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2022-06-26 21:00:03 ​Spanish Government Wants Crypto Holders to Report their Transactions & Holdings from 2023

Spanish authorities will force crypto owners to declare their crypto-related operations and coin holdings. The nation’s finance chief also stated that crypto exchanges will be forced to report on their customers’ activities from next year – and warned that similar European Union-wide measures were now in the pipelines.

According to the media outlet La Vanguardia, Spain’s Minister of Finance and Public Function María Jesús Montero stated that government organs were now working on regulations that will “force cryptocurrency holders to submit” an annual declaration of their token purchase and sale operations to the Treasury.

The measures will need to be put to a vote in parliament, but will likely be bundled with other measures, such as laws pertaining to tax rates on electricity providers. They will likely also be tacked onto anti-fraud laws, making their passage through parliament a virtual shoo-in.

The minister claimed that the new crypto regulations would likely come into force on January 1, 2023.

Montero further stated that Spain was acting in “anticipation” of regulations that would soon “be carried out throughout the European Union,” adding that other countries were “already working along the same lines.”

Montero was quoted as calling crypto “a new [form of] currency” that the government “must be able to regulate” to ensure that “no type of fraud or undesirable effects” impacted the Spanish economy.

The finance chief went on to add that the regulations would also seek to force crypto “platforms and companies that facilitate the purchase or exchange of cryptocurrencies” to “submit an annual document” containing “information on crypto movements on their platforms.” Exchanges will also be obliged to provide details on the owners of all the coins on their platforms.

The Treasury will be hoping to avoid another embarrassment on the crypto tax declaration front, however. Earlier this year, tax authorities and government bodies, including the Ministry of Finance, were forced into a humiliating climbdown after an effort to make Spaniards who hold coins on overseas platforms declare their holdings ran into difficulties.

The tax body had previously told citizens who hold tokens on overseas platforms that they should disclose their crypto holdings on annual overseas assets tax declarations in March (at the end of FY2021).

The body had told crypto owners with coins held on non-Spanish platforms to add details of their holdings to an assets declaration form. But this drive was blighted by apparent clerical errors: crypto holders complained that there were no fields on the aforementioned form for crypto holdings. This eventually forced the Ministry of Finance to make an eleventh-hour U-turn and tell crypto holders they did not need to submit details of their overseas crypto holdings after all. Open / Comment

2022-06-16 19:00:07 ​Liquidity provider asks platforms to freeze 3AC funds to recover assets after litigation

Danny Yuan said that their team detected that $1 million was missing from their company's funds at Three Arrows Capital (3AC).

Danny Yuan, the CEO of trading firm 8 Blocks Capital, called out to platforms that are holding funds owned by 3AC to freeze the assets, as rumors of 3AC’s insolvency stay afloat.

In a Twitter thread, Yuan explained their company’s involvement with 3AC, noting that they are paying the company to use the trading accounts that they own. The agreement included the ability to withdraw funds at any given time. He explained that:

“We had known them since 2018, thought they were competent and didn’t think they were degen enough to lose billions and not employ basic risk management.”

According to Yuan, there were no problems until June 13, when 8 Blocks Capital requested a big withdrawal because of the market’s conditions. The trading firm's CEO said that there was no response from 3AC. “After a while, the market stabilized so we no longer needed the funds. We thought maybe they were just busy,” he wrote.

However, things started to turn sour when 8 Blocks Capital detected through a script that $1 million was missing from their accounts with 3AC. Yuan said that reached out to 3AC's co-founder Kyle Davies and their team to inquire about the missing funds. However, they did not get a response.

Related: DeFi contagion fears and rumors of Celsius and 3AC insolvency could weigh on NEXO price

Because rumors of 3AC's insolvency are circulating online, Yuan noted that they announced what they know about the issue to gauge the extent of the situation. After that, Yuan said that they were contacted by those who have relationships with 3AC like their firm. Through this, Yuan claims that they found out more about 3AC's situation. Yuan tweeted:

11) What we learned is that they were leveraged long everywhere and were getting margin-called. Instead of answering the margin calls, they ghosted everyone. The platforms had no choice but to liquidate their positions, causing the markets to further dump.

— Danny (Danny8BC) June 16, 2022

Yuan also highlighted that 3AC still has many assets held on various platforms, which he did not name. Because of this, Yuan publicly asked those platforms to freeze the funds of 3AC so that the firm can pay back its debts after legal proceedings in the future. Open / Comment

2022-06-12 18:00:05 ​Chainlink brings Keepers and VRF to the Avalanche blockchain

Ava Labs CEO Emin Gün Sirer said that this will simplify the experiences of Avalanche developers and users.

