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KRA plans system to track cryptocurrency transactions by December 2024

Regulation

Kenya Revenue Authority said it plans to connect a tax system with cryptocurrency exchanges and marketplaces to record transaction details. The authority’s strategy document sets a target implementation date of 25 December 2024 and says the system is intended to support tax collection and counter evasion.

Crypto exchanges and marketplaces may need to connect with KRA’s planned system for recording transaction details and supporting tax collection.

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Regulation

Second Circuit denies Kalshi and Coinbase injunction requests in New York and Connecticut

The Second Circuit denied Kalshi’s requests to block enforcement action in New York and Connecticut, and Coinbase’s similar request in Connecticut, on 3 November. The panel said the companies had not shown that interim injunctions were warranted; the underlying cases continue.

At the U.S. Court of Appeals for the Second Circuit, Kalshi lost its bid for temporary relief against authorities in New York and Connecticut, and Coinbase was refused a preliminary injunction in Connecticut. On Tuesday, Nov. 3, a three-judge panel held that the prediction market companies cannot stop state regulators from pursuing enforcement action while their cases continue.

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