Crypto Market Highlights May 3, 2022
Crypto Market Highlights: General News
- After the recent Yuga Labs’ Otherdeeds NFTs minting issue, which sparked suspicion of a new chain for APE, ApeCoin announced its integration with the Polygon ecosystem. With the addition of ApeCoin to Polygon Ecosystems, the $APE Token is now accepted by over 19,000 dApps and games.
- SEC is expanding its department that protects investors against crypto frauds and cyber dangers by adding additional 20 enforcement officers. The number of employees dedicated to investigating securities law violations in industries such as coin offerings, lending, non-fungible tokens (NFTs), and decentralized finance has increased to 50. Since 2017, the unit has filed over 80 enforcement proceedings for fraudulent and unregistered offerings, resulting in more than $2 billion in monetary relief.
- Mairead McGuinness, the European Commission’s commissioner for finance, is urging global regulators to collaborate to address possible risks in the cryptocurrency industry. McGuinness said the European Union and the United States could help lead the world in a legislative strategy for cryptocurrencies that respects the advantages of the new technology while tackling “significant risks”. The EU commissioner mentioned the volatility of some assets, the potential of insider trading, the possibility of Russia using cryptocurrency to escape sanctions, and environmental concerns.
- The Indian government is looking into levying additional taxes on interest collected on cryptocurrencies using decentralized financing (DeFi) services based outside of India. The report stated that transactions where one party resides outside India or has not provided permanent account number (PAN Card) details are illegal. The government could also apply an additional 5% equalization levy tax on foreign-owned e-commerce enterprises that serve Indian residents.
- VanEck, a global investment management, has announced the creation of a community NFT based on Ethereum in collaboration with NUMOMO, a South Korean-based creative NFT firm. This is the company’s first such project, and it intends to release a total of 1,000 NFTs, divided into three categories: commons (750), uncommon (230), and legendary (230). Each NFT holder will be allowed access to a number of exclusive perks based on these three tiers.
- Banco Galicia, Argentina’s largest private bank, revealed that it will allow its customers to purchase and sell bitcoin and other cryptocurrencies as part of a series of “new investment options.” The bank has added a function to its mobile app’s investing section that allows customers to buy Bitcoin and a few other cryptocurrencies. The launch of these new investment vehicles will be coordinated by Banco Galicia and Lirium, a crypto and digital wallet provider.
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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