News Updates February 6, 2022
1. Venezuelan Government Approves New Tax for Cryptocurrency and ForeignCurrency Transactions
The Venezuelan Government has approved a new tax that would affect transactions made in foreign currency and cryptocurrency transactions. Approved by the National Assembly of the country, the tax, called the “large financial transactions” tax would collect up to 20% over transactions made in currencies different from the national fiat currency or the Petro.
The percentage to be paid will be established by the national government after the official publication of the law, but in its first application, it will collect 2.5% on these payments.
2. Tether responds to CoinDesk's intervention in ongoing reserves information case
Tether has responded to CoinDesk's intervention submission in the latest filing related to the freedom of information court battle, claiming the conflict centers on its settlement agreements with the NYAG — not the arguments of the news outlet.
CoinDesk formally joined the legal proceedings between Tether and the New York Attorney General last month, vying to become an official party in the case since its Freedom of Information Law (FOIL) requests (FOIL) sit at the center of the dispute. In its latest filing, Tether argues that the conflict rests on facts of the agreement between the firm and the NYAG, and that the news outlet shouldn't be able to "renegotiate" the terms by inserting itself into the case.
3. IRS Calls on Congress for Stronger Crypto Disclosure Rules Following New Hampshire Theft
The IRS published a letter addressed to state senator Maggie Hassan (D-NH) calling on Congress to strengthen its cryptocurrency disclosure rules to help prevent cyberattacks.
The letter, dated December 21, comes in response to a letter sent by Sen. Hassan expressing her ongoing concerns for the welfare of New Hampshire residents, who were scammed out of $2.3 million and were unable to trace the funds once converted to cryptocurrency. Hassan, a member of the Homeland Security Committee explained how the town of Peterborough sent $2.3 million to criminals, instead of to the ConVal School District. The town recovered $594,000 of the stolen funds back in October 2021.
4. Government Official Discusses Indian Crypto Policy, Global Regulations, G20 Meeting
Economic Affairs Secretary Discusses Cryptocurrency Regulation in India
India’s economic affairs secretary, Ajay Seth, reportedly shared the progress of cryptocurrency legislation in India in an interview with PTI, published Friday.
A cryptocurrency bill was listed to be considered in the Winter session of parliament but it was not taken up. Many people in the crypto industry are now anxiously awaiting to see when the Indian government will introduce a crypto bill.
Responding to a question about whether the government would introduce crypto regulation in the Budget session of parliament, Economic AffairsSecretary Seth stated.
5. Upcoming Crypto Events | Harmony BTC Bridge | Feb Week 2
Upcoming events include The Sandbox Web 3 land sale and the Harmony Bitcoin (BTC) bridge mainnet launch.
There’s been some repose from January’s crypto bloodbath. The crypto space has experienced a steady increase and currently has a market cap of approximately $2 trillion.
To keep our readers informed, we have compiled some of the top upcoming crypto events expected to take place in this new week. Moreover, upcoming crypto events include The Sandbox Web 3 land sale and the Plutonians IDO on BLOKPAD.
Also, at the time of writing, Bitcoin is trading at $41,666 and Ethereum has a market price of $3,025. That is a 2.2% and 2.4% increase over the last 24 hours.
Let’s dive into some of this week’s top upcoming crypto events.
6. Global Crypto Market Trying To Reclaim $2 Trillion Market Cap, Making Strong Recovery After Widespread Selloff.
A nightmare for many crypto enthusiasts, like most traders, was liquidated during the brutal Jan selloff.
On February 4, the crypto market made a strong recovery, suggesting that the downtrend is coming to an end and preparing herself to enter into the Bull Market in the coming days.
The global market cap is trying to reach $2T market capitalization once again, currently standing at $1.9T, showing an impressive 9.60% gain compared to the previous day.
As per CoinMarketCap (CMC) data, the trading volume for the last 24-hours skyrocketed 45.17% to $94.33B. Most of the volume comes from stable coins like Tether (USDT), USD Coin (USDC), etc. They make 81.03% of the total crypto market volume; this shows that stable coins are heavily being used to buy crypto.
The total volume in DeFi currently stands at $13.00B, which makes 13.78% of the whole crypto market’s 24-hour volume.
