Bitcoin News and Finance: What You Need to Know

Portugal, one of the countries considered a crypto tax haven due to its absence of crypto-related taxation, is preparing to change this policy. Fernando Medina, minister of finance of Portugal, stated that the country is working on a framework to allow the taxation of cryptocurrency income gains following the principles of “justice” and “efficiency,” and declared that there cannot be gaps for any income gains to be obtained without taxation. Portugal to Tighten Cryptocurrency Taxation Policy Portugal, one of the countries that has been touted as a crypto haven due to the absence of taxation in this regard, is working on the establishment of laws that will allow it to tax these digital assets. The statements on the subject were made by the minister of finance of the country, Fernando Medina, during a state budget discussion. Medina explained: Several countries are building their models regarding this matter and we are going to build ours. I do not want to commit myself to a date ...

The Securities and Exchange Board of India (SEBI) has reportedly proposed banning public figures, including celebrities and sportsmen, from advertising and endorsing crypto products. The regulator also proposed that public figures be held liable for any law violations when promoting crypto products. SEBI’s Crypto Advertising and Endorsement Proposal The Securities and Exchange Board of India (SEBI), the country’s securities and commodity market regulator, has proposed prohibiting public figures, including celebrities and sportsmen, from endorsing crypto products, Businessline reported last week. In addition, the regulator proposed requiring advertisers to disclose possible law violations. SEBI recently shared its view on the subject with India’s Parliamentary Standing Committee on Finance when it was questioned about various crypto issues, sources told the publication. The regulator subsequently submitted a detailed written response to the committee. The Indian Ministry of Finance...

Iran’s Ministry of Intelligence has reportedly blocked almost 10,000 bank accounts over suspicious foreign currency and cryptocurrency transactions. The action was carried out in collaboration with the country’s central bank. 9,219 Bank Accounts Blocked Iran’s Ministry of Intelligence issued a statement Saturday stating that it has blocked a number of bank accounts due to suspicious foreign currency and cryptocurrency transactions, local media reported. The ministry detailed: A total of 9,219 bank accounts belonging to 545 individuals were blocked. The statement adds that the total transaction value blocked was over 60 trillion Iranian tomans, which is approximately $2 billion based on the daily dollar exchange rate in the Iranian open market. Iran’s currency recently hit a four-month low against the U.S. dollar. However, the ministry did not provide any details on the accounts or how much of the turnover was in digital currency. The Ministry of Intelligence’s action was carri...

Former Federal Reserve chairman Ben Bernanke says the main use of bitcoin is “mostly for underground economy activities and often things that are illegal or illicit.” He added, “I don’t think bitcoin is going to take over as an alternative form of money.” Ben Bernanke on Bitcoin, Cryptocurrency Former Federal Reserve chairman Ben Bernanke shared his view on bitcoin and other cryptocurrencies in an interview with CBNC Monday. Bernanke is an economist who served two terms as the chairman of the U.S. Federal Reserve, from 2006 to 2014. He oversaw the Fed’s response to the late 2000s financial crisis during his tenure as chairman. Noting that the values of bitcoin and other cryptocurrencies change minute-to-minute, he said Monday: They’ve been successful as a speculative asset. However, he pointed out that “They were intended to be a substitute for fiat money,” adding that “in that respect, they have not succeeded.” He continued: “If bitcoin were a substitute for fiat money, you ...

Grayscale Investments has announced the launch of an exchange-traded fund (ETF) in Europe. The company’s Future of Finance UCITS ETF will list on the London Stock Exchange (LSE), Borsa Italiana, and Deutsche Börse Xetra. Grayscale Launches ETF in Europe Grayscale Investments, the world’s largest digital asset manager, announced Monday the launch of its first European exchange-traded fund (ETF) called Grayscale Future of Finance UCITS ETF (ticker: GFOF). It will list on the London Stock Exchange (LSE), Borsa Italiana, and Deutsche Börse Xetra, the company said. The announcement details: GFOF UCITS ETF tracks the investment performance of the Bloomberg Grayscale Future of Finance Index and seeks to offer investors exposure to companies at the intersection of finance, technology, and digital assets. UCITS ETFs are products domiciled in European markets that are subject to the Undertakings for the Collective Investment in Transferable Securities regulation. The GFOF UCITS ETF is G...

