TL;DR Breakdown The SEC is at a pivotal moment after numerous setbacks in the crypto arena. Michael Anderson predicts a strategic communication shift from the SEC, signaling their control over the crypto industry. Wall Street joins in the criticism, with many seeing the SEC’s actions as power grabs. Description The clock is ticking on the US Securities and Exchange Commission (SEC) to regain its tarnished image after consecutive missteps in the cryptocurrency sphere. The embattled agency now stands at a precipice, where its actions could spell redemption or deepen its quagmire. But amidst the rubble of criticism, there might just be a lifeline for … Read more The clock is ticking on the US Securities and Exchange Commission (SEC) to regain its tarnished image after consecutive missteps in the cryptocurrency sphere. The embattled agency now stands at a precipice, where its actions could spell redemption or deepen its quagmire. But amidst the rubble of criticism, there might just be a lifeline for the regulatory giant. Strategy Pivot in the Making Michael Anderson, of Framework Ventures, has forecasted a seismic shift…

TL;DR Breakdown Harvard’s Christine Kim highlights potential tax evasion in the Metaverse. Metaverse’s wealth accumulation needs a fitting tax code to prevent misuse. Kim proposes immediate taxation on all Metaverse income, even unrealized gains. Two enforcement methods: platforms withholding taxes or residence taxation. Description The Metaverse, the dazzling digital frontier that has captivated tech enthusiasts and investors alike, is facing a fresh crossroad. Christine Kim, a renowned legal scholar from Harvard and a law professor at Yeshiva University, has turned the spotlight on a gaping issue: potential tax evasion within the Metaverse. Kim’s recently unearthed findings highlight the necessity … Read more The Metaverse, the dazzling digital frontier that has captivated tech enthusiasts and investors alike, is facing a fresh crossroad. Christine Kim, a renowned legal scholar from Harvard and a law professor at Yeshiva University, has turned the spotlight on a gaping issue: potential tax evasion within the Metaverse. Kim’s recently unearthed findings highlight the necessity to address this flaw before it morphs into a fiscal catastrophe. Addressing the Digital Tax Haven For the uninitiated, the Metaverse stands as…

TL;DR Breakdown Western sanctions against Russia have unintentionally strengthened ties among BRICS nations. BRICS, originally consisting of Brazil, Russia, India, China, and South Africa, recently expanded to include several new members. Post-sanctions, India and China have increased Russian oil imports and explored payment methods outside of the US dollar. Description Amidst the chaotic global energy landscape, the bond among BRICS nations seems to have only grown stronger, largely due to Western sanctions against Russia. The implications of these sanctions, which were a direct response to Russia’s Ukraine invasion, have reverberated beyond Moscow’s curtailed oil revenue. They have inadvertently nudged BRICS closer together, solidifying their alliance … Read more Amidst the chaotic global energy landscape, the bond among BRICS nations seems to have only grown stronger, largely due to Western sanctions against Russia. The implications of these sanctions, which were a direct response to Russia’s Ukraine invasion, have reverberated beyond Moscow’s curtailed oil revenue. They have inadvertently nudged BRICS closer together, solidifying their alliance further. The Unintended Consequences of Western Sanctions While the West’s intent was to penalize Russia, these actions…

TL;DR Breakdown The Australian Senate Committee on Economics Legislation recommended against passing the Digital Assets (Market Regulation) Bill 2023, introduced by Opposition Senator Andrew Bragg, which aimed to establish a comprehensive framework for digital assets. A dissenting report from Senators Bragg and Dean Smith suggested minor amendments to the bill and urged for its passage, emphasizing the need for a structured approach to digital asset regulation and tax treatment in Australia. The committee’s decision has sparked a debate on the future of crypto regulation in Australia, with the dissenting report arguing that the current government approach is detrimental to consumers and investment in the digital asset sector. Description The Senate Committee on Economics Legislation has advised against passing Senator Andrew Bragg’s Digital Assets (Market Regulation) Bill 2023. The committee’s decision was officially communicated on September 4, recommending that the government continue researching the topic rather than enacting the proposed legislation. Dissenting voices advocate for minor amendments While the committee’s majority opinion was against … Read more The Senate Committee on Economics Legislation has advised against passing Senator Andrew Bragg’s Digital…

TL;DR Breakdown Bitfinex has disclosed that it holds Bitcoin as a long-term investment, although specific figures are not revealed. Paolo Ardoino, Bitfinex’s CTO, advocates for crypto exchanges to reinvest profits into Bitcoin, highlighting Bitfinex’s commitment. Tether plans to allocate up to 15% of its profits to Bitcoin, shifting its reserves away from U.S. government debt. Description In a recent revelation, Bitfinex has disclosed its strategic commitment to Bitcoin (BTC). Historically, the platform has retained some of its trading fee earnings in Bitcoin. This move showcases Bitfinex’s unwavering faith in the pioneering cryptocurrency. However, the exact figures remain undisclosed. Bitfinex’s Chief Technical Officer, Paolo Ardoino, took to Twitter on Sunday. He emphasized … Read more In a recent revelation, Bitfinex has disclosed its strategic commitment to Bitcoin (BTC). Historically, the platform has retained some of its trading fee earnings in Bitcoin. This move showcases Bitfinex’s unwavering faith in the pioneering cryptocurrency. However, the exact figures remain undisclosed. Bitfinex’s Chief Technical Officer, Paolo Ardoino, took to Twitter on Sunday. He emphasized that crypto exchanges, which have reaped significant benefits from Bitcoin, should…

