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    Chainalysis hit with $650M lawsuit, Italy to hike Bitcoin tax: Law Decoded

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    Blockchain analysis firm Chainalysis is facing a $650m lawsuit from Exceptional Media over claims a project run by the latter was labelled a scam. Meanwhile, the European Securities and Markets Authority (ESMA) aims to strengthen crypto regulations, and Ireland and Cyprus plan rule changes ahead of EU legislation. The United Arab Emirates is updating its legal system for digital assets in the Ras Al Khaimah region, targeting DAOs. Finally, Italy has increased capital gains tax on Bitcoin from 26% to 42%, part of a broader regulatory approach.

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    Chainalysis, a company that analyzes blockchain data, is in court in New York after being sued for a whopping $650 million. The company they’re up against is Exceptional Media, who created the YieldNodes blockchain investment project. Chainalysis had previously labeled YieldNodes a scam, which Exceptional Media says tarnished their reputation and scared away clients. They’re looking for $650 million in damages and claim that Chainalysis acted out of spite.

    Chainalysis is not backing down, and their legal squad has tried several times to toss out the case. They argue that Exceptional Media and YieldNodes have no proof to show that their project is not a scam. They also say that the company failed to debunk the accusations Chainalysis made about them.

    Separately, the European Securities and Markets Authority (ESMA) wants to update some laws related to Markets in Crypto-Assets (MiCA). They think that as the cryptocurrency landscape keeps changing, we need stronger rules. They’re pushing for tighter checks on those who provide crypto services and harsher rules against money laundering.

    Cyprus and Ireland are making moves to change their rules too, mainly because the EU’s new cryptocurrency rules are on their way. Services for crypto assets could be heavily affected by these rules, especially because there’s a specific focus on preventing money laundering.

    The UAE is making some moves too. They’re creating a new legal system in the Ras Al Khaimah economic zone that is tailored towards digital assets. This should make the zone a sweet spot for decentralized autonomous organizations (DAOs).

    Lastly, Italy has Bitcoin traders shaken up, as they’ve increased the tax on Bitcoin capital gains from 26% to 42%. This move could slow down the crypto market in Italy, especially for those who have a lot of Bitcoin. The new tax law is part of Italy’s bigger plan to regulate the crypto market and get more income from it.

    Source: Cointelegraph

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