Crypto Guides, Knowledge & Insights

Infrastructure bill set for a vote by Sept. 27 with no changes to crypto tax provisions

The controversial $1 trillion infrastructure bill will see a vote in the U.S. House of Representatives without any amendments to the crypto tax provisions by Sept. 27.　　The vote was agreed to after the House narrowly approved the Democrats $3.5 trillion budget blueprint in a vote of 220 to 212. Despite some initial pushback from moderate Democrats, the dissident voters were swayed after House Speaker Nancy Pelosi committed to pass the bill before Sept. 27. Pelosi stated:　　“I am committing to pass the bipartisan infrastructure bill by September 27. I do so with a commitment to rally House Democratic support for its passage.”　　In late July, last-minute cryptocurrency provisions were added to the infrastructure bill in a bid to raise a further $28 billion through expanded tax obligations for the crypto sector.　　However, the loose language contained in the bill sent shockwaves across the crypto community and analysts believe it will impose stringent third-party reporting requirements on network validators and software developers who would be unable to comply with the newly mandated obligations.　　The Senate appeared poised to pass compromise amendments to the bill that would specifically exempt network validators and software developers in early August, but owing to one dissenting Senator the legislation ultimately

2021-08-25Deep Dive

Crypto Exchange Kraken Hunting New EU License After Brexit

Kraken, the second-largest crypto exchange in the U.S. by trading volume, is in talks with regulators in several countries in Europe, seeking to obtain a license to enter the European market by the end of 2021.　　As explained by a Kraken spokesperson, the exchange is formally present in Europe, however, it currently offers access to its European clients via an entity that is registered with the UKs Financial Conduct Authority (FCA).　　While Kraken claims to comply with the EUs Fifth Anti-Money Laundering Directive (5AMLD) applicable requirements, Great Britains departure from the European Union means the crypto exchange has had to start looking for new options to re-enter the continent.　　“As a regulation-compliant exchange that operates in nearly 190 jurisdictions around the world, Kraken maintains proactive and constructive dialogues with regulators across the fast-maturing European crypto regulatory landscape,” the spokesperson for told Decrypt, adding that the company intends “to remain compliant both now and in the future.”　　“We are working on a license in an EU country,” Krakens founder and CEO Jesse Powell said in an interview with German business publication Handelsblatt.　　According to Powell, the exchange wants to enter Europe by the end of the year, with Malta, Luxembourg, and the Republic of Ireland among

2021-08-25Deep Dive

Dogecoin going to help real dogs — Chicago animal shelter now accepts crypto

PAWS Chicago, an animal rescue organization in the midwest city aiming to have shelters stop using euthanasia for its resident cats and dogs, is now accepting crypto donations.　　In a Tuesday announcement, PAWS Chicago said it would be accepting Bitcoin (BTC), Ether (ETH), Dogecoin (DOGE), and other tokens to support its operations ahead of its new hospital for homeless cats and dogs. The organization is hoping to target “a tech-savvy demographic of potential donors,” promoting crypto donations with digital billboards featuring a dog shooting lasers out of its eyes.　　According to the organization, crypto donations may be used to further its goals of reducing the number of shelter animals euthanized in the United States by spaying and neutering cats and dogs. PAWS Chicago said it has provided 300,000 such surgeries in its 25 years of operation, helping reduce the number of homeless animals killed in the Chicago area by 91%. The new medical center aims to improve its efforts to save animals.　　“We are eager to connect with the growing cryptocurrency community, who can help sustain the future of animal welfare in Chicago and save animals lives,” said PAWS Chicago CEO Susanna Homan.　　The iconic dog behind the Dogecoin project was a Japanese Shiba

