Tag: Report

Singapore authorities approve probe of 3AC on behalf of liquidators: Report

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The Singapore High Court on Monday approved a petition to recognize the liquidation order against Three Arrows Capital (3AC) issued by a court in the British Virgin Islands, Bloomberg reported Wednesday, citing unnamed sources. The Singapore court’s decision, handed down in private, gives the petitioner the legal ability to request access to 3AC financial records kept in Singapore, where 3AC is based. Teneo, the firm appointed to liquidate the 3AC assets, filed its petition with the court on July 9, saying the crypto hedge fund may have information in its…

South Korean financial majors want to create virtual assets exchange in 2023: Report

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Samsung Securities is among seven large South Korean securities companies that have applied for government approval to create a virtual assets exchange, according to a report in South Korean publication Newspim. The companies aim to create a corporation to open an exchange in the first half of next year. Newspim quoted an unidentified executive as saying that discussions on the project are now being finalized. According to the local coverage, Samsung Securities had been studying ways to develop and operate a securities token trading platform but was unable to recruit the…

Crypto Exchange FTX Witnessed Massive 1,000% Surge in Revenue Last Year, According to Leaked Documents: Report

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Crypto exchange FTX reportedly saw massive growth during the crypto bull run of 2021 when markets hit all-time highs. Citing information from leaked financial documents, CNBC reports that the firm generated $1.02 billion in 2021, a more than 1,000% increase from its revenue of $89 million in 2020. Operating income increased from $14 million to $272 million during the same timeframe. Net income also rose from $17 million to $388 million. The exchange held $2.5 billion in cash at the end of 2021 and profit margins for the year were…

Bitcoin Corrects 17%, But Market Expects Fresh Rally Report Says

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Bitcoin has been trading in the red over the past few days and seems on track for further losses over the short term. The cryptocurrency gave back a large portion of its profits since the start of August and could re-test support at around $20,000. At the time of writing, Bitcoin (BTC) trades at $21,200 with sideways movement over the past 24 hours and a 13% correction over the past week. Market participants are keenly watching these levels, as the entire crypto market might be hanging by a thread. BTC’s…

Seven S. Korean Brokerages Plan to Start Crypto Exchanges Next Year: Report

Mirae Asset Securities and Samsung Securities are among the seven firms, the newspaper reported citing anonymous industry sources. Mirae has established a subsidiary under its affiliate Mirae Consulting, which is hiring technical staff for various cryptocurrencies and non-fungible tokens, while Samsung is studying how to enter the blockchain-based security tokens market, NewsPim reported. At the end of last year, Samsung could not find staff to build a crypto trading platform, the newspaper wrote. Source

South Korea To Tax Crypto Airdrop Recipients: Report

The gift tax could be levied on the person who receives the airdrop, the official said in response to a query on the matter. The recipient will have to file a tax return within three months of the airdrop and tax will be levied at 10%-50%, the report said. The tax will be considered on a case-by-case basis, an official from the tax industry told Digital Times. Source