UK fintech Revolut is launching a crypto staking feature that will enable users to gain returns on their holdings with additional crypto-based rewards. The feature will require Revolut users to participate in proof-of-stake blockchains to support the security of the network, akin to mining of many popular blockchains. UK and select EEA market users will be able to stake in various crypto blockchains such as Ethereum, Cardano, Polkadot and Tezos and can be compensated with rewards. Revolut crypto customers can earn up to 11.65% APY in rewards when staking in…

n the United States Bankruptcy Court for the Southern District of New York, Genesis Global Holdco (GGH) and two lending-related subsidiaries, Genesis Global Capital and Genesis Asia Pacific Pte. Ltd filed for Chapter 11 bankruptcy protection. According to the announcement, “Genesis’s other subsidiaries involved in the derivatives and spot trading and custody businesses and Genesis Global Trading are not included in the filing and continue client trading operations.” Yesterday, reports came in with speculation that Genesis is preparing to file for bankruptcy. The US SEC already charged Gemini and Genesis…

The TON Foundation has announced the long-awaited launch of TON Storage, a decentralized file-sharing and data storage solution that is set to solve a host of the issues posed by the volume of data our modern way of life requires. TON Storage is similar to peer-to-peer file sharing through “torrents,” but uses the TON (The Open Network) blockchain to transfer data through a decentralized, secure, and private computer network. In this way, users will be able to exchange files of any size freely and securely, with all data automatically backed…

Russia’s central bank is ready to consider allowing cryptocurrency use within the country, but only as part of a legal experiment, said governor Elvira Nabiullina. “It’s possible to consider transactions through an authorized organization in the country as part of an experimental legal regime, but that would require a relevant law,” Nabiullina stated during a Bank of Russia press conference on Dec. 16. The Bank of Russia’s primary objection to crypto has always been that it cannot be used as a payment instrument, Nabiullina emphasized. She added that the central…

The Japanese government is set to ease tax requirements for local crypto firms, as it pushes to stimulate growth in the domestic finance and tech sectors. At present, Japanese firms that issue crypto are required to pay a set 30% corporate tax rate on their holdings, even if they haven’t realized a profit through a sale. As such, a number of domestically founded crypto/blockchain firms and talent have reportedly chosen to set up shop elsewhere over the past few years. Japan’s ruling party, the Liberal Democratic Party’s (LDP) tax committee…

Italy is planning to tighten regulations on digital currencies in 2023 by expanding its tax laws to include cryptocurrency trading, according to budget documentation released on Dec. 1. Included in its 2023 budget are plans to impose a 26% levy on profits larger than 2,000 euros ( $2,062) made on cryptocurrency trading, according to Bloomberg. Historically, digital currencies have had lower tax rates because they have been considered “foreign currency.” If the proposed bill is signed into law, taxpayers will have the option to declare the value of their digital…

Central bank governors from around the globe are currently in Thailand to discuss the role of central banks amid evolving financial technology. The conference is jointly hosted by the Bank of Thailand (BOT) and the Bank for International Settlements (BIS). A panel discussion on digitalized monetary systems saw Eddie Yue, chief executive of the Hong Kong Monetary Authority, Changyong Rhee, governor of the Bank of Korea, Adrian Orr, governor of the Reserve Bank of New Zealand and Cecilia Skingsley from Bank for International Settlements discuss the rise of digital assets…