Canadians are moving past crypto speculative trading: Coinbase country head
The industry should build trust with retail consumers as Canada shifts to a digital economy, says Coinbase country director for Canada, Lucas Matheson.
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Značka: digital assets
7 ways to safely store your private keys
Explore seven methods for safely storing your private keys to ensure security of digital assets.
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Oman financial regulator seeks feedback on proposed virtual asset framework
Although the proposed virtual asset regulatory framework in Oman covers FATF-defined assets, the issuance of privacy coins might get banned.
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UK Law Commission recommends 'distinct' legal category for crypto
The U.K.’s Law Commission highlights four major recommendations to reform laws relating to cryptocurrency use and ownership.
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Digital assets should be valued as ‘proper property’ — Sandbox co-founder
Around 5 billion people are online and digitally-bound assets should get the same treatment as any other type of property, says Sandbox co-founder Sebastien Borget.
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INX submits bid for Voyager Digital's assets
Trading platform INX has submitted a bid for an undisclosed amount to purchase the assets of crypto brokerage firm Voyager Digital.In a Nov. 30 announcement, INX said it had sent a non-binding letter of intent for Voyager’s assets following the platform filing for bankruptcy in July. According to INX CEO Shy Datika, the bid was aimed at providing “credibility, technology, and unique regulatory positioning” for Voyager users seeking stability in a volatile market. Voyager’s original bankruptcy filing from the Southern District Court of New York suggested the firm could owe between $1 billion to $10 billion to more than 100,000 creditors amid a bear market and exposure to Three Arrows Capital. In September, FTX US won a $1.4-billion bid to purchase Voyager’s assets, but with FTX Group itself filing for bankruptcy in November, the funds were once again up for grabs.Related: Voyager Digital won’t sue its executives for incompetence, will claim insurance on themBinance has reportedly been considering a bid for Voyager’s assets, while crypto exchange CrossTower was one of the firms that made an offer prior to FTX’s downfall. Cointelegraph reported on Nov. 13 that CrossTower had been working on a revised bid following FTX Group’s bankruptcy filing. INX was not part of the bidding process in September. Cointelegraph reached out to INX for comment, but did not receive a response at the time of publication.
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FTX crisis leads to record inflows into short-investment products
Institutional investors have responded to the negative sentiment caused by FTX’s collapse, with record institutional inflows into crypto-focused short-investment products. According to CoinShares’ chief strategy officer James Butterfill, 75% of the total inflows by institutional crypto investors for the week ending Nov. 18 were placed in short investment products — essentially a bet that crypto prices will decline.Butterfill said the takeup of short positions by investors is likely “a direct result of the ongoing fallout from the FTX collapse,” while the total assets under management (AUM) for institutional investors is now at $22 billion — the lowest in two years.Over the week, $14 million was poured into short-ETH investment products. CoinShares said it was “the largest weekly inflow on record.”CoinShares cited “renewed uncertainty” over Ethereum’s Shanghai upgrade slated for Sep. 2023 and mentioned that the sizeable amount of ETH held by the FTX exploiter as possible reasons for the negative sentiment.Inflows into short investment products for Bitcoin (BTC) hit $18.4 million. Bitcoin short products were reported to have an AUM of $173 million coming close to the $186 million high.Investors are also seemingly dropping altcoins with Solana (SOL), XRP (XRP), BNB (BNB), and Polygon (MATIC) product outflows totaling $6 million.The newly reported inflows are a slight change from the week prior which saw the largest inflows in 14 weeks to crypto products totaling $42 million, although short Bitcoin products already started to see inflows of $12.6 million and blockchain equity products recorded the largest weekly outflow since May 2022.Related: FTX will be the last giant to fall this cycle: Hedge fund co-founderMeanwhile, the ripple effect of investor distrust for centralized exchanges is taking hold in the traditional finance market with Coinbase posting an all-time low share price on Nov. 21.The crypto exchange’s share price dropped 8.9% on the day, slipping to under $41 according to Google Finance. It has now slightly recovered to around $41.20 at the time of writing but continued to trade at a slight 0.19% negative after hours.Coinbase’s stock price is down almost 88% since it went public on Apr. 16, 2021.
