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- John Reed Stark, ex-chief of #SEC Office of Internet Enforcement, predicts no approval for a spot #bitcoin ETF by the current SEC.
- Stark cites various reasons for the commission's reluctance in approving such ETFs.
- He suggests a change in administration might lead to more #crypto-friendly regulations.
- Stark believes a Republican winning the White House in 2024 could make the SEC more receptive to approving a Bitcoin spot ETF.
- This change could also lead to reduced crypto-enforcement efforts by the SEC.
- SEC has been intensifying enforcement efforts in the #crypto space, evident in the recent $24 million settlement with Bittrex.
- Despite numerous attempts, the SEC has not yet approved any spot Bitcoin #ETF applications.
$BTC $ETH $BNB
- Stark cites various reasons for the commission's reluctance in approving such ETFs.
- He suggests a change in administration might lead to more #crypto-friendly regulations.
- Stark believes a Republican winning the White House in 2024 could make the SEC more receptive to approving a Bitcoin spot ETF.
- This change could also lead to reduced crypto-enforcement efforts by the SEC.
- SEC has been intensifying enforcement efforts in the #crypto space, evident in the recent $24 million settlement with Bittrex.
- Despite numerous attempts, the SEC has not yet approved any spot Bitcoin #ETF applications.
$BTC $ETH $BNB
Why Did Hypothekarbank Lenzburg Join SDX? 🏦
Swiss bank #Hypothekarbank Lenzburg, with over $7 billion in assets, has joined SDX's Central Securities Depositary, becoming the sixth Swiss bank to do so.
This move enables the bank to trade digital #securities , including Digital Bonds and Digital Equities, on the blockchain-based platform.
Marianne Wildi, the bank's CEO, sees this as a significant step in expanding their presence in digital assets.
Switzerland's #crypto-friendly regulatory environment continues to foster such developments, with various banks and institutions embracing digital assets and blockchain technology.
#Binance
#crypto2023
Swiss bank #Hypothekarbank Lenzburg, with over $7 billion in assets, has joined SDX's Central Securities Depositary, becoming the sixth Swiss bank to do so.
This move enables the bank to trade digital #securities , including Digital Bonds and Digital Equities, on the blockchain-based platform.
Marianne Wildi, the bank's CEO, sees this as a significant step in expanding their presence in digital assets.
Switzerland's #crypto-friendly regulatory environment continues to foster such developments, with various banks and institutions embracing digital assets and blockchain technology.
#Binance
#crypto2023
Can Titan Fund Boost Asian Blockchain Startups with $100 Million? 💰
CMCC Global’s Titan Fund, a Hong Kong-based crypto-focused venture capital firm, has successfully raised $100 million in its inaugural #funding round.
This funding aims to support Asian blockchain startups, focusing on various areas, including blockchain infrastructure, gaming, #NFTs , and financial services.
Notable investors in this round include Block.one, Richard Li’s Pacific Century Group, Winklevoss Capital, Jebsen Capital, and Animoca Brands founder Yat Siu.
The fund’s launch in Hong Kong highlights the city’s growing importance as a #crypto-friendly hub, as it embraces pro-crypto regulations, signaling a shift in its crypto policy.
Amid a decline in global venture capital investments in crypto firms, Titan Fund could play a crucial role in revitalizing Asian blockchain projects.
#Binance
#crypto2023
CMCC Global’s Titan Fund, a Hong Kong-based crypto-focused venture capital firm, has successfully raised $100 million in its inaugural #funding round.
This funding aims to support Asian blockchain startups, focusing on various areas, including blockchain infrastructure, gaming, #NFTs , and financial services.
Notable investors in this round include Block.one, Richard Li’s Pacific Century Group, Winklevoss Capital, Jebsen Capital, and Animoca Brands founder Yat Siu.
The fund’s launch in Hong Kong highlights the city’s growing importance as a #crypto-friendly hub, as it embraces pro-crypto regulations, signaling a shift in its crypto policy.
Amid a decline in global venture capital investments in crypto firms, Titan Fund could play a crucial role in revitalizing Asian blockchain projects.
#Binance
#crypto2023
Hong Kong Financial Secretary Says #Web3 Will Drive 'Breakthrough Growth' 🔥
- Hong Kong's Financial Secretary, Paul Chan Mo-po, has shown support for #blockchain and Web3 technology, predicting they will drive significant growth in the digital #technology sector.
- Chan highlighted the potential of emerging Web3 sectors like NFTs, GameFi, Play-to-Earn gaming, and immersive entertainment, attributing their rise to core properties of blockchain tech: disintermediation, security, transparency, immutability, and low cost.
- Chan's comments followed his attendance at the Digital #Entertainment Leaders Forum, a blockchain-focused event in Hong Kong's Cyberport.
- He had previously allocated an additional $50 million from the budget to boost the development of a strong Web3 ecosystem at Cyberport.
- Hong Kong has positioned itself as a #crypto-friendly hub with favorable legislation, in contrast to China's strict stance on cryptocurrencies.
- The region hosts over 180 Web3-related tech companies, with 20% coming from overseas.
- A task force has been established to guide responsible industry development in support of Web3 growth in Hong Kong.
- Hong Kong's Financial Secretary, Paul Chan Mo-po, has shown support for #blockchain and Web3 technology, predicting they will drive significant growth in the digital #technology sector.
- Chan highlighted the potential of emerging Web3 sectors like NFTs, GameFi, Play-to-Earn gaming, and immersive entertainment, attributing their rise to core properties of blockchain tech: disintermediation, security, transparency, immutability, and low cost.
- Chan's comments followed his attendance at the Digital #Entertainment Leaders Forum, a blockchain-focused event in Hong Kong's Cyberport.