David Marcus, former cryptocurrency head at Meta, is launching Lightspark, another payments company that will use crypto as its central payment tool. The startup, which will have Marcus at the helm as CEO, also features some of Meta’s former employees and will explore the possibilities of using the layer 2 Lightning Network (LN) as a vehicle for bitcoin payments. Meta’s Former Crypto Boss Kickstarts Lightspark David Marcus, former cryptocurrency project boss at Meta, is doubling down on the importance he thinks crypto might have for payments in the future. Marcus announced this week on social media he and others were launching a cryptocurrency company called Lightspark that aims to harness the capabilities of crypto for the payments area. Marcus is not alone in this task. He took on some of the former Meta employees for this startup. While the details of the company are still scarce, Marcus explained that Lightning Network (LN), the second layer scalability protocol for Bitcoin, ...

The Tezos Foundation recently said it has committed $1.23 million to a fund that will be used to collect non-fungible tokens (NFTs) created by African and Asian artists. Photographer Misan Harriman has been selected as the curator of the foundation’s permanent art collection. Supporting a New Generation of Artists The Swiss non-profit organization, Tezos Foundation, recently said it has committed about $1.23 million (£1 million) to a fund, which will be used to collect non-fungible tokens (NFTs) of upcoming artists from Africa and Asia. The artists’ works will be curated by Misan Harriman, a renowned photographer and one of the pioneers in the making and collection of NFTs. As per The Art newspaper report , Harriman — the chair of London’s complex of artistic venues, Southbank Center — will also focus on acquiring the works of artists from regions with less representation in the NFT community. Commenting on his role as the curator of Tezos Foundation’s so-called permanent art coll...

A soccer referee’s decision to toss a bitcoin before the start of a recent match between Istanbul giants Beşiktaş and Fenerbahçe has sparked controversy in Turkey. The country’s football authority is trying to establish why a crypto coin was used for the ritual when that role should have been reserved for the Turkish lira. Bitcoin Coin Toss at Soccer Game Under Investigation in Turkey The latest clash between Istanbul soccer clubs Beşiktaş and Fenerbahçe ended in a 1-1 draw but it’s not the tight game that drew the most attention, the Turkish daily Hürriyet wrote in article about the sports event. With photos posted on social media showing the referee flipping a Bitcoin-branded coin, it’s the kick-off ceremony that came to the forefront, the newspaper notes. Before every soccer match, the referee would flip a coin to determine which team is going to start with the football. The Turkish Football Federation ( TFF ) is now examining the case as according to its rules, referees are on...

The British Treasury Department has affirmed its commitment to regulate stablecoins after the collapse of terrausd (UST) and terra (LUNA). “This will create the conditions for issuers and service providers to operate and grow in the U.K., whilst ensuring financial stability and high regulatory standards,” said an HM Treasury spokesperson. Regulation of Stablecoins in the UK HM Treasury, the U.K. Treasury Department, is moving forward with plans to regulate payment stablecoins despite a crypto market meltdown last week, The Telegraph reported Saturday. The affirmation followed the collapse of Terra which saw algorithmic stablecoin terrausd (UST) lose its peg to the U.S. dollar and terra (LUNA) fall to near zero. A HM Treasury spokesman said: Legislation to regulate stablecoins, where used as a means of payment, will be part of the Financial Services and Markets Bill which was announced in the Queen’s Speech. “This will create the conditions for issuers and service providers to ...

The effect of Terra’s demise continues to shine a light on the fragility surrounding the decentralized finance (defi) ecosystem. Things have changed a great deal following Terra’s aftermath, as the total value locked (TVL) in defi has plummeted from $231 billion to today’s $112.29 billion, losing 51.38% in 42 days. Defi TVL Plunges More Than 50% Since April 3, Terra Implosion Impacts Defi Economy the Most The total value locked in defi today is just above the $100 billion mark at $112.29 billion. While the TVL has been sliding since almost reaching an all-time high on April 3, last week’s Terra chaos removed most of the TVL held in decentralized finance protocols. In addition to commanding a $231 billion TVL 42 days ago on April 3, the Terra blockchain held $30.45 billion or 13.15% of the $231 billion aggregate at that time. Terra held the second-largest TVL in defi and today, Terra is in the 14th position with only $500.38 million. Out of Sunday’s $112.29 billion, Ethereum domina...

