Tanzania plans to amend its Income Tax Act to tax crypto trades. The proposal includes a three per cent withholding tax on income from digital asset transactions. Digital platform owners or facilitators of digital asset transfers will act as withholding agents. Foreign citizens operating such platforms must register under Tanzania’s Simplified Tax Regime. The government…
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The Securities and Exchange Commission (SEC) of Thailand announced Monday that the Thai Minister of Finance has revoked Zipmex’s digital asset exchange and broker licenses effective May 28, 2024. This decision, which followed the Thai SEC Board’s recommendation, was based on concerns over the crypto trading platform’s financial stability, inadequate management structure, and insufficient personnel,…
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The 2024 BNY Mellon Wealth Management Study reveals a divided perspective among family offices regarding cryptocurrency investments. Approximately 39% of the surveyed family offices are either actively investing in cryptocurrencies or considering them, highlighting a keen interest in this modern asset class. These offices are motivated by the desire to stay abreast of new investment…
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The Nigerian Senate Committee on Capital Markets has called for the regulation of cryptocurrency and warned that the country’s unclear position could be costing the country. The committee also urged the government of Bola Tinubu to develop the capital and crypto markets to defend the local currency. Nigeria’s Ambiguous Stance on Crypto The Nigerian Senate…
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Trading volume on major cryptocurrency exchanges has experienced a significant decline in April, coinciding with Bitcoin’s retreat from its all-time high. Spot trading volume on centralized exchanges like Coinbase Global, Binance, and Kraken dropped by 32.6% to $2 trillion last month, as reported by research firm CCData. Additionally, derivatives trading volume saw its first decrease…
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Popular trading platform Robinhood has experienced a substantial increase in crypto trading volumes during the first quarter, with a surge of 224% to reach $36 billion. The growth played a significant role in driving the company’s transaction-based revenue up 59% year-over-year to $329 million, with crypto-related revenue alone witnessing a substantial 232% rise to $126…
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The digital asset trading platform, Moonpay, announced on May 2 that it had formed a partnership with Paypal. This partnership will allow U.S. users to purchase cryptocurrency using their Paypal accounts. Users of Moonpay can benefit from the security offered by Paypal, a payment provider known for sharing comprehensive financial information about transactions. Moonpay Users…
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The South Korean won has emerged as the leading fiat currency for cryptocurrency trading, overtaking the US dollar in the first quarter of 2024. According to a recent research report by Kaiko, the South Korean won accounted for more than $456 billion in trading volume on centralized crypto exchanges, surpassing the $455 billion volume in US…
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Western Europe has emerged as a leading region in global crypto adoption, attracting a substantial number of daily traders, ranging from 1.2 million to 1.5 million individuals. According to a new research from Bitget, Germany and France are at the forefront of activity in the region, while Austria has experienced the most significant yearly growth, witnessing…
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Deutsche Börse has unveiled its entry into the regulated digital assets market with the introduction of DBDX, a dedicated platform for institutional cryptocurrency trading. Under the leadership of Carl Koelzer, who oversees FX and digital assets, DBDX aims to deliver a secure and transparent trading platform tailored for Europe’s institutional investors. Deutsche Börse Reveals DBDX…
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