2021-08-25Deep Dive

SEC Likely to Approve Bitcoin ETFs by November: Bloomberg ETF Experts

Bloombergs senior ETF strategist, Eric Balchunas, has taken to Twitter to share that recent Ether ETF withdrawals by VanEck and ProShares are a good sign, meaning that Bitcoin futures ETFs may be approved soon.　　He referred to a note by Bitcoin intelligence ETF analyst James Seyffart.　　Will U.S. Bitcoin futures ETFs launch by November？　　Balchunas tweeted that once a Bitcoin futures ETF gets SEC approval, this exchange-traded fund would be launched approximately 75 days later. He cites a new note published by Seyffart earlier today.　　The most probable ETF that is likely to be launched, Balchunas says, is the one filed by ProShares.　　However, he adds that this company should avoid the first-mover advantage here.　　As reported by U.Today earlier, VanEck and ProShares withdrew their Ethereum ETF filings (in which they intended to give investors exposure to regulated Ether-based futures) just several days after submitting them.　　Back then, Balchunas opined that the two companies may have had a conference call (“Godfather” style) with the SEC, in which the regulatory agency rejected the filings.　　Previously, U.Today covered that another company, Kryptoin, filed for an Ethereum ETF with the SEC after submitting a filing for another Bitcoin ETF in April.　　“New note out today from @JSeyff re how the Ether ETF

2021-08-25Deep Dive

Industri Kripto Tekad Perkasakan Kripto Ke Dalam Dunia E-Sukan?

Ternyata langkah tersebut tidak berhenti disitu, Bybit sekali lagi membuat pengumuman yang mengukuhkan kedudukan mereka dalam e-sukan dengan perjanjian kerjasama tiga tahun dengan organisasi e-sukan Astralis bagi tujuan memperluaskan rangkaian kripto ke dalam industri e-sukan.　　Pengumuman rasmi menyatakan bahawa logo Bybit akan dipaparkan di bahagian jersi Astralis dan juga di media sosial seperti twitch.tv. Difahamkan bahawa kerjasama ini bertujuan untuk mengeratkan hubunngan komuniti kripto dengan komuni e-sukan.　　Ben Zhou, Pengasas Bersama dan Ketua Pegawai Eksekutif Bybit, mengatakan bahawa industri kripto dan industri e-sukan catat prestasi yang senada, dimana kedua-duanya sedang bertumbuh dengan pesat.　　Dalam masa yang sama dilaporkan, Bybit juga akan aktif mengambil bahagian dalam penyertaan pemain,pendidikan kewangan dan aktiviti publik dalam beberapa tahun akan datang.　　Sementara itu, pengasas bersama dan CRO Astralis Jakob Lund Kristensen mendedahkan bahawa kerjasama ini adalah kerjasama yang penting tanpa mengira jumlah dana atau jenama. Kedua-dua pihak memiliki tujuan yang sama itu menyemarakkan semangat e-sukan dan kewangan digital.　　Langkah ini dilihat sebagai langkah yang postif dan mampu mendorong industri kripto lain meluaskan rangkaian ke industri-industri yang diluar industri kewangan.

2021-08-25Deep Dive

Rupanya China Tiada Undang-Undang Ke Atas Kripto

Bagaimanapun, keadaan menjadi sulit apabila pada 2018 bank pusat China, People’s Bank of China (PBOC) memberi amaran kepada institusi kewangan untuk menghentikan perkhidmatan kepada akaun berkaitan matawang kripto.　　Akaun-akaun tersebut serta-merta ditutup, menyebabkan pelabur memfailkan saman dengan tuduhan penipuan. Namun, mahkamah Jinan menjelaskan tiada undang-undang yang melindungi bitcoin dan matawang kripto yang lain, menjadikan tuduhan pelabur tersebut tidak dapat dipertahankan.　　Dalam perkembangan terbaru membuktikan situasi pelabur kripto China tetap tidak akan mendapat sokongan daripada mahkamah jika berhadapan dengan masalah sedemikian dengan pelaburan mereka.　　China sejak beberapa tahun yang lalu sudah menunjukkan ketegasan terhadap industri kripto. Bermula dengan sekatan perkhidmatan matawang kripto dalam kalangan institusi kewangan sehinggalah sekatan terhadap perlombongan kripto.　　Tindakan China menyebabkan majoriti pelombong kripto tempatan berpindah ke luar negara seperti Amerika Syarikat dan Kazakhstan.

