K33 Research: Crypto markets unaffected by DOJ settlement, Binance won’t disappear
K33 Research Report indicates that Bitcoin and Ethereum have shown strong dependence in the past week after the US Department of Justice reached a settlement with cryptocurrency exchange Binance on November 21. Senior analysts Vetle Lunde and Vice President Anders Helseth stated that although comparisons have been made to the collapse of FTX, "Binance is operating illegally in the United States, and they will no longer be able to do so, but the settlement has nothing to do with mishandling client funds," and "there will be no contagious effects in the future." Lunde and Helseth believe that despite Binance's market share declining this year and recording over $1 billion in outflows within 24 hours after being fined $4.3 billion, Binance will not disappear soon. "Nevertheless, Binance's strong user base indicates that as we enter 2024, Binance will still be the cornerstone of the cryptocurrency market structure,"
Spanish citizens will declare cryptocurrency holdings on foreign platforms by the end of March next year
On November 28th, under the new law regulating the taxation of virtual assets, Spanish residents are required to declare any cryptocurrency assets held on non-Spanish platforms by March 31, 2024. In response, the Spanish Tax Agency (AEAT) has previously released Form 721, which is the overseas virtual asset tax declaration form, first published in the Official Gazette on July 29, 2023.<br>The deadline for submitting Form 721 starts on January 1, 2024 and ends on the last day of March. Individual and corporate taxpayers need to declare the amount of funds held in foreign cryptocurrency accounts as of December 31. However, only individuals with cryptocurrency assets worth over 50,000 euros (approximately 55,000 US dollars) on their balance sheets have an obligation to declare their overseas assets. Those who store their assets in a self-managed wallet must declare their holdings using the standard wealth tax form 714.
US presidential candidate Vivek Ramaswamy: Developers should have the freedom to write and publish code
US presidential candidate Vivek Ramaswamy has stated that if he is elected, his cryptocurrency policy will ensure a vibrant future for the emerging industry. Developers should have the freedom to write and publish code, and projects should be free from excessive regulation and regulatory uncertainty. Ramaswamy has become one of the biggest supporters of the cryptocurrency industry, criticizing the regulatory enforcement actions taken by federal agencies such as the US Securities and Exchange Commission. He has promised to significantly reduce the workforce of these federal regulatory agencies if elected president. Recently, he has expressed willingness to discuss Bitcoin in the upcoming Republican debate.
South Korea Financial Commission: Plans to strengthen reporting reviews and inspections of crypto companies
Kim Joo-hyun, the chairman of the Financial Services Commission in South Korea, stated that they plan to concentrate the screening and analysis capabilities of the Financial Intelligence Unit (FIU) on investigating crimes involving the use of virtual assets (such as drugs and gambling) and illegal financial fraud that directly affects people's lives. In the future, they will share suspected criminal cases with major law enforcement agencies such as prosecutors and police to conduct strategic in-depth analysis. They aim to eradicate crimes involving drugs, gambling, and harm to people's lives, and return the proceeds from virtual asset crimes as much as possible. Kim Joo-hyun also announced plans to strengthen the review and inspection of cryptocurrency companies, conduct thorough reviews of major shareholders, and strictly examine whether there are money laundering risks or user protection issues in various reporting processes for existing operators in the future.
Lawmaker says Binance's $4.3B fine shows no need for new crypto laws, calls for more recruitment instead
Binance and its former CEO CZ have agreed to pay a $4.3 billion fine in a deal with U.S. prosecutors, which has led one lawmaker to argue that current laws are sufficient for regulating cryptocurrencies. Rep. Tom Emmer stated that the successful prosecution shows that current laws can weed out bad actors, and that Congress should focus on bringing more crypto companies to the U.S. instead of creating new laws. However, Emmer's stance may not bode well for bills currently moving through Congress, including one regarding stablecoins introduced by his colleague Rep. Patrick McHenry. Meanwhile, Sen. Elizabeth Warren has called for more government action against the crypto industry, citing Binance's alleged flaunting of anti-money laundering laws as a predictable trend.
Indian Finance Minister: Countries need to establish effective mechanisms to control crypto assets
Nirmala Sitharaman, India's Finance Minister, shared the latest progress in implementing a regulatory roadmap for cryptocurrencies during yesterday's virtual G20 summit. Sitharaman stated that countries need to establish effective mechanisms to control crypto assets, and emphasized the need for not only G20 countries but also members of the FSB from around the world to participate. While acknowledging that countries may develop their own cryptocurrency laws, she cautioned against implementing a "comprehensive" ban on cryptocurrency activities.
Sock Raises $2.8m in Seed Funding for Self-Custodial Crypto Investment App
Sock, a San Francisco-based company, has raised $2.8m in seed funding for its self-custodial crypto investment app. The app aims to help users build wealth through crypto investment and offers complete control over finances, including automated orders to minimize losses and take profit automatically. The funding will be used to cover operating costs, hire more technical and UX talent, and fund the go-to-market campaign. Despite being in the early stages since its launch last week, the company has seen promising growth and engagement from its community, with positive feedback received particularly in the App and Play stores. The company plans to respond to feedback and release a major app update before the end of the year.
New Zealand Crypto Exchange Launches NZD-Pegged Stablecoin Backed by Cash Trust
New Zealand crypto exchange Easy Crypto and Australian blockchain development firm Labrys have partnered to launch a stablecoin pegged to the New Zealand dollar. The NZDD will be backed 1:1 with cash in trust and regulated by the New Zealand Financial Markets Authority. It is currently live on Ethereum and plans to expand to other platforms including Polygon, BNB Smart Chain, Arbitrum, Optimism and Coinbase’s Base. The stablecoin was launched to address difficulties faced by New Zealanders in maximising profits when using US dollar-pegged tokens.
Investment in Web3 and crypto startups in Latin America fell 83% from the previous year to just $1.1 billion
In Latin America in 2023, Web3 and crypto startups face financing challenges, with funding for Latin American startups decreasing by 83% compared to the previous year, with investment totaling only $1.1 billion. Similarly, venture capital funding for global cryptocurrency companies decreased significantly in the first quarter of 2023, plummeting 80% compared to the previous year, with investment dropping from $12.3 billion in 2022 to $2.4 billion in 2023.<br>A survey by Goldman Sachs showed that only 12% of family offices expressed potential interest in cryptocurrency in the future, down from 45%. The extreme volatility of the cryptocurrency market over the past year seems to have cooled their interest, with 62% of people saying they have not invested and are not interested in future cryptocurrencies, a proportion higher than 39%.
In the past 24 hours, the amount of liquidated positions on the entire network was US$147 million
Coinglass data shows that the total amount of liquidation in the past 24 hours was $147 million, with long positions liquidated at $102 million and short positions at approximately $44.2952 million. Among them, BTC liquidation amounted to $27.6826 million, and ETH was $19.4684 million.
