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Columbia Files Draft Rules for Crypto Industry – Top Crypto Updates

Colombia advances regulatory framework for local crypto industry

Colombia’s government has released draft rules for crypto companies that want to operate in the country. The public will now be able to comment on the proposed regulations put forward by the Financial Superintendence of Colombia. The rules propose a risk management system for money laundering and terrorism financing. It also includes cybersecurity guidelines and ways to trace crypto transactions. 

Crypto prices today: Bitcoin up 0.5%, ETH falls 0.7%

Bitcoin is currently trading at $23,703.4, an increase of 0.57% over the previous day. Ethereum fell 0.7% over the last 24 hours to $1,562.58. Solana fell 0.35% to $45.46, while Cardano is trading higher by 1.36% at $0.541. Polygon (MATIC) declined by 1% to $0.934.

FBI seizes $500K in crypto and ransom payments from North Korean hackers

Last year, the Federal Bureau of Investigation (FBI) and the U.S. Justice Department successfully prevented attempts made by North Korean state-sponsored hackers to attack an American hospital. The agency seized $500,000 in crypto and ransom payments in the process. In April 2022, the U.S. government released a cybersecurity advisory on North Korean illicit activity in the crypto space. 

Lido Finance to cut fees with ETH layer-2 integrations

Liquid staking service provider Lido Finance will begin expanding into various layer-2 scaling solutions for the Ethereum network. For Ethereum stakers, this means staking with lower fees and access to a new suite of decentralised finance (DeFi) applications to amplify yields.

On Tuesday, Lido Finance also introduced a community proposal to liquidate 20 million of its LDO tokens (or 2% of the total supply) in return for stablecoin DAI.

Read more here.

GameStop’s NFT marketplace opening week sales crosses Coinbase’s all-time volume

Video-game retailer GameStop’s non-fungible token (NFT) marketplace reported over 5,000 ETH (~$7.2 million) in trading volume since its launch on July 11. The figure is more than double that of competitor Coinbase’s all-time NFT volume. Of that early success, sales volume of 1,200 ETH (~$1.7 million) has been from the project MetaBoy.

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Mexico Senator Proposes Bitcoin Legal Tender Bill – Top Crypto News

Mexico Senator proposes Bitcoin legal tender bill

Indira Kempis, a senator from Nuevo Leon in Mexico, wants to make her country the second in the world to adopt Bitcoin as legal tender. She is working on a proposal for a crypto-friendly legal framework. The legislator praised Bitcoin’s attributes as an inclusive currency that benefits the unbanked.

Crypto prices today: Bitcoin falls 9%, ETH down 13%

Bitcoin is currently trading at $34,752, an 8.85% decline over the previous day. Ethereum fell sharply by 12.9% over the last 24 hours to $2,323.5. Solana fell 9.2% to $79.35, while Cardano tanked 16.5% to $0.76. Polygon (MATIC) crashed 15% to $1.27. The global crypto market cap stands at $1.56 trillion, a 9.89% decline over the previous day. This slump in the crypto market was in sync with a global market retreat triggered by Russia’s move to launch military action on Ukraine.

Ethereum founder Vitalik Buterin calls Russia invasion a ‘crime’

Ethereum co-founder Vitalik Buterin said Russia’s invasion of Ukraine is a crime against the Ukrainian and Russian people. He wrote: “Very upset by Putin’s decision to abandon the possibility of a peaceful solution to the dispute with Ukraine and go to war instead.” Earlier this month, Buterin appealed to Putin to de-escalate a conflict of Russia’s own making.

Solana, Pantera Capital, NBA owners invest in NFT fantasy basketball game

Fast Break Labs, a Web3 startup, announced a $6 million seed round led by early-stage venture firms Pantera Capital and Patron. The company will use the money to develop its fantasy league, the Virtual Basketball Association. The game let players trade NFT collectibles of digitally created players. Solana Ventures and owners of NBA teams joined the seed round.

RBI’s views might have delayed crypto bill: Deputy Governor Patra

RBI Deputy Governer Michael Patra said the central bank’s views on crypto might have delayed the government’s proposed legislation on crypto assets. He said India will proceed very gradually on the subject. There are concerns on privacy, crypto’s impact on monetary policy formulation and energy intensity. The RBI is in favour of a complete ban on the speculative assets.

