The Norwegian government is reviewing a proposal to abolish the policy of preferential tax treatment for data centers mining cryptocurrency with cheaper electricity. The executive power in Oslo says conditions have changed and the country needs the energy currently used by miners. Mining Firms Likely to Lose Tax Incentive as Norway Seeks to Save Power,…
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Majority of the DeFi tokens in Top-100 traded in red barring a few, thanks to the weekend rout in the market correction towards the end of the week. Welcome to Finance Redefined, your weekly dose of essential decentralized finance (DeFi) insights — a newsletter crafted to bring you significant developments over the last week. The…
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According to Dappradar’s latest crypto industry report that covers 2022’s third quarter, the crypto economy and its participants are “riding out the bear market.” However, these days a number of macroeconomic events have influenced the crypto market, and Dappradar researchers say it’s currently “impossible to foresee a worldwide expansion of cryptocurrencies without a general recovery…
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The fund cited “ongoing and threatened litigation” in its reasons for being unable to distribute its remaining assets to UST users starting with the smallest HODLers. The Luna Foundation Guard, or LFG, a fund focused on the Terra ecosystem, has said it cannot provide a timeline to distribute assets to users following stablecoin TerraUSD depegging…
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Users of the Mt. Gox exchange may be one step closer to getting their funds back after trustee Nobuaki Kobayashi announced the options for repayment. Creditors from the defunct crypto exchange Mt. Gox have until January 2023 to register and select a repayment method as part of the plan by which they will be compensated…
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An array of crypto-related services have been targeted in the latest round of sanctions on Russia approved by the EU. The measures are part of an expected tightening of the economic and financial restrictions in response to Moscow’s decision to annex Ukrainian territories. EU Council Adopts Full Ban on Crypto Wallet and Custody Services for…
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Members of the European Parliament have called for “effective taxation” of crypto assets and “better use of blockchain” to counteract tax evasion. A resolution aiming to achieve both objectives has been approved by a large majority which also wants small crypto traders to enjoy a simpler tax regime. European Parliament Adopts Framework for Uniform Taxation…
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Ontario Securities Commission CEO Grant Vingoe said the regulator planned to release a report in October which included crypto adoption rates in Canada. Grant Vingoe, chief executive officer of the Ontario Securities Commission, reiterated the regulator’s technology-neutral stance on crypto while saying many Canadians planned to become HODLers in the near future. In a keynote…
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Council of the EU, one of the European Union’s legislative bodies, has approved the proposed regulatory framework for the European crypto space. It’s now up to European lawmakers to approve the Markets in Crypto Assets package before its final adoption. Comprehensive Crypto Regulation Moves Closer to Adoption in EU The Committee of Permanent Representatives (COREPER)…
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An estimated $148.7 billion worth of stablecoins are still in circulation. According to the latest data from DefiLlama, the overall circulation of stablecoins has decreased by approximately $38 billion since early May. There are still $148.7 billion left in circulation, with the majority consisting of Tether (USDT) ($68.2 billion), USD Coin (USDC) ($46.7 billion), Binance…
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