Author: Bloomberg
Liechtenstein scored highest in a global ranking by PwC that rated how comprehensive tax guidance is for cryptocurrencies in each country. Australia and Malta placed joint second, followed by Germany, which jumped from 20th last year due in part to the nation’s draft decree on income tax treatment of digital assets, according to the PwC report. The U.S. came 14th. Source: PwC Jurisdictions were awarded a score derived from 19 assessment criteria to determine the comprehensiveness of their tax guidance. The report also noted that many countries were struggling to keep up with developments such as decentralized finance, DeFi, and…
Binance Holdings Ltd. has set up a joint venture to develop a digital-asset exchange in Indonesia with a unit of a local telecommunications operator. The world’s largest cryptocurrency exchange is partnering with a consortium led by MDI Ventures, the venture-capital arm of state-owned telecom company PT Telkom Indonesia, according to a joint statement Wednesday. The deal will also aim to expand the use of blockchain in the world’s fourth-most populous country. The partnership gives Binance deeper access into a country where it already has an investment in Tokocrypto, a major trading platform for digital coins. Telkom Indonesia is the country’s largest operator…
Prices of cryptocurrencies listed on Coinbase Global Inc. and popular data provider CoinMarketCap.com briefly went haywire Tuesday, with many tokens showing astronomical gains that sent users gushing about huge windfalls and others wondering what happened. The issue has been resolved, CoinMarketCap.com said in a statement. Coinbase, the biggest U.S. crypto exchange, said the same on Twitter, noting that trading wasn’t impacted. A few minutes later, Coinbase said it’s still investigating asset price and trade difficulties in Coinbase Wallet, which allows customers to manage their crypto assets. Neither company provided an explanation of what went wrong. “Everyone tunes into those disruptions, so to the…
After watching Bitcoin drop about 30% over the past month, cryptocurrency billionaire Mike Novogratz said there could be more pain ahead, though he expects the price of the largest digital asset to hold at about $42,000. For Bitcoin, “$42,000 is at a pretty important level, and low 40s should hold,” Novogratz, the chief executive officer of Galaxy Digital Holdings, said in an interview with Bloomberg TV. Bitcoin “trades heavy” as people start to sell across asset classes at the end of the year, but he isn’t worried about Bitcoin prices in the “medium term.” Bitcoin, trading at $46,966 currently, is down almost 30% from its…
Pat Toomey, the top Republican on the Senate Banking Committee, said cryptocurrency stablecoin issuers should be able to choose from three different regulatory models including operating under a bank charter. The Pennsylvania Republican outlined a blueprint for future legislation in remarks at a hearing Tuesday, where he also said stablecoin issuers may be able to register as a money transmitter, which would subject them to state rules. Congress and federal agencies have been grappling with how best to regulate the crypto industry, including stablecoins, where the value of tokens is pegged to another asset, such as the dollar, as a way to…
Shares of TeraWulf Inc., the cryptocurrency miner that recently touted the backing of celebrity investors including Gwyneth Paltrow, slumped as much as 40% during the company’s public trading debut on the Nasdaq stock market. The firm, which strives to provide more environmentally-friendly processing of crypto transactions, went public after completing a merger with imaging-technology company Ikonics. The stock dropped as low as $20.02 after being listed at $25. Bloomberg The slump comes amid a broader drop in the shares of other cryptocurrency miners, which use massive amounts of computing power while competing to win freshly minted tokens for processing transactions. The quantity of electricity…
Bitcoin steadied after dropping further from its November all-time high as the prospect of reduced central bank stimulus hurts speculative demand for cryptocurrencies. The digital asset traded at $46,435 as of 6:47 a.m. in London on Tuesday following a 6.3% drop a day earlier. A wide range of other tokens such as Ether, Solana and Dogecoin were also nursing losses. Virtual coins have struggled lately along with other speculative investments like meme stocks, in part as the Federal Reserve and central banks elsewhere scale back the tide of pandemic-era liquidity that lifted a variety of markets. Bitcoin has retreated more…
Thailand plans to unveil detailed rules for digital assets to minimize risks to the financial system and provide greater investor protection as more people are drawn to cryptocurrencies, according to the central bank. The Bank of Thailand will release a consultation paper on “Financial Landscape” in January that will seek a consensus around the red lines for those operating in the fields of digital currencies, green finance and related areas, Governor Sethaput Suthiwartnarueput said in an interview Monday. The rules will seek to promote innovation in technology, financial inclusion and manage systemic risks, he said. The central bank is working with…
Nike Inc. is acquiring a virtual collectibles company as it dives further into the metaverse. The sportswear giant agreed to buy RTFKT, a business founded in 2020 that creates digital products like sneakers and uses blockchain technology to ensure authenticity, according to a statement on Monday. Financial terms of the deal were not disclosed. “This acquisition is another step that accelerates Nike’s digital transformation,” Chief Executive Officer John Donahoe said in the statement. “Our plan is to invest in the RTFKT brand, serve and grow their innovative and creative community and extend Nike’s digital footprint and capabilities.” See also: What the metaverse is and…
The Bank of England reiterated its warning that the rapid growth of cryptocurrency assets could pose stability risks to the U.K. financial system, even though the current direct risks are “limited.” The central bank’s Financial Policy Committee said crypto assets are becoming more interconnected with the wider financial system, and enhanced regulatory and law enforcement frameworks are needed to manage risks, according to its December Financial Stability Report. Financial institutions should take a “cautious and prudent approach” to any adoption of crypto assets until a regulatory regime is in place, it said. While crypto assets currently represent a small fraction…