Blockchain oracle platform Chainlink (LINK) launched two of its services, Chainlink Keepers and Chainlink Verifiable Random Function (VRF) and integrated them into the Avalanche Primary Network, a special subnet within the Avalanche (AVAX) platform.

In the announcement sent to Cointelegraph on Thursday, the Chainlink team highlighted that the integration with Avalanche is done to support developers within the platform. Chainlink Keepers will enable developers to automate smart contract functions in a decentralized manner. On the other hand, Chainlink VRF will provide a random number generator (RNG) that can be used in many decentralized applications (DApps) that require randomness.

Emin Gün Sirer, the founder and CEO of Ava Labs, expressed his belief that integration is a big milestone for those who are building in Avalanche. According to Sirer, this will "simplify both the developer and user experiences." Apart from this, the Avalanche executive noted that this will also improve functionalities and designs within DApps. He stated that:

“The Avalanche Community is full of tireless builders, and their ability to rapidly build and ship applications at scale just became even easier."
Chainlink Co-Founder Sergey Nazarov also expressed his sentiments over the new development. He explained that the integration will allow developers to make smart contract apps with end-to-end automation and apply a verified RNG to any application within the platform.

Related: DeFi protocols declare losses as attackers exploit LUNA price feed discrepancy

Back in February, Chainlink launched the second version of its VRF function. With the function, the Chainlink platform provides random numbers and presents cryptographic proof that the number was determined by combining block data and an oracle's private key.

Earlier in June, Chainlink also launched its price feeds feature on the Solana (SOL) blockchain. This function enables developers within the Solana platform to use the BTC/USD, ETH/USD and USDC/USD price feeds within their applications. Open / Comment

2022-06-07 20:00:53 ​Crypto com's Cronos launches $100M accelerator for DeFi and Web3

The Cronos Accelerator Program is backed by $100 million to help crypto projects seeking mentorship, funding and growth in the seed and pre-seed stages.

Cronos, a blockchain ecosystem built by major crypto exchange Crypto.com, announced the launch of an accelerator program to fast-track advancements across the decentralized finance (DeFi), Web3 and Metaverse space, among others.

Driving the initiative, the Cronos Accelerator Program is backed by $100 million to help crypto projects in the seed and pre-seed stages seeking mentorship, funding and growth. According to the announcement, projects shortlisted for the accelerator program will be matched with compatible mentors.

Some of the prominent investment partners backing the Cronos Accelerator Program include Mechanism Capital, Spartan Labs, IOSG Ventures, OK Blockchain Capital, AP Capital, Altcoin Buzz and Dorahacks. Cronos plans to onboard other partners in the future. Providing further clarity into the program, Cronos managing director Ken Timsit added:

“In the current climate, it is more important than ever to put our heads down and start building aggressively.”
Timsit aims to enhance the potential of projects by providing end-to-end support across the project’s operations. As part of this initiative, Cronos' Web3 startup accelerator arm Cronos Labs conducts weekly workshops that cover various aspects of building crypto projects.

Aspiring projects get the opportunity to procure between $100,000–$300,000 seed investment in addition to having the option for additional grant funding. In addition to mentorship and other marketing initiatives, projects will be able to integrate into Crypto com’s ecosystem including a DeFi wallet, crypto exchange and nonfungible token marketplace.

Related: Philippines to explore blockchain use cases, launches training program

The Department of Science and Technology (DOST) in the Philippines recently launched a training program for researchers to check the feasibility of blockchain technology within the healthcare, financial support and emergency aid industries.

Enrico Paringit, a DOST official, highlighted the department’s intent to “build non-cryptocurrency applications” and simultaneously produce blockchain development specialists for ramping up the government’s in-house initiatives. Open / Comment

2022-06-02 22:00:03 ​Binance Labs’ $500M fund to catalyze crypto, Web3, blockchain adoption

Binance Labs plans to allocate the latest $500 million fund to projects across various stages — incubation, early-stage and late-stage growth.

Binance Labs, the investment arm of crypto giant Binance, launched a $500 million fund in partnership with global investors including DST Global Partners and Breyer Capital to drive innovation across the crypto, Web3 and blockchain landscape.

Binance Labs plans to allocate the latest $500 million fund to projects across various stages — incubation, early-stage and late-stage growth.

Sharing his take on accelerating the adoption of the crypto ecosystem, Changpeng “CZ” Zhao, CEO of Binance, revealed the importance of a connection between values, people and economies:

“The goal of the newly closed investment fund is to discover and support projects and founders with the potential to build and to lead Web3 across DeFi, NFTs, gaming, metaverse, social, and more.”
Binance Labs was established in 2018 and has since invested in and incubated more than 100 projects globally. Some of the prominent companies in its portfolio include 1inch, Axie Infinity, Dune Analytics, Elrond, Polygon and The Sandbox.

