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SBF was transferred to a low-security prison The Federal Bureau of Prisons' prisoner registry shows that FTX co-founder and former CEO SBF has been transferred to Terminal Island, a low-security federal correctional institution in Los Angeles, after being held in a notoriously violent medium-security prison in California. "The food and location are great," an inmate told Zoukis Consulting Group, a company that specializes in collecting and publishing information about different prisons, noting that "it's close to the water" and that "there's very little violence." This is very different from the prison where SBF was previously held, which was called "Victim Village," where SBF spent nearly two weeks after being transferred to the prison by the Federal Bureau of Corrections from the Oklahoma Transfer Center earlier this month. (Decrypt)

FTX co-founder Sam Bankman-Fried has been transferred to the low-security Federal Correctional Institution Terminal Island in Los Angeles, following a brief stay at the medium-security Victorville prison, known for its violence. The transfer was partly granted at the request of

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⚡ INSIGHT: Former Love Island Australia star turned crypto influencer, @van00sa, shares her secrets for going viral in crypto. X Hall of Flame via Cointelegraph Magazine

Are you a crypto investor enjoying the tax benefits of Puerto Rico? Hold on tight, because a shocking new bill from a U.S. lawmaker could drastically alter your financial landscape. Representative Nydia Velázquez has introduced the Fair Taxation of Digital Assets in Puerto Rico Act, and it’s sending ripples of concern throughout the crypto community. Let’s dive into what this means for you and your digital assets. The heart of the matter is the Fair Taxation of Digital Assets in Puerto Rico Act. Introduced by U.S. Representative Nydia Velázquez, this bill directly targets the existing tax advantages that have made Puerto Rico a haven for crypto investors. Currently, individuals meeting certain residency requirements in Puerto Rico can benefit from significant tax exemptions, particularly on capital gains. This has attracted a wave of crypto enthusiasts and businesses to the island, boosting its economy and positioning it as a burgeoning crypto hub. However, this new legislation aims to change the game. What does the bill propose? For years, Puerto Rico has been promoted as a tax-friendly jurisdiction for investors, particularly under Act 60 (formerly Act 22 and Act 20). These acts offered substantial tax exemptions to new residents and businesses, leading to an influx of individuals from the mainland United States seeking to minimize their tax liabilities. The crypto sector was a significant beneficiary of this, with many crypto entrepreneurs and investors establishing residency in Puerto Rico. Now, this legislative move threatens to disrupt this ecosystem. Nydia Velázquez is a highly influential member of the U.S. House of Representatives, representing New York’s 7th congressional district. Her introduction of this bill signals a growing scrutiny of crypto tax havens within the U.S. territories and potentially broader implications for US crypto regulation. Why is Velázquez focusing on Puerto Rico? Velázquez’s involvement adds significant weight to this legislative effort. As a senior member of Congress, her initiatives often garner considerable attention and support. This bill is not just a minor adjustment; it’s a clear signal that lawmakers are paying close attention to how crypto wealth is being taxed (or not taxed) and are prepared to take action. The potential enactment of the Fair Taxation of Digital Assets in Puerto Rico Act has significant implications for Puerto Rico crypto investors. Let’s break down the key areas of impact: For those who have made Puerto Rico their home primarily for tax optimization on their crypto holdings, this bill presents a serious challenge. The financial calculus that made Puerto Rico so appealing could be fundamentally altered, forcing investors to reconsider their residency and investment strategies. If the Fair Taxation of Digital Assets in Puerto Rico Act becomes law, Puerto Rico crypto investors will need to adapt quickly. Here are some key considerations and actionable insights: The introduction of this bill underscores the evolving global landscape of digital asset tax and regulation. Crypto investors must be proactive in understanding and adapting to these changes to ensure compliance and optimize their financial outcomes. The future of crypto in Puerto Rico and the broader landscape of crypto tax regulations are uncertain, but this bill signals a clear direction. It’s becoming increasingly evident that tax havens, even within U.S. territories, are facing increased scrutiny. Governments worldwide are seeking to capture tax revenue from the burgeoning crypto economy, and the days of lightly regulated or untaxed crypto gains may be numbered. Looking Ahead: The situation in Puerto Rico serves as a critical case study. It highlights the tension between attracting investment through tax incentives and ensuring tax fairness and revenue collection. As the crypto industry matures, navigating the complexities of global tax regulations will be a key challenge for investors and businesses alike. In conclusion, the Fair Taxation of Digital Assets in Puerto Rico Act is a critical development for crypto investors. It represents a potential paradigm shift in how digital assets are taxed in Puerto Rico and possibly sets a precedent for broader US crypto regulation. Staying informed, seeking expert advice, and adapting proactively are essential steps for anyone involved in the crypto space in Puerto Rico and beyond. To learn more about the latest crypto tax updates and regulatory trends, explore our article on key developments shaping crypto regulation globally. Disclaimer: The information provided is not trading advice, Bitcoinworld.co.in holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.