Chainalysis, Fireblocks, and Gauntlet were named to Forbes’ annual list of innovative financial technologies
Forbes has released its annual list of 50 innovative fintech companies, with only three cryptocurrency companies making the cut: Chainalysis, Fireblocks, and Gauntlet. It is reported that the criteria for Forbes' innovative fintech company selection is that the company must be privately owned and headquartered in the United States.
Total cryptocurrency exchange volume in January exceeded December last year, reaching $1.15 trillion
The Block's research analyst Rebecca Stevens posted on X platform that data shows that despite a slowdown in cryptocurrency exchange trading volume in recent times, the monthly total trading volume in January still exceeded that of December 2023, reaching $1.15 trillion. It is worth noting that although exchange trading volume has been declining since the launch of spot ETFs, it is still relatively high compared to last year, at around $27 billion per day.
Thailand suspends 7% VAT on cryptocurrency trading gains
Thailand has extended the VAT exemption period for cryptocurrency trading in order to develop a digital asset center. The exemption applies to brokers and traders regulated by the Securities and Exchange Commission and exempts 7% VAT.
Brazilian tax authorities: Crypto-asset declaration irregularities found in more than 25,000 tax returns, involving $213 million
According to local media reports, Brazil's tax authority Receita Federal do Brasil (RFB) is strengthening its regulation of cryptocurrency taxation. The agency has found violations in more than 25,000 tax declarations, where taxpayers have at least 0.05 BTC in their wallets but did not disclose it. With all the violations, it is estimated that at least 1.06 billion Brazilian real (213 million US dollars) worth of BTC assets were not reported for taxation. The investigation that led to these findings combined traditional and artificial intelligence technology to identify taxpayers who omitted their cryptocurrency assets in their declarations. In addition, the agency has identified 181 statements submitted by foreign citizens that may be exempt from submission depending on certain conditions. It is reported that undisclosed assets in Brazil may be subject to fines and imprisonment for 6 months to 2 years. (Bitcoin.com)
American crypto KOL Ben Armstrong: Due to financial and legal litigation pressure, he will stop updating daily crypto trend videos
Ben Armstrong, founder of the Web3 YouTube channel BitBoy Crypto, released a video on Youtube stating that his daily show discussing cryptocurrency trends is no longer financially feasible. Not only does it cost $25,000 per week to produce the videos, but also approximately $100,000 in legal fees per month.
CoW Protocol initiates a proposal to adjust computing node rewards and seeks to increase budget support by 8 million COW
CoW Protocol launched a proposal to adjust the rewards for computing nodes on Snapshot. The proposal suggests reducing the quote reward for each order from 9 COW to 6 COW and introducing a 0.0006 ETH upper limit for each quote reward. In addition, given the relative increase in COW price compared to ETH, the proposal suggests increasing the performance reward upper limit for each settlement from 0.01 ETH to 0.012 ETH to incentivize computing nodes to optimize execution efficiency.
Hawaii may allow crypto companies to continue trading activities as unregulated businesses
According to Decrypt, the Hawaii state government has announced that cryptocurrency companies will no longer need a currency transfer license issued by Hawaii to conduct business within the state. These companies will be able to continue their trading activities as unregulated entities.However, these companies will be responsible for complying with any applicable federal licensing or registration requirements, including those established by the Financial Crimes Enforcement Network, the Securities and Exchange Commission, and the Financial Industry Regulatory Authority, as well as relevant federal regulatory requirements related to consumer protection, anti-money laundering measures, and other related requirements.
Super Bowl 58 may not have cryptocurrency ad space
According to CNN, the 58th Super Bowl may not have any cryptocurrency advertisements. Brands such as BMW, Budweiser, State Farm, Oreo, DoorDash, and Hellman's Mayonnaise are planning to advertise for the big game, focusing on food and cars rather than artificial intelligence and cryptocurrency. Paul Hardart, a marketing professor at New York University's Stern School of Business, said that "fun, humor, and entertainment" may be the theme of this year's Super Bowl ads, marking a "significant shift" away from AI and cryptocurrency companies.
Fetch.ai was bought back by a consortium of founders
According to a report from The Standard, Fetch.ai lost £16.7 million during the widespread cryptocurrency price crash from 2021 to 2022 and had to write down its assets by £231 million. Despite a price recovery for FET in 2023, the company was still sued by former contractors. Fetch.ai paid approximately $1 million (including interest) to the contractors who claimed they were owed 750,000 unpaid FET tokens as part of a transaction. The company was plagued by "financial difficulties" and was placed under administration by court order to save the business. Being placed under administration means that a third party unrelated to the company gains control and investigates the financial situation before proposing a way forward. For Fetch.ai, after formally filing for bankruptcy, administrators from ReSolve were appointed to oversee the process.
SIX launches benchmark index for cryptocurrency derivatives trading
According to Finance Feeds, the Swiss stock exchange SIX has launched the SIX Reference Cryptocurrency Index and the SIX Real-Time Cryptocurrency Index, which will serve as benchmarks for the AsiaNext cryptocurrency derivatives trading platform and global institutional investors. These indices focus on major cryptocurrencies such as BTC and ETH, aiming to provide a comprehensive market overview and performance indicators. In September 2023, SBI Digital Asset Holdings of Japan and AsiaNext, a joint venture between the Swiss stock exchange SIX, obtained the Recognized Market Operator (RMO) license from the Monetary Authority of Singapore (MAS). The new license allows AsiaNext to operate digital securities and fund secondary markets.
