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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
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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withdrawn 304.5 million ARKMs, valued at approximately $487.24 million, from its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

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 * #Blockchain
 * #Cryptocurrencies
 * #Law
 * #Taxes
 * #Business
 * #Government
 * #UK Government
 * #United States
 * #Tokens


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