Category: crypto

Japan’s Financial Services Agency (FSA) plans to reassess crypto regulations, potentially lowering taxes on crypto gains from 55% to about 20% and reclassifying digital assets under the Financial Instruments and Exchange Act by 2025. This aims to enhance investment growth while balancing innovation with investor protection amid a changing political landscape.

A Federal Reserve report reveals growing interest in cryptocurrency among “no coiners,” with 13.4% likely to buy in the future, up from 6.9% in 2022. Despite rising interest, overall ownership has declined from 24.6% in January 2022 to 14.7% by July 2024, highlighting a disconnect amid market fluctuations.

Inflows into crypto investment products reached $1.2 billion for the third week, driven by expected US monetary policy shifts and market momentum, increasing total assets to $92.7 billion. Bitcoin saw $1 billion inflows, while Ethereum ended a five-week outflow streak with $87 million. However, Grayscale funds faced continued outflows.

TrustToken and TrueCoin settled with the SEC over allegations of fraud related to their TrueUSD stablecoin, agreeing to pay $700,000 in penalties without admitting guilt. The SEC claimed they sold unregistered investment contracts and misled investors about TUSD’s backing. TrueUSD’s market cap fluctuated following the news, falling to $0.98.

Taiwan’s Financial Supervisory Commission has approved professional investors’ access to foreign crypto-based ETFs via local intermediaries. Limited to professional investors due to high risks, this policy includes suitability assessments and mandatory education. With growing global interest, Taiwan aims to regulate and protect its investors in the crypto market.

Bithumb, South Korea’s second-largest crypto exchange, plans to list publicly in the U.S. by 2025, having appointed Samsung Securities as its underwriter. This follows a failed KOSDAQ attempt in 2020. Bithumb holds 10-20% of South Korea’s crypto market, with recent earnings showing significant growth, reflecting crypto’s rising legitimacy.

Crypto leaders face increasing legal scrutiny, with convictions soaring by 267% from 2019 to 2023, leading to 272 years of combined sentences. Harsh penalties, including double life for Ross Ulbricht, raise questions about fairness versus traditional finance offenders. This reflects broader regulatory integration and growing enforcement in the crypto industry.

The BIO Association, a Swiss nonprofit, plans to launch BIO tokens for its decentralized biotech network, BIO Protocol, aimed at bridging biotech and crypto. It will foster community-led BioDAOs and democratize access to scientific research. The token launch will occur on Ethereum, enabling governance voting and funding access for holders.

In the first week of October, over $735 million in crypto will be released, part of a total $3.46 billion expected throughout the month. Key projects like Celestia, Worldcoin, and Solana will unlock significant amounts. The process aims to prevent mass selling by early investors and often influences market conditions.

The FTX native FTT token surged 50% amid false claims of imminent repayments, reaching $2.75 before settling at $2.14. Trading volume exceeded $360 million, predominantly on Binance. Despite speculation driving its value, repayment plans remain unapproved, with significant creditor backlash over undisclosed shareholder provisions affecting recovery rates.