GM Brew Crew, as the 4th of July is tomorrow, remember that sneaky firework finale that always comes out of left field and shocks the crowd? That’s like us: a pleasant surprise that will rock your world. Let’s dive in ⬇️

On the menu today:

• 🫴 IRS DEMANDS KRAKEN DATA

• 💪 WEB3 TASK FORCE ESTABLISHED IN HONG KONG

• 🇸🇬 SINGAPORE EMPHASIZING CRYPTO CUSTOMER PROTECTION

Today’s Charts:

🫴IRS DEMANDS KRAKEN DATA

On Friday US court ordered Kraken crypto exchange to share user account info with IRS to investigate possible tax underreporting.

Kraken will have to share all user data for individuals that have transactions exceeding $20,000 within the calendar year.

This includes: Names, Tax ID #’s, phone numbers, addresses (geographically speaking + blockchain), emails, and more. Uncle Sam is looking to get P A I D🫰.

The judge did reject some of the tax authority's requests however, including employment details, source of wealth, and anti-money laundering investigation information.

This isn’t Kraken’s first fist fight with the IRS. In 2021 they refused to comply - so the tax man is pulling out the steel chair SLAM * wwe style * by going for 2016-2020 info 👿

💪 WEB3 TASK FORCE ESTABLISHED IN HONG KONG

Hong Kong has established a task force comprised of 15 industry participants and 11 government officials to advance Web3 development.

The goal of this task force is to promote the sustainable and responsible development of Web3 in Hong Kong while providing recommendations throughout the region.

Paul Chan, Hong Kong’s Financial Secretary, stated that “with the task force bringing together leaders and professionals in the sectors involved, I believe their valuable advice will help Hong Kong develop into a Web3 hub.”

Hong Kong has clearly aimed to be a frontrunner in the Web3 sector as over 80 virtual asset-related companies have expressed interest in establishing their presence in Hong Kong.

🇸🇬 SINGAPORE EMPHASIZING CRYPTO CUSTOMER PROTECTION

The Monetary Authority of Singapore (MAS) has ordered crypto service providers to deposit customer assets in a statutory trust by the end of the year. 

This requirement aims to enhance customer protection and facilitate asset recovery in case of insolvency.

Companies will also be required to perform daily reconciliation of customer assets and ensure accurate record-keeping. FTX would have just a lovely time in Singapore 🙃.

Crypto service providers in Singapore are restricted from facilitating lending and staking of tokens for retail customers, but institutional and accredited investors still have access to these services.

It’s fascinating to see how different countries around the world are approaching crypto. Who will do it the right way?

Special Blend: Morning Meme Roast

As the CryptoBrew Daily comes to a close, we invite you to join us on Twitter for more crypto chat. Think of it as a chill gathering of like-minded folks, minus Chad talking about his 1-rep deadlift max and your tipsy uncle who always shares TMI stories. Let’s keep the crypto conversation going!

***DISCLAIMER: Please note that the information provided in this newsletter is for educational purposes only and is not intended to be construed as financial advice or a solicitation to buy or sell any assets. We urge you to exercise caution and conduct your own research before making any financial decisions.