Best crypto memes of the day – August 3rd

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• Japan implements tax exemption for token issuers

  TL;DR Breakdown Japan has implemented a recently passed law that will see token issuers exempted from paying taxes. The country is making moves to strengthen its regulatory framework. Description In a recent revision to the law by the National Tax Agency on June 20, token issuers in Japan have been relieved of the obligation to pay corporate taxes on unrealized cryptocurrency gains. This tax exemption, which comes into effect after the country’s government approved a proposal to eliminate taxes on paper gains of tokens … Read more In a recent revision to the law by the National Tax Agency on June 20, token issuers in Japan have been relieved of the obligation to pay corporate taxes on unrealized cryptocurrency gains. This tax exemption, which comes into effect after the country’s government approved a proposal to eliminate taxes on paper gains of tokens issued and held, aims to facilitate business activities involving token issuance. Japan exempts token issuers from paying unrealized gains tax The move to revise tax rules for cryptocurrencies has been under discussion by Japanese legislators since August of…

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• Why the UK wants to restrict what citizens can post on social media

  TL;DR Breakdown The UK’s FCA plans to apply its new consumer duty to social media posts to reduce harm from inappropriate financial promotions. The agency has concerns about ‘finfluencers’ misleading their followers due to their limited understanding of the financial products they promote. The regulator expects companies to monitor their affiliate links and ensure responsible communication. Description With an objective to curb the rising tide of financial misinformation and its consequential harm, the UK’s chief financial watchdog is set to bring social media under its oversight. The Financial Conduct Authority (FCA), intends to extend the application of its new consumer duty to social media posts. This decision comes as part of a … Read more With an objective to curb the rising tide of financial misinformation and its consequential harm, the UK’s chief financial watchdog is set to bring social media under its oversight. The Financial Conduct Authority (FCA), intends to extend the application of its new consumer duty to social media posts. This decision comes as part of a broader effort to stem what the regulator refers to as…

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• KuCoin report shows crypto adoption rate in Turkey

  TL;DR Breakdown A recent KuCoin report has shown the new crypto adoption rate in Turkey. Factors driving Turkey’s crypto adoption rate. Description In recent years, Turkey has witnessed a significant increase in crypto adoption as its population seeks alternatives to combat high inflation. According to a survey conducted by KuCoin, one of the world’s largest cryptocurrency exchanges, the adoption rate has risen from 40% to 52% over the past year and a half. This trend reflects a … Read more In recent years, Turkey has witnessed a significant increase in crypto adoption as its population seeks alternatives to combat high inflation. According to a survey conducted by KuCoin, one of the world’s largest cryptocurrency exchanges, the adoption rate has risen from 40% to 52% over the past year and a half. This trend reflects a growing interest in cryptocurrencies, particularly as a hedge against the depreciation of the Turkish lira, which has lost over 50% of its value against the US dollar. KuCoin report unveils crypto embrace in Turkey KuCoin’s “Understanding Crypto Users” report is based on the responses of…

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• U.S. Court orders SEC to respond to Coinbase’s rulemaking petition within seven days

  TL;DR Breakdown The U.S. Court of Appeals ordered the SEC to respond to Coinbase’s petition for clearer crypto regulations. The SEC is suing Coinbase, raising concerns about its approach to crypto regulation. The United States Court of Appeals for the Third Circuit has ordered the U.S. Securities and Exchange Commission (SEC) to clarify its stance on a rulemaking petition from Coinbase, the only publicly-traded cryptocurrency exchange in the United States. The Court asked SEC to respond within a week. This order comes in response to Coinbase’s Administrative Procedure Act challenge filed in April, which sought to compel the SEC to respond to its 2022 petition for formal rulemaking in the digital assets sector. Coinbase’s petition, pending since July, has been a clarion call for clearer regulatory guidelines for the burgeoning cryptocurrency industry in the U.S. The exchange has asked the SEC to answer 50 specific questions concerning the regulatory treatment of certain digital assets, including how tokens are classified as securities. Paul Grewal, Coinbase’s Chief Legal Officer, has been vocal about the need for regulatory clarity, stating that the SEC’s…

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• Binance Japan set to triple token offerings

  TL;DR Breakdown Binance Japan has set its sights on introducing a minimum of 100 tokens in the near future, marking a significant threefold increase from its current selection. A representative from Binance Japan revealed their strategic intention to collaborate with other local cryptocurrency exchanges in the Japanese market. Description Binance Japan, which recently initiated its full suite of services earlier this month, has unveiled ambitious plans to substantially expand its token offerings on its platform. According to a recent report from Bloomberg, the exchange has set its sights on introducing a minimum of 100 tokens in the near future, marking a significant threefold increase … Read more Binance Japan, which recently initiated its full suite of services earlier this month, has unveiled ambitious plans to substantially expand its token offerings on its platform. According to a recent report from Bloomberg, the exchange has set its sights on introducing a minimum of 100 tokens in the near future, marking a significant threefold increase from its current selection. In a recent online briefing, a representative from Binance Japan revealed their strategic intention…

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