CoinCodeCap WeekInFocus: January 7, 2023
News
global
Kyrgyzstan’s cryptocurrency mining tax revenue surges; Standing at $900K
The country collected about $900,000 in taxes from cryptocurrency miners in the first 11 months of 2023.
During the same period in 2022, tax revenue from cryptocurrency mining reached $133,200.
A new order from the IRS requires you to report cryptocurrency transactions over $10,000.
The Infrastructure Investment and Jobs Act requires anyone who receives more than $10,000 in cryptocurrency as part of a trade or business to file a detailed report with the IRS.
Failure to comply with this reporting requirement within 15 days of your transaction may result in criminal prosecution.
EU expands investigation into crypto links with banks
The EBA takes additional steps to assess the risks of non-bank financial institutions, including cryptocurrency companies.
People holding more than 10% of a cryptocurrency company will be screened for sanctions or conviction.
Nigeria’s Central Bank eases restrictions on cryptocurrency trading
The Central Bank of Nigeria has issued new guidelines for cryptocurrency accounts.
Regulations to coordinate the activities of virtual asset service providers.
China’s state-run daily calls for aggressive crackdown, designates cryptocurrency as a path to corruption
On the China Law Daily website, an article was posted calling for a crackdown on bribery using electronic payment methods such as cryptocurrency.
Zhao added that the Chinese Communist Party is using “unprecedented intensity” to fight corruption.
South Korea considers ban on cryptocurrency purchases with credit cards
The Korean government is proposing to revise credit finance regulations to make it illegal for residents to purchase cryptocurrency with credit cards.
Foreign cryptocurrency exchanges are exempt from legal restrictions that apply to domestic cryptocurrency exchanges.
Platform and Token
OKX Strengthens Security: Implements New FCA Rules for UK Users
As part of the UK’s FCA’s new regulatory requirements, cryptocurrency exchange OKX is proposing guidance for users based in the UK.
Users must also answer a second questionnaire assessing their suitability for cryptocurrency investments.
Huobi Korea announces termination of virtual asset exchange service
Huobi Korea suspends operations due to financial difficulties
Huobi Korea’s decision to shut down follows similar closures announced by other smaller Korean exchanges.
Celsius Network Releases Ethereum Holdings to Repay Creditors
Celsius said he would distribute Bitcoin or Ethereum to repay creditors.
Reportedly, one-third of the ETH awaiting withdrawal currently belongs to Celesius.
Radiant Capital falls victim to $4.5 million flash loan attack, disrupting arbitrage market
The breach targeted the newly created USDC coin market on the Arbitrum network.
Radiant Capital has confirmed the disruption of Arbitrum’s lending and borrowing markets.
SEC Urges Court to Consider Terraform Labs Ruling in Ongoing Binance Litigation
In a federal court filing, the U.S. SEC asked a judge to grant summary judgment in its lawsuit against cryptocurrency exchange Binance.
Judge Amy Jackson may consider denying Binance’s motion to dismiss based on the “additional grounds” laid out by the Terraform Labs ruling.
Spanish Bank Advances CBDC Exploration
The Bank of Spain has selected partners for its CBDC experiment, a year after issuing a public call for partners.
A further component of the Cecabank-Abanca consortium-led experiment could see wholesale CBDC used to pay virtual tokenized bonds.
DCG settles $700 million in debt through Genesis Agreement
Regarding the now-defunct cryptocurrency lending platform Genesis, venture capital firm DCG declared that it had repaid all of its short-term loans.
DCG CEO Barry Silbert emphasized that these loan obligations were met despite difficult conditions in the cryptocurrency market throughout the year.
Coinbase expands European presence with MiFID II license
Cryptocurrency exchange Coinbase plans to acquire a Cyprus-based MiFID licensed company.
This strategic move is designed to strengthen Coinbase’s derivatives offerings across the European Union.
Project updates
Cross-chain platform Orbit Bridge suffered an $82 million attack.
Three hours before the official start of 2024, hackers stole $82 million from cross-chain protocol Orbit Chain via bridging service Orbit Bridge. Orbit Chain acknowledged on December 31st that there had been an illegal intrusion into its ecosystem.
Warning: MetaMask phishing scam spreads on X (Twitter)
Scam Sniffer recently sent out an advisory to social networking site Twitter, tweeting out a warning about MetaMask phishing attacks. We encourage you to report these accounts when you encounter them so we can take prompt action.
Etherscan Extension: Solana Block Explorer Acquisition Solscan
To kick off the year, Etherscan, which operates the Ethereum blockchain explorer, is making a new acquisition for the Solana blockchain. Etherscan will continue to provide “credibly neutral and equitable access to blockchain data” following the acquisition, according to the release.
Podcasts and Interviews
Interview with Hyper Oracle Founder Kartin Wong
Talha Ahad’s “Inside the Crypto World” podcast
“Cryptocurrency market dump!” Scott Melker’s podcast
Job information
Technology Chief Operating Officer | situation
ZK Circuit Engineer | Ethereum Foundation
Senior Full Stack Developer | Enya Lab
Senior Security Engineer | Enya Lab
Smart Contract Auditor | nethermind
2k23 event
The deadline for EF’s Next Billion Fellowship Cohort 4 is January 15, 2024.
ETH Cinco de Mayo Hackathon (Cholula, Puebla) – February 2 to February
ETHDenver BUIDLWeek & Hackathon runs from February 25th to March 3rd.
ETHLatam (San Pedro Sula, Honduras) March 13 – March 14
ETHGlobal London from March 15 to March 17
As we conclude another week of insight and discovery, remember that staying informed and motivated is an ongoing journey. CoinCodeCap’s WeekInFocus accompanies you on this path, providing fresh perspectives on news, doors to exciting career possibilities, and a collection of thought-provoking podcasts. Let us face the coming week with curiosity and determination. Until next time, stay focused and keep thriving!
