TokenPost reporter
Mark Jason Alcala
Stories by Mark Jason Alcala
- Nigeria plans to tax crypto transactions
The finance bill, which aims to change the excise and duty statutes, has provisions that would enable the government to levy taxes on crypto and other digital currency transactions, according to Nigeria's finance mini…
· Regulation
- Italy plans to impose a 26% capital gains tax on crypto assets next year
The ruling coalition plans to give taxpayers the option to declare the worth of their digital assets as of Jan. 1, 2023, and be subject to a 14% tax rate.
· Regulation
- Bitcoin family to transfer $1M in BTC to decentralized exchanges
Taihuttu pointed out that one of the advantages of using decentralized exchanges is that custody is always retained by the crypto owner.
· Insights & Views
- Crypto exchange Binance to enter Japan as a regulated entity
Binance announced that it has acquired 100% of Sakura Exchange Bitcoin (SEBC), a Japanese crypto exchange service provider regulated by the Financial Services Agency.
· Business
- FTX’s collapse highlights the need for adequate crypto regulation, says Treasury Secretary Janet Yellen
Yellen compared the recent FTX collapse to the collapse of Lehman Brothers, which filed for Chapter 11 bankruptcy in 2008 and triggered a massive stock market downturn that eventually led to a $700 billion bailout by …
· Regulation
- India to start retail digital rupee pilot on December 1
The first phase of the retail digital currency experiment will involve four banks including the State Bank of India, ICICI Bank, Yes Bank, and IDFC First Bank, and will cover four cities.
· Regulation
- Aussie consumers could save $2.7B by using crypto, CBDC while adding $40B a year to the country’s GDP
Australian consumers could potentially save up to US$2.7 billion per year (AU$4 billion) or US$107 (AU$160) per person per year if they opt to use digital assets for international transactions.
· Insights & Views
- Crypto exchange FTX resumes paying employees and contractors who were unpaid since its bankruptcy filing
With the company’s announcement, FTX's remaining staff and contractors will soon receive nearly three weeks’ worth of salary, which was probably stopped after the company declared bankruptcy on November 11.
· Regulation
- Putin wants a blockchain-based international settlement network
The new network envisioned by Putin will be totally independent of banks and the interference of countries, which is harmful to participants.
· Regulation
- Metaverse could add $1.4T annually to Asia’s economy driven by its younger consumers
The global financial services firm estimates that Asia’s metaverse market could expand to around $13 trillion by 2030.
· Insights & Views
- Binance’s Bitcoin POR statistics show 582,485 BTC on-chain reserves and a reserve ratio of 101%
With the collapse of FTX, the crypto community is starting to demand that centralized exchanges need to show proof of their reserves.
· Business
- Japan partners with three megabanks for a pilot of its digital yen in 2023
Japan is still undecided on whether or not it will issue a central bank digital currency or CBDC but it has not stopped the Bank of Japan (BOJ) from experimenting with a potential digital yen.
· Regulation
- India’s retail CBDC project in its final stages and will undergo pilot testing in December
The pilot will eventually involve all of the country’s commercial banks at some point.
· Regulation
- Bitcoin is designed to survive the failure of any giant in the crypto industry, says Samson Mow
Mow is confident that Bitcoin is designed to overcome any issues even in the face of the hypothetical scenario in which crypto juggernauts like Tether or Binance fail.
· Insights & Views
- Uzbekistan regulator issues licenses to two crypto firms
The two companies that were granted licenses to operate in the country are Crypto Trade NET and Crypto Market.
· Regulation
- Brazil’s Itau Unibanco to start offering crypto custody services in Q2 2023
The new services will be handled by the bank’s cryptocurrency unit called Itau Digital Assets, which will be initially targeted to the bank’s clientele before being offered to third parties.
· Business
- Crypto exchange Binance rules out India expansion citing taxation issues
At a Techcrunch Crypto conference on Thursday, CZ admitted that his crypto exchange is unlikely to expand its operations in India.
· Insights & Views
- Australian company raises funds to expand Bitcoin mining capacity
While crypto investors are understandably worried about the plunging Bitcoin (BTC) prices, Arkon CEO Josh Payne sees the current situation as perfectly timed for expansion activities due to a number of factors.
· Business
- Russia and Cuba eyes the use of crypto for settlements
Both the Russian and Cuban governments are mulling on the use of Russian rubles and cryptos to facilitate bilateral cooperation in the face of Western sanctions.
