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$ BTC $66,366 +0.08% ETH $3,454 -1.28% BNB $584 -0.05% SOL $177 +1.37% XRP $0.63 +5.32% ADA $0.418 +0.12% * English * Advertise * About News Bitcoin Ethereum Altcoins Blockchain Business Policy & Regulations AI NFTs DeFi Adoption Markets Market News Market Analysis Price Indexes Top 10 Cryptocurrencies Calculator Heatmap Magazine People Top 100 2023 Top 100 2022 Top 100 2021 Top 100 2020 Opinion Expert Take Interview Learn Explained How to Crypto and AI Guides Glossary History of Crypto Crypto Casinos Research Articles Reports Video Podcasts Ad Amaka Nwaokocha Jul 21, 2024 ARKHAM TRANSFERS $487M ARKMS TO COINBASE PRIME FOR TAX COMPLIANCE As the unlocking process progresses, Coinbase Custody will play a crucial role in managing the vesting of these tokens. 6464 Total views 24 Total shares Listen to article 2:55 News Own this piece of crypto history Collect this article as NFT JOIN US ON SOCIAL NETWORKS * * * * * * * * In a significant move to comply with regulatory and tax requirements, Arkham has withdrawn 304.5 million ARKMs, valued at approximately $487.24 million, from its vesting contract and transferred them to Coinbase Prime custody. According to the data on its platform, this transaction includes 115.8 million ARKM tokens, worth $185.28 million, owned by Arkham CEO Miguel Morel. TOKEN TRANSFER TO COINBASE PRIME Arkham previously communicated via the X social platform on July 17 and clarified that the team’s tokens must be transferred to Coinbase Prime to ensure proper tax payments and regulatory compliance from July 18 onward. This transfer means that these tokens’ specific unlocking and transfer status will no longer be visible on the blockchain, enhancing the security and regulatory oversight of the assets. The transfer marks the beginning of a linear unlocking cycle for the team, investors, and advisers, which commenced on July 17. These groups’ current daily unlocking volume is approximately 324,200 ARKM, valued at $518,000. This process is part of a preset three-year unlocking schedule, which remains unchanged despite the recent developments. Source: Arkham Intel The transfer to Coinbase Prime is a strategic step for Arkham, aligning with the company’s commitment to regulatory adherence and robust security measures. Using Coinbase Prime’s custody services, Arkham ensures that the tokens are managed under stringent security protocols, offering peace of mind to investors and stakeholders. Related: How to track and report crypto transactions for tax purposes REGULATORY COMPLIANCE IN CRYPTO In the same year Satoshi Nakamoto introduced the Bitcoin white paper, the US Congress enacted legislation strengthening tax reporting obligations for financial intermediaries. This new law mandated that financial institutions provide taxpayers and the IRS with detailed information on their tax filings. Under this ruling, companies must calculate taxes based on ‘cost basis,' the difference between an asset’s original purchase price and sale proceeds, similar to current cryptocurrency capital gains tax rules. Law enforcement agencies have also utilized the services of Coinbase, a US-based crypto exchange, to securely store or dispose of cryptocurrencies confiscated in connection with criminal investigations. According to official documents, the U.S. Marshals Service has entrusted Coinbase Prime with the responsibility of handling assets associated with the dissolved FTX cryptocurrency exchange and the infamous Silk Road platform. The company received a contract valued at over $32 million. Magazine: Singapore ‘not ready’ for Bitcoin ETFs, sneaky crypto mining rig importer: Asia Express Explore more articles like this Subscribe to the Law Decoded newsletter Arm yourself with the latest on crypto laws and guidelines to make smart choices for your crypto ventures. Delivered every Monday Subscribe By subscribing, you agree to our Terms of Services and Privacy Policy * #Blockchain * #Cryptocurrencies * #Law * #Taxes * #Business * #Government * #UK Government * #United States * #Tokens Add reaction Read more * Spot Ethereum ETFs post $107M net inflows on first day * ad Combining Web3, AI and robotics to defeat world soccer champions * Bill targeting illicit use of crypto passes US House Ad Editor’s Choice * Mt. Gox transfers $335M in Bitcoin to Bitstamp, unknown wallet * Bitcoin ‘massive rally’ due as buy signal hits for 1st time in a year * Pudgy Penguins lands in Pixelverse, Ether ETFs, and more: Hodler’s Digest, July 14-20 * Craig Wright’s colleague tried to stop court case — He didn’t listen * Spot Ethereum ETFs post $107M net inflows on first day Cointelegraph YouTube Subscribe Ad Ad Advertise with us Ad Take back your safety in Web3 Web3 Antivirus does not endorse any content or product on this button. 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