Kategorie: Crypto News

Daily crypto headlines and news about bitcoin, ether, ripple, solana, altcoins, nft, market, business, analysis, nft, metaverse, minting and mining.
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The UAE Exempts Crypto Transactions from VAT

  • The UAE updated its tax laws to exempt crypto transactions from value-added tax.
  • The change will take effect on November 15 but retroactively apply to transactions from January 1, 2018.

The UAE government amended its regulations around value-added tax laws to exclude digital assets and transactions involving them.

The document published by the Federal Tax Authority (FTA) of the UAE also exempted the activities of investment funds that manage digital assets, and the transfer of ownership of assets and their conversion to or from fiat from value-added tax.

This development is part of a wider streamlining of digital asset regulations by various regulatory authorities within the UAE. For example, the Securities Commodities Authorities (SCA), UAE’s premier financial regulatory authority, partnered with Dubai’s authority, the Dubai Virtual Asset Regulatory Authority (VARA), to jointly oversee digital asset service providers operating within both nations.

A wider push for legitimacy

The UAE’s amendment to its crypto tax laws lends more legitimacy to digital assets within the region as the same VAT exemption is also applied to traditional financial firms and transactions.

According to PwC, virtual assets within the UAE are considered as a “representation of value that can be digitally traded or converted and can be used for investment purposes.”

The post The UAE Exempts Crypto Transactions from VAT appeared first on CoinJournal.

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Tether to release documentary on its mission to bring financial freedom on 10th anniversary

  • Tether is building a financial tool for the “people left behind”
  • The stablecoin was created in 2014 by Brock Pierce, Reeve Collins, and Craig Sellers
  • It remains the largest stablecoin with a market cap worth $120 billion

To celebrate the 10th anniversary of Tether, the stablecoin is releasing a documentary on USDT and how it’s working to bring “financial freedom worldwide.”

In a post on X, Tether said it would soon release its documentary “Stability and Freedom in Chaos.” During the two-minute video, Tether shows interviewees from several countries including Argentina, Brazil, and Turkey.

One interviewee in Brazil stated, “Tether with USDT is like 90% of the transactions that Brazil makes during the day.” Another interviewee claimed that people in Argentina don’t want to save in pesos, the local currency, and want a stable currency like Tether.

Tether, named the seventh-largest Bitcoin holder in April, was created in 2014 by Brock Pierce, Reeve Collins, and Craig Sellars. Before being renamed to Tether, it was known as The Realcoin, and today is the largest stablecoin by market cap.

At the time of writing, it’s currently worth $120 billion.

Working for the people left behind

Built on several blockchains including Avalanche, Ethereum, and Polygon, Tether works on a 1:1 ratio, pegging its value to the US dollar.

Following the Tether documentary news, Paolo Ardoino, Tether CEO, said on X that the company’s mission has always been simple: to “bring financial inclusion to the billions of people, primarily living in developing countries, that can’t have bank accounts or that live in high inflation countries.

Ardoino, who joined as Tether’s new CEO in 2023, added that they are building financial technology “for the people left behind” and that Tether has become a “symbol of disintermediation, resilience and stability.”

With hundreds of millions of people transacting with USDT, Tether has seen its market share increase to more than 75% from 55% over the past two years, solidifying its presence in the market.

The post Tether to release documentary on its mission to bring financial freedom on 10th anniversary appeared first on CoinJournal.

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Shiba Inu and Rexas Finance grab eyeballs with strong performances, is now still a good time to buy?

As we head towards the end of the year, the cryptocurrency market is still demanding attention with a lot of exciting activities and surprises. Among these are Shiba Inu (SHIB) and Rexas Finance (RXS), which have recently been recognised by investors as possessing the potential to record strong growth in a short period. Owing to their robust infrastructure and great recent results, the debate about investing in these assets now has even intensified. Is now still a good time to buy?

Shiba Inu (SHIB): Riding a wave of momentum

The SHIB project at first was regarded as merely a trial run but ever since it has shown that there is a lot more than meets the eye. For instance, As of today, SHIB costs $0.0000194, with an enormous 24-hour trading volume of $2.06 billion. Even in these figures alone, one may appreciate the level of liquidity and deepening popularity of the token. In the last 7 days and the last 30 days, the SHIB growth performance has grown by 34.73% and 36.04%, as accompanied by making a bullish continuity more visible. With a Circulating Supply of 589.26 trillion tokens with a market capitalization of $11.48 Billion, SHIB is positioned as one of the most interesting tokens in the market. As a result of the price increase, those investors with the speculative mind that SHIB will increase in value by up to 1,500% saw the opening with this being the best time.

Rexas Finance (RXS): The new defi star on the rise

Although Shiba Inu remains strong in the market, Rexas Finance (RXS) is confidently growing strong in the DeFi space. During the presale stages, RXS went very well and attracted many investors who wanted to invest at early stages in what could be a major project. It is worth noting that the current price for the token is $0.05 since it is at the third stage of its presale. The project presale has attracted more than $1.85 million. With Stage 3 nearly sold out at over 70%, it’s evident that Rexas Finance has caught the attention of investors like never before.

Rexas Finance’s growth

Rexas Finance is positioning itself as the only DeFi platform that provides safe, clear, and effective financial services. With a successful presale, there is already some demonstrated interest on the part of both retail and institutional audiences in the project. Anyone registered on the platform can already earn on their crypto assets by utilizing advanced features such as yield farming, staking, and liquidity mining.

At the same time, Réxas Finance flaunts a solid governance structure as well, which enables all the holders of the tokens to participate in the governance of the platform. Potential ROI is one of the most interesting features when it comes to the RXS token. Market research indicates that investors could enjoy a 4x return before the token gets launched. Looking at the presale price of $0.05, it implies it will be $0.20 or more after launch.

