Canada’s federal budget for 2024 has unveiled stricter regulations for cryptocurrency service providers, necessitating annual transaction and client detail reports to the government. This decision aligns with the G20’s directive from 2021, which tasked the Organisation for Economic Co-operation and Development (OECD) with creating a framework to support the automatic exchange of tax-related information on crypto assets. The OECD established the Crypto-Asset Reporting Framework (CARF) in August 2022, which Canadian authorities will now implement. The CARF requires crypto exchanges, brokers, dealers, and ATM operators to annually report multiple types of transactions. These include exchanges between various cryptocurrencies, swaps between cryptocurrencies…
Author: Rea K.
Kris Marszalek, the Chief Executive Officer of Crypto.com, recently expressed concerns over the sustainability of the rising valuations in the cryptocurrency sector. According to Marszalek, the venture capital arm of the digital-asset exchange, Crypto.com Capital, is witnessing a resurgence in hefty billion-dollar valuations reminiscent of the pandemic-driven investment boom. These valuations, he suggests, appear overly optimistic. Investment Slowdown and Strategic Caution The venture arm, established with a fund of $500 million for startup investments as of January 2022, has seen a slowdown in its investment activities. From the beginning of 2023, Crypto.com Capital has made only four investments, a sharp…
The upcoming Bitcoin haliving promises significant changes within the cryptocurrency landscape. Exchanges and early Bitcoin adopters, commonly known as “OGs,” are poised for substantial gains. This event, which slashes block rewards by 50%, limits the daily addition of new Bitcoins to just 450. Long-time Bitcoin holders have experienced dramatic returns on their investments, with increases of up to 502,693% since the first halving in 2012. Benefits for Exchanges and ETFs Cryptocurrency trading platforms like Coinbase and Robinhood are anticipating increased user activity and higher transaction fees as the halving stokes public interest. This year has already seen these platforms achieve…
The cryptocurrency market experienced a substantial expansion in the first quarter, as detailed in a recent CoinGecko report. This period saw the sector’s capitalization increase by a remarkable 64.5%, achieving a new high of $2.9 trillion by March. The total growth of $1.1 trillion notably surpassed the previous quarter’s rise of $0.61 trillion. Growth Factors and Market Dynamics Significant capital inflows marked the period, particularly into the spot Bitcoin ETFs following their approval on January 10. The surge in investments began to escalate in late January, continuing robustly until mid-March, where it hit a provisional peak. During this phase, assets…
BytePlus, a subsidiary of ByteDance, has announced a strategic partnership with Mysten Labs to integrate its advanced recommendation solutions and augmented reality technologies into the Sui blockchain. This alliance is set to revolutionize the domains of gaming and social networking through the incorporation of cutting-edge technological enhancements provided by BytePlus. The choice of Sui as a platform stems from its impressive capabilities in handling sophisticated applications, particularly with its innovative features like zero-knowledge proofs for robust user authentication and sponsored transactions to facilitate easier access for users. Expanding Services and Enhancing User Experience As part of this collaboration, BytePlus will…
The landscape of financial institutions is evolving as blockchain assets gain momentum, with over 135 traditional banks now supporting cryptocurrency services. This development signals a significant shift in the financial sector, reflecting increased adoption and acceptance of digital assets. A recent study by Finery Markets and Coincub highlights this trend, noting a surge in connections between banks and the world of decentralized finance. European institutions lead this wave, with 63 banks across the continent offering crypto-related services by the close of the first quarter. This region not only dominates in terms of numbers but also sets a benchmark in regulatory…
On Sunday, April 14, crypto prices plummeted as a direct result of escalating tensions between Iran and Israel. This significant downturn in the market saw Bitcoin fall to $60,660, marking a one-month low. This drop followed a week of declines, beginning on April 12 when Bitcoin dipped to the $65,000 range, dragging the global crypto market cap down to $2.2 trillion. The conflict led to over $860 million being wiped out in the derivatives market due to massive liquidations. Regulatory Challenges and Legal Battles In addition to market instability, the crypto industry faces increased scrutiny from U.S. regulators. Uniswap, the…
Hong Kong has conditionally approved the region’s first bitcoin and ether exchange traded funds (ETFs). This decision places Hong Kong at the forefront of integrating cryptocurrencies such as bitcoin and ether into mainstream investment channels. Announced on Monday, these approvals position Hong Kong as the first Asian city to formally recognize these digital currencies as standard financial instruments. Set to Roll Out: Crypto ETFs by Chinese Asset Managers Three major Chinese asset managers poised offshore are preparing to introduce these virtual asset spot ETFs shortly. Harvest Fund Management and Bosera Asset Management, operating through their Hong Kong divisions, have confirmed…
Cyble Research and Intelligence Labs recently exposed a sophisticated phishing scheme designed to compromise Chinese cryptocurrency investors and companies. This campaign cleverly imitates the Exodus crypto wallet’s interface through a fraudulent website. Victims believe they are downloading a legitimate Exodus wallet installer, but it secretly installs malicious software. The downloaded program not only starts the Exodus installation process to appear credible but also simultaneously runs FatalRAT malware. This malware gives attackers remote access to the victim’s computer. During this process, additional harmful components like Clipper and Keylogger are also installed without the user’s knowledge. These programs are notorious for altering…
A recent study by KPMG reveals a significant rise in enthusiasm for cryptocurrencies among investors from Germany, Austria, and Switzerland. This uptick in interest follows a tough year for the cryptocurrency market, aligning with the anticipation of the Bitcoin halving event scheduled for mid-April 2024. The comprehensive survey included around 2,400 private investors who invest in digital assets. Results show a remarkable 54% of these investors now allocate more than 20% of their total investment portfolio to cryptocurrencies. A notable group within these investors commits over half of their total assets to the sector, showing readiness to support the industry…