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Crypto Taxation Sovereign Right, Says FM – Top Crypto News

Not doing anything to legalise or ban crypto at this stage: Nirmala Sitharaman

Finance Minister Nirmala Sitharaman on Friday said that banning or not banning crypto will come subsequently after consultations. “The government has sovereign right to tax profit made from crypto transactions, and the decision on banning or not banning will be taken based on feedback from consultations. I’m not doing anything to legalise or ban cryptocurrencies at this stage. We have only taxed the profit emanating from the transactions,” she said.

Crypto prices today: Bitcoin falls 1.5%, ETH down 3.2%

Bitcoin is currently trading at $43,311, a 1.5% decrease over the previous day. Ethereum is down 3.15% over the last 24 hours to $3,085. Solana fell 6% to $105.5, while Cardano is down 2.19% to $1.15. Polygon (MATIC) slumped 5.8% to $1.86. The global crypto market cap stands at $1.97 trillion, a 2.14% decline over the previous day.

Ransomware payments in Bitcoin and other crypto hit $600M in 2021: Chainalysis

According to a preview of the Chainalysis 2022 Crypto Crime Report, it’s identified $602 million in ransomware payouts for 2021. This is compared to $692 million for 2020. The Russian-based group Conti was the biggest ransomware strain last year in terms of revenue. Using a ransomware-as-a-service model (RaaS), Conti operators extorted over $180 million from their victims. 

Twitter CEO sees ‘incredible amount of developer energy’ in Web3

Twitter CEO Parag Agrawal spoke about Web3 on the Twitter Q4 earnings call. “If you think about the broader crypto ecosystem, which includes crypto, DeFi projects, and all the decentralized technology and applications being built on top of the biggest blockchains, what you notice is this incredible amount of developer energy—developer energy which is interested in solving problems”, he said.

YouTube eyeing the ‘incredible potential’ of NFTs and Web3 for future products

YouTube’s Chief Product Officer Neal Mohan published a blog post about the company’s upcoming plans for new products and features in 2022. He has cited an interest in Web3, blockchain, and NFTs. In his post, Mohan hinted at future Web3 integrations, citing the potential for NFTs to “allow creators to build deeper relationships with their fans” and further monetize their YouTube content.

RBI governor asserts caution on crypto

Reserve Bank of India (RBI) Governor Shaktikanta Das has once again voiced serious concerns against private cryptos. “Cryptocurrency is privately created and it is a threat to financial stability,” he said yesterday. He stated that investors should also keep in mind that crypto has no underlying, “not even a tulip”. The RBI chief was referring to the Dutch tulip bulb market bubble in the 17th century.

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Bitcoin Mining Accounts for 0.08% of World’s CO2 Production – Top Crypto News

Bitcoin mining carbon emissions at ‘inconsequential’ levels: CoinShares

As per a report from CoinShares, the impact of Bitcoin mining on carbon emissions is minimal, especially when compared to the global financial system. It is estimated that the Bitcoin (BTC) mining network emitted 42 megatons (1Mt = 1 million tons) of carbon dioxide in 2021. In context, the number amounts to less than 0.08% of the world’s total emissions of 49,360 Mts of CO2 last year.

Crypto prices today: Bitcoin down 0.1%, ETH up 0.7%

Bitcoin is currently trading at $38,386, a 0.13% decline over the previous day. Ethereum rose 0.7% over the last 24 hours to $2,759. Solana has spiked 3.5% to $109.23, while Cardano has increased by 1.5% to $1.07. Polygon (MATIC) is down 1.1% to $1.63. The global crypto market cap stands at $1.77 trillion, a 0.2% increase over the previous day.

OpenSea hits record $5B in monthly sales as Ethereum NFT market expamds

NFT marketplace OpenSea generated more than $5 billion in total trading volume in January between Ethereum and Polygon sales, breaking the previous record from August 2021. OpenSea had more than $4.95 billion of Ethereum trading volume in January and over $79 million on Polygon. Both are single-month records for each respective platform. 

