As crypto winter sets in once more, industry players in Australia, one of the world’s most crypto-friendly nations, watch closely for a shift in the regulatory climate.
Anthony Albanese, the new Australian Labor Party prime minister, has made regulating crypto a top priority. However, neither he nor his cabinet has given a clear indication of how it may approach the unregulated space.
No word yet on whether Australia’s innovative crypto legislation will go through.
As crypto winter sets in once more, industry players in Australia, one of the world’s most crypto-friendly nations, watch closely for a shift in the regulatory climate.
Anthony Albanese, the new Australian Labor Party prime minister, has made regulating crypto a top priority. However, neither he nor his cabinet has given a clear indication of how it may approach the unregulated space.
No word yet on whether Australia’s innovative crypto legislation will go through.
ENS domain registrations went from 11,042 to 29,727, as the domain “000.eth” was bought for 300 ETH.
A software developer from Ohio is taking on extra work at Door Dash to grow his stack of Bitcoin.
El Salvador payment app Chivo processed $52 million in remittances over the past 6 months, as expatriates make use of commission-free BTC transfers.
Tether USDT stablecoin cannot be used for salary payments, a Chinese court ruled, citing the country’s blanket ban on all types of crypto transactions.
Despite the Chinese government banning all kinds of cryptocurrency transactions last year, some firms apparently still use stablecoins like Tether (USDT) to pay their employees.
Beijing’s Chaoyang District People’s Court has ruled that stablecoins like USDT cannot be used for salary payments, the local news agency Beijing Daily reported on July 6.
The Chinese court stated that virtual currencies like USDT cannot circulate in the market as a currency, which requires all employers to only pay their workers using the official currency, renminbi (RMB).
The ruling came as part of a court case involving a staff member at a local blockchain firm suing his employer for not agreeing to pay his wages in RMB. The plaintiff argued that instead of paying him in RMB, the firm had paid his salary and bonuses in the USDT stablecoin.
Citing China’s blanket ban on crypto enforced in September 2021, the court pointed out that digital currencies like USDT do not have the same legal status as legal tender. The court noted that the plaintiff's request to pay wages and bonuses in the form of RMB fully complies with local laws and the court supports it.
At this year’s NFT.NYC conference, Aave executive Christina Beltramini shared detailed insights into the platform’s recent launch and future vision.
In the U.K., crypto owners prefer centralized exchanges and claim their assets to be largely profitable.
An average crypto asset holder in Great Britain would be young, male and hodler. And they would consider crypto to be a ‘fun investment.’ Such are the findings from the fresh research, conducted by Her Majesty Revenue and Customs (HMRC) with the help of research agency Kantar UK and published on Tuesday.
Taking a quantitative approach, the research sought to establish the prevalence of owning crypto assets, the types and amounts held, and the platforms individuals use to buy crypto assets. It consisted of a survey with a representative sample of 5,916 United Kingdom adults, including 713 crypto asset owners.
The report revealed that 10% of the U.K. citizens hold or have held crypto, with 55% never having sold any (equivalent to 5% of the adult population). Only 7% are currently holding more than £5,000 (almost $6000 by press time) in value, while 52% of current owners have holdings of up to £1,000 ($1200).
Related: UK government seeks public input on DeFi taxation
Other significant findings come as no surprise — crypto owners tend to be younger than the general population with 76% of them 45 years, and mostly they are male (69%). A vast majority of them hold cryptocurrencies (79%), while the second most popular type of asset is utility tokens (20%).
The crypto payment report noted that crypto payment fees are around 1%, which is much lower than other payment options that charge between 1.5% and 3.5%
With two consecutive taxes ready to eat away at their holdings, most Indian investors have seemed to have opted for hibernation amid an unforgiving bear market.
With two consecutive taxes ready to eat away at their holdings, most Indian investors have seemed to have opted for hibernation amid an unforgiving bear market.
The implications of what anti-crypto regulations can do to a thriving economy can be seen first-hand unfolding in India. Supporting the massive decline in trading volumes across all Indian crypto exchanges, a report from WazirX reveals a change in investor sentiment as the Indian government imposed its second crypto law — a 1% tax deduction at source (TDS) on every crypto transaction.
Trading volumes on Indian crypto exchanges saw an eventual reduction of 90-95% ever since the country introduced a law that would tax investors 30% on unrealized gains. With two consecutive taxes ready to eat away at their holdings, most Indian investors have seemed to have opted for hibernation amid an unforgiving bear market.
Prominent Indian crypto exchanges WazirX and Zebpay surveyed around 9,500 active traders from the region to better understand investor sentiment. Unsurprisingly, the survey revealed that 83% of traders were forced to reduce their trading frequency owing to the TDS deductions.
Another method investors in India avoided paying TDS was by selling their holdings before the taxation was signed into law. Over 27% of the investors, the majority comprised of millennials, ended up selling 50% of their portfolio before April 1 whereas 57% sold under 10%. In this regard, Rajagopal Menon, VP of WazirX stated:
“The survey results stipulate the need to reform certain conditions to aid the growth of crypto investors in the country which will result in economic prosperity. The tax regime needs to be balanced to encourage participation and revive trading volumes.”
The two nations have agreed to share their investigation data on the ongoing crypto-related cases including Terra Luna.
With support and resistance inches from spot price, BTC/USD has increasingly little room to consolidate.
Bitcoin (BTC) approached the July 6 Wall Street open near $20,000 as a fresh battle between support and resistance loomed.
BTC/USD 1-hour candle chart (Bitstamp). Source: TradingViewData from Cointelegraph Markets Pro and TradingView showed BTC/USD wedged in a tight trading range with liquidity creeping closer to spot on the day.
After recovering 6% losses from the day before, order book data confirmed that support and resistance was now almost shoulder-to-shoulder.
According to on-chain monitoring resource Whalemap, a cluster of whale positions between $20,546 and $21,327 meant that this large area was now the zone to beat.
Buyer interest, meanwhile, stayed at around $19,200, this also formed of whale bids which formed after BTC/USD dipped to multi-year lows of $17,600 in Q2.
A hedge against the traditional market? Nope, crypto assets are now looking closer in risk profile to oil and gas, or EV stocks like Tesla, says Coinbase Institute’s chief economist.
A hedge against the traditional market? Nope, crypto assets are now looking closer in risk profile to oil and gas, or EV stocks like Tesla, says Coinbase Institute’s chief economist.