With the nightmare nosedive of Terra’s LUNA and UST, the Shanghai High People’s Court declaring that bitcoin is virtual property protected by Chinese law, a surge in Bitcoin Obituaries, and some hoping for a rare triple top to appear for BCT, the past week has been full of shock, questions, speculation, and broader market resilience in the crypto community. Without further ado, this is your bite-sized digest of the week’s hottest crypto news. Uncovering Terra’s Implosion — Terraform Labs’ Big Name Backers and ‘Zero Exposure’ Claims Terra’s founder Do Kwon revealed a plan on Wednesday, but after some brief healing, Terra’s native tokens LUNA and UST continued to plummet. Now people are beginning to wonder who backed this popular crypto project, and which crypto firms had a lot of exposure to the failing assets. Read More Shanghai High Court Declares Bitcoin Virtual Asset With Economic Value Protected by Chinese Law The Shanghai High People’s Court has declared bitcoin to be a vi...

Since the outbroke of the Russian-Ukrainian war, many celebrities, social activities, and visual artists joined the league of supporting Ukraine by cryptocurrency and NFT artworks. And the trend just doesn’t stop. Now, a group of top-notch artists bring the support and devotion to a brand-new level with long-lasting impact – the avatar NFT series. The absolutely stunning visuals, the breathtakingly painful images, the suffocatingly realistic resemblance of the ongoing cruelty, and the undying power of resilience truly set these artworks apart and earn them a solid place in the contemporary NFT art world. Avatars for Ukraine + MetaHistory A group of top video game industry professionals, credited for game hits Rainbow Six , Warframe , S.T.A.L.K.E.R. , and a billion-downloaded Asphalt franchise, together with the most talented Ukrainian digital artists created a charity NFT collection to help Ukraine. The collection will be released MAY 19 2022 on MetaHistory , an official Ukrai...

An African regulator has told members of the six-nation Economic and Monetary Community of Central Africa (CEMAC) that a ban on cryptocurrencies is still effective. The regulator said the prohibition is designed to ensure financial stability is maintained within the economic bloc. COBAC to Set Up System to Identify Crypto Transactions An African regulator, the Banking Commission of Central Africa (COBAC), has reminded members of a regional economic bloc that includes the Central African Republic (CAR) that its ban on cryptocurrencies remains in effect. The regulator’s latest warning follows the CAR’s recent decision to adopt bitcoin as the country’s “currency of reference.” According to a Reuters report , COBAC — a regulator of the banking sector in CEMAC — believes the prohibition will ensure financial stability. In a statement issued after it held a special meeting on May 6, the regulator reportedly said it will also take steps to identify and report crypto-related transactions. ...

The tourism organization in Portorož, a summer resort on the Adriatic coast of Slovenia, has decided to promote the destination using non-fungible tokens (NFTs). The project represents the digital component of this year’s campaign to attract visitors to the region. Tourists in Portorož to Collect NFTs and Win Prizes Shortly after the Slovenian Tourist Board ( STB ) issued a “sLOVEnia NFT” last month, Portorož, in the southwestern municipality of Piran, has now become the country’s first resort with its own non-fungible tokens. The main goal of the initiative is to showcase the two coastal towns as progressive, digital, and sustainable destinations, local media reported. “The door to the metaverse is opening, which will be a new market for future generations,” Alexander Valentin, director of the Portorož Tourist Association, has been quoted as stating during a presentation devoted to the innovations in Portorož. The new “destination NFTs” are meant to win visitors’ loyalty. Tourist...

The Nigerian securities regulator has announced new rules that govern the issuing of digital assets. The new rules also include registration requirements for platforms that offer digital assets. Initial Assessment Filing The Nigerian Securities and Exchange Commission (SEC) has announced new rules that govern the issuing of digital assets as securities. The regulations also include rules on the registration requirements for digital assets offering platforms (DAOPs). Virtual asset service providers (VASPs) and digital assets exchanges are covered in the new set of rules that were recently published by the commission. According to the new regulations , individuals or entities seeking to raise funds via a coin offering or a private sale of tokens must first submit an initial “assessment form and the draft white paper.” In the draft white paper, the commission says an entity seeking permission to operate must furnish it with “complete and current information regarding the initial digit...

Global market regulators are likely to launch a joint body within the next year to better coordinate cryptocurrency regulations, said a top executive of the International Organization of Securities Commissions (IOSCO). A Global Body to Coordinate Crypto Rules Top executives at the International Organization of Securities Commissions (IOSCO) discussed cryptocurrency regulation this week. Members of the global organization regulate more than 95% of the world’s securities markets in more than 130 jurisdictions. Emphasizing the need for a global group to align crypto rules, IOSCO Chair Ashley Alder said global market regulators are likely to launch a joint body within the next year to better coordinate cryptocurrency regulations, Reuters reported. Noting that similar setups are already in place for climate finance, including one set up by the G20 countries, Alder described: There isn’t anything like that for crypto at the moment … But I do think now it’s seen as one of the three C’s...

