs of a changing industry. $PUMP Coin is a blockchain-based cryptocurrency that is empowering gamers with decentralized ownership, play-to-earn, and true asset control. What is $PUMP Coin? $PUMP Coin is a cryptocurrency that is built on blockchain technology, allowing for secure, transparent, and decentralized transactions. The coin is designed to facilitate gaming and empower gamers with decentralized ownership, play-to-earn, and true asset control. Key Features of $PUMP Coin Some key features of $PUMP Coin include: - *Decentralized Ownership*: $PUMP Coin allows gamers to have decentralized ownership of their in-game assets, giving them true control over their digital possessions. - *Play-to-Earn*: $PUMP Coin enables gamers to earn rewards and tokens by playing games, providing a new way to monetize their gaming experience. - *True Asset Control*: $PUMP Coin provides gamers with true asset control, allowing them to buy, sell, and trade their in-game assets freely. Benefits of $PUMP Coin Some benefits of using $PUMP Coin include: - *Increased Ownership*: $PUMP Coin provides gamers with decentralized ownership of their in-game assets, giving them true control over their digital possessions. - *New Revenue Streams*: $PUMP Coin enables gamers to earn rewards and tokens by playing games, providing a new way to monetize their gaming experience. - *Improved Security*: $PUMP Coin uses blockchain technology to secure transactions and protect against hacking and other forms of cyber attacks. Use Cases for $PUMP Coin Some potential use cases for $PUMP Coin include: - *Gaming*: $PUMP Coin can be used to facilitate gaming and empower gamers with decentralized ownership, play-to-earn, and true asset control. - *Virtual Worlds*: $PUMP Coin can be used to create virtual worlds where gamers can buy, sell, and trade their in-game assets freely. - *Esports*: $PUMP Coin can be used to facilitate esports and competitive gaming, providing a new way to monetize their gaming experience. Conclusion $PUMP Coin is a blockchain-based cryptocurrency that is empowering gamers with decentralized ownership, play-to-earn, and true asset control. With its secure and transparent record of all transactions, $PUMP Coin is poised to play a significant role in the future of gaming. Recommendations Based on this analysis, we recommend: - *Investors*: Consider investing in $PUMP Coin, but make sure to do your own research and consider your own risk tolerance. - *Developers*: Consider building applications on the $PUMP Coin platform, taking advantage of its security, efficiency, and scalability. - *Marketers*: Develop educational content and resources to help investors and users understand the benefits and potential use cases of $PUMP Coin.

The potential opportunity of $PUMP Coin $PUMP COIN) lies in its ability to provide a secure, transparent, and efficient way to invest in assets, particularly in the context of decentralized finance (DeFi) and blockchain technology. Key Opportunities 1. *Decentralized Finance (DeFi)*: $PUMP COIN can be used in DeFi applications, such as lending, borrowing, and trading. 2. *Staking and Yield Farming*: $PUMP COIN can be staked or used in yield farming strategies to generate passive income. 3. *Gaming and Entertainment*: $PUMP COIN can be used in gaming and entertainment applications, such as virtual goods or rewards. 4. *Social Media*: $PUMP COIN can be used in social media applications, such as tipping or rewarding content creators. 5. *Supply Chain Finance*: $PUMP COIN can be used to facilitate supply chain finance, improving efficiency and reducing costs. Potential Applications 1. *Decentralized Exchanges (DEXs)*: $PUMP COIN can be used on DEXs to facilitate trading and provide liquidity. 2. *Lending and Borrowing*: $PUMP COIN can be used in lending and borrowing applications, providing users with access to credit and interest-bearing assets. 3. *Gaming and Esports*: $PUMP COIN can be used in gaming and esports applications, such as virtual goods, rewards, or tournament prizes. 4. *Social Media and Content Creation*: $PUMP COIN can be used in social media and content creation applications, such as tipping or rewarding content creators. Investment Potential 1. *Long-term Growth*: $PUMP COIN has the potential for long-term growth, driven by increasing adoption and use cases. 2. *Diversification*: $PUMP COIN can provide a diversification opportunity for investors, allowing them to spread risk and potentially increase returns. 3. *High-risk, High-reward*: $PUMP COIN is a high-risk, high-reward investment, with the potential for significant returns or losses.