Crypto Weekly Roundup: India’s Crypto Tax, FTX Acquires Liquid, SEC Rejects Fidelity ETF, And More

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India steps into a new era as crypto-assets become legalized with the announcement of a flat 30% tax on all digital earnings in the 2022 Budget Speech. It marks a momentous occasion as most traders and investors in the country are welcoming the regulatory clarity after months of turmoil. Let’s find out more. 

Bitcoin 

MicroStrategy CEO Michael Saylor recently held a live keynote session with Jack Dorsey, CEO of Block Inc., in which the two executives discussed the future of Bitcoin

Famous rock star Gene Simmons has revealed that he will accept cryptocurrency payments for the upcoming sale of his $13.5 million mansion in LA.

Ethereum 

In an update report, core Ethereum developer Tim Beiko has outlined the noteworthy moments and events happening since the launch of the Kintsugi testnet. He has also highlighted plans of focusing on proposals that have been sidelined due to the EIP 1559 launch. 

Altcoins

Input-Output has announced that Cardano block sizes are set to increase by 11% to optimize its network and will enable the protocol to process more transactions.

Litecoin has finally released its Mimblewimble upgrade after two years of development, bringing the network more privacy-oriented transactions. 

Technology

Meta, its shares having crashed 20% on the back of its poorly perceived fourth-quarter financial results, is spending most of its earnings on the Metaverse. 

Founder of India-based crypto exchange WazirX, Nischal Shetty, has announced the launch of a new blockchain called Shardeum to compete with both Ethereum and Solana. 

Business

Yuga Labs, the blockchain development firm behind the Bored Ape Yacht Club NFT series, is reportedly in talks with A16z (Andreessen Horowitz), a Silicon Valley tech venture capital firm that’s currently focused on crypto startups.

English football giants Manchester United is to be partnering up with the Tezos blockchain platform to unveil new training kit sponsorship

HBAR Foundation and Ubisoft have partnered up to support the growth of gaming on Hedera Network.

Dune Analytics, a Web3 analytics platform, has announced the fund raise of $69,420,000, making the platform a unicorn with a valuation of 1 billion. 

The cryptocurrency exchange FTX has acquired the Liquid Group and all of its operating subsidiaries, including the Quoine Corporation. 

Payments technology firm Visa’s latest earnings report shows that spending for crypto assets through its cards has surged in the first fiscal quarter of the year. 

In the latest Series B funding round, the Phantom wallet has raised a total of $109 million funding round on a $1.2 billion valuation. 

Regulation

India welcomes the new crypto tax regime, as the government announces a flat 30% tax on income from all digital assets. 

Opposing the Bank of Russia’s views on banning cryptocurrencies, the country’s Ministry of Finance is lobbying the government to legalize crypto as financial assets. 

The UK’s HMRC has updated its cryptoassets manual that it published last year, to provide legislative clarification on how DeFi will be taxed in the UK. 

The South African Financial Sector Conduct Authority (FSCA) has issued statements warning citizens against trading in the FTX and Bybit exchanges.

Thailand’s original plan to levy a 15% withholding tax on cryptocurrency transactions has been scrapped following major pushback from crypto traders.

The United States Securities and Exchanges Commission (SEC) has rejected yet another spot Bitcoin exchange-traded fund (ETF), this time from investment giant Fidelity

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.


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