El Salvador selects AlphaPoint to fix Bitcoin wallet Chivo

El Salvador’s government has selected US software company AlphaPoint to fix its buggy state-sponsored Bitcoin wallet and implement the Lightning Network. New York-based AlphaPoint started improving the Chivo wallet in December. It improved the wallet’s user interface, fixed various bugs, and installed a feature so it can handle the Lightning Network. 

SEC asks Bitwise to address concerns about proposed Spot Bitcoin ETF

The US Securities and Exchange Commission has asked Bitwise to clarify how it will prevent share manipulation, fraud, and other potential issues in its proposed spot Bitcoin ETF. The agency also flagged its concerns about the Bitwise Bitcoin ETP Trust’s liquidity and transparency. The SEC requested more color on the “suitability” of Bitcoin as the underlying asset for the fund.

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PayPal Explores Launch of Own Stablecoin – Top Crypto News

Closeup Bitcoins mockup on the keyboard over the cryptocurrency trading graph in the computer screen, crypto currency and investment concept

PayPal explores launch of own stablecoin in crypto push

PayPal is looking into launching its own stablecoin as the company grows its crypto business. The fintech company confirmed the development after evidence of the move was discovered inside its iPhone app. “We are exploring a stablecoin; if and when we seek to move forward, we will, of course, work closely with relevant regulators,” said Jose Fernandez da Ponte, senior vice president of crypto and digital currencies at PayPal.

Crypto prices today: Bitcoin, Ethereum Slides

Bitcoin is currently trading at $41,944, a 0.7% fall over the previous day. Ethereum declined by 0.4% over the last 24 hours to $3,220. Solana has surged 4.5% to $145.9, while Cardano is up 1% to $1.24. The global crypto market cap stands at $1.99T, a 0.70% decline over the previous day.

Rarible launches tool to block ‘risky’ Ethereum NFT sale orders on OpenSea

NFT marketplace Rarible announced that it has launched an order management tool that allows users to identify and cancel questionable sale orders from leading NFT marketplace OpenSea. The announcement comes following news of an exploit on OpenSea that could lead to valuable NFTs being sold for far less than the owner actually intended.

Airbnb could start crypto payments, hints CEO

Airbnb, the popular accommodation-booking platform, is eyeing a pie of the rising user base of digital assets. The company’s CEO Brian Chesky has said that the top feature users want Airbnb to launch in 2022 is to be able to pay for bookings in cryptocurrency. The demand was revealed during a Twitter survey he conducted recently.

IndiaTech writes to Finance Minister, seeks clarity on crypto tax rules in Budget

IndiaTech has written to Finance Minister Nirmala Sitharaman, seeking clarity on crypto taxation in Union Budget 2022-23. It has appealed to the government to tweak existing tax laws to include crypto assets and sought clarity on the method of taxation and their disclosures. IndiaTech is a group of major leading cryptocurrency exchanges, some of which have recently come under the scanner for evading goods and services tax.

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India’s New Crypto Bill Plans to Ban Private Players – Top Crypto News

India’s new crypto bill plans to ban private players

There is a concern in the market that India may go for a ban on private cryptocurrencies. The winter session will begin on 29th November. The government also plans to create a new digital currency that will be issued by RBI.

Mixed messages on crypto tax rules create confusion in South Korea

South Korean government officials have created confusion this year with conflicting announcements regarding a possible repeal or amendment of the upcoming crypto tax set to come into effect in 2022.

Huge panic selling led to crash in WazirX

The government’s proposal to ban private cryptocurrencies in India with certain exceptions led to massive amounts of panic selling on Tuesday night leading to the crash of India’s biggest crypto exchange, WazirX. USDT-INR pair had crashed yesterday.

Crypto billionaire Su Zhu dumps Ethereum due to high fees

The CEO of Singapore-based hedge fund Three Arrows Capital Ltd, Su Zhu, is abandoning the Ethereum network due to its high transaction fees. The users are required to pay fees to miners for their transactions to be confirmed and added to the blockchain. The value of transaction costs is primarily driven by how congested the network is. If the demand for processing transactions through the Ethereum network is high, fees will also be high.

Shiba Inu in danger of ‘topping signal’ as SHIB price loses 50% in 3 weeks

SHIB’s price dropped to as low as $0.00004251 on Nov. 19 after correcting by almost 55% from its all-time high of $0.00008854. Its price recovered a small portion of its losses on Friday, but the move looked indecisive due to weaker trade volumes.

