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El Salvador Working on Digital Asset Issuance Law – Top Crypto Updates

El Salvador prepares Digital Asset Issuance Law

El Salvador is working on a Digital Asset Issuance Law, which would facilitate operations/transactions with any crypto asset. The law would regulate the transfer operations of any digital asset and aims to promote the efficient development of the digital asset market and protect the interests of acquirers. El Salvador was the first country to declare Bitcoin as legal tender.

Crypto prices today: Bitcoin up 4.8%, ETH rises 6.5%

Bitcoin is currently trading at $16,476.92, an increase of 4.8% over the previous day. Ethereum rose 6.5% over the last 24 hours to $1,159.58. Solana surged 15% to $13.08, while Cardano is trading higher by 4.4% at $0.315. Avalanche (AVAX) rose 9.3% to $12.68. The global crypto market cap stands at $821.12 billion, a 5.31% increase over the previous day.

Bitpanda secures operating license in Germany

The German Federal Financial Supervisory Authority (BaFin) has granted the Crypto Custody and Proprietary Trading license to crypto asset firm Bitpanda. The license is based on a new regime introduced by the German financial regulator in January 2020. Bitpanda can now actively offer its services in Germany while creating a safe and fully regulated environment for crypto investment.

CoinMarketCap launches proof-of-reserve tracker for crypto exchanges

Crypto tracking website CoinMarketCap has introduced a proof-of-reserve feature for centralized crypto exchanges to improve transparency for crypto participants. The data is currently available for seven centralized crypto exchanges, including Binance, KuCoin, and Bitfinex.

CMC will provide info on the type of tokens in which the reserves are held. It also shows the addresses, balance, and value of assets in the associated wallets.

Magic Eden eyes gaming, brand NFTs

NFT marketplace Magic Eden said it will add support for NFTs minted on Polygon. The company sees Polygon as a major up-and-coming platform for NFT-powered video games and brand NFTs. Polygon enables significantly faster and cheaper transactions than Ethereum, making it an ideal option for projects that require large amounts of digital assets.

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MetaMask Adds Instant Bank-to-Crypto Transfers – Top Crypto Updates

MetaMask adds instant bank-to-crypto transfers

MetaMask users will now be able to fund their crypto wallets via bank transfers instantly. Users can now convert their fiat into crypto through an integration with fintech firm Sardine. Sardine set a purchase limit of up to $3,000 per day, $5,000 per week, and $25,000 per month for more than 30 tokens. ConsenSys, the blockchain technology company behind Metamask, also participated in Sardine’s recent funding round.

Crypto prices today: Bitcoin up 0.7%, ETH rises 2%

Bitcoin is currently trading at $19,282.86, an increase of 0.72% over the previous day. Ethereum is up 2% over the last 24 hours to $1,310.43. Solana rose 1.66% to $30.27, while Cardano is trading higher by 0.16% at $0.368. Avalanche (AVAX) rose 1.82% to $15.87. The global crypto market cap stands at $923.46 billion, a 0.71% increase over the previous day.

India aims to develop crypto SOPs during G20 presidency

India’s Finance Minister, Nirmala Sitharaman, revealed the government’s plan to develop standard operating procedures (SOPs) for crypto during its G20 presidency from Dec 1, 2022, to Nov. 30, 2023. She further highlighted the use of crypto assets in money laundering as detected by the Enforcement Directorate (India’s law enforcement agency). The minister had previously called for global collaboration to decide on crypto’s future and has been cautious against mainstream crypto adoption.

North Korean hacker group Lazarus targets Japanese crypto firms

North Korean hacker group Lazarus has attacked several Japanese crypto funds through phishing and social engineering. A report by Japan News stated that some companies have had their internal systems hacked and some cryptocurrency has been stolen.

Phishing is a form of hack that involves a malware-infected link being sent to a victim, a virus will be installed on the targeted computer when the link is clicked. Lazarus is said to have been sharing these links via email and social media.

NFT marketplace Magic Eden moves to optional royalty model

Solana non-fungible token (NFT) mainstay Magic Eden is moving to an optional royalty model. The company will also be waiving its 2% platform fee. The company also said it’s allocating $1 million towards a fund to create better royalty enforcement tools and hopes to experiment with “new models outside of royalties” in the future. 

Société Générale’s crypto division secures regulatory approval in France

SG Forge, the crypto subsidiary of multinational financial services firm Société Générale, has secured regulatory approval from the French financial regulator (AMF) for activities related to trading crypto. Its registration covers the custody, purchase, sale, and exchange of digital assets.

The company had recently announced a partnership with Swiss custody specialist Metaco to focus on growing its security tokens offering. 

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ED Probing WazirX For Money Laundering – Top Crypto Updates

ED probing WazirX for money laundering of Rs 2,790 crore

Minister of State for Finance Pankaj Chaudhary said the Enforcement Directorate (ED) is probing alleged money laundering of Rs 2,790 crore through crypto exchange WazirX. An investigation has revealed that Wazirx, operated by Zanmai Labs Pvt Ltd, has been using the walled infrastructure of Cayman Island-based exchange BINANCE. All crypto transactions between these two exchanges were not recorded on the blockchain.

Crypto prices today: Bitcoin up 0.9%, ETH rises 3.5%

Bitcoin is currently trading at $23,040.86, an increase of 0.92% over the previous day. Ethereum rose 3.57% over the last 24 hours to $1,635.67. Solana fell 4.72% to $38.67, while Cardano is trading higher by 2.37% at $0.505. Avalanche (AVAX) rose 4.28% to $23.48. The global crypto market cap stands at $1.07 trillion, a 1.71% increase over the previous day.

Solana, USDC drained from wallets in attack

An unknown attacker drained thousands of wallets containing Solana and USDC worth at least $4 million late Tuesday night. The hack seemed to originate on the Solana browser wallet Phantom and is believed to have compromised user keys. “We are working closely with other teams to get to the bottom of a reported vulnerability in the Solana ecosystem,” said Phantom in a tweet. 

Magic Eden expands NFT marketplace to Ethereum

Magic Eden, the most popular NFT marketplace on Solana, will add support for Ethereum this month. The platform will offer “go-to-market” benefits for Ethereum NFT creators, including its popular minting toolkit, whitelisting tools, and marketing support. It is also launching a “cross-currency trading product” to allow users to purchase both Ethereum and Solana NFTs in either blockchain’s native currency.

TaxCryp to launch tax computation platform for crypto investors

TaxCryp Technologies announced the launch of a software as a service (SAAS)-based solution to tackle India’s complicated crypto taxation regime. The software aims to simplify tax computation, compliance, and reporting requirements. India imposed a 30% flat tax on all crypto income from April 1. The govt also introduced a 1% tax deducted at source (TDS) on the sale and transfer of crypto assets in excess of Rs 10,000.