NewsRoom Articles - Page 33 of 178

MondayFeb 12, 2024 9:00 am

Thailand Announces VAT Exemption to Lure Crypto Traders

Thailand’s finance ministry recently announced plans to waive value-added tax, or VAT, on transactions involving digital assets, demonstrating the country’s efforts to become a major player in the market. The move intends to support the Thai digital asset sector and promote the use of digital assets for fundraising, as reported in a recent Bangkok Post article. To facilitate this, the ministry has lifted the 7% VAT requirement on income from digital tokens and crypto trading, effective Jan. 1, 2024. The VAT exemption has no set expiration date, offering dealers and investors involved in the digital asset realm a long-lasting incentive.…

FridayFeb 09, 2024 9:45 am

Report Shows Crypto Hacks Reduced by 98% in 2023

Last year, blockchain security was significantly developed, marked by a considerable $50 billion decrease in lost cryptocurrency assets. The decline reflects an evolution toward more robust security measures and the maturity of the decentralized finance (defi) network. According to the year-end report released by the cryptocurrency security company Hacken, the money lost to scams and hacks decreased significantly, totaling $1.9 billion. This decline differs from prior years, suggesting that the sector has made significant progress in fortifying security procedures and effectively addressing vulnerabilities. Among the various blockchain platforms, BNB Chain experienced the highest number of attacks, totaling 214, followed by…

WednesdayFeb 07, 2024 10:30 am

FTX to Repay Clients Fully but Exchange Won’t Reopen

Sam Bankman-Fried’s defunct crypto exchange FTX disclosed in a recent court session that it intends to fully reimburse its clients. Bankman-Fried was convicted last year for fraud and embezzling client funds before the exchange’s demise in 2022. The reimbursement, however, hinges on the precise moment FTX officially filed for bankruptcy, a time coinciding with market instability. Judge John Dorsey of the United States Bankruptcy Court granted preliminary approval for that particular date. During the hearing, Kris Hansen, the legal representative for the exchange’s creditor committee, stated that many claims relied on currencies that saw substantial devaluation in the tumultuous time…

MondayFeb 05, 2024 9:00 am

Crypto Owners in 145 Nations Can Now Use Visa to Make Withdrawals

Leading global payment company Visa has introduced a new way to convert cryptocurrencies into fiat money without the need for centralized exchanges. In a major move announced on Jan. 30, 2024, Visa partnered with Web3 infrastructure vendor Transak to integrate crypto payments and withdrawals into its Visa Direct product.Users can now take out crypto straight from wallets such as MetaMask onto a Visa debit card. The integration, which is already in effect, allows for frictionless crypto-to-fiat trades at any of the 130 million Visa merchant locations worldwide. Through the partnership, customers from 145 countries including the UAE, Cyprus, Singapore, Malta,…

FridayFeb 02, 2024 10:30 am

The EU Proposes Regulations Tightening Controls on External Crypto Firms

Recently, the European Securities and Markets Authority (ESMA) put forth strict guidelines for cryptocurrency businesses located outside of the European Union (EU) that wish to provide direct customer service to EU clients. The action is in line with the EU’s MiCA regulatory framework for cryptocurrency markets, which was adopted last year and attempts to stop unfair competition. MiCA marks a major advancement in a sector where effective regulation has previously been hampered by national borders. The most recent recommendations center on guiding regulators and cryptocurrency companies regarding the actual application of MiCA regulations to non-EU organizations that want to offer…

WednesdayJan 31, 2024 9:00 am

Report Says Global Crypto Users Reached 580M Last Year

The global count of crypto owners experienced an upswing in 2023, surging by 34% to reach a massive 580 million by December, according to a recent Crypto.com report. Remarkably, the surge in crypto adoption occurred against the backdrop of various macrochallenges, including the pandemic’s aftereffects, changes in Western central banks’ monetary policies to control inflation, and geopolitical tensions in the Middle East and Europe. According to the report, Bitcoin ownership experienced a 33% increase, rising from 222 million at the start of 2023 to a staggering 296 million by year-end, claiming 51% of the global crypto community. On the other…

TuesdayJan 30, 2024 3:58 pm

Paris Blockchain Week Teases 2024 with Press Event in London

Paris, France – January 30th, 2024 – In a preview of what promises to be a landmark event, Paris Blockchain Week hosted a press event in London on January 24th, 2024, titled "Paris Blockchain Week presents: a Taste of 2024 with our Press Community." The event offered a glimpse into the cutting-edge discussions, industry leaders, and innovative projects that will be front and center at the upcoming Paris Blockchain Week, set to take place from April 9th to 11th, 2024, at the Carrousel du Louvre. Three high-powered panels fueled the conversation, tackling crucial themes in the ever-evolving blockchain and Web3…

MondayJan 29, 2024 9:00 am

Despite Trading Ban, Underground Cryptocurrency Market Thrives in China

Despite the prohibition of cryptocurrency trading in 2021 by the Chinese government, reports indicate an active black market in the country. According to a Wall Street Journal (WSJ) article, investors are navigating the stringent regulations through informal networks, utilizing social media, VPNs and in-person trading. China is a region that has some of the strictest regulations in the world regarding cryptocurrency trading, with authorities vigorously pursuing those involved in the sector. Perpetrators face the threat of arrest, penalties or jail time. But according to the WSJ, some Chinese dealers have not been deterred by these actions. Additionally, Ben Gagnon, chief…

FridayJan 26, 2024 10:30 am

Crypto’s Presence at Davos Shows Industry Is Regaining Shine

The crypto sector is reviving in the Swiss Alps, but its presence at the World Economic Forum (WEF) this year is more muted than it was in the heyday of crypto fever after a series of substantial declines in pricing and the turbulent demise of the crypto exchange, FTX, in November 2022. Notwithstanding these obstacles, influential figures in the cryptocurrency space flocked to Davos recently, spurred on by a recent victory. The U.S. Securities and Exchange Commission (SEC) approved the trading of Bitcoin-backed investment funds a few days prior to the event. The approval marked a substantial victory for the…

WednesdayJan 24, 2024 10:30 am

New X Payment Account Spurs Speculation in Crypto Community

X (formerly known as Twitter) has recently established a dedicated account signaling the imminent integration of a payment feature, sparking curiosity within the cryptocurrency community regarding the potential inclusion of digital assets. There is widespread speculation that X’s upcoming application update, expected by mid-2024, will introduce in-app payment services. However, the details about whether this feature will support transactions beyond conventional fiat currencies remain unconfirmed. While the newly created account has yet to share any posts, its verification status, indicated by the gold badge, confirms its legitimacy as an official organizational account. Furthermore, the presence of the distinctive X badge…