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IMF advises El Salvador on Bitcoin – Top Crypto News

IMF recommends El Salvador not use bitcoin as legal tender

The International Monetary Fund (IMF) on Monday said El Salvador should not use bitcoin as legal tender, considering risks related to the cryptocurrency. The IMF statement came just after El Salvador announced that he was planning to build Bitcoin city.

Cryptocurrencies fade on news that Powell will be renominated as Fed Chairman

Bitcoin traded lower on Monday after buyers failed to sustain a weekend rally toward $60,000. The cryptocurrency was trading at around $56,000 at press time and is down about 5% over the past 24 hours. Equities and cryptocurrencies initially ticked higher earlier during New York trading hours after U.S. President Joe Biden said he will renominate Federal Reserve Chairman Jerome Powell, following some speculation that Fed Governor Lael Brainard could replace Powell to lead the central bank for the next four years.

Binance Registers Fourth Entity in Ireland

After years of decentralized operations, Binance is set to settle down on a global head office to ease compliance woes. Changpeng Zhao, founder and CEO of the world’s largest crypto exchange, said that Binance had picked a location for its HQ. Ireland has been a favoured location for European offices among U.S. big tech firms like Apple and Google, in part thanks to low taxes. However, Dublin will increase taxes for large multinational firms to 15% from 12.5%, the government decided in October.

Shiba Inu team issues scam alert to SHIB investors

The team behind meme cryptocurrency Shiba Inu (SHIB) has issued a public warning against ongoing online scams that primarily target altcoin investors interested in SHIB tokens. The proactive scam alert came in the form of a tweet detailing the various methods used to dupe unsuspecting victims from the Shiba Inu community. 

Commonwealth Bank of Australia recognizes risks in missing out on crypto

Matt Comyn, the CEO of the Commonwealth Bank of Australia (CBA), said that the bank is more concerned about the risks of missing out on crypto than those associated with its adoption. The CBA is set to become the first of the “big four” banks in Australia to provide crypto based services, after the company announced that it will support the trading of 10 digital assets directly via its banking app.

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Dogecoin is the Most Googled Cryptocurrency in the US – Top Crypto News

Shiba Inu Slips in Coinbase Volume Rankings After Topping the List for 2 Weeks

SHIB accounted for 6.72% of the total turnover on Coinbase, the Nasdaq-listed crypto exchange, slipping to the third position behind Bitcoin and Ether. SHIB is still ahead of prominent cryptocurrencies like programmable blockchains Solana and Polkadot’s SOL and DOT tokens.

French Fintech Lydia Taps Bitpanda to Let 5.5M Users Trade Crypto

Austrian crypto exchange Bitpanda has teamed with French mobile payments app Lydia to offer Lydia’s 5.5 million users the ability to invest in digital assets. Bitpanda announced Monday its digital asset investment product is now fully integrated with Lydia’s payments app, which will enable Lydia customers to invest in over 170 digital assets from cryptocurrencies to commission-free fractional stocks, exchange-traded funds (ETFs), and precious metals. 

Dogecoin is the most googled cryptocurrency In the US

Reports said that Dogecoin is the most googled cryptocurrency in the US, overtaking Bitcoin and Ethereum. The study was done throughout the United States to establish the cryptocurrency people of each state want to invest in, based on searches.

Bitcoin drops

Bitcoin is now trading below $57K, with bears bringing down the coin by more than $1,000 in the last 24 hours. The entire market is down by more than 2%.

El Salvador to build a Bitcoin city in 2022

El Salvador President, Nayib Bukele, said that he wants investors from overseas to build a ‘Bitcoin City’ in 2022. The city will have residential and commercial areas, services, entertainment, restaurants, and an airport and will be built near the Conchagua volcano in south-eastern El Salvador. He added that dollar bonds will be used to fund the city.

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Digital Currencies Won’t Impact US sanctions – Top Crypto News

Digital currencies won’t impact US sanctions, Treasury exec says

Central bank digital currencies (CBDC) like Russia’s digital ruble do not pose any threat to United States sanctions, according to the U.S. Deputy Treasury Secretary Wally Adeyemo. In a CNBC interview on Wednesday, Adeyemo argued that the U.S. dollar “will remain the dominant currency in the world” despite the increasing popularity of cryptocurrencies.

