17:00 Banking Giant Launching VC for Crypto Investments, Paying Taxes With Crypto in US, EOS Independence + More News
US Inches Towards Bitcoin & Ethereum Accounting Clarity, Leaving NFTs and Stablecoins for Later Source: Adobe/Philip Steury In a bid to develop transparent accounting rules for digital assets, the US Financial Accounting Standards Board (FASB) has revealed what assets the industry body will include in its crypto rule-making project, leaving NFTs and certain stablecoins outside its scope. After years of being asked by businesses and investors to take a […]
Adoption Picks up Pace in LATM with Brazilian Central Bank’s DeFi Project & Developments in Argentina Source: Adobe/Val Thoermer Crypto adoption is on the march in Brazil, where the nation’s Central Bank has commissioned a commercial banking giant to build a DeFi solution for its prototype central bank digital currency (CBDC). Meanwhile, across the border in Argentina, a city says that it will accept tax payments made using USD-pegged stablecoins – […]
US Sullivan Bank Partners with Bakkt to Enable BTC, ETH Support, SCB Scraps Bitkub Acquisition Plans, LiquidX Takes 70% Stake in Anime Metaverse + More News
LATAM’s New Crypto Mining ‘Promised Land’: Pluses & Minuses for Paraguay Source: AdobeStock / harvepino Paraguay has become a “new Latin American Mecca for cryptocurrency mining,” a new report has claimed – but not everyone seems to be happy about the fact that more miners than ever are choosing to set up shop in the nation. As previously reported, the Paraguayan Senate last month signed off […]
Do Kwon Reportedly Lawyers Up, Colombia May Fight Tax Evasion with Digital Currency, Unstoppable Domains Lunches App + More News
Legal Woes: Coinbase Faces New Class Action, IRS Allowed to Investigate SFOX' Customers, Another Objection in SEC-Ripple War
US IRS Comes After Clients of Another Crypto Exchange Source: AdobeStock / Vitalii Vodolazskyi In a tax-related effort, the US Internal Revenue Service (IRS) is asking permission to look into the customers of crypto prime dealer SFOX Inc. and its partner. The service responsible for collecting taxes is seeking to do just that – collect taxes, but this time it’s searching to identify the […]
Japanese Crypto Industry Urges Tokyo to Reform Tax Laws Source: iStock/mura Japanese cryptoasset-related firms have urged the government to make tax reforms – claiming that the current system is out of sync with tax rules in other countries. The proposals come from the Japan Cryptoasset Business Association (JCBA) and the Japan Virtual Currency Exchange Association (JVCEA), which, per CoinPost, released a joint report calling […]
Bitcoin Debuts in BlackRock & Coinbase Partnership, Meta Rolls Out NFTs to More Countries, Risky Crypto Bridges + More News Source: Adobe/MichaelVi Get your daily, bite-sized digest of cryptoasset and blockchain-related news – investigating the stories flying under the radar of today’s crypto news. __________ Investments news Major asset manager BlackRock has partnered with crypto exchange Coinbase to enable the former's institutional clients who also own digital assets on Coinbase to use Aladdin, the asset manager’s […]
Bitcoin Debuts in BlackRock & Coinbase Partnership, Meta Rolls Out NFTs to More Countries, Risky Crypto Bridges + More News Source: Adobe/MichaelVi Get your daily, bite-sized digest of cryptoasset and blockchain-related news – investigating the stories flying under the radar of today’s crypto news. __________ Investments news Major asset manager BlackRock has partnered with crypto exchange Coinbase to enable the former's institutional clients who also own digital assets on Coinbase to use Aladdin, the asset manager’s […]
Global Economic Growth Slows Amid Gloomy and More Uncertain Outlook Source: AdobeStock / iphotothailand Pierre-Olivier Gourinchas is the Economic Counsellor and the Director of Research of the International Monetary Fund (IMF). _________ The world’s three largest economies are stalling, with important consequences for the global outlook. Inflation is a major concern. The global economy, still reeling from the pandemic and Russia’s invasion of Ukraine, is […]
Taiwan vs. Crypto, Uprise Might Compensate Some LUNA Losses + More News Source: Adobe/kittybear Get your daily, bite-sized digest of cryptoasset and blockchain-related news – investigating the stories flying under the radar of today’s crypto news. __________ Regulation news Taiwan’s government reportedly wants to block citizens from making crypto purchases with their credit cards. UDN reported that the top financial regulator, the Financial Supervisory Commission (FSC) sent […]
Local Tax 'First' for Digital Yuan as Pilot Continues to Broaden Scope Source: AdobeStock / Sikov Chinese citizens have begun using the digital yuan to pay “inter-city” tax bills – doing away with the need to conduct wire transfers to local tax authorities via banks. Per the China Securities Network and the People’s Daily, the first person to use the digital CNY in such a manner was […]
