Day: July 5, 2023

IMF eyes tens of billions in crypto asset taxes, has few suggestions for collecting them

Governments have yet to address all the ways crypto might be taxed, the International Monetary Fund (IMF) has realized, and the amount of taxes not imposed or collected may reach well into the tens of billions of dollars. That insight does little to reduce the variety of challenges in taxing crypto, however. Crypto’s “semi-anonymity,” its dual nature as an investment vehicle and a means of payment, and its high volatility complicate the tax collectors’ task beyond their current abilities, a new IMF working paper said. There is no consensus yet…

Price analysis 7/5: BTC, ETH, BNB, XRP, ADA, DOGE, SOL, LTC, MATIC, DOT

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Bullish crypto traders are struggling to clear the overhead barrier in Bitcoin and select altcoins, indicating that bears have not given up yet. Bitcoin (BTC) continues to trade near the $31,000 level, making it an important resistance to watch out for in the short term. Some analysts believe the current consolidation could result in an upside breakout in Bitcoin. The institutional investors also seem to be positive about the prospects of a further rally in Bitcoin. CoinShares’ head of research James Butterfill said in a recent report that 98% of…

CEX crypto trading hits $2.7T in June amid SEC lawsuits, BlackRock Bitcoin ETF filing

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The combined spot and derivatives trading volume on centralized exchanges (CEXs) climbed 14.2% in June to $2.71 trillion, according to CCData’s monthly exchange report. Binance, Binance.US and Coinbase all saw their market share decline in the past month. As per the report, the first rise in trading volume in three months was backed by BlackRock’s exchange-traded fund (ETF) filing and regulators’ complaints against crypto exchanges Binance and Coinbase in the United States. Binance saw a surge in withdrawals following the Securities and Exchange Commission (SEC) lawsuit on June 5. As…

Actor Steve McQueen Honored Through ‘King of Cool’ NFT Collection on Theta

McQueen, who was known for his starring roles in movies like “The Cincinnati Kid,” “The Magnificent Seven” and “The Towering Inferno,” was also an avid motorcycle enthusiast. He participated in a number of races and collected many Triumph motorcycles and hot rods in his personal garage in Palm Springs, California. Original Source ActorCollectionCoolHonoredkingMcQueenNFTSteveTheta CryptoX Portal

Nifty Newsletter, June 28–July 4

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In this week’s newsletter, read about how stolen nonfungible tokens (NFTs) are sold within three hours after being pinched, and check out AzukiDAO’s plans to take back $39 million worth of Ether (ETH) from the founder of the Azuki NFT collection. In other news, investors in Logan Paul’s NFT gaming project CryptoZoo are still waiting for promised refunds from the YouTuber, and don’t forget this week’s Nifty News, featuring blue-chip NFT collections dropping in prices and Swiss bank Credit Suisse releasing NFTs to support women’s soccer.  Half of stolen NFTs…

Crypto user moves $160M in Bitcoin from Luna Foundation Guard wallet: Report

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An unknown party has moved more than $160 million worth of Bitcoin from a wallet reportedly tied to the Luna Foundation Guard (LFG), the organization connected to Terraform Labs and its co-founder, Do Kwon. According to a July 5 report, an individual or individuals transferred 5,292 Bitcoin (BTC) from an LFG address to a wallet seemingly not associated with Terra on July 3. The crypto was worth roughly $161 million at the time of publication. The transaction was the latest in a series of moves of crypto assets from LFG-controlled wallets…

Israeli Lawmakers Support Axing Crypto Capital Gains Tax for Foreigners

“Up until now, workers in the crypto industry had to pay double the tax on their options compared to workers in the traditional high-tech industry. Moreover, foreign investors in the blockchain industry were not entitled to the same benefits as those entitled to investors in the traditional high-tech industry,” Illouz said in a press statement. “This law amendment aims to balance the situation and eliminate the discrimination in taxation.” Source

HSBC trialing quantum-safe financial transaction network in the UK

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London–based HSBC, the eighth largest bank in the world, will conduct a series of trials and experiments utitlizing quantum encryption technology in collaboration with Amazon Web Services, BT, and Toshiba. HSBC is the first bank to commit to trials on the new quantum “metro” network, a secure transaction system that utilizes unbreakable encryption to secure transactions via quantum cryptography. Developed by Toshiba in partnership with telecom giant BT, the quantum metro network is designed to allow unconditionally secure transactions between institutions. HSBC will trial several use-cases on the network including…