Day: February 3, 2023

Uzbekistan Collects Over $300,000 From Crypto Sector – Taxes Bitcoin News

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While operations with digital assets are not taxed in Uzbekistan, the government is receiving a growing amount of revenues from the industry. The increase in budget receipts has been attributed to the licensing regime and the introduction of fees for crypto companies. Crypto Exchange in Uzbekistan Pays Over $10,000 a Month to the State Coffer Licensed crypto firms have paid 3.5 billion Uzbekistani som (more than $310,000) to the budget in the course of 2022, Uzbekistan’s regulatory authority responsible for the oversight in the sector revealed during a press conference,…

Filecoin Creator Protocol Labs Cuts 21% of Staff

CryptoX – Cryptocurrency Analysis and News Portal Protocol Labs, the company behind decentralized file storage network Filecoin, is laying off 21% of its staff, CEO Juan Benet announced in a blog post on Friday. Source The post Filecoin Creator Protocol Labs Cuts 21% of Staff appeared first on CryptoX. CryptoX Portal

Top US Crypto Exchange Coinbase Adds Ethereum Staking Altcoin to Listing Roadmap

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Top US crypto exchange Coinbase has added the altcoin Liquid Staked Ethereum (LSETH) to its listing roadmap. Liquid Staked ETH is a new “receipt token” investors receive when they stake their Ethereum (ETH) with the Liquid Collective, a liquid staking protocol. The Liquid Collective notes its staking method differs from traditional staking, where users lock up their tokens. “Whereas traditional methods of staking are subject to bonding and unbonding periods (ranging from days to weeks), liquid staking provides stakers with increased liquidity and capital efficiency. Token holders stake their token…

Crypto Exchange Woes Continue: Kraken Reportedly Shutters Regional Headquarters As Bittrex Lays Off 83 Employees

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A new report finds that crypto exchanges Kraken and Bittrex are downsizing amid the continued turmoil in the digital asset space. Bloomberg reports that San Francisco-based Kraken shuts down its Abu Dhabi office less than a year after receiving a license to operate a regulated exchange platform in the United Arab Emirates (UAE). The third-largest crypto exchange is laying off 30% of its global workforce as a result of the crypto winter. A spokesman says Kraken already dismissed the majority of its team focused on the Middle East and North…

The IBM–Maersk blockchain effort was doomed to fail from the start

Blockchain projects continue to experience failure rates in excess of 90%, and it seems that with every passing moment, more and more “successful” companies add their underperforming blockchain project to the graveyard. One of the most recent blockchain failure victims was Moller-Maersk, which recently announced the termination of its highly publicized TradeLens offering — a global trade platform built on IBM blockchain technology.  These failures, however, were totally predictable and, in many cases, would be avoidable if companies more closely observed certain lessons in innovation diffusion. Lesson 1: Innovation is…

Decentralized Lending Protocol Centrifuge Accrues $6M Unpaid Debt

Centrifuge’s loan dashboard also shows there are four loans worth $3.3 million late with payment in its REIF pool, which provides capital to finance commercial real estate mortgages. However, REIF Financial Investments, which is an investment company that focuses on commercial real estate acquisitions, said in an email that all loans had an option to extend with an additional 12 months, thus avoiding default. The firm added that it contacted Centrifuge to update the dashboard. Source

Experts Predict Future Regulation of Crypto Exchanges by 2025, With Split Opinion on Similarity to Traditional Finance – Regulation Bitcoin News

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Following finder.com’s reports on bitcoin and ethereum predictions, the product comparison site polled 56 specialists in the fintech and cryptocurrency industry to gauge their thoughts on future regulation of crypto exchanges. The experts predict that virtual currency trading platforms will be regulated, but not until 2025 or 2030. When regulation does occur, 76% of Finder’s panelists expect the trading platforms to be treated similarly to traditional financial institutions. 87% of Finder’s Fintech and Crypto Experts Believe Exchanges Must Disclose Proof-of-Reserves Audits A recently published report from finder.com, which polled 56…

TZero to Sunset tZero Crypto App Amid Regulatory Challenges

TZero Crypto was launched in 2019 with the idea of creating the first platform where customers could trade cryptocurrencies, blockchain-based securities and traditional stocks with a single app, pending regulatory approval. But those aspirations were complicated by the firm’s run-ins with regulators and other controversies. Source AppChallengesCryptoRegulatorySunsettZERO CryptoX Portal

Sam Bankman-Fried’s holding company files for bankruptcy

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Emergent Fidelity Technologies, a Sam Bankman-Fried holding company based in Antigua and Barbuda, has filed for bankruptcy protection. According to court records filed on Feb. 3, Emergent Fidelity Technologies submitted a voluntary petition to declare bankruptcy under a Chapter 11 filing in United States Bankruptcy Court for the District of Delaware. The company was already the target of a lawsuit filed by crypto lending firm BlockFi in November regarding the status of roughly 55 million shares of Robinhood. The Robinhood shares — worth more than $590 million at the time…