Kazakhstan to Increase Bitcoin Mining Tax Rates from 2023 Source: AdobeStock / Cloudy Design Kazakhstan’s President Kassym-Jomart Tokayev has approved new tax rates for crypto miners – and tax bodies have been instructed to charge miners at a rate of up to USD 0.052 per kilowatt hour (kWh) as of January 1, 2023. Currently, miners have to pay a flat rate of just over […]
Kazakhstan President Signs Law Increasing Tax Burden for Crypto Miners President of Kazakhstan Kassym-Jomart Tokayev has signed into law a bill amending the country’s Tax Code to impose higher tax rates on crypto miners. The levy will depend on the amount and average price of electricity utilized in the extraction of digital currencies like bitcoin. Cryptocurrency Miners in Kazakhstan to Pay Higher Taxes President Tokayev […]
One Exchanges Stands Out as Indian Crypto Trading Drops Following New Tax Source: AdobeStock / Vlad Chorniy Crypto trading volumes on major Indian exchanges saw a notable decline on July 1 compared to the day before, after a new 1% tax on all crypto transactions was implemented in the country. However, one exchange still stood out as a winner, with trading volumes rising. According to trading data […]
Spanish Crypto Holders to Be ‘Burdened’ with Fresh Crypto Declaration Rules Source: Adobe/nito Crypto industry insiders have hit back at the Spanish government’s latest plans for the sector: A fresh effort to make citizens who hold coins on overseas platforms declare their holdings. As previously reported, an attempt to force Spaniards with coins on foreign exchanges or in overseas wallets to declare their holdings descended into […]
eBay's NFTs, Yield on Ledger, Axie Infinity's Ronin Bridge Reopens, Celebrity Crypto Scams + More News
Coin Center Attempting to Sue US Treasury, IRS Over ‘Unconstitutional’ Infrastructure Act Source: AdobeStock / Aevan The Washington-based crypto industry pressure group Coin Center says it has filed a lawsuit against the United States Treasury Department and the Internal Revenue Service – claiming that the crypto tax reporting requirements included in President Joe Biden’s Infrastructure Investment and Jobs Act last year are “unconstitutional.” In a filing submitted […]
New Law Will Ban Crypto Pay in Russia (Again) as Miners Struggle to Convince Central Bank to Legalize Industry
USD 100M Cronos Accelerator, Citadel Mulls Crypto ETFs, USD 6M Bug Bounty + More News Source: Adobe/Piman Khrutmuang Get your daily, bite-sized digest of cryptoasset and blockchain-related news – investigating the stories flying under the radar of today’s crypto news. __________ Investments news Layer 1 blockchain network Cronos (CRO) launched a new USD 100m-backed accelerator program for blockchain projects that are in the seed-pre-seed stage and will primarily focus on […]
Kazakhstan Makes $1.5 Million From Crypto Mining Sector in Q1 The government of Kazakhstan has collected $1.5 million from crypto miners in the first quarter of this year, official data shows. The money comes from a fee charged on the electricity spent to mint digital currencies, which was introduced in January. Crypto Mining Increases Budget Revenues in Kazakhstan Kazakhstan has received 652 million tenge (almost […]
German Inflation Rate Jumps, Kazakhstan Mulls Higher Tax for Bitcoin Miners, Binance in Italy + More News
Russia Mulling Allowing Crypto for International Payments, Fed Vice Chair Sees Place for Digital Dollar, NFT Game Blocks Users in China + More News
Russia Mulls Crypto for Int'l Payments, Fed Vice Chair Sees Place for Digital Dollar, NFT Game Blocks Users in China + More News Source: AdobeStock / vegefox.com Get your daily, bite-sized digest of cryptoasset and blockchain-related news – investigating the stories flying under the radar of today’s crypto news. __________ Adoption news Russia is considering allowing crypto to be used for international payments, Reuters reported, citing Russian news agency Interfax. The idea is being “actively discussed”, they quoted […]
PM Says Web 3 Is an Opportunity for Japanese ‘Economic Growth’ Source: AdobeStock / tawatchai1990 The Japanese Prime Minister has spoken to the nation’s parliament about Web 3, claiming that it will spark economic growth – a further indication that pro-business legal reform could be on the cards in the nation. The Japanese media outlet CoinPost reported that the PM, Fumio Kishida, made his announcement before […]
Thailand Exempts Crypto Transfers From VAT Until End of 2023 Authorities in Thailand have formally introduced a value-added tax (VAT) exemption for transfers of cryptocurrencies through government-approved exchanges. The tax break, in force until the end of next year, will also apply to digital currency issued by the Bank of Thailand. Royal Decrees Enforce VAT Exemption for Crypto Trading in Thailand Investors moving cryptocurrencies and […]
