Genesis Global Capital Files for Bankruptcy Protection

Genesis bankrot crypto

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…

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The TON Foundation launches TON Storage – a next generation file-storage solution

The Open Network

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…

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Bank of Russia stands against free crypto investment

Bitcoin trading

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…

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Japan set to ease 30% crypto tax on paper profits for token issuers

Mount Fuji Yokohama

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…

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Italy to impose 26% capital gains tax on crypto profits

Rome Italy crypto tax

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…

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Hong Kong working on investor protection regulations, says central bank exec

Hong Kong crypto

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…

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Putin wants to create new worldwide payment system

Bitcoin Russia

Over the weekend, Russian President Vladimir Putin raised the proposal of building a new blockchain-based global payments system for international settlements. Putin said that the new system shall involve a digital currency for transactions and must be independent of banks and third-party interferences. The latest announcement from the Russian President came while speaking at a Sberbank-organized artificial intelligence conference. Mr. Putin said that the existing global payments and financial transactions between countries are in jeopardy. This has been mainly due to the rising tensions between Russia and the West. Also,…

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Brussels to Put Out Digital Euro Law Shortly, ECB’s Lagarde Says

President of European Central Bank Christine Lagarde

The European Commission is going to present a legislative proposal for a digital euro in the near future, President of European Central Bank Christine Lagarde has indicated. EU legislators are expected to define the new currency’s legal tender status and determine its privacy features. EU Commission to Propose Legislation for Eurozone’s Digital Currency Authorities in the euro area have already made good progress in exploring the rationale and the potential benefits and risks of a central bank digital currency (CBDC), the head of the European Central Bank (ECB) noted during…

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Chinese central bank exec says digital yuan will offer ‘controllable anonymity’

Governor Yi Gang's Interview by CGTN

Chinese central bank governor Yi Gang, in a recent speech at Hong Kong Fintech Week, talked about the progress of their national digital currency called the digital yuan. He outlined the progress and the adoption of the national digital currency. During his speech, Yi noted that the digital yuan is being positioned as an alternative to cash in China, a country with a robust digital payment infrastructure. He added that “privacy protection is one of the top of the issue on our agenda.” He went on to describe the two-layer…

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$740M in Bitcoin exits exchanges

Bitcoin exchange netflow from all exchanges Source CryptoQuant

The amount of Bitcoin flowing out of cryptocurrency exchanges picked up momentum on Oct. 18, hinting at weakening sell-pressure, which could help BTC price avoid a deeper correction below $18,000. Bitcoin forming a “bear market floor” Over 37,800 BTC left crypto exchanges on Oct. 18, according to data tracked by CryptoQuant. This marks the biggest Bitcoin daily outflow since June 17, wh traders withdrew nearly 68,000 BTC from exchanges. Moreover, over 121,000 BTC, or nearly $2.4 billion at current prices, has left exchanges in the past 30 days. A spike in…

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Hacker steals $950,000 from crypto vanity address as exploits continue

hacker NFT

A hacker has stolen $950,000 in ether from a crypto wallet via the same vanity address exploit linked to an attack on trading firm Wintermute last week. The hacker stole 732 ETH on Sept. 25 and sent it directly to the sanctioned cryptocurrency mixing service Tornado Cash, according to PeckShield citing on-chain data. Here it will have been mixed with other cryptocurrency and withdrawn to the hacker’s own wallet. The exploit was made possible due to the recent vanity address weakness that was picked up on GitHub in January but…

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Apple Guzzling 30% Commission on In-App NFT Purchases, New Report Reveals

A report by The Information claims that Apple is pressuring companies to pay its customary 30% fee for in-app purchases on all NFT trades, discouraging startups from providing services to the users of the tech giant. “So far, though, most see some obstacles, including the up to 30 percent commission Apple charges on in-app purchases, as well as pricing conventions that are difficult to apply to volatile digital assets,” the report added. The media outlet also quoted Magic Eden’s co-founder and chief technology officer, Sidney Zhang, who revealed that because…

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Abu Dhabi regulator introduces its ‘guiding principles’ for crypto

Abu Dhabi

The Financial Services Regulatory Authority (FSRA), the financial regulator of Abu Dhabi Global Market free economic zone (ADGM), published its “Guiding Principles” on its approach to digital asset regulation and supervision. Friendly in tone to the crypto industry, the principles pledge to comply with international standards in Anti-Money Laundering (AML), combating the financing of terrorism (CFT) and supporting financial sanctions. Five principles were published without date specification on the official webpage of the ADGM. They go under the titles of Internationally Recognised Regulatory Framework, Dynamic and Market-Oriented Regulations, Risk-focused and…

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ETH whales move holdings onto exchanges before Merge

Ethereum’s top 10 exchange and non-exchange wallets Santiment

The top 10 Ethereum non-exchange addresses have seen an 11% decline in their holdings over the past three months, while on-exchange whale addresses have seen a 78% increase. The Ethereum blockchain is slated for one of the most significant updates since its inception as it transitions from its current proof-of-work mining consensus to a proof-of-stake (PoS) one. The Merge date is scheduled for Sept. 15, after the successful Goerli testnet integration — the final testnet merger before the actual transition. Ether (ETH), Ethereum’s native token, saw a bullish surge in…

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China begins next phase of CBDC testing with e-CNY payment for public transport

China train

According to multiple sources China officially began rolling out the next round of its central bank digital currency (CBDC) pilot test program. In the city of Guanzhou, it is now possible to pay for public bus rides with the digital yuan (e-CNY) CBDC on 10 transit routes, which is a first for the country. To do so, passengers simply need to download the e-CNY app, deposit funds and scan the QR code located in the bus payment section to pay for their ride. Similarly, the day before, the city of…

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