Kazakhstan, one of the global leaders in crypto mining with a recent history of hostile measures against the industry, is taking a step toward a comprehensive fiscal framework for mining operators. On Thursday, May 25, the lower chamber of Kazakh parliament, Mejlis, passed in the first reading the amendments to the national tax code, regulating the fiscal burden on crypto mining. These amendments suggest graded tax rates tied to the electricity prices consumed by mining entities. For example, the cheapest grade of electricity prices, 5 to 10 tenges ($0,012–0,024) for Kwh, would come with an additional burden of 10 tenges …

The need for a clear, balanced concept of the issue was a constant theme at the panel discussion of crypto’s carbon footprint at the 2022 World Economic Forum. There was general agreement that there has been a rush to judgment on the consensus mechanisms of crypto mining and education, and careful policymaking can counteract it. “Crypto tribalism” on social media is an impediment to environmentally sound crypto mining, FTX.US president Brett Harrison said, comparing the situation to politics. “A vocal minority obscures the majority,” he said, while there is a unified effort in the background. He added, “Practitioners have to …

Miami mayor Francis Suarez believes that Bitcoin (BTC) should be seen from an innovation perspective rather than just as an investment asset. Suarez’s comments came during his discussion on “The Future of Crypto” on the third day of the ongoing World Economic Forum (WEF) 2022 at Davos. He said: “We live in a world where investors only look at things from a return perspective, but Bitcoin should be seen from an innovative and technology perspective.” When asked about his views on the volatility debate in the crypto market, Suarez said that the phenomenon is a part of the crypto ecosystem …

United States President Joe Biden’s executive order on digital assets has kickstarted an interagency mission to support financial innovation while protecting American consumers and interests. While many industry leaders welcome the constructive tone, some critics hope for a crackdown. We don’t blame them. Many cryptocurrency projects operate behind thin veils of decentralization. In public, they’re sold on the premise that they distribute power. Behind the curtains, leaders pull the strings. In the recent case of Wonderland, a serial scammer and felon directed a $1 billion treasury. Many projects secretly pay influencers to shill their tokens. The price pumps. Insiders dump. …

Bitcoin (BTC) bounced 19% from the $25,400 low on May 12, but has investor confidence in the market been restored? Judging by the ascending channel formation, it’s possible that bulls at least have plans to recover the $30,000 level in the short term. Does derivatives data support reclaiming $30,000, or is Bitcoin potentially heading to another leg down after failing to break above $31,000 on May 16? Bitcoin price falters in the face of regulatory concerns and the Terra debacle One factor placing pressure on BTC price could be the Luna Foundation Guard (LFG) selling 80,081 Bitcoin, or 99.6%, of …

There was a time when all cryptocurrencies traded against Bitcoin (BTC). Speculators ventured into other coins when they saw assuring tokenomics or promising hype, but Bitcoin was their settlement coin of choice. Things have changed. Stablecoins now constitute a critical $150 billion pillar in the cryptocurrency market. Perpetual futures over-amplify market sentiment and, more often than not, dominate price action. Much more capital, including from institutional funds, has come into the market lately with only a moderate impact on Bitcoin’s price. So, some former bulls now dismiss Bitcoin as boring. Is this the end of Bitcoin maximalism? Probably not. But, …

At the beginning of May, the British Web3 community celebrated an important legal precedent — the High Court of Justice in London, the closest analog to the United States Supreme Court, has ruled that nonfungible tokens (NFT) represent “private property.” There is a caveat, though: In the court’s ruling, this private property status does not extend to the actual underlying content that NFT represents. Cointelegraph reached out to legal experts to understand what this decision could possibly change in the British legal landscape. The theft of Boss Beauties In February 2022, Lavinia D. Osbourne, founder of Women in Blockchain Talks, …

Commissioner Hester Peirce — also known as the United States Securities and Exchange Commission’s (SEC) “crypto mom” — has backed a regulatory framework for stablecoins that allows “room for there to be failure.” Speaking at an online panel on Thursday hosted by financial think-tank the Official Monetary and Financial Institutions Forum (OMFIF), Peirce, who has long been an advocate for crypto, was asked to shed light on the actions being taken by U.S. regulatory bodies in regard to cryptocurrency. “One place we might see some movement is around stablecoins,” Peirce answered, “that’s an area that has gotten a lot of …

The Federal Ministry of Finance (BaFin) published a 24-page document on Tuesday outlining clear income tax rules for cryptocurrency and virtual assets. Tax practitioners, businesses and individual taxpayers now have clear direction on the tax requirements for acquiring, trading and selling cryptocurrencies. The key takeaway is that individuals who sell BTC or ETH more than 12 months after acquisition will not be liable for taxes on the sale if they realize a profit. Parliamentary State Secretary Katja Hessel also addressed questions around the long-term staking of cryptocurrencies: “For private individuals, the sale of purchased Bitcoin and Ether is tax-free after …

The administration of the newly-elected President of South Korea, Yoon Suk-yeol, wastes no time in his drive to maintain the country’s stature as a center for innovation, as South Korea hopes to roll out comprehensive crypto legislation in 2023 and institutionalize the sector by 2024. On Wednesday, South Korean newspaper Kukmin, citing a leaked governmental document, reported that the administration is looking to introduce the Digital Asset Basic Act (DABA) in the next year and to follow it up with more legislation by 2024. The bill is part of the 110 policy aims that the new president introduced earlier this …

Bitcoin (BTC) price initially bounced from its recent low at $29,000 but the overall market sentiment after a 25% price drop in five days is still largely negative. Currently, the crypto "Fear and Greed Index," which uses volatility, volume, social metrics, Bitcoin dominance and Google trends data, has plunged to its lowest level since March 2020 and at the moment, there appears to be little protecting the market against further downside. Regulation continues to weigh down the markets Regulation is still the main threat weighing on markets and it's clear that investors are taking a risk-off approach to high volatility …

Despite the fact that it still hasn't made a final decision on the launch of the “digital shekel,” Israel’s central bank reported that the public feedback on the project is mainly positive. According to Reuters, on Monday, The Bank of Israel summarized the results of the public consultation on its central bank digital currency (CBDC) plans. It has received 33 responses from different sectors, with half of them coming from abroad and 17 from the domestic fintech community. While specifying that the final decision on the project’s fate is yet to be made, it claimed: “All of the responses to …