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BUSD Stablecoin Drops from Top 10 Crypto Assets Amid Significant Decrease in Dominance

BUSD Stablecoin Drops from Top 10 Crypto Assets Amid Significant Decrease in DominanceAfter Paxos announced that it would no longer mint the stablecoin BUSD, 4.98 billion BUSD stablecoins have been removed from circulation to date. The Paxos-managed stablecoin has also fallen out of the top ten crypto assets by market capitalization, slipping below dogecoin’s valuation with a market cap of around $11.12 billion, compared to the meme […]

SEC Chair Gary Gensler Ends Tenure a Year Early to Avoid Trump’s Axe

Bradesco, One of Brazil’s Largest Banks, Launches Tokenized Credit Notes in Blockchain Pilot

Bradesco, One of Brazil’s Largest Banks, Launches Tokenized Credit Notes in Blockchain PilotBradesco, one of the largest banks in Brazil and the third biggest in all of Latam, has entered the cryptocurrency world by issuing its first tokenized credit notes. The operation, carried out in partnership with Bolsa OTC, tokenized almost $2 million in bank credit notes, which were also distributed by Bradesco. Bradesco Launches Asset Tokenization […]

SEC Chair Gary Gensler Ends Tenure a Year Early to Avoid Trump’s Axe

Iran’s tax authority wants to legalize crypto exchanges

The Iranian tax agency has called for establishing a legal framework for crypto trading platforms so they can be taxed properly.

The Iranian National Tax Administration (INTA) is pushing to establish a legal framework for the taxation of crypto trading platforms operating in the country, according to a new proposal by the country’s tax authority.

Two months after Iranian President Hassan Rouhani’s call for a legal framework for crypto trading, INTA reportedly detailed the necessity of legalizing digital asset exchanges in a proposal quoted by the local media.

Reminding Iranian regulators that a legal framework is required for levying taxes, INTA said that the government should only allow authorized exchanges to convert currency while keeping track of transactions.

The tax authority urged to keep the legal framework on the broader side of the spectrum to avoid harsh conditions for crypto exchanges that could cause the proliferation of a black market.

Tax on capital gains, fixed base tax and occupational tax are the three tax regimes on crypto trading platforms proposed by the INTA, though the proposal does not specify the mechanisms for taxing crypto businesses.

Decentralized finance also made its way into the proposal, according to the sources. To comply with Anti-Money Laundering regulations, the proposal wants to establish an upper limit on transactions occurring on decentralized exchanges.

As Cointelegraph reported in early July, the Iranian Parliament Commission on Economy drafted a new bill to restrict the use of cryptocurrencies within the country while providing a clearer legal framework for miners.

Related: Iran pauses electricity exports due to crypto mining and hot summer

Crypto mining is still legal for licensed miners operating in Iran, although it’s temporarily banned until September due to energy concerns during the hot summer months. Miners are recognized as owners of the digital assets they mint.

Converting one cryptocurrency to another is not illegal, either. But the current law only allows banks and licensed exchanges to use digital currencies mined in Iran to pay for imports, while crypto cannot be used for payments within the country.

Iran law enforcement spent the summer conducting raids on unlicensed crypto miners. Police seized as many as 7,000 mining rigs in several operations. Last month, the government asked the licensed crypto miners to halt production altogether until further notice.

SEC Chair Gary Gensler Ends Tenure a Year Early to Avoid Trump’s Axe

Majority of institutional investors ready to buy digital assets, study says

A new study found that institutional investors’ appetite for digital assets, including cryptocurrencies, is growing.

New data shows that institutional investors’ interest in cryptocurrencies and crypto-related businesses is continuing to grow. 

Fidelity Digital Assets, the crypto arm of the global asset management giant Fidelity Investments Inc, tasked Coalition Greenwich to survey 1,100 institutional investors to understand their expectations regarding digital asset investments.

The majority of surveyed investors expected to invest in digital assets in the future.

The survey was conducted between December 2020 and April 2021 with the participation of high net worth investors, family offices, digital and traditional hedge funds, financial advisors and endowments, Reuters reported.

The definition of digital asset investment defined by the survey team included investing in cryptocurrencies directly, buying crypto-related company stocks, or exposure through other investment products.

Some 70% of participants expect to invest in digital assets within the next five years. Nine in 10 of those interested in investing foresee their company's or their clients' portfolios to add digital assets within the same time window.

Related: Fidelity to hire more crypto hands amid growing institutional interest

Fidelity Digital is working to keep up with the institutional interest in digital assets. Recently, the company was said to increase its staff size by about 70% to handle the growing appetite from institutional investors.

Grayscale is another player in the institutional investment game. Aside from cryptocurrencies like Bitcoin (BTC) or Ether (ETH), the digital asset management firm also plans to enter into the decentralized finance (DeFi) world.

Yesterday, Grayscale announced a new investment vehicle targeted at DeFi assets

SEC Chair Gary Gensler Ends Tenure a Year Early to Avoid Trump’s Axe