- He had previously allocated an additional $50 million from the budget to boost the development of a strong Web3 ecosystem at Cyberport.
- Hong Kong has positioned itself as a #crypto-friendly hub with favorable legislation, in contrast to China's strict stance on cryptocurrencies.
- The region hosts over 180 Web3-related tech companies, with 20% coming from overseas.
- A task force has been established to guide responsible industry development in support of Web3 growth in Hong Kong.
Tension in India Due to Proposal to Reduce Cryptocurrency Taxes Ahead of the 2024 Budget
As the announcement of the Union budget for 2024 in India approaches, the local #Web3 community is striving to achieve changes in tax regulations concerning cryptocurrencies.
Despite the Indian web3 community's continuous calls for changes over the last two years, the Indian government has yet to agree to revamp the cryptocurrency tax. Many in the industry argue that the current laws hinder the development of cryptocurrencies in the country and lead to a brain drain to more #crypto-friendly countries.
Loud Call for Revision of Indian Cryptocurrency #Tax Law
Indian Finance Minister Nirmala Sitharaman plans to present the budget for the fiscal year 2025 on February 1. In this context, the Indian crypto community is intensively promoting the 'ReduceCryptoTax' slogan on social media.
The cryptocurrency sector in India, through social media, presents three main demands to the government: more flexible tax rates, reducing the tax deducted at source (TDS) from 1% to 0.01% for crypto transactions, and the ability to carry forward losses similarly to the stock market.
Pushpendra Singh, co-founder of SmartViewAi in India, commented that the Indian system of taxing cryptocurrencies is "the worst in the world." Referring to the hashtag "ReduceCryptoTax," Singh pointed out the combination of 1% TDS and 30% cryptocurrency tax, the absence of the ability to offset losses, and the lack of banking support.
Sathvik Vishwanath, CEO and co-founder of Unocoin, described the Indian tax regime for cryptocurrencies as "unfair." He advocated for a change in tax laws concerning cryptocurrencies in the country, emphasizing the problems of the current regulations. He said, "Unfair taxation not only hinders our #cryptocurrency industry, but also slows down the process of rectification and global competitiveness. Changing tax laws will help us achieve success faster!"
Further Demands of the Indian Web3 Community
Keyur Rohit, a crypto influencer and YouTuber, states that the expected changes in Indian cryptocurrency law include creating a clear legal framework and tax regulations. The sector also hopes for a revision of the definition of virtual digital assets (VDA), which would include exceptions for tokenized assets with demonstrable value.
Additionally, there is discussion about supporting innovation and research in digital assets, which could bring opportunities for tokenization of real assets valued at 10 trillion dollars. Rohit also mentioned that 2024 will be a pivotal year for the #blockchain industry in India, as the integration of AI and other advanced technologies is expected.
Other demands include supporting Web3 startups through special economic zones and advocating for tax incentives and "sandboxes" to promote growth. The request to reduce TDS remains a constant point of discussion.
Notice:
,,The information and views presented in this article are intended solely for educational purposes and should not be taken as investment advice in any situation. The content of these pages should not be regarded as financial, investment, or any other form of advice. We caution that investing in cryptocurrencies can be risky and may lead to financial losses.“
Despite the Indian web3 community's continuous calls for changes over the last two years, the Indian government has yet to agree to revamp the cryptocurrency tax. Many in the industry argue that the current laws hinder the development of cryptocurrencies in the country and lead to a brain drain to more #crypto-friendly countries.
Loud Call for Revision of Indian Cryptocurrency #Tax Law
Indian Finance Minister Nirmala Sitharaman plans to present the budget for the fiscal year 2025 on February 1. In this context, the Indian crypto community is intensively promoting the 'ReduceCryptoTax' slogan on social media.
The cryptocurrency sector in India, through social media, presents three main demands to the government: more flexible tax rates, reducing the tax deducted at source (TDS) from 1% to 0.01% for crypto transactions, and the ability to carry forward losses similarly to the stock market.
Pushpendra Singh, co-founder of SmartViewAi in India, commented that the Indian system of taxing cryptocurrencies is "the worst in the world." Referring to the hashtag "ReduceCryptoTax," Singh pointed out the combination of 1% TDS and 30% cryptocurrency tax, the absence of the ability to offset losses, and the lack of banking support.
Sathvik Vishwanath, CEO and co-founder of Unocoin, described the Indian tax regime for cryptocurrencies as "unfair." He advocated for a change in tax laws concerning cryptocurrencies in the country, emphasizing the problems of the current regulations. He said, "Unfair taxation not only hinders our #cryptocurrency industry, but also slows down the process of rectification and global competitiveness. Changing tax laws will help us achieve success faster!"
Further Demands of the Indian Web3 Community
Keyur Rohit, a crypto influencer and YouTuber, states that the expected changes in Indian cryptocurrency law include creating a clear legal framework and tax regulations. The sector also hopes for a revision of the definition of virtual digital assets (VDA), which would include exceptions for tokenized assets with demonstrable value.
Additionally, there is discussion about supporting innovation and research in digital assets, which could bring opportunities for tokenization of real assets valued at 10 trillion dollars. Rohit also mentioned that 2024 will be a pivotal year for the #blockchain industry in India, as the integration of AI and other advanced technologies is expected.
Other demands include supporting Web3 startups through special economic zones and advocating for tax incentives and "sandboxes" to promote growth. The request to reduce TDS remains a constant point of discussion.
Notice:
,,The information and views presented in this article are intended solely for educational purposes and should not be taken as investment advice in any situation. The content of these pages should not be regarded as financial, investment, or any other form of advice. We caution that investing in cryptocurrencies can be risky and may lead to financial losses.“
