Hey there, welcome back! Here is a recap of all that happened in the last 24 hours in the crypto community. With The Blockchain Bulletin, get to know the latest updates on institutional firms, tokens, market volatility, and even regulatory facts.
Russia’s Crypto Tax Bill Approval
Taking a major step in cryptocurrency regulation, the Federation Council in Russia approved the crypto tax bill. It has exempted transactions from VAT (value-added tax) while establishing a 15% income tax on trading. The bill brings clear rules for taxation to legalize crypto-related operations and increase the state income. Further, the bill introduced certain criteria for crypto mining. The mining infrastructure operators should inform client information to tax authorities. Also, the mining income will be taxed based on market values at the time of receipt.
South Korea’s Economic Adjustments
South Korea cuts down its rates by 25 basis points to 3%, marking its second consecutive reduction since 2009. This reduction comes amid a shift in global monetary dynamics and economic growth concerns. The rate cut reflects a focus on growth over currency stability as inflation moves to 1.3%. Following the deduction, the Korean won depreciated by 0.35, while the Kospi Index rose by 0.29%.
South Korea Embraces CARF to Enhance Tax Transparency
Bitwise Files for Crypto Index ETF
Bitwise files for 10 Crypto Index ETFs with the SEC featuring the top 10 cryptos based on their market value. Some of them are Bitcoin, Ripple, Cardano, Avalanche, Polkadot etc. This proposal points out the growing attention from investors on digital assets while addressing their demand for diversified crypto investment products. Each asset has been allocated a certain weight, with Bitcoin taking the bigger portion at 75.14% and Polkadot with the least at 0.30%.
Shibarium’s Potential Upgrade
Speculations are rife that the Shibarium ecosystem would get a major upgrade with Chainlink’s CCIP (Cross-Chain Interoperability Protocol). Kaal Dhairya, Shiba Inu’s developer, stated that the integration would enhance SHIB’s interaction with other blockchains effortlessly. Further, this will reduce time consumption. Earlier, transfer of funds took days, but with CCIP, it would likely be completed within 45 minutes.
Legal and Employment Disputes
Binance has come under scrutiny after an ex-employee filed a case against the crypto exchange. Amrita Srivastava accused the company of ‘firing’ her on false grounds. Earlier, Srivastava had complained to the firm about a colleague who had onboarded a client through bribery. However, a month later, Srivastava was relieved from her position, following which, she sued the firm. With the latest lawsuit, Binance’s regulatory issues are escalating, portraying the issues faced by centralized exchanges.
Bitcoin to attain $740 by 2028
On the market front, Bitcoin’s price correction sparks short-term holder losses but foresees a bullish run. At the time of writing, the coin is trading at $96K. Although expected to hit the $100K mark, its sharp decline highlighted the challenges in the ongoing bull market. Further, several analysts stated that BTC would likely reach $740K by 2028, based on demand from institutional adoption.
BTC Faces Critical Phase as ETH Eyes Breakout Potential
Meme Coin Debate Intensifies
Recently, the meme coin market has sparked controversy among investors. Due to some unhealthy practices, investors are reconsidering their investments in meme coins. The meme coin market, which was started in jest, has now become a platform for speculation. On a daily basis, the market witnesses stiff competition despite tokens like WIF, PNUT, and CHILLGUY receiving positive responses. However, the market has come under scrutiny after Pump.fun platform removed its livestream feature. This rash decision was undertaken to prevent users from viewing dangerous or abusive livestreams. Further, several phishing cases have been reported, challenging investor interest.
Conclusion
Overall, the crypto landscape has witnessed several achievements in regard to Russia’s crypto bill and South Korea’s interest price deduction. Further, SHIB’s integration on Chainlink’s CCIP and the ETF proposals from Bitwise are examples of further progression. However, with regulatory scrutiny on the meme coin market followed by Binance’s latest lawsuit highlights that the crypto world requires stringent guidelines for smooth functioning.
