CryptoX – Cryptocurrency Analysis and News Portal Consultations cover authorization and conflict of interest rules for crypto companies under the landmark digital assets law Original Source The post EU’s ESMA Issues First Batch of Detailed Crypto Rules Under MiCA Law appeared first on CryptoX. CryptoX Portal
Trading volumes slumped 55% on Tuesday compared to Monday in a sudden market shift, data shows. Original
Share Share on Twitter Share on LinkedIn Share on Telegram Copy Link Link copied Binance.US has responded to the recent FUD over trading bitcoin cash (BCH) and maintaining the coin’s reserves. Binance.US encountered a temporary disruption in BCH withdrawals, which caused inconvenience to users. The issue arose due to a technical problem in the deposit sweeping system. Binance.US claims to maintain a 1:1 reserve policy to set the record straight. This means the exchange keeps an equivalent amount in reserve for every unit of BCH held by customers. We take…
MicroStrategy holds around 152,000 bitcoin, with a total cost basis of about $4.5 billion, and an average price of roughly $29,600, the note said. The market value of MicroStrategy’s cryptocurrency assets form about 0.78% of the total bitcoin in supply and account for around 20% of daily average BTC trading volume, the analysts wrote. Source
“In recent months, the Committee on Finance initiated a bipartisan effort to identify key questions that lie at the intersection of digital assets and tax law,” the letter said. “The Internal Revenue Code of 1986, as amended (IRC), draws distinctions between types of property, with no straightforward classification for digital assets. This uncertainty creates complex reporting issues for taxpayers …” Source
The central bank digital currency (CBDC) project in Russia made one large step closer to reality. On July 11, Gosduma, the lower chamber of the Russian parliament, passed a “digital rouble” bill in the third reading. Now the document faces confirmation in the higher chamber and, afterward, the President’s signature. The bill, the draft for which was last amended at the end of June, sets the legal definitions of “platform, ” participants” and “users”, as well as the general guidelines for the CBDC ecosystem. In the current framework, the Central…
Blockchain developer Pedro Magalhães claims that he has successfully reverse-engineered the source code of Brazil’s pilot central bank digital currency (CBDC). He revealed the existence of functions that empower a central authority to freeze funds or reduce balances. While concerns over such capabilities have been raised, the developer argues that there could be certain situations where these functions might prove beneficial. On July 6, the Banco Central do Brazil published the source code of the digital Brazilian real pilot project on the GitHub portal, emphasizing that it was solely intended…
The United States Government Accountability Office (GAO) found that blockchain technology can help facilitate oversight of various programs run by the Small Business Administration (SBA). The GAO explored the potential use of blockchain in SBA programs, which provides support to entrepreneurs and small businesses. In its report, the GAO highlighted blockchain’s ability to streamline and improve annual reporting, facilitating safe loans and monitoring business development progress among others. Small Business Administration: Exploring Potential Use of Blockchain https://t.co/rJ4e8OTsc8 — U.S. GAO (@USGAO) July 11, 2023 While the SBA has not considered…
Pro-Bitcoin (BTC) Investment veteran Cathie Wood is taking some profits from ARK Invest’s large Coinbase holdings by selling a small portion of its stash. On July 11, Wood’s investment firm ARK offloaded 135,152 Coinbase shares ($12 million) from one of its major exchange-traded funds (ETF), the ARK Innovation ETF. According to the trade notification seen by Cointelegraph, the amount sold made up 0.14% of the fund’s total holdings. The sale comes as the Coinbase stock price has sharply increased. On July 11, the price briefly surpassed $90, surging from around…
Companies that issue or own crypto will have to make disclosures in their financial statements from next year onwards, say draft rules. Source