Weekly Bulletin

Welcome to the Sky Option’s Weekly Bulletin, your go-to source for a concise overview of the latest market activities in the stock trading services industry.?

Join us as we dive into the significant developments and trends that shaped the past week. Get valuable insights to navigate the dynamic world of stock trading.

UAE Joins BRICS: A New Chapter in Global Partnerships and Economic Prosperity

Sheikh Mohamed bin Zayed Al Nahyan, the President of the UAE, expressed his gratitude for BRICS' acceptance of the Emirates as a member. The recent decision by the bloc to include UAE, Saudi Arabia, Egypt, Argentina, Ethiopia, and Iran as UAE leaders lauded full members from January 1.?

It aligns with the UAE's commitment to positive multilateral collaborations, fostering international economic ties and promoting peace, security, and development, and highlights the country's status as a global trade hub.

UAE Gold Price Movements

Here’s the gold price history for the past week.

US Treasury Proposes Stricter Tax Reporting Rules for Cryptocurrency Brokers

A proposed US Treasury Department rule aims to tighten tax reporting regulations for cryptocurrency brokers, including exchanges and payment processors. The rule, part of a broader effort to ensure tax compliance in the crypto space, would require brokers to report to the Internal Revenue Service (IRS) about the users' sales and exchanges of digital assets.?

The proposed tax reporting form, Form 1099-DA, is designed to simplify tax calculations for crypto users and bring digital asset brokers under the same reporting standards as brokers for traditional financial instruments. In this context, a "broker" definition encompasses centralized and decentralized trading platforms, payment processors, and specific online wallets.?

The rule covers both cryptocurrencies and non-fungible tokens. This move stems from the 2021 Infrastructure Investment and Jobs Act, estimated to generate nearly $30 billion in a decade. The Treasury aims to implement the rules for the 2026 tax filing season, seeking to close the tax gap and promote fair compliance.

Weekly Gainers and Losers (DFM)

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