Kazakhstan President says they don’t get returns though they are one among the top crypto miners

During a meeting with representatives of the financial sector on Friday in Almaty, Kassym-Jomart Tokayev, President of Kazakhstan, expressed his opinion on the current state of affairs of the country’s cryptocurrency industry. He said that work should be resumed on the formation of a balanced regulatory environment for the creation of cryptocurrency exchanges in the country and added that they are not earning despite being a top crypto miner.

Manchester City officials sign and suspend partnership with a mysterious crypto firm within a week

English Premier League football club Manchester City has suspended a partnership with a startup crypto firm after seemingly not doing its due diligence before signing. the football club had said that it would be collaborating with 3key to raise awareness of its reported decentralized finance, or DeFi, trading analysis products as a regional partner.

Chamath Palihapitiya sells 15% of his stake in SoFi

Billionaire Chamath Palihapitiya has sold 15% of his position in the crypto and stock trading platform and finance company SoFi. The company went public earlier this year through a merger with a blank-check company led by Palihapitiya and was valued originally at $8.65 billion and now has a market capitalization of $17.04 billion. He said that the funds will be used for his future tech projects.

Anand Mahindra slams fake news, says “not invested a single rupee in crypto”

Anand Mahindra today called out a fake news article that claimed he made the “biggest and easiest money” on a cryptocurrency platform. In a tweet, he said it was completely fabricated and that he has not invested a single rupee in cryptocurrency.

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Crypto Ban Unlikely in India, but Govt to Discourage Trade – Top Crypto News

Crypto Ban Unlikely in India, but Govt to Discourage Trade

According to reports, the Indian government has indicated that it plans to regulate cryptocurrencies to prevent investors from holding them without any restriction. However, the Centre does not want to ban crypto coins entirely, as it had planned earlier. The Centre is likely to allow only those cryptocurrencies that have been pre-approved by the authorities to be listed and traded on exchanges.

Bitcoin, Ether, Dogecoin, other cryptos crash

Bitcoin price continued its slide as it slipped below $57,000 for the first time since October, in a retreat from record highs. The world’s largest and most popular cryptocurrency was trading over 6% lower at $56,132. Bitcoin recently hit a record high of around $69,000 and is up over 93% this year (year-to-date or YTD) so far. Ether also declined more than 4% to $4,075.

Bitrefill Launches Payment Service for Salvadorans to Make Payments Using Bitcoin

Bitrefill, the startup that offers Bitcoin-funded prepaid cards for different services worldwide, launched a new bill-payment service that allows Salvadorans to pay for multiple basic needs using Bitcoin. The new platform will allow Salvadorians to pay for 150 different services using Bitcoin, including internet, water, insurance, loans, taxes, mortgage, social security services, etc. Bitcoin has been a legal tender in El Salvador since September 7, 2021.

Crypto-Powered Privacy Solution Nym Raises $13 million

European privacy startup Nym Technologies has successfully closed its third investment round. The $13 million financing round was led by US-based Andreessen Horowitz (a16z Crypto) and included participation from leading venture capital firms across the globe. Founded in 2018, Switzerland-based Nym is developing the infrastructure to prevent data breaches by protecting metadata.

Australian Baseball Club Perth Heat To Pay Athletes In Bitcoin

Australian Baseball League team, Perth Heat, has proposed to pay its player and staff in Bitcoin. The players will be allowed to choose whether to receive their payments in Bitcoin or in fiat currency, which has been the conventional method. Pert Heat says it will become the first professional sports club to start paying players in Bitcoin. The club had also appointed a chief Bitcoin officer to oversee the plans.

RBI May Launch Digital Currency Pilot Next Year: Report

The Reserve Bank of India’s digital currency may see its pilot launch in the first quarter of the next fiscal year (Q1 FY23), a senior central bank official said at the State Bank of India’s Banking and Economic Conclave as reported by Business Standard. Central bank digital currencies (CBDCs) are basically the digital version of fiat currencies (for India that would be its domestic currency rupee).

