COIN BUREAU NEWSFLASH! – (11/10/22)
Here are some of today’s most important headlines: Portugal to Tax Crypto Gains in Next Year’s Budget Plan
According to Portugal’s 2023 draft budget released yesterday, the government is planning to implement a 28% tax rate on gains realised from crypto purchases held for less than a year. So far, Portugal has held the position of being one of the most tax-friendly countries for cryptocurrency holders around the world.
According to the draft budget, creating new cryptocurrencies and cryptocurrency mining operations would also be considered taxable income. Additionally, the government will also impose a 10% tax on the free transfer of cryptocurrencies and a 4% rate on broker commissions charged by intermediaries for cryptocurrency transactions.
However, the budget is still subject to discussions and approval within the Parliament in the coming weeks.
https://www.bloomberg.com/news/articles/2022-10-10/portugal-to-start-taxing-crypto-gains-in-next-year-s-budget-plan EU Commission Launches Proposal to Study Automated Monitoring of DeFi Activity on Ethereum
The EU’s European Commission, the executive arm of the EU which proposes and enforces legislation, has submitted a bid to study “embedded supervision” of DeFi protocols on the Ethereum blockchain.
The study aims to investigate how financial supervisors could monitor financial activities facilitated on Ethereum in real time. The pilot program is expected to take fifteen months to complete and is estimated to cost €250,000 (approximately $242,500). Applications to participate remain open until December 1.
https://www.coindesk.com/policy/2022/10/10/eu-commission-launches-proposal-for-study-of-automated-defi-supervision/ Polygon’s zkEVM Public Testnet to Enable Smoother Ethereum Migration
Ethereum scaling platform Polygon has announced the launch of its zkEVM Public Testnet. Polygon’s zkEVM scaling solution is an “Ethereum-equivalent” ecosystem with cross-compatibility to existing smart contracts, developer tools and wallets built on Ethereum and Polygon PoS.
The public testnet will allow developers to test the deployment of privacy-enhancing zk-rollups in their decentralised applications. Leading platforms like Aave, Uniswap, Lens and gaming studio Midnight Society are among the first to deploy on the zkEVM testnet.
https://cointelegraph.com/news/polygon-s-zkevm-public-testnet-to-enable-smoother-ethereum-migration Transit Swap DeFi Hacker Bags $690,000 Bounty After Returning $2.75M
Yesterday, DeFi protocol Transit Swap announced that it had reached an agreement with its biggest hacker for the return of funds. As per the agreement, Transit Swap will reward the hacker known as “white hat #1” with a bounty worth almost $690,000 in exchange for returning the stolen funds of 10,000 BNB worth about $2.75 million. This also relieves the hacker of all legal liabilities arising from the attack from Transit Swap’s side.
https://decrypt.co/111573/transit-swap-defi-hacker-bags-690000-bounty-returning-2-75m Solana NFT Collection “DeGods” Removes NFT Royalties
According to a tweet from popular Solana NFT project DeGods, the team behind the project has decided to switch to a 0% royalty fee model. This change in policy will apply to the DeGods project as well as its spinoff collections t00bs and y00ts. DeGods stated that while it believes royalties are an “incredible use case” for NFTs, switching to the zero-royalty fee model is the best decision for its business at this time.
In a Twitter space following the announcement, DeGods founder ‘Frank’ cited data showing the growing popularity of 0% royalty marketplaces as a major factor behind the decision. He stated,