Description The ebb and flow of China’s economic status have not only kept global spectators on edge, but now, alarm bells are resounding in the very halls where policymakers decide the nation’s fate. It seems the Dragon’s economic vitality, once envied worldwide, is now treading on thin ice. Dwindling Trade and Inflation Indicators: A Prelude to … Read more The ebb and flow of China’s economic status have not only kept global spectators on edge, but now, alarm bells are resounding in the very halls where policymakers decide the nation’s fate. It seems the Dragon’s economic vitality, once envied worldwide, is now treading on thin ice. Dwindling Trade and Inflation Indicators: A Prelude to Trouble Recent data on China’s trade and inflation suggests a recovery that’s teetering on the edge. Reports from last Thursday paint a grim picture. Despite marginal improvements since July, both imports and exports still fell short in August compared to last year’s figures. When an economic giant like China shows signs of contraction in its trade, the entire global market tends to take notice. Moreover, deflation,…

TL;DR Breakdown China recognizes virtual currency as property under criminal law, while Wuhan nullifies a mining contract. HashKey Exchange opens BTC/USD and ETH/USD trading in Hong Kong; South Korea mandates crypto exchange reserves for user compensation. Binance ponders exiting Russia; TRYB stablecoin pegged to Turkish Lira surges in market cap. Description As we navigate another eventful week in Asia’s crypto sphere, it’s clear that the industry is anything but dormant. From China’s intriguing stance on virtual currencies to major movements in Hong Kong’s trading platforms, let’s dissect the major events that have shaped the industry this week. Contents hide 1 China: Walking a Tightrope 2 Hong … Read more As we navigate another eventful week in Asia’s crypto sphere, it’s clear that the industry is anything but dormant. From China’s intriguing stance on virtual currencies to major movements in Hong Kong’s trading platforms, let’s dissect the major events that have shaped the industry this week. Contents hide 1 China: Walking a Tightrope 2 Hong Kong: Stepping Up the Game 3 South Korea: Navigating Tricky Waters 4 Japan & India: Charting…

TL;DR Breakdown Tharman Shanmugaratnam, former chairman of the Monetary Authority of Singapore (MAS), won Singapore’s presidential election with 70% of the vote. With a long career in finance and governance, including being short-listed for the IMF’s top job, Shanmugaratnam brings extensive experience to the presidency but has expressed skepticism towards cryptocurrencies. His election could signal a more conservative approach to digital assets in Singapore, a nation otherwise known for its technological innovation, especially as it comes on the heels of regulatory changes and high court rulings on cryptocurrencies. Description Tharman Shanmugaratnam, former chairman of the Monetary Authority of Singapore (MAS), clinched the Singaporean presidency with a commanding 70% of the vote. The election results, confirmed on September 2, revealed that Shanmugaratnam defeated contenders Ng Kok Song and Tan Kin Lian, setting the stage for his swearing-in ceremony on September 14. A storied career in … Read more Tharman Shanmugaratnam, former chairman of the Monetary Authority of Singapore (MAS), clinched the Singaporean presidency with a commanding 70% of the vote. The election results, confirmed on September 2, revealed that Shanmugaratnam defeated…

TL;DR Breakdown South Korea is drafting a new bill to track and freeze North Korean cryptocurrency assets in response to rising cybersecurity threats. A high-ranking official highlighted the urgent need for improvements in South Korea’s existing cybersecurity framework. The new legislation introduces methods to “track and neutralize” digital assets acquired by North Korea through illicit activities. Description In a swift response to rising cybersecurity threats, South Korea is drafting legislation to track and freeze North Korean cryptocurrency assets. The move comes amid revelations that North Korea pilfered around $1.28 billion in Bitcoin and Ethereum last year alone as part of a larger haul exceeding $3 billion over the past five years. Drawing … Read more In a swift response to rising cybersecurity threats, South Korea is drafting legislation to track and freeze North Korean cryptocurrency assets. The move comes amid revelations that North Korea pilfered around $1.28 billion in Bitcoin and Ethereum last year alone as part of a larger haul exceeding $3 billion over the past five years. Drawing attention to the urgency, a high-ranking government official emphasized, “The…

TL;DR Breakdown Binance CEO Changpeng Zhao has remained resolute in the wake of regulatory scrutiny on his company. CZ predicts change positive change on the horizon. Description Binance CEO Changpeng Zhao, known as CZ, remains resolute in the face of regulatory scrutiny and negative media attention directed at his cryptocurrency exchange. Instead of being deterred by recent challenges, he views them as an opportunity for Binance to showcase its credibility amidst what he refers to as “FUD” (Fear, Uncertainty, and Doubt). During … Read more Binance CEO Changpeng Zhao, known as CZ, remains resolute in the face of regulatory scrutiny and negative media attention directed at his cryptocurrency exchange. Instead of being deterred by recent challenges, he views them as an opportunity for Binance to showcase its credibility amidst what he refers to as “FUD” (Fear, Uncertainty, and Doubt). During a recent Twitter Spaces event, CZ took a stand against critics who have attempted to draw parallels between Binance and FTX, a cryptocurrency exchange operated by his former rival Sam Bankman-Fried. CZ counters critics amid regulatory scrutiny FTX has faced…