Month: July 2023

Japan Blockchain Association Proposes Cryptocurrency Tax Reforms to Government

The Japan Blockchain Association (JBA), led by Representative Director Yuji Kano of bitFlyer, submitted a proposal for cryptocurrency tax reforms to the government on July 28, 2023. The JBA is advocating for a review of the current tax system, which they argue is hindering the growth of Web3 businesses in Japan. They are calling for a more conducive environment for citizens to hold and use cryptocurrencies. The specific requests in the proposal are as follows: 1. Abolish the year-end unrealized gain tax on tokens issued by third parties. In June…

US lawmakers raise concerns over Apple’s crypto and NFT policies

Two United States lawmakers have written to Apple CEO Tim Cook, raising concern about how the company’s guidelines may restrict crypto and NFTs. Congressman Gus Bilirakis of Florida and his Illinois counterpart Jan Schakowsky, on July 28, jointly sent a letter to Apple CEO Tim Cook expressing concern that Apple’s App Store guidelines could potentially curb the growth of emerging technologies such as blockchain and non-fungible tokens (NFTs).  Today, I sent a bipartisan letter to @Apple regarding iOS App Store policies and their impact on emerging technologies like blockchains and…

SEC Warns Accountants Not To Partake in Mislabeled ‘Audits’ for Crypto Exchanges

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The U.S. Securities and Exchange Commission (SEC) issued a warning to accountants this week, cautioning them to avoid partaking in misrepresented “audits” for crypto firms. Paul Munter, the chief accountant at the SEC, says in a new statement that crypto exchanges and other digital asset companies have been tapping accounting firms to review parts of their businesses and then passing those partial reviews off as “audits.” “As accounting firms increasingly engage in this sort of non-audit work, their clients’ marketing and terminology risks misleadingly suggesting that these alternative, non-audit arrangements…

Basic Attention Token to implement KYC-free on-chain payouts

In a recent community call, Basic Attention Token (BAT) founder Brendan Eich said the platform would implement on-chain BAT payouts without Know-Your-Customer (KYC). This development, he adds, is part of BAT’s ongoing roadmap, which aims to streamline rewards for Brave browser users while preserving their privacy. Introducing on-chain payouts represents a significant advancement for BAT. It offers users the convenience of receiving BAT rewards without revealing their identity. This could, in turn, enhance user experience. However, the ideal platform for on-chain payouts is still being discussed. Brendan said they are…

Privacy concerns raised as UK government advances Online Safety Bill

The U.K. Parliament is currently reviewing the Online Safety Bill (OSB) as a means of internet regulation. If approved, the government would be authorized to mandate messaging companies to create backdoors and require detailed reports of users’ online activity. As the bill approaches approval in UK’s highest chamber, the House of Lords, there are concerns about its potential consequences for global privacy and encryption standards. The bill’s critics argue that this approach may have implications for private conversations and could raise concerns about surveillance vulnerabilities. Stakeholders like the Electronic Frontier Foundation (EFF)…

What is InferKit AI? | Blockchain News

InferKit AI is an advanced artificial intelligence (AI) technology designed to generate human-like text based on the input provided. It’s a powerful tool that leverages the capabilities of machine learning and natural language processing to understand, interpret, and generate text that closely resembles human writing. Overview InferKit AI is built on a deep learning model, which allows it to understand and generate text in a way that is contextually relevant and grammatically accurate. It can be used in a wide range of applications, from content creation and copywriting to customer…

Shiba Inu Reclaims 14th Spot In Market After 5% Jump

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After a rough few months of slipping down the ranks, Shiba Inu is back in the top 15 cryptocurrencies by market cap. In the last 24 hours, the price of Shiba Inu has spiked in excess of 5%, allowing it to overtake cryptocurrencies like Wrapped Bitcoin and Bitcoin Cash to reach the 14th spot with a market cap of $4.8 billion. Shiba Inu Jumps 5% In 24 Hours, Reclaiming 14th Spot The price of the majority of cryptocurrencies seems to be plateauing in the past week, with some even losing…

Kansas Heartland Tri-State Bank closed by FDIC as banking crisis deepens

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The ongoing crisis surrounding the U.S. banking system struck again as Heartland Tri-State Bank of Elkhart was closed on July 29 by the Kansas Office of the State Bank Commissioner, with the Federal Deposit Insurance Corporation (FDIC) taking control.  On July 31, the four branches of Heartland Tri-State Bank will reopen as branches of Dream First Bank under normal business hours, the FDIC noted in a statement. Depositors of the failed bank will become customers of Dream First Bank, meaning that withdrawals, deposits, and loan transactions will be processed through…

Substituting cryptocurrency for gold exposure may be a costly mistake

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Viewing cryptocurrency as “digital gold” may be a mistake. State Street Global Advisors’ George Milling-Stanley, whose firm runs the world’s largest gold exchange-traded fund, believes cryptocurrency is no substitute for the real thing due its vulnerability to big losses. “Volatility does not back up any claims for crypto to be a long-term strategic asset as a competitor to gold,” the firm’s chief gold strategist told CNBC’s “ETF Edge” earlier this week. Milling-Stanley’s firm is behind SPDR Gold Shares, the world’s largest physically backed gold ETF. It has a total asset…

Wall Street supports senator’s push for strict crypto regulation

Senator Elizabeth Warren’s push for stricter regulations in the cryptocurrency ecosystem, particularly in the decentralized finance (defi) space, has gained support from bipartisan lawmakers.  The “Digital Asset Market Structure and Investor Protection Act” was recently reintroduced to address cryptocurrency-related crimes through more stringent policies.  The Bank Policy Institute (BPI), a trade group representing lenders, also supports the proposed bill. Regulating crypto like traditional banks  On July 28, Senator Elizabeth Warren, a Bitcoin (BTC) critic, joined forces with fellow senators to reintroduce the bipartisan legislation.  The bill mandates businesses to register with the…