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FTX bankruptcy freezes millions worth of crypto company funds
The collapse of the cryptocurrency exchange FTX continues to have knock-on effects throughout the crypto industry with multiple crypto-focused companies reporting significant amounts of their capital stuck on FTX.Between Nov. 11 to 14 three crypto companies announced large losses with one of them having to lay off workers to deal with the crisis.On Nov. 11, crypto hedge fund Galois Capital announced it had “significant funds” stuck on FTX, with a Nov. 12 Financial Times report that said a possible $50 million worth of Galois’ assets were stuck on the exchange.Other crypto-focused companies have reported their funds arestuck on the now-bankrupt exchange.New Huo Technology, the owner of the Hong Kong-based crypto platform Hbit Limited announced on Nov. 14 it failed to withdraw $18.1 million worth of cryptocurrency before FTX stopped processing withdrawals.$13.2 million of this loss are digital assets owned by Hbit users with the company saying it would continue to take steps to “withdraw the cryptocurrency as soon as possible,” bit admitted due to FTX’s bankruptcy filings the crypto “may not [be] able to be withdrawn from FTX.”According to the announcement, Li Lin, the controlling shareholder of the company and founder of the Huobi crypto exchange agreed to loan up to $14 million to the company for it to use in processing withdrawals. However, the company does not yet know what the financial impact of FTX’s bankruptcy will be if it is never able to withdraw the funds.Nigerian Web3 startup Nestcoin also announced it failed to withdraw funds from FTX with the company’s CEO, Yele Bademosi, posting to Twitter on Nov. 14 a letter previously shared with investors.The letter detailed that Nestcoin will lay off workers “as we held our assets (cash and stablecoins) at FTX to manage our operational expenses” and it no longer has the funds to pay some staff.An update shared with our investors earlier today on the FTX incident and its impact on @Nestcoin. pic.twitter.com/0Mjo4SYF7R— YB (25,25) ⏳ (@YeleBademosi) November 14, 2022Previously crypto data aggregator platform CoinGecko warned on Nov. 13 that layoffs across the crypto sector could increase in the coming months when the “full impact” of FTX’s sudden collapse takes effect.Related: Will SBF face consequences for mismanaging FTX? Don’t count on itOn November 11, FTX said roughly 130 companies in its FTX Group including its United States entity FTX.US and sister trading firm Alameda Research declared they would file for bankruptcy in the U.S. after FTX suffered a liquidity crisis and was unable to process user withdrawals, leaving its customers without access to their funds held on the exchange.Its Bahamas-based subsidiary, FTX Digital Markets had its assets frozen by the local securities regulator on Nov. 10 and liquidators appointed to safeguard its funds while the bankruptcy proceedings are undertaken.
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IRS introduces broader ‘Digital Assets’ category ahead of 2022 tax year
American taxpayers will find a broader, more defined category encompassing cryptocurrencies and nonfungible tokens (NFTs) in their 2022 IRS tax forms. The draft bill released by the Internal Revenue Service features a well-defined Digital Assets section that outlines if and how taxpayers will account for the use of cryptocurrencies, stablecoins and NFTs.Page 16 of the draft defines Digital Assets as any digital representations of the value recorded on a ‘cryptographically secured distributed ledger or any similar technology.’ 2021’s tax form required taxpayers to indicate whether they had received, sold or exchanged in ‘virtual currency’ – with this term changing in the yet-to-issued 1040 tax form for 2022.Taxpayers are required to answer the Digital Assets section of their income tax return whether or not they have engaged in digital asset transactions during the tax year.A number of situations will require American taxpayers to indicate yes to the question on Digital Assets of Form 1040 or 1040-SR. This includes receiving as a reward, award or payment for property or services or sold, exchanged, gifted or ‘disposed of a digital asset in 2022.Related: IRS to summon users who don’t report and pay tax on crypto transactionsThis would include instances where an individual received digital assets as payment for property or services provided or as a result of a reward or award. Receiving new digital assets through mining or staking also falls under this category, as does transacting digital assets in exchange for goods or services as well as exchanging or trading digital assets. Holding cryptocurrencies, stablecoins or NFTs or staking tokens is also clearly addressed in the draft tax form:“You have a financial interest in a digital asset if you are the owner of record of a digital asset, or have an ownership stake in an account that holds one or more digital assets, including the rights and obligations to acquire a financial interest, or you own a wallet that holds digital assets.”The Digital Assets explainer also outlined conditions that do not require taxpayers to check Yes on their tax forms. If an individual holds a digital asset in a wallet or account, transfers digital assets from a wallet or account to another wallet or account owned by themselves or acquires digital assets using U.S. dollars or other fiat currencies through electronic platforms like PayPal.Digital asset transactions can be clearly classed in either capital gains or income sections of the 2022 tax return.If an individual disposed of any digital asset during the year which was held as a capital asset, they are expected to calculate their capital gain or loss and report on Schedule D of the tax return.If individuals received digital assets as payment for services or sold digital assets to customers in a trade or business, this would need to be reported as income in its specific category.
