Crypto Market Highlights March 28, 2022

Crypto Market Highlights: Legal News

  • In the next weeks, the UK Finance Ministry will publish a new regulatory framework for cryptocurrencies, with a focus on stablecoins. Treasury officials have shown a willingness to learn about the crypto industry, according to reports, working with crypto enterprises and trade groups, such as the Gemini exchange. Gemini creates its own stablecoin that is pegged to the US dollar. Tether, the largest stablecoin in the world, now has a supply of over $80 billion, up to $76 billion in two years.
  • Canadian authorities are attempting to seize all Bitcoin donations made to Freedom Convoy truckers in response to the group’s protest of the country’s vaccine mandates. The Canadian government, on the other hand, has been unable to stop a fundraiser called “Bitcoin for Truckers,” which raised cryptocurrency donations for the protest. The Ontario Supreme Court has ordered the owners of the multi-sig wallet containing the donated Bitcoin, as well as 122 other crypto addresses, to freeze the funds. According to CBC, prior to the Supreme Court’s order, 14.6 Bitcoin of the total 20.7 BTC had already been distributed to 101 separate unidentifiable crypto wallets. Nicholas St. Louis, a member of the multi-sig wallet who goes by the Twitter handle Nobody Caribou, the transfer took place “well before” any legal threats were made against the donation group.
  • Kim Dae-Ji, chairman of South Korea’s National Tax Agency, met with tax executives from Bulgaria and the United Kingdom this week to discuss the “rise of tax-dodging schemes” involving the use of digital assets. who use “new financial products” such as cryptocurrencies to avoid paying taxes, primarily through offshore schemes. The discussions focused on the sharing of accurate income information from individuals suspected of tax evasion. South Korea’s authorities do not recognize crypto as legal tender, but ownership and trading are permitted.

Crypto Market Highlights: General News

  • El Corte Ingles, Spain’s third-largest retailer and distributor, will launch its own cryptocurrency exchange. With the goal of offering “financial services, financial transactions related to currency exchange and foreign exchange trading,” the company registered the Bitcor name with the European Union Intellectual Property Office (EUIPO) via fast-track, hinting at the possibility of launching a crypto exchange since last year. The objective is to capitalize on the company’s present customer portfolio, with an investor target already established. El Corte Ingles’ customers are small savers who, the company believes, could be interested in investing in cryptocurrencies through a well-known company rather than going to younger companies.
  • The foundation behind the Luna Foundation project reportedly deposited $1.1 billion worth of BTC to another anonymous address ending in 50tv4q, as WuBlockchain reports. If the wallet is actually owned by the foundation, it already contains 50% of the collected funds. It is not yet clear if the other portion of the funds is going to be transferred to the same wallet or another address. The founder of Terra (LUNA) has revealed that the Luna Foundation Guard successfully raised $2.2 billion to create a separate Bitcoin reserve for the UST stablecoin behind the network. The $1 billion was raised through a private sale round.
  • The Avalanche Foundation and web3 social media platform Op3n launched a $100 million program for creatives to build projects on Avalanche. The first of these financed initiatives, dubbed the Culture Catalyst initiative and paid out in AVAX, will go to singer Grimes. The singer, who has already sold $6 million in NFTs, is working on an “intergalactic childrens’ metaverse book” that she believes will follow in the footsteps of Studio Ghibli’s renowned film My Neighbor Totoro.
  • Ethereum co-founder Vitalik Buterin has acknowledged that high fees remain a significant challenge for the digital asset, posing a threat to the vision of creating a decentralized economy. “​​Fees are a huge problem for Ethereum’s usability, especially for things other than some of the financial applications that have dominated recently,” he said during an interview with Time magazine. “The main thing that prevents Ethereum from being used for cool stuff today is just the fees. It feels like a boring answer; there’s this big social problem in Ethereum and the biggest reason for it is one technical thing that hasn’t been done fast enough,” he added. 

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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