CoinCodeCap WeekInFocus: December 31, 2023

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WeekInFocus is your ally in plugging in the gaps in the news you might have missed during the course of the previous week. Beyond that, it serves as a catalyst for your professional and personal development by introducing you to new ideas and exciting job opportunities. Join us in accepting both what is occurring and what is conceivable.

News

Global

Japan to Remove Corporate Tax on Unrealized Crypto Gains in New Overhaul

  • Under the new tax regime, corporations will only be taxed on profits from the sale of crypto.
  • The tax regime will be made effective from April 2024.

Hong Kong Accelerates Cryptocurrency Industry Growth with Regulatory Advances

  • Hong Kong emerges as a leader in Asian crypto regulation in 2023
  • Hong Kong’s recent regulatory initiatives signal a strategic effort to position the city as a global hub for virtual assets

Hong Kong Considers Mandatory Licenses for Stablecoin Issuers in Regulatory Overhaul

  • Hong Kong has indicated that it will acknowledge and control fiat-referenced stablecoins (FRS), but that issuer must first secure a certain local license.
  • Issuers of stablecoins will also need to establish a registered office in Hong Kong and staff it with a chief executive, senior management group, and other essential staff members.

New Argentine Law Provides People With Chance to Legalise Undeclared Crypto

  • The new legislation introduces a crypto-related element within an “asset regularization scheme.” 
  • The scheme allows taxpayers to legalize holdings with a flat tax on assets—5% if declared by March 2024.

India’s Financial Intelligence Unit Targets Offshore Cryptocurrency Providers 

  • India’s Financial Intelligence Unit issues show cause notices to nine offshore cryptocurrency operators.
  • Besides Binance and Kucoin, other virtual digital assets service providers (VDA SP) have received notices for non-registration.

Indonesian Police Reportedly Shut Down 10 Bitcoin Mining Operations

  • Ten Bitcoin mining operations are said to have been shut down by Indonesian police, who accused the operators of stealing electricity worth close to USD 1 million.
  • It was said that an estimated 14.4 billion Indonesian Rupiahs (IDR) have been lost as a result of these ten cases of electricity theft.

Platform and Tokens

FTX Debtors Propose Independent Agreement with SBF on Embed Acquisition Deal

  • Regarding acquiring the stock-clearing platform Embed, the debtors of FTX have suggested pursuing separate litigation in the bankruptcy process.
  • The terms of the agreement shall collect for the estates of the plaintiffs any value bestowed upon SBF for future equity through the simple agreements.

Grayscale Sees Executive Exodus as Board Members Step Down

  • Prominent executives have resigned from the board of directors of cryptocurrency investment firm Grayscale Investments, which runs the Grayscale Bitcoin Trust.
  • With Mark Shifke, Matthew Kummell, and Edward McGee joining the board, resignations took effect on January 1, 2024.

Bitzlato Temporarily Suspends Withdrawals Weeks After Founder Agrees for Exchange Dissolution

  • The Bitzlato team declared it must “temporarily suspend” all Bitcoin withdrawals just weeks after the co-founder of the company consented to disband the crypto exchange.
  • The company stated that this was merely a temporary solution while it got ready for and went through impending court proceedings over its users’ funds that were seized.

China Reveals Insights into ‘OTC King’ Zhao Dong’s 7-Year Prison Term

  • Zhao Dong, the founder of the OTC crypto trading desk RenrenBit, which allowed trading in both crypto and local currencies, was sentenced to seven years in prison.
  • The authorities conducted a detailed investigation that concentrated on accounts connected to the alleged crimes and unraveled the intricate financial transactions.

Canadian Crypto Exchange Catalyx Suspends Trading Amid Security Breach

  • Exchange has temporarily halted all crypto and fiat currency withdrawals from its platform.
  • Alberta Securities Commission has issued a cease-and-desist order against Catalyx.

Pink Drainer Hacking Group Swipes $4.4 Million

  • Pink Drainer deceived the victim into authorizing a malicious transaction, transferring more than 275,700 LINK.
  • The stolen crypto was quickly sold for Ethereum on eXch.

Ex FTX CEO Sam Bankman-Fried Unlikely to Face Second Trial, U.S. Prosecutors Say

  • Prosecutors reportedly emphasized the “strong public interest” in promptly resolving the case 
  • Prosecutors argue that most of the evidence has already been revealed during the first trial

Judge Denies Second Travel Request: Binance CEO CZ Faces Restrictions

  • An injunction from a federal judge will still prevent former Binance CEO Changpeng Zhao “CZ” from leaving the country prior to his sentencing hearing.
  • The court sealed the second motion’s reasons; they were not publicly available, but CZ’s legal team indicated that it concerned CZ’s child’s medical records.

Project Updates

Kyber Network Initiates Strategic Shift: Workforce Reduced by 50% Following $49M Exploit

KyberSwap’s team had to reduce its workforce by half to maintain business operations after the November $48.8 million hack. The DeFi company announced that it will build a “voluntary database” to assist leaving workers in finding new positions in the Web3 industry.

MicroStrategy Continues Bitcoin Buying Spree Amid ETF Anticipation

MicroStrategy Expands Bitcoin Holdings, Surpassing $8 Billion in Value. The Company Has Invested $5.9 Billion in Establishing Its Bitcoin Treasury.

Levana Protocol Faces $1.1 Million Exploit on Osmosis Blockchain

Levana Protocol suffered an exploit after an attacker succeeded in draining approximately 10% of its liquidity pools. Decentralized finance startup Levana Protocol’s security exploit, resulting in a loss of $1.14 million.

Podcasts and Interviews

  • Interview with Kartin Wong, founder of Hyper Oracle
  • “The Year of the Crypto ETF with Cathie Wood” podcast by Bankless
  • “Why Bitcoin Will Pump In 2024” podcast by Scott Melker

Job Listings

2k23 Events

  • EF’s Next Billion fellowship cohort 4 deadline is January 15, 2024
  • ETH Cinco de Mayo hackathon (Cholula, Puebla) from February 2 to February 4
  • ETHDenver BUIDLWeek & hackathon from February 25 to March 3
  • ETHLatam (San Pedro Sula, Honduras) from March 13 to March 14
  • ETHGlobal London from March 15 to March 17

As we wrap up another week of insights and discoveries, remember that staying informed and motivated is an ongoing journey. WeekInFocus by CoinCodeCap is here to accompany you on this path, bringing you a fresh perspective on the news, a doorway to exciting job possibilities, and a collection of thought-provoking podcasts. Let’s embrace the coming week with curiosity and determination. Until next time, keep focused and keep thriving!

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