A commissioner with the U.S. Securities and Exchange Commission (SEC) expects to see stricter regulation on stablecoins. However, Treasury Secretary Janet Yellen says stablecoins are currently “not a real threat” to the country’s financial stability. SEC Commissioner on Stablecoin Regulation The regulation of stablecoins has been a hot topic this week following the Terra fiasco which saw UST losing its U.S. dollar peg and LUNA plunging to near zero. A commissioner with the U.S. Securities and Exchange Commission (SEC), Hester Peirce, talked about cryptocurrency regulation Thursday during an event hosted by the London-based Official Monetary and Financial Institutions Forum policy think tank. Peirce, who is known in the crypto community as “crypto mom,” indicated that tighter regulations on cryptocurrency, particularly stablecoins, could be coming soon. She was quoted as saying: One place we might see some movement is around stablecoins … That’s an area that has obviously this we...

Officials from the U.S., U.K., Canada, Australia, and the Netherlands have shared data and identified more than 50 crypto-related criminal leads, including one case that could be a $1 billion Ponzi scheme. Officials Share Data on Global Crypto Crime The heads of tax enforcement from the Joint Chiefs of Global Tax Enforcement (J5) countries met in London this week to share intelligence and data to identify sources of illegal cross-border crypto activity, Bloomberg reported Friday. The J5 was formed in response to the call to action from the Organisation for Economic Co-operation and Development (OECD) for countries to do more to tackle the enablers of tax crime. It’s comprised of the Australian Taxation Office (ATO), the Canada Revenue Agency (CRA), the Fiscale Inlichtingen- en Opsporingsdienst (FIOD), HM Revenue & Customs (HMRC), and the Internal Revenue Service Criminal Investigation (IRS-CI). During the meeting, the officials identified more than 50 crypto-related criminal l...

The Argentinian Senate has approved a bill that would allow the government to tax non-declared assets held in foreign countries by citizens of the country. This includes stocks, properties, bonds, and even cryptocurrencies. The purpose of the legistlation would be to collect more funds to pay the $45 billion debt that Argentina has with the International Monetary Fund (IMF). Asset Tax Bill Approved by the Argentinian Senate The Argentinian Senate has approved a new bill that would allow the government to tax assets held by citizens in foreign countries. The approved text determines that the government will tax all kinds of assets that have not been declared to the tax authorities before, including real estate, stocks, cryptocurrency, and any assets with economic value. The policy establishes these funds collected will be directly managed by the Economy Ministry. Depending on the time period and the goods owned, if approved, Argentinian citizens will have to pay up to 50% on these ...

Chainalysis, a cryptocurrency security and blockchain auditing firm, has announced it has completed a new funding round for its operations. The company raised $170 million in its Series F funding round, which was led by GIC — the Government of Singapore Investment Corporation — and also had the participation of earlier investors. With this capital influx, the company reached a valuation of $8.6 billion. Chainalysis Gets Investment From GIC Chainalysis, a cryptocurrency and blockchain auditing firm, has announced it raised $170 million in its latest funding round, with investments led by GIC, the Government of Singapore Investment Corporation. The Series F funding round also had the participation of earlier and new investors, including Accel, Blackstone, Dragoneer, Fundersclub, the Bank of New York Mellon, and Emergence Capital. With this new investment, the company reaches a valuation of $8.7 billion, in a context where crypto regulation is starting to be adopted by more countries ...

A push to prohibit the energy-intensive proof-of-work mining of cryptocurrencies in Norway has been rejected by the majority of lawmakers. The ban had been suggested by the far-left Red Party which also didn’t win backing to raise an electricity tax for crypto miners. Norway Will Not Ban Bitcoin Mining The parliament of Norway has considered and voted against a draft law banning the minting of digital currencies based on the proof-of-work concept. The legislation, which was proposed by the communist Red Party in March, was supported only by two other leftist parties, SV (the Socialist Left Party) and MdG (the Green Party). “We are obviously disappointed with the majority here,” Red lawmaker Sofie Marhaug told the E24 news portal. She added that the Norwegian society must determine its priorities regarding power usage. Her party says bitcoin mining is extremely energy-intensive and insists on putting an emphasis on the needs of other industries and climate change goals. However, as...

