Tag: Digital

Banks still show interest in digital assets and DeFi amid market chaos

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The cryptocurrency sector is the Wild Wild West in comparison to traditional finance, yet a number of banks are showing interest in digital assets and decentralized finance (DeFi). This year in particular has been notable for banks exploring digital assets.  Most recently, JPMorgan demonstrated how DeFi can be used to improve cross-border transactions. This came shortly after BNY Mellon — America’s oldest bank — announced the launch of its Digital Asset Custody Platform, which allows select institutional clients to hold and transfer Bitcoin (BTC) and Ether (ETH). The Clearing House,…

Sony Files Patent to Use NFT Tech for Keeping Track of in-Game Digital Assets; Introduces Moments Market – Blockchain Bitcoin News

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Electronics giant Sony has filed a patent that describes the usage of NFT (non-fungible token) and blockchain technology to track the history of in-game digital assets. The filing describes the usage of this tech in order to record the story of modifications and ownership of the digital assets from a given game. Sony Might Use Blockchain to Track in-Game Items Sony has filed a patent to use NFT and decentralized ledger technology in order to record the movements and changes undergone by in-game digital assets. The filing, titled “Tracking Unique…

Bahamian securities regulator ordered the transfer of FTX’s digital assets

The Securities Commission of The Bahamas (SCB) said it had ordered the transfer of all digital assets of FTX Digital Markets (FDM) to a digital wallet owned by the commission on Nov. 12.  In a Nov. 17 statement, the SCB said it exercised its power as a regulator acting under the authority of a Supreme Court order — moving the assets to a “digital wallet controlled by the Commission, for safekeeping.” Securities Commission of The Bahamas Assumes Control of Assets of FTX Digital Markets Ltd. pic.twitter.com/IzW4PGZSJm — Securities Commission of…

MOVE Estrella Galicia’s Digital Innovation Programme Makes the Leap to Web3 – Press release Bitcoin News

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press release PRESS RELEASE. After 4 editions based on digital innovations related to Estrella Galicia’s value chain, The Hop takes another step toward the exploration and development of Web3 initiatives. 17 November 2022, A Coruña, Spain — The fourth edition of The Hop comes to a close this year, ending a cycle of 4 editions in which more than 35 pilot projects were undertaken in Spain and Brazil. The fourth edition included different leading startups and companies such as MIT, IE, Amazon, and more. In its fifth edition TheHop will…

How to Prepare for Crypto and Other Digital Asset Tax Obligations

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Ukraine’s Deputy Digital Minister Rejects ‘FTX-Democrats Narrative’ – Exchanges Bitcoin News

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Claims that Ukraine has invested military aid into the bankrupt crypto exchange FTX have been rebutted by a representative of the Ukrainian government. Speculation circulated on social media suggested such funds have been returning to the U.S. via FTX donations for the Democratic Party. Kyiv Official Describes as Nonsense Allegation That Ukrainian Investment in FTX Funded Democrats Deputy Minister of Digital Transformation of Ukraine, Oleksandr (Alex) Bornyakov, has rejected claims that money sent in support of his war-torn nation has been invested in FTX, one of the largest cryptocurrency exchanges…

Taxation for Cryptocurrency, NFTs and Other Digital Assets Still in Its Infancy in the US

Various tax positions are being taken and therefore shown to the Internal Revenue Service on tax returns filed over the last few years, an indication the market is coming to a consensus on how certain digital assets and transactions should be categorized and taxed. Whether the IRS will agree with these “tax cubbyholes,” however, is another question entirely. There are also industry participants who believe that digital assets should require new tax rules because of their newness, though I’d argue that every asset and transaction, no matter how new or…

Ownership is the future of digital entertainment, says blockchain exec

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Web3 is uprooting traditional entertainment industries with a new way of creating and engaging with digital content. The industry has already seen nonfungible tokens (NFTs) display the potential to transform how television scheduled programming can be created. Increased metaverse activity began challenging artists with new possibilities for performances and connectivity with their fans. All the use cases of Web3 technology upgrading the future of digital entertainment include one key component: ownership. Ownership is one of the defining characteristics that distinguishes Web3 activity from its predecessor.  According to professionals in the…