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| Hey Insider! Welcome back to the Inside Cryptocurrency newsletter! Today's issue again covers some of the biggest stories in the crypto market, including the European Union's new crypto tax data sharing rule, the departure of Binance France's managing director, a new crypto wallet launched by South Korea's leading mobile carrier, and more. Enjoy your reading, and if you find this newsletter useful, please do not forget to share it with your friends and colleagues! Doğa
p/dogayurduneri | |
| 1 | | Finance ministers from the member states of the European Union (EU) have officially agreed upon a new rule to allow tax authorities to share data on the crypto holdings of individuals residing in the bloc. The rule will come into effect 20 days after it is published in the Official Journal of the EU. More: - The new regulation, first proposed last year, mainly aims to prevent assets from being kept hidden overseas using crypto.
- The rule, built on existing law, covers a wide range of digital assets, including stablecoins, NFTs, decentralized finance (DeFi) tokens, and proceeds from crypto staking.
- The regulation will also apply to financial institutions issuing electronic money and central bank digital currencies (CBDCs).
- As part of the regulation, crypto-related companies and financial institutions will have to report information on their customers' digital asset holdings.
- This information will then be automatically shared between tax authorities in the region.
- In an official statement, the European Commission, the governing body of the EU, pointed out that the rule would improve member states' ability to detect and combat tax fraud, avoidance, and evasion by requiring all crypto asset service providers to report transactions from customers regardless of their sizes.
Zoom Out: - The lawmakers at the European Parliament (EP), the legislative body of the EU, also approved the region-wide crypto regulations, Markets in Crypto Assets (MiCA), in April with a final vote after three years of development, marking the first attempt to regulate the crypto industry on such a scale.
- All the provisions of the MiCA will enter into force as of January 2025.
Q: Do you think the European Union's new crypto tax data sharing rule violates privacy rights? Join the conversation here. |     | |
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What the numbers say: Reddit-based token Moons (MOON) plummeted by 87% within the day. The token's price declined to as low as $0.029, down from $0.23 a day earlier. A similar price decrease was also seen in other Reddit-based tokens like Bricks (BRICK) and Donut (DONUT). These two tokens similarly dropped by nearly 30% and 50% within 24 hours, respectively. Relevance: The price decline in Reddit-based tokens came shortly after the popular social media platform announced that it decided to shut down its blockchain-based rewards program, Community Points, citing scalability issues. The platform pointed out that there is no path to scale the program broadly across the platform, and the necessary resourcing is too high to maintain the service. The move will see Reddit users becoming unable to access their existing points or earn any new points through the service as of Nov. 8. Community Points, launched in 2020, rewarded users with points for positive engagement in certain subreddits to incentivize higher-quality content on Reddit. The points in the form of tokens like MOON, BRICK, and DONUT stored in Reddit's crypto wallet service, Reddit Vault, could be used to spend on badges and exclusive items for the avatars. Following the decision to shutter the service, the MOON, BRICK, and DONUT tokens significantly plummeted as the community reacted to the news with disappointment. Brands that should care: On the other hand, Community Points was not the only Web3-related project of Reddit. The platform also launched a Reddit Avatars NFT collection in July 2022 in partnership with Polygon Labs, the firm behind the Polygon blockchain. | | | |
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| 3 | | Binance France's managing director, Stéphanie Cabossioras, has recently stepped down from her role at the French arm of the largest crypto exchange by trading volume. Cabossioras first joined Binance in April 2022. More: - President of Binance France, David Prinçay, said they wish Cabossioras the best for her next challenge, thanking the former managing director for her strong contribution to the company.
- Cabossioras' departure came several months after Binance faced a preliminary investigation in France on allegations of illegally canvassing customers and severe money laundering.
- At the time, a Binance spokesperson confirmed they had an on-site visit by French authorities, and the CEO Changpeng Zhao (CZ) said on-site inspections without advance notice were a regular procedure in France.
- Through the move, Cabossioras also joined several other senior executives who recently departed their ways with Binance, including chief strategy officer, senior vice president for compliance, general counsel, chief business officer, global head of product, the CEO of the U.S. arm, and some regional heads.
Zoom Out: - On the other hand, Binance also came under increased scrutiny by regulators in many other countries, including the U.S., Australia, Belgium, and Brazil, over the last several months.