· Regulation
- Kiyosaki says he is excited when Bitcoin hits new bottom
The recent collapse of the crypto exchange FTX sent crypto prices plunging with Bitcoin falling to around $16,000.
· Insights & Views
- Elon Musk remains bullish on Bitcoin and Dogecoin despite the recent crypto market downturn
In response to a Twitter user's question about where the price of the cryptocurrency will be in another year, Musk wrote: "BTC will make it, but might be a long winter."
· Insights & Views
- O’Leary says crypto bottom is in after FTX’s collapse
Shark Tank star Kevin O’Leary confirmed that he invested in the collapsed crypto exchange FTX.
· Insights & Views
- Bitcoin Cash could be legal tender in St. Kitts and Nevis by March 2023
Prime Minister Terrance Drew, in his speech at the Bitcoin Cash 2022 conference in St. Kitts, confirmed his country is exploring the possibility of making BCH legal tender.
· Regulation
- Bahamas authorities investigate crypto exchange FTX for criminal misconduct
One of the most high-profile cryptocurrency meltdowns, FTX filed for bankruptcy on Friday after traders rushed to withdraw $6 billion from the platform in just 72 hours.
· Business
- Goldman Sachs launches new service designed to help investors analyze crypto markets
The global investment bank collaborated with crypto data firm Coin Metrics and global index provider MSCI for the new data service.
· Business
- Crypto exchange Binance reverses decision to acquire FTX
Binance’s decision to scrap its acquisition plans comes just one day after CEO Changpeng Zhao announced that his company reached a non-binding deal to acquire FTX’s non-U.S. businesses.
· Business
- Hong Kong mulls on allowing retail investors to trade crypto futures ETF
Only exchange-traded funds that invest in Bitcoin (BTC) futures and Ether (ETH) futures will be allowed initially
· Regulation
- Crypto exchange Binance unloads all of its FTX token holdings
The company explained that the liquidation of its holdings is “due to recent revelations that have come to light” and not a move against a competitor.
· Business
- Bitcoin could climb as high as $250K by mid-2023, says Tim Draper
Tim Draper remains very optimistic and even projects that BTC could rise as high as $250,000 by mid-2023.
· Insights & Views
- Crypto is not threatened by CBDCs, says CZ
CZ welcomes the increasing adoption of CBDCs by governments as it would legitimize blockchain technology.
· Insights & Views
- Crypto exchange Deribit suspends withdrawals after BTC, ETH, and USD wallets hack
The crypto exchange’s hot wallets were hacked before midnight UTC on November 1, affecting around $28 million worth of cryptocurrencies.
· Technology
- Crypto exchange Coincheck to list in Nasdaq next year
Coincheck also announced in its SEC filing the expansion of its scope of business to include non-fungible tokens and Metaverse.
· Business
- Australia will continue to treat Bitcoin as a digital asset and not foreign currency
BTC investors would receive a sizable tax break compared to profits from foreign currency investments that have a general tax rate of 23.5%.
· Regulation
- More than 90% of Singapore and Hong Kong’s ultra-rich investing in crypto
Southeast Asia’s ultra-rich are starting to embrace the new asset class as part of the portfolio diversification strategies and crypto’s potential high returns.
· Insights & Views
- Bitcoin’s accumulation phase could start in 2023
However, there are concerns that the four-year cycles may no longer be relevant due to a variety of reasons.
· Insights & Views
- Kazakhstani crypto exchange continues to serve Russian users
Crypto exchange Intebex welcomes Russian clients as long as they're not on the sanctions list.
· Regulation
- Crypto poised to become an important payment tool in the Metaverse and social media, says Walmart exec
Suresh Kumar, Walmart’s global chief technology, views crypto as a major area of disruption when it comes to how customers pay for goods in the future.
· Insights & Views
- Lazarus behind years of crypto hacks in Japan says National Police Agency
The NPA acknowledged that Lazarus had successfully carried out several of these attacks targeting Japan-based digital asset companies.
· Regulation
- Visa and JPMorgan team up to provide more streamlined blockchain-based cross-border payments solutions
JP Morgan is teaming up with Visa to streamline the usage of Link and B2B Connect to facilitate cross-border payments.
· Technology
- Crypto payments now available in 40 crypto countries as FTX partners with Visa to issue debit cards
These cards can be used in any 80 million merchants affiliated with Visa’s network across 40 countries.
· Business