Bitcoin falls as investors criticize US tax plan

Binance has announced that it will discontinue its derivatives and futures products in Germany, Italy

  
Representations of virtual currency bitcoin on top of a U.S. dollar banknote are pictured through broken glass in this illustration taken June 25, 2021.

Representations of virtual currency bitcoin on top of a U.S. dollar banknote are pictured through broken glass in this illustration taken June 25, 2021.

REUTERS/Dado Ruvic/Illustration
 
DUBAI: Bitcoin traded lower on Tuesday, falling by 2.81 percent to $38,516.96 at 5:01 p.m. Riyadh time, while Ether was down 4.03 percent to $2,517.24, data from CoinDesk showed.

The decline comes amid reports of cryptocurrency organizations criticizing the US government’s plan to tax the industry.

The US Congress earlier said it has plans to tax various actors in the crypto financial system to help pay for infrastructure expenditures. It will do this by classifying these parties as intermediaries under the Internal Revenue Code.

The Monetary Authority of Singapore has approved Australia’s Independent Reserve to operate digital payment services.

The reserve, which is one of Australia’s biggest cryptocurrency exchanges, said it was one of the first digital asset service providers to obtain initial approval for a license from a major payment institution in Singapore.

In South Korea, 11 cryptocurrency exchanges will be shut down by a top financial regulator, local media reported.

The regulator alleged their involvement in fraudulent bank accounts, and said they have yet to comply with state regulations.

Binance has announced that it will discontinue its derivatives and futures products in Germany, Italy, and the Netherlands — a likely result of the regulatory crackdown government around the world imposed on the company, CoinDesk reported.

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