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Crypto and Youth: PM Modi Asks Nations to be Cautious – Top Crypto News

PM Modi asks nations to be cautious while dealing with crypto

PM Modi said it is important that all democratic nations need to work together on cryptocurrency and ensure it does not end up in the wrong hands, which can spoil our youth. The Prime Minister’s caution comes days after he held discussions on how to move forward on cryptocurrency in India, with concerns raised on unregulated crypto markets becoming avenues for money laundering and terror financing. Some sources said that the Securities and Exchange Board of India (SEBI) could be handed the onus to regulate the crypto industry in India.

Crypto trading in India may be taxed by 1 per cent and regulated by SEBI

A new report now suggests that the government may allow the use of crypto as assets in the country, though this use might be taxed for the first time ever. Government is likely to present the Cryptocurrency Bill in the upcoming winter session of Parliament and the cryptocurrency exchanges may be taxed by 1% under the GST regime.

US Congressmen Introduce Bill to Modify Crypto Tax Provision in Infrastructure Law

A bipartisan group of U.S. lawmakers have introduced a bill to amend the crypto-related provisions in the bipartisan infrastructure bill signed into law earlier this week. McHenry, the ranking member on the House Financial Services Committee, said the bill would “provide additional clarity” on the scope of the infrastructure bill in a statement.

Bitcoin Struggles below $60K

After bitcoin registered its latest all-time high at $69,000, the bears have had a tight grip on it. They dumped the asset by $6,000 hours after the peak and stood in its way while it tried to recover. BTC failed at $66,000 just a few days ago as the bears pushed it south vigorously once again. This time, the cryptocurrency lost more than $7,000 of value in hours and dumped to a three-week low of $58,500.

Bitcoin: FinTech Startup Plans to Give Millions of UK Shoppers a New Way to Stack Sats

FinTech group Mode Global Holdings said that UK residents will be able to use its highly popular mobile app to “supercharge” their online shopping of some of the country’s most popular merchants with Bitcoin cashback by next year.

Fidelity to be Canada’s First-Ever Bitcoin Custodian

Financial services firm Fidelity has secured Canada’s selection from regulators to become the country’s first-ever bitcoin custodian. The move will allow the company to operate bitcoin custody and trading in the country, geared towards institutional investors. The move will likely open the door for more Canadian institutions to invest in crypto.

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India to Ban Crypto as a Payment Method, But Regulate as an Asset – Top Crypto News

India to ban crypto as a payment method, but regulate as an asset

India will ban the use of cryptocurrencies for making payments but will allow and regulate the trading of crypto as assets. India will also ban solicitation from crypto firms such as ads. The government plans to present a crypto regulation bill in the parliament’s winter session.

One-Fourth of Fund Managers Expect Bitcoin Price Over $75k in 12 Months: BofA Survey

According to a Bank of America survey of global fund managers, one-fourth of fund managers think that Bitcoin will hit the $75,000 mark in a year. In October, only around 10% of fund managers named bitcoin as the “most crowded” trade. The survey includes 345 fund managers from around the world, whose total funds under management are over $1 trillion.

Bitcoin and Ethereum see a sharp fall

Bitcoin has fallen below $60,000 after breaking the key supports. Meanwhile, Ethereum is now below $4200. The possible reason could be Biden’s infrastructure bill that contains tax provisions. China’s anti-mining stance also could have contributed to the fall.

HuskyX rallies

After Dogecoin and Shiba Inu, a new dog-themed cryptocurrency has rallied 67,000% in 24 hours. Experts and analysts of the matter advised investors to be careful trading HuskyX as the liquidity is negligible and the transaction fee is high. 

Binance CEO advocates for fundamental crypto rights

Crypto exchange Binance has published a list of “fundamental rights” amid increasing regulatory pressure, arguing everyone should have access to financial tools like crypto. The CEO added that they keep KYC mandatory and will continue to do so. He said that they lose only 3% of the customers by sticking to KYC.

Coinbase co-founder launches $2.5 billion crypto venture fund

San Francisco-based investment firm Paradigm is starting a $2.5 billion venture-capital fund aimed at the next generation of crypto companies and protocols. Coinbase co-founder Fred Ehrsam and former Sequoia Capital partner Matt Huang’s Paradigm One would be the largest new venture-capital fund aimed at the industry. The size of Paradigm’s fund highlights a continuing boom in the crypto industry.