2021-08-25Deep Dive

USD Coin Reserves to Be Held in Cash and Short Duration US Government Treasuries Starting September

USD Coin to Change Reserve Structure　　Circle, a member of the Centre Consortium, announced yesterday that, with help of Coinbase, it will change the structure of the reserves backing the value of USD coin (USDC). Circle stated that it will recover its original reserve structure comprised of cash and cash equivalents (short duration U.S. Treasuries).　　However, the full conversion of the reserves will be completed in September. This was revealed by Coinbases COO, Emilie Choi, in a Twitter thread. She also clarified that, while the reserve portfolio diversified, assets were always fully backed. She stated:　　“USDC has always been fully backed by reserves equal to or greater than the USDC in circulation, giving users the ability to always redeem 1 USD Coin for US$1.00.”　　Coinbase‘s Late Reaction　　Choi expanded on the subject and talked about how Coinbase was late to act and remove the statement that every USDC is backed by a dollar in a bank account. She stressed this was a mistake on Coinbase’s part, declaring:　　“When Circle shared their May report about Usdc reserves in late July (which included a more diversified pool of investments for the first time) we should have moved faster to update statements like that on our website. That was

2021-08-24Deep Dive

A Crypto ‘Coin Run’ Could Be Brewing in South Korea

A leading South Korean media outlet and industry experts have warned that a “coin run” could take place next month as the likelihood of a mass of crypto exchange closures increases.　　In a video report, the national broadcaster KBS reported that a glut of crypto liquidations could be on the cards in the coming weeks as scores of exchanges shut up shop.　　The South Korean market-leading crypto exchange Upbit has become the first trading platform to apply for an operating license this week. But per the terms of the nations first piece of crypto-specific legislation – which will become legally binding as of September 24 – all exchanges must have anti-money laundering protocols in place, obtain information security certificates and ensure that their clients all have trading platform-linked bank accounts verified by real names and social security numbers.　　While Upbit, which already has the latter in place, appears to have cleared all these hurdles, only a tiny clutch of rivals is likely to follow suit.　　And as the regulatory Financial Services Commission (FSC) has told exchanges that if they continue doing business without a permit after September 24, most will be forced to close unless the government grants them an eleventh-hour reprieve. As things

2021-08-24Deep Dive

Single ‘EtherRock’ sells for over $1.3 million as NFT mania continues

A pixelated picture of a rock from the EtherRock collection sold for over $1 million yesterday. It was no Hollywood starrer story of rock success either, but a live-action thats occurring on the Ethereum blockchain.　　The above image sold for over 400 ETH, or just over $1.3 million as per ETH value at press time. Its essentially a non-fungible token (NFT)—or blockchain-based representations of real-world or virtual unique objects that prove their holders are the true owner of whichever underlying asset they represent, with the latter ranging from crypto collectibles to in-game assets to real estate.　　EtherRocks have no intrinsic value or purpose, as per their own site: “These virtual rocks serve NO PURPOSE beyond being able to be bought and sold, and giving you a strong sense of pride in being an owner of 1 of the only 100 rocks in the game :)”　　That has, however, not stopped individuals from shelling out huge amounts to own part of the supply. Just last week saw Tron founder Justin Sun snag one of these JPEGs for over $500,000, one he fashioned with ‘laser eyes’ for displaying on Twitter.What makes EtherRocks so expensive？　　So what drives such value？ The unassuming EtherRock has existed since 2017

2021-08-24Deep Dive

Tezos (XTZ) to Support Crypto Finance Group, InCore Bank, Inacta with Tokenization Tools: Details

Top-notch European crypto-friendly banks will integrate smart contracts instruments by high-performance blockchain Tezos (XTZ). Heres why this is crucial for the progress of the fintech segment.　　Crypto Finance, InCore Bank and Inacta will use Tezos-based standard for tokenization　　According to a press release exclusively shared with U.Today, high-profile Swiss-based banks Crypto Finance, InCore Bank and Inacta will integrate a new token standard based on Tezos(XTZ) products.　　Three banks have developed a tokenization standard based on Tezos FA2 design. The new standard, dubbed DAR-1, allows users to implement all functions necessary for modern financial markets—from KYC/AML checks to asset governance.　　Stijn Vander Straeten, CEO of Storage Infrastructure at Crypto Finance Group, is certain that the new standard will significantly expand opportunities for cryptocurrency solutions usage in banking:　　This work by Crypto Finance, InCore Bank, and Inacta is a tangible example of how FA2 on Tezos broadens the potential for tokenisation significantly. The launch of these Tezos use cases for the financial sector make innovative, compliant on-chain financial products a reality today.　　Tezos (XTZ) tools were chosen due to the fact that this blockchain is self-upgrading: its mechanism allows the activation of crucial consensus updates without splitting the network.　　New XTZ staking options have been launched　　Besides that, Tez (XTZ)

2021-08-24Deep Dive

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