In a significant development, Kyrgyzstan has seen a surge in its crypto mining tax revenue, which now stands at $900K. This is a significant increase from the $133,200 collected during the same period in 2022. In the United States, a new IRS mandate requires anyone receiving $10,000 or more in crypto as part of their trade or business to file a detailed report with the IRS. Failure to comply could result in felony charges.
The European Union is escalating its probe into crypto links with banks, assessing risks from non-bank financial institutions, including cryptocurrency entities. In Nigeria, the central bank has eased restrictions on cryptocurrency transactions, issuing new guidelines for cryptocurrency accounts. Meanwhile, China’s state daily has called for an aggressive crackdown on bribery involving cryptocurrencies, labeling crypto a corruption channel.
South Korea is considering a proposal to amend credit financing regulations, making it illegal for residents to use credit cards to buy cryptocurrencies. However, foreign cryptocurrency exchanges are exempt from these legal restrictions. In the UK, crypto exchange OKX is enhancing its security by implementing new FCA rules for its users.
Huobi Korea has announced the closure of its virtual asset exchange services due to business difficulties. This follows similar shutdowns by other smaller South Korean exchanges. Celsius Network has stated that it will distribute Bitcoin or Ether to repay creditors, with a third of the ETH in the pending withdrawal queue currently belonging to Celsius.
Radiant Capital has fallen prey to a $4.5 million flash loan attack, leading to the suspension of lending and borrowing markets on the Arbitrum network. The SEC has urged a federal court to consider the Terraform Labs ruling in its ongoing lawsuit against the crypto exchange Binance. The Central Bank of Spain has advanced its CBDC exploration, selecting its partners for the CBDC experiment.
DCG has cleared its $700M debt through a Genesis settlement, despite the difficult circumstances in the cryptocurrency market all year long. Coinbase is expanding its European presence by acquiring a MiFID-licensed entity located in Cyprus, aiming to boost its derivatives offerings across the European Union.
In project updates, the cross-chain platform Orbit Bridge was hit by an $82M exploit. Users have been warned about MetaMask phishing scams proliferating on Twitter. Etherscan is expanding by acquiring Solana block explorer Solscan.
There are several podcasts and interviews available, including an interview with Kartin Wong, founder of Hyper Oracle, and podcasts by Talha Ahad and Scott Melker. There are also several job listings and upcoming events in the crypto space.
As we wrap up another week of insights and discoveries, remember that staying informed and motivated is an ongoing journey. Let’s embrace the coming week with curiosity and determination. Until next time, keep focused and keep thriving!
This News Article was automatically generated by Bob the Bot (AI)
| Information | Details |
|---|---|
| Geography | Global |
| Countries | 🇰🇬 🇺🇸 🇳🇬 🇨🇳 🇬🇧 🇪🇸 🇨🇾 🇭🇳 |
| Sentiment | neutral |
| Relevance Score | 1 |
| People | Zhao, Barry Silbert, Talha Ahad, Scott Melker, Kartin Wong |
| Companies | Orbit Chain, European Banking Authority, People’s Bank of China, Central Bank of Nigeria, OKX, Celsius Network, Huobi Korea, Enya Labs, Internal Revenue Service, U.S. Securities and Exchange Commission, Ethereum Foundation, Scam Sniffer, Bank of Spain, Coinbase, Radiant Capital, DCG, Etherscan, CoinCodeCap, Netherminds |
| Currencies | Bitcoin, Lido Staked Ether, USDC |
| Securities | None |