It normally takes a newly formed esports team 12-18 months to gel and experience success, however GAIMIN Gladiator’s Dota 2 team only formed in January 2022 and they are already rising in the Dota 2 rankings, qualifying in the Top 14 for the ESL One DOTA 2 Major this May in Stockholm, increasing their following and generating significant brand awareness for GAIMIN. Arseny Kuzminsky recently interviewed the founders of GAIMIN Gladiator’s about their Dota 2 team and its formation. In readiness for the DOTA 2 ESL One Major in Stockholm, we are proud to re-publish his article and interviews. In 2020 a breath of fresh air came to competitive Dota. Vikin.gg. These guys were able to fight back against the strongest teams for almost a year during the online era; brazenly, without fear or reproach, breaking well-known lineups in numerous tournaments. Upon closer acquaintance, it turned out that the players and the coach have unique chemistry — a mixture of strict discipline, fatherhood, brot...

The European Commission disagrees with some provisions in the crypto regulatory proposal approved recently by the European Parliament. The executive arm in Brussels is unhappy with certain anti-money laundering measures, according to a media report quoting unofficial correspondence. European Commission Working on Compromise Proposal for EU Crypto Rules Europe’s upcoming Markets in Crypto Assets ( MiCA ) legislation is facing challenges in the trilogue stage , less than two months after the European Parliament voted on the draft. Since then, discussions have been underway with the other two parties in the European Union’s legislative process — the Council of the EU and the European Commission (EC). An unofficial letter seen by the German crypto news portal BTC Echo has indicated that the Commission does not agree with some points in the texts approved by the lawmakers and is preparing amendments. The executive body expresses concerns specifically about certain measures aimed at com...

The African startup, Mara, recently said it has raised about $23 million in funding from organizations ranging from Coinbase Ventures to individual angel investors like Amit Bhatia and Hamad Alhoimaizi. Mara has also partnered with the Central African Republic (CAR) and will act as an adviser to the country’s president. Enhancing Africa’s Competitiveness An Africa-focused crypto startup, Mara, has raised $23 million in funding for building a so-called pan-African cryptocurrency exchange, a report has said. Participating in the startup’s capital raise were Coinbase Ventures, Alameda Research, Distributed Global, TQ Ventures, DIGITAL, Nexo, Huobi Ventures, Day One Ventures, and Infinite Capital. According to a report by Venture Beat, the funding round also attracted angel investors like Amit Bhatia and Hamad Alhoimaizi. In addition, about 100 crypto investors are said to have participated in the round. In his comments following Mara’s successful fundraise, the startup’s CEO Chi Nna...

One of the United Arab Emirates (UAE)’s leading airlines, Emirates Airline, said it has plans to add “bitcoin as a payment service.” The airline is planning to recruit personnel to create applications that monitor client needs. Two Different Applications and Approaches The United Arab Emirates (UAE)’s leading airline, Emirates Airline, will soon embrace “bitcoin as a payment service,” the company’s chief operating officer (COO) Adel Ahmed Al-Redha has said. In addition, the airline will add non-fungible token (NFT) collectibles on its webpage. Reports of the airline’s plan to embrace bitcoin come just a few weeks after it revealed its NFT and metaverse plans. As reported by Bitcoin.com News, the company’s goal with the metaverse launch is to ensure the airline is “aligned with the UAE’s vision for the digital economy.” In remarks published in Arab News, Al Redha hinted that his company may have to recruit employees to assist it in creating applications which monitor customer ne...

Ruja Ignatova, mastermind of the notorious pyramid Onecoin, is now one of Europe’s most wanted fugitives. Also known as the “Crypto Queen,” she disappeared almost five years ago, after the Ponzi scheme she led collected billions of dollars from defrauded investors around the world. Europol Seeks Information on Onecoin Inventor’s Whereabouts The European Union Agency for Law Enforcement Cooperation, Europol, is now offering a reward of up to €5,000 ($5,200) for any information that could lead to the arrest of Ruja Ignatova, suspected of masterminding one of the largest scams in crypto history, Onecoin. The announcement describes Ignatova, a doctor of law, as the “driving force and intellectual inventor of the alleged cryptocurrency Onecoin.” She is suspected of inducing investors all over the world to put money into “this actually worthless ‘currency’,” Europol notes. The agency also points out that the fraud-related losses to the Ponzi scheme that have been established so far ar...