Crypto News

Cryptocurrency News Weekly Roundup 24/06/2022

Here are all the exciting headlines you’ll find in the NFT-, DeFi– and missed crypto niches across regulations and lines of business.

Crypto broker FalconX raises $150 million and reaches a valuation of $8 billion

US-based firm Digital Assets Brokerage announced on Wednesday that it had raised $150 million in the latest round of funding led by Singaporean wealth group GIC and Swiss firm B Capital. Other investors involved include private equity firm Thoma Bravo, Tiger Global Management and investment manager Adams Street. Specifically, the Series D funding round comes as crypto entities take losses and try to stay afloat.

Falcon X’s total funding now stands at $430 million after raising a massive $210 million from its Series C funding. Its valuation has more than doubled from $3.75 billion to $8 billion over a 10-month period. The company will use some of the recent funding to develop new offerings and create new markets for its institutional clients.

CEO Raghu Yarlagadda noted that the crypto winter has not affected their company. He explained that the company has no significant risk due to its robust risk management strategy and attributes its growth to a market-neutral business model.

India’s finance ministers discuss 28% GST on crypto transactions

A group of ministers from India’s Treasury Department will meet to discuss the feasibility of a goods and services tax on transactions involving crypto. Bloomberg reports, citing sources familiar with the matter, that the discussion will take place on June 28-29 in Chandigarh. The tax was proposed by India’s Goods and Services Tax Council last month, and its implementation will increase the levy Indians levy on crypto sales.

The people cited, who preferred to remain unknown, revealed that the ministerial body is using crypto transactions as a taxable way to better monitor deals in the space. The ministerial group will not reach a final figure over the two days, but are expected to consider the 28% figure – the highest tax plate reserved for things considered luxuries.

Accumulation of crypto tax liabilities in India

Crypto users in India are already subject to a 30% tax on capital gains from crypto sales, which was announced in February during the Union Budget announcement.

The upcoming discussion represents the Indian government’s recent efforts to discourage those trying to enter the crypto sector. In April, Bihar Sushil Kumar Modi, the country’s former prime minister, argued that crypto is a form of “gambling” and “lottery” and questioned its viability as an investment asset.

Sushil, a member of India’s ruling Bharatiya Janata Party, recommended that the government raise more taxes to dampen the hopes of the younger generation, which has shown keen interest in virtual assets.

It was also reported last month that the Central Board of Direct Taxes (CBDT) is considering additional taxation of income generated through decentralized finance. This was in response to crypto enthusiasts switching from direct crypto sales to DeFi, which fell outside the scope of income tax. The board shared a statement yesterday confirming that it will apply a 1% withholding tax (TDS) on crypto transactions starting next month.

eBay acquires NFT trading platform KnownOrigin

Online retail giant eBay acquired UK NFT marketplace KnownOrigin on Tuesday as it ventures more into NFTs. The move comes a month after eBay launched its first NFT collection in partnership with OneOf.

Elsewhere, fintech Zelf will soon allow Apple Watch owners to display their favorite NFT collections on their watch faces. Unlike Tag Heuer, the company’s CEO claimed that the technology will aim for mass adoption and inclusivity. They hope this will benefit from Apple’s large market of almost 100 million watch wearers worldwide.

tether starts the supported by the British pound stablecoin GBPT

Fears that Tether’s main stablecoin could decouple from its 1:1 peg with the US dollar were met with another coin offering from the British Virgin Island-based team. Coming out in early June, the stablecoin offering would be the fifth token offered by Tether, following USDT, EURT, CNHT, and the recently launched MXNT.

GBPT will initially start on Ethereum. The UK Treasury announced plans in April to turn the country into a global crypto hub, a move Tether hopes to capitalize on by offering a faster and cheaper option for wealth transfers. The UK government has also toyed with the idea of ​​recognizing stablecoins as a valid means of payment, making the country a global destination for crypto innovation.

Paolo Ardoino, CTO of Tether, expressed his belief that the UK is the next frontier for Blockchain-Innovation and wider implementation of digital assets in financial markets. He also reiterated Tether’s willingness to work with financial authorities to ensure Tether’s launch of stablecoins is successful. Tether’s launch of GBPT comes at a time when the company’s main stablecoin, USDT, is experiencing a decline market capitalization from over US$80 billion to now US$68 billion.

Crypto.com Receives Singapore Regulatory Approval

Singapore’s financial regulator has granted approval in principle to several crypto firms that had applied for licenses to offer payment services. Among them is exchange platform Crypto.com, which announced on Wednesday that it is now authorized to operate in Singapore.

Co-founder and CEO Kris Marszalek explained that the Financial Regulator maintains a high standard of regulation that encourages innovation and cares about consumer protection. The approval underscores the trust and security that the platform has worked to create. Marszalek vowed to work with the regulator to deepen her firm’s roots in the country, which he hailed as a well-regulated business environment.

Other companies that have received approval in principle alongside Crypto.com are Sparrow and Genesis. Singapore’s financial regulator mandates all exchanges to provide adequate consumer protections while complying with anti-money laundering measures. The MAS has also provided clear guidelines for digital payment tokens (DPT) promoting their wares.

Source: Crypto News Deutsch

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