Fun fact, Binance Labs had also invested $3 million in Terra’s layer-0 blockchain back in 2018.

Related: Binance gets approval to operate in Italy, will open office in Milan

Speaking to Cointelegraph, Binance Labs' executive director of investments and M&A Ken Li said that there are 14 projects that are participating in the Season 4 of the Incubation Program and they will receive the first funding from the new fund.

The eligible startups are Grindery, NuLink Network, FilSwan and Starton from the infrastructure sector; CODA and OpenLeverage from the DeFi sector; CoralApp, AlterVerse Inc, ChapterX and Gamic Guild from the gaming and metaverse sector; Qwestive and Reveel from the SocialFi sector; Playbux (MyCashBack) and Ambrosia Finance from the crypto fintech sector.

Several former Binance executives led funding rounds in helping multi-strategy blockchain investment fund Old Fashion Research (OFR) invest in over 50 blockchain projects in just one year.

As Cointelegraph recently reported, the fund was founded by Ling Zhang, the former vice president of mergers and acquisitions and investments at Binance and Wayne Fu, former Binace head of corporate development. Open / Comment

2022-05-27 21:00:04 ​Wohlstand token IEO Buyers' Giveaway

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Join before June 04! Open / Comment

2022-05-25 22:00:04 ​Uniswap breaks $1T in volume — but has only been used by 3.9M addresses

Decentralized exchange (DEX) Uniswap has topped $1 trillion in total trading volume since launching on Ethereum in late 2018.

That comes from a relatively small user base, however, indicating that there is a lot of potential growth to come. According to data from Uniswap Labs, which are major contributors to the development of the protocol and ecosystem, the DEX’s number of cumulative addresses hit around 3.9 million this month after just over three years.

The data was posted via Twitter on Tuesday, with the Uniswap Labs team noting that: “Over the past three years, the Protocol has Onboarded millions of users to the world of decentralized finance (DeFi), Introduced fair and permissionless trading, Lowered the barrier to liquidity provision.”

Uniswap is currently supported on Ethereum and layer-2 scaling solutions Polygon, Optimism and Arbitrum. Uniswap Labs also revealed earlier this month that the DEX will be expanding out to two Ethereum Virtual Machine- (EVM)-compatible chains in Gnosis Chain, and Polkadot-based para-chain Moonbeam Network.

In terms of trade volume, Uniswap ranks well ahead of its competition in the DEX market. Data from CoinGecko shows that Uniswap’s v3 protocol generated $938 million worth of volume over the past 24 hours, representing 33% of the total market share.

In comparison, Binance Smart Chain-based PancakeSwap (v2) ranks second with $491 million and 17.3% of the market share.

When comparing Uniswaps’s 24 data with centralized exchanges (CEXs), its $938 million worth of volume places it well behind platforms such as Binance, FTX and Coinbase, which generated $12.2 billion, $1.95 billion and $1.79 billion, respectively.

Notably, however, the DEX is well ahead of some big players in the crypto sector such as "Crypto com" and Kraken, which generated $724.9 million and $597.4 million each.

Uniswap has also amassed roughly $5.93 billion worth of total value locked (TVL), the fifth-largest sum in the DeFi sector, according to DefiLlama, while PancakeSwap ranks seventh with $4.27 billion worth of TVL. MakerDAO represents the largest platform with $9.82 billion in TVL.

Related: Uniswap launches venture capital wing for Web3 investments

Despite Uniswap’s ability to attract strong demand and liquidity, it hasn’t done much to sway the price of its native asset Uniswap (UNI) in 2022. Since the start of January, UNI has dropped around 67% to sit at $5.59 at the time of writing.

UNI’s all-time high of $44.92 was also back in early May 2021, and is down 87.5% since then. Open / Comment

2022-05-23 19:30:45 ​Interest in Ethereum Name Service reaching ‘critical mass’

The Ethereum Name Service is having its best month on record for new registrations, account renewals and revenue thanks to community awareness and low gas fees.

Lead developer at Ethereum Name Service (ENS) Nick Johnson tweeted on Monday the metrics for the Web3 domain service through May so far. He noted that numbers were poised to shatter existing records because they were already at all-time highs, “and there’s still a week of May left.”

May is now an All Time High for every single ENS metric we track - registrations, renewals, revenue (ETH & USD) and income (ETH & USD).

And there's still a week of May left.

Jonson told Cointelegraph on Monday that the main factor contributing to higher demand in ENS domains is that it is a place where people can “form shared communities without any overarching structure imposed on them beforehand.” This has had astounding results for the domain service:

“ENS has reached a critical mass of awareness and adoption. Most wallets support ENS names, so the usability factor is significant.”