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UK Law Commission to review international laws on crypto to consider legal reforms
The Law Commission of England and Wales will set about reviewing private international legal challenges involving cryptocurrencies through a government-commissioned project.The review, launched on Oct. 18, will provide clarity on how international law approaches emerging technologies like cryptocurrencies, digital assets and electronic documentation. The law reform project, dubbed “Digital Assets: Which Law, Which Court?” will outline current international legal rules and their application to digital contexts with the purview of making recommendations for legal reforms to keep United Kingdom laws relevant.The project is sponsored by the Ministry of Justice and intends to develop reform proposals to be published for public consultation by the second half of 2023.The announcement highlighted that the proliferation of blockchain technology has generated a number of conflict of law issues, which, in turn, has created legal uncertainty for users, organizations and governments. Related: 8 things to remember as the U.K. considers new crypto property lawsA major hurdle is considering which courts have the power or jurisdiction to hear disputes and which laws should be applied. This is also due to the digital nature of cryptocurrencies and digital assets like nonfungible tokens (NFTs), which are intangible in nature, distributed and geographically difficult to define, which further exacerbates legal considerations.Professor Sarah Green, Law Commissioner for Commercial and Common Law, highlighted the difficulty in dealing with legal disputes involving the burgeoning space in a statement shared with Cointelegraph:“With digital assets and other emerging technologies developing rapidly in recent years, the laws that support and govern them have struggled to keep pace. This has led to inconsistencies across jurisdictions, with uncertainty over which laws should be applied and which courts should rule on them.”The announcement also stressed its aim of supporting innovative digital technologies like cryptocurrencies in the U.K. as the country looks to establish itself as a hub for cryptocurrency adoption. The Law Commission has been involved in a number of law reform projects involving smart contracts, digital assets decentralized autonomous organization (DAO) electronic trade documents. Cointelegraph has reached out to the Law Commission to ascertain further details of the project
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Japanese banking giant Nomura launches digital ecosystem VC arm
Nomura, one of the largest investment banks in Japan, has established a venture capital arm aimed at investing in companies focusing on crypto and blockchain.In a Wednesday announcement, Nomura said the business, named Laser Digital, will “provide new value in the area of digital assets” for clients under the Switzerland-based holding company Laser Digital Holdings AG. The investment bank said it chose Switzerland based on its “robust regulatory regime for digital assets and blockchain projects” in addition to potentially recruiting talent. “Staying at the forefront of digital innovation is a key priority for Nomura,” said president and group CEO of Nomura Holdings Kentaro Okuda.Laser Digital’s venture capital product, Laser Venture Capital, will focus on investments including centralized finance, decentralized finance, Web3 and blockchain infrastructure. Laser Digital said it planned to announce additional products and services “over the coming months” aimed at secondary trading and investor products.Related: Japan considers implementing tax reforms to prevent capital flight of crypto startupsAs one of the largest banks in Japan, Nomura Holdings had a reported $454.8 billion in gross assets under management as of June 2022 at the current exchange rate with a historically weak yen. Cointelegraph reported in May that Nomura planned to launch a crypto subsidiary aimed at investments in crypto and nonfungible tokens that would be based outside of Japan with a board of directors staffed by Japanese transplants until it could acquire local talent.
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Canadia's new opposition leader is a Bitcoiner
Canadian politician and noted crypto advocate Pierre Poilievre has taken the helm of Canada’s Conservative Party, which looks set to give the current administration a run for its money in the next federal election. The pro-crypto politician reportedly won the leadership of the Conservative Party of Canada in a landslide victory on Sept. 10, securing 68.15% of the electoral points up for grabs, an far outpacing his nearest opponent Jean Charest who received just 16.07 % of the vote.Poilievre has been a member of the Conservative Party since 2003, first winning office in the 2004 election. He has since served as a Member of Parliament for seven terms and held various roles including Shadow Minister for Finance and Minister of Employment and Social Development. Poilievre has been known as a supporter of crypto and Bitcoin (BTC), advocating for more financial freedom through tokens, smart contracts, and decentralized finance.His latest appointment means that Canadians may be able to eventually vote for a pro-crypto Prime Minister in the 2025 federal election, which is set to take place on or before Oct. 20, 2025, to determine who will be the 45th Canadian Prime Minister. Earlier this year, Poilievre urged the Canadian public to vote for him as leader to “make Canada the blockchain capital of the world,” adding:“Let people take back control of their money from bankers & politicians.”Let people take back control of their money from bankers & politicians.Expand choice, lower costs of financial products, create thousands of jobs.Get your membership. So you can vote for me as leader. To make Canada the blockchain capital of the world: https://t.co/d9I1ky9w2t pic.twitter.com/qQrJct9gKK— Pierre Poilievre (@PierrePoilievre) March 28, 2022In March, YouTube channel BITCOIN posted a video of Poilievre at a Tahinis Restaurant during his leadership election campaign talking about his support for crypto, saying: “We must keep cryptocurrencies legal.””People should have the freedom to choose other money. If the government is going to abuse our cash, we should have the freedom to use other, higher quality cash.”He also briefly spoke about ideas to simplify crypto taxes, rules and regulations so there was a consistent law across Canada. In the same video, he bought chicken shawarma using the Lightning Network.However, Poilievre has offered very few specifics on how his party would implement the regulation and adoption of crypto if they unseat current Prime Minister Justin Trudeau’s Liberal party.The Conservative Party of Canada currently holds 16 out of 105 seats in the Senate and 119 out of 338 in the house of commons, while Trudeau’s Liberal government has a minority government with 160 seats in the house of commons. To form a majority government requires at least 170 seats in the house of commons. Related: Canadian PM candidate supports freedom to use Bitcoin as moneyCanada made its foray into the global digital asset space when its Parliament passed a national law on digital currencies in 2014. The Canadian regulatory council also created a new preregistration filing for crypto platforms in August of this year. Only a relatively small number of Canadians currently hold BTC, according to the Bank of Canada Financial System Review released in June 2022 — with about 13% of Canadians owning some in 2021, up from 5% in 2020.
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