This candidate is perfect for all those who plan to make quite good profits. Besides, there is the $1 million giveaway with 20 people taking home $50,000. To date, over 85,000 people have already contributed to this number and only 125 days remain in the battle.

Is now the right time to buy?

With SHIB gathering considerable appreciation as is with RXS, the question on everyone’s lips is, is it a good time to buy? In the case of the Shiba Inu token, the upward price movements, expanding market, and hot community stand to reason its upward trend might be rather persistent, more so if the wider market stays positive. This however does not excuse SHIB’s erratic fluctuation, and caution is advised for investors looking to buy in at the top. In contrast, Rexas Finance provides a more traditional subsidized opportunity with its successive presale and clear future outlook. It is positioned well as an ideal project for early backers due to its focus on DeFi and its highly interactive community. The attractive presale fee and promises of 4x returns are enough to help it seek the interest of growth-oriented investors.

Conclusion

Like many other investors, it is worth having a closer look at Shiba Inu and Rexas Finance due to the peculiarities these two have. If you are on the hunt for a well-established token that has millions of followers or you want an emerging star in the DeFi market that has a massive promise, this might be the time to think of investing in these assets.

For more information about Rexas Finance (RXS) visit the links below:

Website: https://rexas.com

Win $1 Million Giveaway: https://bit.ly/Rexas1M

Whitepaper: https://rexas.com/rexas-whitepaper.pdf

Twitter/X: https://x.com/rexasfinance

Telegram: https://t.me/rexasfinance

The post Shiba Inu and Rexas Finance grab eyeballs with strong performances, is now still a good time to buy? appeared first on CoinJournal.

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Coinbase to delist non-compliant EU stablecoins under new MiCA regulations

  • The EU’s MiCA was introduced in June, but won’t take effect until December
  • Coinbase will deliver an update to its EU customers in November on how to switch their stablecoins to EU-compliant ones
  • Circle was the first stablecoin issuer to receive an e-money license under MiCA regulations

Crypto exchange Coinbase is to delist stablecoins that fail to meet the EU’s Markets in Crypto-Assets (MiCA) regulation by December 30.

The move, targeting customers in the European Economic Area (EEA), is part of the EU’s efforts to implement tighter controls on crypto assets. The EU’s crypto regulatory framework, known as MiCA, was introduced in June; however, it will take effect in December.

Under the new regulation, the EU requires stablecoin issuers to hold e-money authorization in at least one EU member state. The framework aims to protect European investors from fraud and risks while boosting innovation and economic competitiveness.

In a report from Bloomberg, a Coinbase spokesperson said:

“Given our commitment to compliance, we intend to restrict the provision of services to EEA users in connection with stablecoins that do not meet the MiCA requirements by December 30, 2024.”

Coinbase is expected to provide an update in November to its EU customers, giving them options to convert their stablecoins to EU-compliant stablecoins such as Circle’s USDC and Euro Coin (EURC).

In July, Circle, a crypto payments company, became the first stablecoin issuer to obtain an e-money license under the EU’s MiCA regulations.

Coinbase isn’t the only crypto exchange that’s taking steps to meet the EU’s requirements. Other platforms, including Bitstamp, OKX, and Uphold are already moving to limit access to stablecoins that fail to meet MiCA regulations, including Tether’s USDT.

In June, Bitstamp announced it was removing USDT to comply with MiCA.

The post Coinbase to delist non-compliant EU stablecoins under new MiCA regulations appeared first on CoinJournal.

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IMF recommends El Salvador to limit the public’s exposure to Bitcoin

  • The IMF wants El Salvador to limit “public sector exposure to Bitcoin”
  • The financial agency’s remarks follow an August statement, which talked about “mitigat[ing] the risks from Bitcoin”

The International Monetary Fund (IMF) has recommended that El Salvador reduce the scope of its Bitcoin law and limit the public’s exposure to Bitcoin.

During a press conference, IMF spokesperson Julie Kozack said:

“What we have recommended is a narrowing of the scope of the Bitcoin law, strengthening the regulatory framework and oversight of the Bitcoin ecosystem, and limiting public sector exposure to Bitcoin.”

Kozack added that the IMF continues talking with El Salvador and that “addressing risks arising from Bitcoin is a key element of these discussions.”

The Central American country is no stranger to the IMF’s views on its use of Bitcoin. Notably, the issue goes back to 2021 when El Salvador made Bitcoin legal tender. Following its official adoption, the IMF released a statement in November 2021 “recommend[ing] narrowing the scope of the Bitcoin law” while “strengthening the regulation and supervision of the new payment system.”

This was again called for in January 2022 when the IMF advised El Salvador to reconsider its decision on Bitcoin as the country’s legal tender.

More recently, the IMF released a statement in August that focused on, among other things, the need to “mitigate the risks from Bitcoin.” However, the financial agency did note that while “many of the risks have not materialized, there is joint recognition that further efforts are needed to enhance transparency..” in Bitcoin.

Still committed to Bitcoin

Despite these remarks from the IMF and the continued back-and-forth, El Salvador remains unchanged in its mission to see Bitcoin rise in the country.

However, while the government is keen to see adoption numbers rise, Nayib Bukele, El Salvador’s pro-Bitcoin president, knows more work needs to be done. In a recent interview with TIME magazine, Bukele admitted that his Bitcoin strategy for El Salvador had been “net positive,” but it hasn’t witnessed the “widespread adoption” they hoped for.

Despite this, Bukele remains committed, even going so far as to buy additional Bitcoin when the price drops. The country also promised to use the profit it makes from its Bitcoin Trusts to build 20 schools as it works at making crypto more appealing to its citizens.

The post IMF recommends El Salvador to limit the public’s exposure to Bitcoin appeared first on CoinJournal.