Table of Contents
News
Global
Kyrgyzstan Sees Surge in Crypto Mining Tax Revenue; Stands at $900K
- The country collected around $900,000 in taxes from crypto miners in the first 11 months of 2023.
- Tax revenue from crypto mining during the same period in 2022 amounted to $133,200.
New IRS Mandate Requires Reporting Crypto Transactions Over $10K
- Infrastructure Investment and Jobs Act mandate anyone receiving $10,000 or more in crypto as part of their trade or business to file a detailed report with the IRS.
- Failure to comply with this reporting requirement within 15 days of the transaction may result in felony charges.
EU Escalates Probe Into Crypto Links With Banks
- EBA Takes Further Steps to Assess Risks from Non-Bank Financial Institutions, Including Cryptocurrency Entities.
- People who hold more than 10% in a crypto company will be vetted for sanctions or convictions.
Nigeria’s Central Bank Eases Restrictions on Cryptocurrency Transactions
- Nigeria’s central bank issues new guidelines for cryptocurrency accounts.
- Regulations aimed at steering the activities of virtual asset service providers.
China State Daily Urges Aggressive Crackdown, Labels Crypto a Corruption Channel
- On China’s Legal Daily website, there is a call for a crackdown on bribery that involves the use of cryptocurrencies and other electronic payment methods.
- “Unprecedented intensity” is being used by the CCP to combat corruption, Zhao added.
South Korea Considers Prohibiting Crypto Purchases with Credit Cards
- South Korea is proposing to amend the credit financing regulations, making it illegal for residents to use credit cards to buy cryptocurrencies.
- Foreign cryptocurrency exchanges are exempt from legal restrictions governing local cryptocurrency exchanges.
Platform and Tokens
OKX Enhances Security: Implements New FCA Rules for UK Users
- As part of new regulatory requirements by the FCA of the UK, crypto exchange OKX is proposing guidelines for its users based in the country.
- Users also have to answer a second questionnaire that assesses their suitability for cryptocurrency investing.
Huobi Korea Announces Closure of Virtual Asset Exchange Services
- Huobi Korea Shuts Down Operations Citing Business Difficulties
- Huobi Korea’s decision to close follows similar shutdowns announced by other smaller South Korean exchanges.
Celsius Network To Unstake Ethereum Holdings to Repay Creditors
- Celsius stated that it would distribute Bitcoin or Ether to repay creditors
- Reportedly, a third of the ETH in the pending withdrawal queue currently belongs to Celsius.
Radiant Capital Falls Prey to $4.5 Mln Flash Loan Attack, Halts Arbitrum Markets
- The breach targeted a newly created market for USDC Coin on the Arbitrum network.
- Radiant Capital has confirmed the suspension of lending and borrowing markets on Arbitrum.
SEC Urges Court to Consider Terraform Labs Ruling in Ongoing Binance Lawsuit
- In a federal court filing, the US SEC requests that a judge provide a summary judgment ruling in its lawsuit against the crypto exchange Binance.
- Judge Amy Jackson could consider rejecting a motion to dismiss from Binance based on “further grounds” offered by the Terraform Labs ruling.
Bank of Spain Advances CBDC Exploration
- The Central Bank of Spain has selected its partners for the CBDC experiment one year after releasing an open request for partners.
- An additional component of the Cecabank-Abanca consortium-led experiment will see the payment of a fictitious tokenized bond using the wholesale CBDC.
DCG Clears $700M Debt Through Genesis Settlement
- With reference to the now-defunct crypto lending platform Genesis, venture capital firm DCG declared that it has paid off all of its short-term loans.
- DCG CEO Barry Silbert emphasized that these loan obligations were met in spite of the difficult circumstances in the cryptocurrency market all year long.
Coinbase Expands European Presence with MiFID II-License
- Cryptocurrency exchange Coinbase plans to acquire a MiFID-licensed entity located in Cyprus.
- This strategic move is designed to boost Coinbase’s derivatives offerings across the European Union.
Project Updates
Cross-Chain Platform Orbit Bridge Hit by $82M Exploit
Three hours before 2024 officially began, hackers took $82 million from the cross-chain protocol Orbit Chain via the bridging service Orbit Bridge. Orbit Chain has acknowledged that on December 31, there was an illegal intrusion into its ecosystem.
Warning: MetaMask Phishing Scams Proliferate on X (Twitter)
Tweeting out a warning against MetaMask phishing attacks, Scam Sniffer recently sent advice on the social networking site Twitter. Users are advised to report any occurrences of these accounts so that prompt action can be taken.
Etherscan Expands: Acquires Solana Block Explorer Solscan
New acquisitions about the Solana blockchain are being made by Etherscan, which runs an Ethereum blockchain explorer, to kick off the year. According to the release, Etherscan will keep offering “credibly neutral and equitable access to blockchain data” after the acquisition.
Podcasts and Interviews
- Interview with Kartin Wong, founder of Hyper Oracle
- “Inside the Crypto World” podcast by Talha Ahad
- “Crypto Market Dump!” podcast by Scott Melker
Job Listings
- Technical Chief Operating Officer | Status
- ZK Circuits Engineer | Ethereum Foundation
- Senior Fullstack Developer | Enya Labs
- Lead Security Engineer | Enya Labs
- Smart Contract Auditor | Netherminds
2k24 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!
