Debt ceiling deal excludes cryptocurrency mining tax
In a deal to raise the U.S. debt ceiling, President Joe Biden and Republican House Speaker Kevin McCarthy left out a tax on cryptocurrency mining. The proposed tax, known as DAME, was removed from the bill, drawing criticism and opposition from politicians such as Senator Cynthia Lummis. She tweeted that she will not allow the digital asset industry to be taxed to extinction.
Fantom rewards projects with gas fees to boost grid usage
The Fantom blockchain implemented a “dApp Gas Monetization Program”, rewarding apps with 15% of the generated gas fees. This is aimed at increasing the demand for block space and providing extra income for developers. Some projects are already benefiting from this program.
Genesis Global Capital and Gemini seek rejection of SEC action
Genesis Global Capital, a bankrupt cryptocurrency lender, and the Gemini exchange are asking a U.S. court to dismiss a Securities and Exchange Commission (SEC) lawsuit claiming they sold unregistered securities. The SEC claimed they raised billions of dollars from investors. Gemini argued that the SEC’s treatment of the digital asset lending arrangement as an unregistered title has no legal or factual basis. The SEC froze Gemini Earn withdrawals before Genesis filed for bankruptcy. Gemini co-founder Tyler Winklevoss called the lawsuit a “manufactured parking ticket”.
Huobi HK applies for license to offer crypto services in Hong Kong
Huobi HK, the Hong Kong-based arm of the global trading platform, has submitted a formal application for a virtual asset exchange license with the Hong Kong Securities Regulatory Commission. The exchange plans to expand its cryptocurrency offerings in the region and strengthen the platform’s security procedures as well as compliance with local regulations. The initiative comes after the closure of Huobi Global in Malaysia, where the Securities and Exchange Commission ordered the closure of operations for lack of permission. Hong Kong will establish a new licensing system for virtual asset businesses from June 1st, showing an openness to cryptocurrency businesses but with proper regulation. Huobi intends to expand in Hong Kong and increase its staff.
Bybit receives initial approval to operate in Kazakhstan
Cryptocurrency exchange Bybit has received initial approval from Kazakhstan’s Astana Financial Services Authority (AFSA) to operate a Digital Asset Trading Center and provide Escrow Services. This reflects Bybit’s commitment to expanding its presence in emerging and dynamic markets.
“ We are delighted to receive approval in principle from AFSA. We believe in the promising potential of the CIS and look forward to opening our world-class trading platform to cryptocurrency enthusiasts in the region. We are committed to continuing to improve cryptocurrency industry standards and provide a valuable experience for our customers “, said Ben Zhou, co-founder and CEO of Bybit.
BOJ completes second phase of CBDC trial and moves to pilot project
The Bank of Japan completed the second phase of its central bank digital currency (CBDC) proof-of-concept (POC) experiment and confirmed the launch of the CBDC pilot project in April. The POC was successful and now the BOJ moves on to the next step, including discussions with the Japanese public and private companies, before making a final decision on issuing a CBDC by 2026. A CBDC Forum will be created to gather input from private companies.
“ Issuance of a CBDC should be decided by discussions among the Japanese public ”, the report said.
Temasek Holdings cuts compensation after investing in FTX
Singapore-based Temasek Holdings has reduced compensation for its investment team and senior management responsible for the investment in FTX, which went bankrupt. After an internal review, Temasek took collective responsibility for the investment and did not disclose the amount of the compensation cut. Other investors also zeroed out their investments in FTX.
“ While there are inherent risks whenever we invest, we believe that we should invest in new industries and emerging technologies to understand how these areas might impact our existing portfolio’s business and financial models and whether they would be drivers of future value in an ever-changing world ”, said Temasek President Lim Boon Heng.
Curve Finance CEO buys Melbourne mansion for $41 million
Curve Finance CEO Michael Egorov and his wife Anna Egorova recently purchased a luxury Melbourne mansion for $41 million, setting a new record for Victoria’s biggest property purchase this year. This extravagant investment forms part of the couple’s impressive portfolio.
Trezor sales soar 900% despite warning about fake phishing sites
Hardware wallet maker Trezor’s sales are up 900% week over week despite warnings from Reddit users about fake Trezor phishing sites. The surge in sales comes after rival Ledger proposed a new feature, which sparked concerns among crypto investors. While both brands face security issues, hardware wallets are still considered the safest option for storing cryptocurrencies.
“ The crypto community has spoken loud and clear about their insistence on unrivaled hardware wallet security and this has been reflected in an extraordinary jump in our sales over the past week ”, said Trezor CEO Matej Zak.
Hong Kong police force launches CyberDefender metaverse platform
The Hong Kong Police Force’s cybersecurity unit has launched CyberDefender, a metaverse platform to educate on the dangers of Web3 and the metaverse. The initiative aims to prevent technological crimes and raise public awareness of the risks associated with the digital world.
“ The police will continue to organize public educational initiatives on different topics through the ‘CyberDefender Metaverse’ platform, making teenagers aware of the latest advances in information technology, possible pitfalls and the importance of preventing technological crimes”, said the chief inspector of the CSTCB, Ip Cheuk-yu.
Russia scraps plan to create national cryptocurrency exchange and opts to regulate private companies
Russia has given up on creating a national cryptocurrency exchange and will focus on establishing rules to allow private companies to create their own exchanges. The exchanges would be regulated by the Central Bank of Russia, aiming to avoid sanctions. Several stakeholders support the approach, highlighting risk reduction and merchant protection. Russia’s Ministry of Finance preferred to regulate companies operating exchanges and digital assets, adding that the department reached an agreement with the central bank to regulate cryptocurrency mining activities and allow the use of cryptocurrencies in international payments.
Blocktrade raises €4.5 million in exclusive BTEX token sale
Gamified asset marketplace, Blocktrade, has successfully completed the sale of the BTEX token, raising an impressive €4.5 million. The token offers access to the platform’s gamified ecosystem, including games, physical rewards, NFT avatars and other benefits. Blocktrade 3.0 combines elements of gaming and cryptocurrencies, providing an interactive and educational experience for users. The platform ensures security and regulatory compliance, as well as offering a fee-free trading experience.
“We are grateful for the overwhelming response and participation from Blocktrade VIP members in this exclusive token sale round. This display of enthusiasm points to the appetite among cryptocurrency users today for accessible and engaging digital asset trading. We look forward to continuing to enhance the experience offered to Blocktrade’s growing community”, said Christian Niedermueller, CEO of Blocktrade.