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2022-12-18 07:26:02 Japan to Enforce Less Stringent Crypto Tax Rules

Japanese crypto issuers might no longer have to pay 30% corporate tax on their holdings as of April 1, 2023. The ruling body currently requires such firms to pay 30% on their ownings even if they haven’t gained profits through a sale.

Japan’s ruling political party – The Liberal Democratic Party – aims to ease corporate tax legislation for domestic crypto issuers and thus stimulate such entities to operate in their homeland. Prime Minister Fumio Kishida’s cabinet is expected to complete its annual taxation standards by the end of 2022 based on the Liberal Democratic Party’s decisions. The relaxed rules could come into force as of April 1, 2023.

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2022-12-17 08:59:02 FTX asks court permission to sell off four businesses, including LedgerX

FTX's brand is so toxic it wants to jettison subsidiaries before they lose value by association. The company's new leadership asked a federal bankruptcy judge for permission to sell off parts of the failed crypto empire’s business early next year.

FTX acquired last year, was believed to be one of the few parts of the corporate family that remained liquid as parent company FTX and its closely linked investment fund Alameda Research hemorrhaged money. Lawyers for the company argue that the other affiliates they want to sell off could continue to lose staff and their good standing with regulators the longer they remain tied to the parent company.

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2022-12-16 07:21:02 B. Riley offers $72 million to mining firm Core Scientific

B. Riley Financial, one of Core Scientific's largest creditors, argued that bankruptcy is not the the answer to Core Scientific's woes and is instead offering it a new financial lifeline. more than two years and help the firm stave off bankruptcy.

The creditor proposed offering “$72 million in new, non-cash pay financing on favorable terms, providing more than two years of runway for the company to achieve profitability,” according to a letter from B. Riley to Core Scientific's shareholders. “Bankruptcy is not necessary at all,” said B. Riley, adding that Core Scientific’s financial problems.

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2022-12-15 07:30:05 SBF accused of 8 criminal charges in SDNY indictment

The indictment filed by the US Attorney for the Southern District of New York (SDNY) Damian Williams for the arrest of FTX founder Sam Bankman-Fried includes eight criminal charges. The Indictment also includes conspiracy to defraud the United States and violating campaign finance laws.

The charges include conspiracy to commit money laundering, conspiracy to commit wire fraud on customers and lenders, conspiracy to commit commodities and security fraud, and separate wire fraud on customers and lenders. the charges fall under the Securities Exchange Act of 1934 and the Securities Act of 1933 pertaining to anti-fraud provisions.

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2022-12-14 06:58:02 Maker of web3 adoptable dogs from 'outer space,' Dogami raises fresh $7 million

Dogami, a web3 game that enables players to adopt and raise virtual dogs, raised $7 million in a seed extension round. Other backers include Bpifrance, Blockchain Founders Fund and Wagram Capital.

The equity round closed at the end of November, Dogami CEO and co-founder Max Stoeckl said in an interview with The Block. Earlier this year, Dogami raised $6 million in a seed round with backing from investors including Ubisoft, Animoca Brands, Tezos and GSR, and the new seed extension brings Dogami’s total funding to $14 million. These investors turned upside down every stone.

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2022-12-13 07:47:02 Paxful to delist Ethereum following push for integrity post-FTX

Ray Youssef, CEO and co-founder of Paxful, announced plans to remove Ethereum from the platform and said that the “revenue is nice but integrity trumps all.”. Ethereum as “poorly designed” and uncompliant with the “1st principles” of cryptocurrency.

Lithium Ventures chief product officer Tom Littler explained first principles as criteria used to “help you differentiate the wheat from the chaff.” In brief, these are decentralization or a new system of ownership, incentives to encourage positive social behavior, and no middlemen. “ETH will fail” due to this complexity and the potential changeability it brings at the fundamental level.

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2022-12-12 08:36:02 Kazakhstan Lawmakers Pass New Bitcoin Mining Bills

Lawmakers in the country have passed the “On Digital Assets of the Republic of Kazakhstan” crypto assets bill and other laws that focus on crypto mining. The Mäjilis, or the lower hours of the Parliament of Kazakhstan.

The details of the five bills that introduce a new scheme of electricity purchasing for mining equipment, as well as updated licensing and taxation schemes, were shared by Didar Bekbauov, co-founder of Xive, a crypto mining solutions platform.

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2022-12-11 07:10:01 Coinbase Announces Zero-Fee USDT to USDC Stablecoin Conversion

The events of the past few weeks have put some stablecoins to the test, and we’ve seen a flight to safety," the exchange said in a blog post. "We believe that USD Coin (USDC) is a trusted and reputable stablecoin.

Launched in 2018, USDC is managed by Centre, a consortium formed to improve the mainstream adoption of stablecoins. Coinbase, along with the Boston-based financial services company Circle, is the founding member of the consortium. Tether's USDT to Circle's USDC with zero-fee trades.

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2022-12-10 06:14:02 Sam Bankman-Fried says he will testify before congressional committee

The former FTX CEO said he’s willing to testify before the House Committee on Financial Services in Washington, D.C., next week. House Committee on Financial Services in Washington D.C. next Wednesday. front of the House Committee on Financial Services in Washington D.C. next Wednesday.

The Senate had demanded he testify, but had been left with a pregnant silence up until now. A letter sent by senators threatened Bankman-Fried with a congressional subpoena if he refused to cooperate. The deadline for his response was set for 5pm ET yesterday. The deadline for his response was set for 5pm ET yesterday.

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2022-12-09 07:30:54 Canada’s Biggest Pension fund CPPI dropped crypto investment plan amid unstable markets

Canadian pension fund CPP Investments which manages $388 billion for roughly 20 million Canadians, has given up its crypto investment plan after a year-long study of crypto investment opportunities, according to Reuters sources.

Early in 2021, CPPI’s Alpha Generation Lab, which studies emerging investment trends, formed a three-member team to research cryptocurrencies and blockchain businesses. However, one of the sources said the CPPI ended assessing investment opportunities before July, but the exact time is unclear. Sources say CPPI redeployed its research team to other areas after abandoning its efforts.

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