Bybit Announces Daniel Lim as General Counsel
SINGAPORE, March 9, 2021 /PRNewswire/ Cryptocurrency derivatives exchange Bybit today announced the appointment of Daniel Lim as general counsel.
Lim, a veteran of the banking and finance sector with more than 20 years of experience, will assume responsibility for global compliance matters and oversee the company s legal team. Lim joins Bybit from an international investment bank in Singapore where he served as head of legal and compliance. We are pleased to welcome Daniel, who brings with him exceptional expertise and foresight to our burgeoning industry, said Ben Zhou, co-founder and CEO of Bybit. Daniel will help bolster Bybit s compliance posture in a fast-changing regulatory environment and sustain our ambition to build trust and provide value for clients around the globe.
Bybit appoints new general counsel to lead global cryptocurrency compliance Daniel Lim will lead Bybit s legal and compliance team, following an appointment hot on the heels of Bybit s U.K. shutdown. 7304 Total views News
Cryptocurrency derivatives exchange Bybit has appointed a new general counsel to lead the firm in its global compliance matters, and to oversee its legal team.
Daniel Lim, formerly head of legal and compliance for the Singapore-based investment bank, Daiwa Capital Markets, was announced in the new role on March 9. Lim joins Bybit shortly after the exchange was forced to close down operations in the United Kingdom, following the FCA’s blanket ban on retail crypto derivatives trading.
South African Taxpayers Who Fail to Disclose Income From Cryptocurrency Trading Face Possible Jail Time
According to a report, the South African Revenue Service (SARS) has sent out audit requests to taxpayers asking them to disclose their cryptocurrency trades and purchases. Taxpayers that fail to correctly disclose their income from bitcoin or other cryptocurrencies may be “liable to a fine or imprisonment for up to two years.”
SARS Tracking Non-Compliant Taxpayers
In the report, which is based on statements made by Tax Consulting South Africa, cryptocurrency traders are now required to state the purpose for purchasing the digital assets. In addition, crypto traders must submit a “letter from the trading platform(s) confirming the investments and the relevant trading schedules for the period and bank statements.”