CoinDCX and WazirX Urge Crypto Tax Relief in India's 2024 Budget
The Indian government has imposed heavy taxes and increased scrutiny on the crypto industry in the past two years, causing many people to hesitate or completely withdraw from trading and investing in crypto. The founders of top crypto exchanges CoinDCX and WazirX have expressed concerns about the almost shadow crypto ban in India and have called for a reduction in crypto taxes in the 2024 budget. They are urging a reduction in tax-deducted at source (TDS) from 1% to 0.01% and a decrease in the crypto tax rate to 30%, as well as the establishment of a self-regulatory body for the crypto and blockchain sectors. The decline in trading volumes on India's crypto exchanges in the last two years, combined with the worse bull market, has led crypto investors to demand a stable and trustworthy environment in which to thrive.
Argentinian government removes proposal to reduce crypto tax from bill submitted to Congress
Government led by Argentine President Javier Milei has decided to remove the proposal to legalize cryptocurrency in the bill submitted to Congress. The reason for the removal is that the cryptocurrency clause delayed the parliament's handling of the entire bill, so the government chose to withdraw this part and promote consensus issues.
North Exchange Group: Never conducted any form of cryptocurrency or virtual currency trading business
Beijing Property Rights Exchange issued a clarification statement today, stating that it has discovered that a certain overseas company, CBEX Group, is conducting virtual currency trading business under the name "CBEX". The Beijing Exchange has no business dealings, equity cooperation, or any other form of cooperative relationship with this overseas company CBEX Group, and has never conducted any form of encrypted currency, virtual currency, or other trading business, nor has it conducted any form of encrypted currency, virtual currency, or other trading business with other entities through shareholding or cooperation.
KiloEx: Vault quota will be increased by US$2 million at 10:00 tomorrow
KiloEx, a chain-based contract trading platform, announced on X platform that it will increase its Vault quota by $2 million at 10:00 am (UTC+8) tomorrow. KiloEx previously announced yesterday that it would increase its Vault quota by $2 million today. Today, the increase was announced without a specific time, and the $2 million quota increase reached its limit within seconds. KiloEx stated that the Vault product is high-risk and that user enthusiasm for the quota increase was not fully anticipated, so the quota will be increased again. Previously, Binance Labs announced that it had invested in four excellent MVB VI projects, including Ethereum scaling project AltLayer, perpetual contract DEX KiloEx, DeFi lending protocol Kinza, and AI game Sleepless AI.
Lookonchain: A trader bought $125,000 of WEN 13 hours ago and now has a floating profit of nearly $1.5 million.
According to Lookonchain monitoring, a trader named Jupiter Meme invested 125,000 USDC to buy 20 billion WEN coins when it opened for trading, and then sold 12.5 billion WEN coins for a price of 807,000 USDC, realizing a profit of 682,000 US dollars. Currently, the address holds 7.6 billion WEN coins, with an unrealized profit of 941,000 US dollars.
Crypto-native AI platform imgnAI completed a $1.6 million seed round led by Hack VC
On January 27th, the native AI platform for encryption, imgnAI, completed a seed round of financing of $1.6 million, with Hack VC leading the investment and Rana Capital, Selini Capital, West Ham Capital, Motus Capital and dao5 participating, with undisclosed valuation.
Bitget report: 33% of crypto job seekers have worked in the banking industry, and the salary in the crypto industry is twice that of similar positions in banks
On January 25th, Bitget released its latest research report. Between 2020 and 2023, bank revenues sharply declined, resulting in over 70,000 job cuts. Bitget's report data reflects the outflow of bank employees, with 33% of resumes coming from the banking industry in 2023 alone. The most common positions include investment relations, identity authentication and compliance, data analysis, product design, backend engineers, and other mid to senior level positions in various fields. The high salaries and remote work of the blockchain industry also attract bank personnel to join. In 2022, 36% of blockchain-related positions are remote positions, which is twice as high as the global average of 16%. As for salaries, the average salary in banks is $54,000, while the average salary in cryptocurrency companies is about $115,667. In addition, the report data shows that giants such as HSBC, JPMorgan Chase, and Citigroup have successively included the development of decentralized technology applications in their plans. It is expected that between 2025 and 2026, the banking industry's spending on blockchain will reach $22.5 billion. Therefore, high salaries, innovative prospects, and flexibility are the main reasons why talent in the traditional financial industry is migrating to the cryptocurrency field.
Federal Court of Canada: Government’s previous action to freeze cryptocurrency donations to protest truck drivers was unconstitutional
The Federal Court of Canada has ruled that the government's previous freezing of cryptocurrency donations to protesting truck drivers was unconstitutional. During the protest, truck drivers used their vehicles to block streets in the country's capital, Ottawa, to protest the requirement for truck drivers crossing the Canada-US border to be fully vaccinated against COVID-19. Protesters received millions of dollars in donations through cryptocurrency.
International Energy Agency: Global electricity demand for data centers, cryptocurrency mining and AI may more than double in the next three years
International Energy Agency predicts in its latest report that global electricity demand for data centers, cryptocurrency mining, and artificial intelligence may double in the next three years, equivalent to all of Germany's electricity needs.
Cryptocurrency Market Dips Over $100 Million in 24 Hours Amid Profit-Booking and Speculations
The cryptocurrency market saw a major drop on January 22, resulting in over $100 million being liquidated in the past 24 hours due to investors taking profits and speculating on future market performance. Ethereum was the top cryptocurrency in terms of individual liquidations, with $22.94 million, followed closely by Bitcoin at $20.75 million and Solana at $6.53 million. Experts attribute the dip to profit-taking opportunities and traders assessing market conditions ahead of the release of Q4 prelim U.S. GDP Data and PCE inflation data this week. The global crypto market fell by 3.16% to $1.59 trillion, with overall trading volume increasing by 34.50% to $42.49 billion. Additionally, Grayscale CEO Michael Sonnenshein disagrees that high fees for GBTC are causing significant liquidations, while Galaxy Digital CEO Mike Novogratz believes investors will shift towards other ETFs like $BTCO. Binance has also announced a large-scale token burn across various chains.