ENS is an open-source blockchain protocol founded in 2017 that allows people to assign a digital identity to their Ethereum wallet. Each name is a nonfungible token (NFT) that ends with .eth and can act as an address, a cryptographic hash or a website URL.

The data shared by Johnson shows that there have been 304,968 new registrations, 13,260 renewals, and 3,165.85 Ether (ETH) in revenue so far in May. All of these metrics leave previous highs in the dust.

Johnson also said that ”low gas fees definitely have an impact” on the higher onboarding and renewal rates. To send a fast transaction on Ethereum costs about 22 GWEI, worth about $0.92 at the time of writing, according to gasprice.io. In periods of high volume, gas fees can be higher than $50, which may act as a deterrent to using the network unless in emergencies:

“You can register a 5+ character ENS name for a year for $5. High gas fees can make the cost several times that, so gas prices have a big impact on the affordability of ENS names.”

Interest in ENS domains has been quickly rising since April, when social clubs such as the 10k Club within ENS gained tremendous attention. The 10k Club was formed by owners of ENS domains numbered between 0-9999. Both new registrations and renewals have nearly doubled since then.

ENS’s record high revenues coupled with a market downturn has sparked plans in the ENS decentralized autonomous organization (DAO) to squirrel away funds for ongoing development. Johnson stated that the income slated for funding development and maintenance “for the indefinite future” would help the project weather further market volatility:

“With that guarantee against market effects, additional funds can be used more freely to help grow the ecosystem.”

However, the bullish metrics have not been reflected in ENS prices. The token has been on a steady decline since its November 2021 launch in which all .eth domain holders were airdropped a portion of the supply. ENS has fallen 86% from its November all-time high to $12.21, according to CoinGecko. Open / Comment

2022-05-18 22:00:04 ​Ethereum analytics firm Nansen acquires DeFi tracker Ape Board

Blockchain analytics firm Nansen to launch a new portfolio tracker integrated with the rest of its features with the new acquisition.

Major Ethereum blockchain analytics platform Nansen continues scaling its operations by acquiring a cross-chain decentralized finance (DeFi) tracker.

Nansen has acquired the multi-chain portfolio tracker Ape Board in an eight-figure deal, the firm announced to Cointelegraph on Tuesday.

Closing later in May, the acquisition will unite the teams of the two platforms, aiming to combine Nansen’s analytics and Ape Board’s portfolio tracking to provide an all-in-one information service.

As part of the acquisition, 13 employees at Ape Board will join Nansen’s team counting 120 analysts, product managers and engineers to jointly provide the “definitive information super-app of Web3.”

“Ape Board will become the starting point of a new Nansen Portfolio tracker. It’ll be free to use, and will integrate seamlessly with the rest of Nansen’s features,” a spokesperson for Nansen told Cointelegraph.

Founded in 2019, Nansen was named after scientist and explorer Fridtjof Nansen as the platform is focused on providing data and analysis about the Ethereum blockchain. The platform is backed by some prominent industry investors like Andreessen Horowitz and Coinbase Ventures. In 2021, Nansen raised $12 million in a Series A funding round to build a blockchain analytics platform for the DeFi sector.

Ape Board was a perfect match for Nansen to aspire to its DeFi ambitions. Launched in 2021, Ape Board is designed to provide an aggregator pulling together all DeFi investments into one platform. The platform supports 36 blockchains including Ethereum (ETH), BNB Smart Chain (BNB), Terra (LUNA), Solana (SOL), Binance Exchange and Polygon (MATIC) as well as 390 protocols.

Related: Robinhood acquires British crypto firm Ziglu to push expansion plans

With the new acquisition, Nansen aims to pave a path towards becoming the go-to information super-app for Web3, a spokesperson for the firm said, adding:

“The next 12–18 months will likely mark a consolidation period for crypto. Nansen has a strong war chest, and we plan to continue being aggressive with our growth and build an unrivaled, all-in-one market intelligence platform.”
“Obtaining data from the cryptocurrency ecosystem, specifically, DeFi protocols and blockchains is complex and fragmented,” Nansen CEO Alex Svanevik said. “With this acquisition, we take a big step towards bringing all the market intelligence a trader, institution or business needs under one roof,” he added. Open / Comment

2022-05-12 21:00:44 ​The WeWay ($WWY) token is constantly and consistently GROWING! It looks to be ahead of another surge, up nearly 10% in the last 24 hours!

At the same time:

WeWay is both sponsoring & hosting the World Bloggers Awards
About to launch its own Move-to-Earn project
Will be listed on Gate and Bitmart this WEEK!

The time to get into WeWay is NOW, A BIG BOOST is expected before listing! Get in before the next big surge!! $WWY is about to fly off the charts!

BUY WWY Pancakeswap
BUY WWY Uniswap
BUY WWY MEXC Open / Comment