- Besides, the company recently had to withdraw from several markets in the West, such as Canada, Austria, the Netherlands, Cyprus, the U.K., and Germany, mainly due to compliance issues.
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| 4 | | Yuga Labs, the firm behind the popular Bored Ape Yacht Club (BAYC) and CryptoPunks NFTs, has recently completed its internal restructuring and begun refining its focus with its new team configurations, according to an announcement from the CEO, Daniel Alegre. The company executive has pointed out that the team would mainly focus on the development of Yuga Labs' metaverse experience, Otherside, moving forward. More: - Alegre also said the firm currently has three priorities, including supporting existing communities, focusing on the execution of Otherside, and leveraging partnerships.
- Yuga Labs CEO added that there are a few more collaborations to be announced soon in addition to the ones with Gucci and BAPE.
- The executive underlined that Yuga Labs' big focus would be on the development of Otherside, stating that building an immersive metaverse platform is hard both technically and creatively.
- Alegre's statements came nearly 10 days after Yuga Labs reduced its headcount, citing a broader internal restructuring in the company.
- At the time, Alegre said his first six months at the company showed that the business needed streamlining.
Zoom Out: - Yuga Labs launched its gamified metaverse project, Otherside, in March 2022.
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| 5 | | South Korea's biggest mobile carrier, SK Telecom, has launched a new crypto wallet dubbed T in collaboration with the blockchain data and analytics platform CryptoQuant. The T wallet will allow users to store their crypto assets through a blockchain-based application on their phones. More: - The new crypto wallet will also offer access to CryptoQuant's on-chain analysis tools to help users in their market activities.
- CryptoQuant, owned by South Korean crypto services firm Team Blackbird, usually provides analysis services to institutional customers worldwide.
- SK Telecom's Web3 business team leader, Jong Seung Kim, said they expect the new product to help contribute to the crypto market in South Korea, best known for its high trading volumes and local interest.
Zoom Out: - SK Telecom also recently partnered with Polygon Labs, the firm behind the popular Polygon network, to develop a new Web3 ecosystem.
- As part of the collaboration, the two firms started discovering promising Web3 startups for incubation, and SK Telecom's NFT marketplace, TopPort, began supporting the Polygon blockchain.
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| 6 | | Online gaming platform Roblox has denied reports claiming that it integrated payment protocol Ripple's native token, XRP, as a payment method. The claims first started prevailing after payments processor BitPay tweeted that gamers could begin using XRP for Xsolla payments in supported games, tagging Roblox. More: - The move was expected to allow Roblox users to make in-game purchases with XRP since Xsolla manages in-game payments on Roblox.
- However, BitPay later deleted its tweet, saying there was an error in the post.
- Following the removal of BitPay's tweet, Roblox also announced that the idea that it partnered with BitPay to bring XRP payments to the platform or integrated XRP for in-game purchases was simply inaccurate.
- The platform further clarified that it never enabled cryptocurrencies like Bitcoin (BTC) or XRP as a payment method.
Zoom Out: - Roblox currently only supports U.S. payment options for in-game purchases, including credit cards, debit cards, gift cards, PayPal, Venmo, Klarna, and prepaid cash card Paysafecard.
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- Hong Kong-based BC Technology Group Ltd. has denied the reports that it was weighing a potential sale for its licensed crypto exchange OSL.
- The U.K.-based banking giant Standard Chartered's crypto arm, Zodia Custody, has expanded the availability of its digital asset custody service to institutional clients in Australia.
- Recent court documents from the ongoing trial against the bankrupt crypto exchange FTX's former CEO, Sam Bankman-Fried (SBF), have revealed that FTX pledged nearly $100M to Riot Games, the developer of SBF's favorite game, League of Legends, before the collapse as part of a sponsorship deal.
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INSIDE CRYPTOCURRENCY LEADERBOARD (30 DAYS) |
 | Staff Writer | | Doga is a tech and science editor who has been writing news for nearly 10 years. She worked for leading tech platforms and mainstrem media channels as an editor and presenter throughout his career. Then, she carried her know-how to more than one platform. She is a part-time cat lover and binge-watcher, and also fond of science, space, and emerging tech. She always has a story to tell. She is a bit addict to the laughter and -unfortunately- the '90s culture. | | This newsletter was edited by Aaron Crutchfield | |
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