Day: March 24, 2022

What’s at Stake as Josh Jarrett Sues the IRS

While the IRS has failed to act on staking rewards, the world has continued to move to blockchain and blockchain has started to shift to proof-of-stake. Staking is already a multibillion-dollar industry and America is home to some of the largest and fastest-growing players in the staking ecosystem. Staking is also performed by individuals throughout the U.S., including Josh Jarrett, who help secure the protocols they participate in and get exposure to the upside of these protocols through staking rewards. Many of the largest U.S-based crypto exchanges have also started…

Malaysian deputy finance minister responds to proposal to legalize Bitcoin

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An official at the Ministry of Finance of Malaysia reportedly opposed the idea of adopting cryptocurrencies like Bitcoin (BTC) as a payment method following recent crypto-friendly proposals by the deputy communications minister. Malaysia has no plans to recognize BTC as legal tender, deputy finance minister Mohd Shahar Abdullah said in a parliamentary meeting on Thursday, according to a Bloomberg report. “Cryptocurrencies like Bitcoin are not suitable for use as a payment instrument due to various limitations,” Mohd Shahar declared, citing risks like volatility and potential cyber threats. Instead of adopting…

IOSCO says DeFi is quickly evolving and ‘cloning financial markets’

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As decentralized finance (DeFi) space grows, regulators are giving more effort to conducting research and providing a means to better understand the emerging industry. Today, the International Organization of Securities (IOSCO) published a report that aims to give a perspective on DeFi and highlight some areas that may be potential areas of concern to regulators. According to the report, DeFi is growing and many of its mechanisms are very similar to traditional financial markets. Total Value Locked in DeFi. Source: IOSCO report Apart from mirroring traditional finance, IOSCO mentions that…

Lunar Labs Co-Founder Luke Youngblood Talks Moonwell Artemis and Over-Collateralized Loans – Interview Bitcoin News

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Moonwell is an open lending and borrowing DeFi protocol on Moonbeam and Moonriver. Moonwell’s composable design can accommodate a full range of DeFi applications in the greater Polkadot and Kusama (DotSama) ecosystem. Luke Youngblood is the co-founder of Lunar Labs, which is developing the Moonwell DeFi protocol. Luke has decades of experience working in tech, is a former Coinbase and AWS Principal Engineer, and also built Coinbase Staking Rewards. He recently joined the Bitcoin.com News Podcast to talk about the technology: Luke Youngblood, Co-Founder, Lunar Labs Moonwell recently secured a…

Interlay aims to advance Bitcoin’s DeFi potential with new interoperable bridge

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Interlay, a newly appointed Polkadot (DOT) parachain network, is nearing the completion of a two-year Bitcoin (BTC) bridge development project on Polkadot, with the launch announcement on its sandbox platform Kusama. Additionally, Interlay has integrated a Wrapped Bitcoin (wBTC) digital asset, known as kBTC, on their Canary parachain Kintsugi. The asset is already available for trading on two other Polkadot parachains — Karura, governed by Acala, and Moonriver, governed by Moonbeam. It is expected that Interlay will seek to deploy its technology across both Cosmos and Ethereum during the coming year…

Sotheby’s Expands NFT Arm With Liverpool FC Partnership

“Prior to this project, [Sotheby’s Metaverse] has been focused mainly on crypto-native art. But we can see this project driving into sports, we can also see this in entertainment, fashion and music in the future,” Sebastian Fahey, managing director of Sotheby’s, told CoinDesk in an interview. Source

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India’s new tax policies could prove fatal for crypto industry

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Indian crypto tax policy has become the hottest topic for Indian crypto traders and exchange operators as it is set to become law on March 24 and will come into effect starting on April 1.  The proposed 30% crypto tax is the highest in the country and is equivalent to the tax imposed on gambling and lottery tickets. While the high tax bracket was already a cause of concern for many new and small traders, a recent clarification from the government has made things even more complicated for the Indian…

Abu Dhabi Global Market Regulatory Arm Unveils Document Proposing Changes to Virtual Asset Regulations – Regulation Bitcoin News

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The Financial Services Regulatory Authority (FSRA), a regulator in the United Arab Emirates (UAE)’s financial center and free zone, the Abu Dhabi Global Market (ADGM), has released a consultation paper that proposes amendments to regulations that govern the use of virtual assets. Regulator Seeks to Amend Requirements for Public Keys A regulator in the Abu Dhabi Global Market (ADGM) — a financial centre and free zone located in the UAE — has unveiled a consultation paper proposing amendments to the regulatory framework that governs the use of virtual assets. The…