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$1,066,740,000,000 Bank Snaps Up 11 Bitcoin in ‘Test’ Trade Ahead of Potential Client Requests for BTC: Report

,066,740,000,000 Bank Snaps Up 11 Bitcoin in ‘Test’ Trade Ahead of Potential Client Requests for BTC: Report

Italy’s biggest bank has reportedly made its first proprietary Bitcoin (BTC) trade, as analysts expect the value of the flagship crypto asset to increase by more than double this year. Reuters reports that an internal memo it has seen shows that Intesa Sanpaolo bought 11 BTC worth over $1 million on Monday. CEO Carlo Messina […]

The post $1,066,740,000,000 Bank Snaps Up 11 Bitcoin in ‘Test’ Trade Ahead of Potential Client Requests for BTC: Report appeared first on The Daily Hodl.

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Italy scales back plans to hike crypto tax rate: Report

A Bloomberg report suggested Italian Prime Minister Giorgia Meloni could accept a proposal for a 28% tax hike on crypto rather than a 42% one.

The Italian government reportedly plans to raise the country’s capital gains tax on cryptocurrencies to 28% instead of 42%.

According to a Nov. 12 Bloomberg report citing people with knowledge of the matter, Italy’s government under Prime Minister Giorgia Meloni plans to accept a proposed 28% tax hike on crypto — an increase of only 2% rather than the 26% initially reported. Giancarlo Giorgetti, the Italian Minister of Economy and Finance, defended the proposed tax hike as recently as Oct. 31.

It was unclear what may have led the Italian government to scale back their plans to tax crypto. The price of many cryptocurrencies has surged following a United States election in which many lawmakers who claimed to favor digital asset policies won their respective races. 

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Italy’s finance minister defends 42% crypto capital gains tax plan

Giancarlo Giorgetti said cryptocurrencies like Bitcoin presented a “very high level of risk,” highlighting the need for additional taxes.

Giancarlo Giorgetti, the Italian Minister of Economy and Finance, has pushed back against critics of a plan to raise the country’s capital gains tax on cryptocurrencies like Bitcoin to 42%.

At a World Savings Day event on Oct. 31, Giorgetti said digital assets presented a “very high level of risk,” defending the government’s decision to change the capital gains tax. Italy’s Council of Ministers approved a budget bill to increase withholding taxes for Bitcoin (BTC) from 26% to 42%.

Italian finance minister Giancarlo Giorgetti at World Savings Day on Oct. 31. Source: YouTube

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MicroStrategy Shareholders Vote To Increase Number of Shares in Order To Fund Bitcoin (BTC) Purchases

Sanctions Backfire: European Exporters Suffer More Than Russia

Sanctions Backfire: European Exporters Suffer More Than RussiaEuropean sanctions against Russia are impacting small European exporters, particularly in Italy, more severely than Russia itself, according to Ferdinando Pelazzo, president of the Italian-Russian Chamber of Commerce. Small and medium-sized enterprises (SMEs) are struggling with disrupted payment systems and logistical challenges due to the sanctions. Italian businesses heavily reliant on Russian markets now face […]

MicroStrategy Shareholders Vote To Increase Number of Shares in Order To Fund Bitcoin (BTC) Purchases

Italy Targets Bitcoin With Capital Gains Tax Hike as EU Prepares for MiCA Regulations

Italy Targets Bitcoin With Capital Gains Tax Hike as EU Prepares for MiCA RegulationsItaly plans to raise its capital gains tax on bitcoin to 42%, up from 26%, as part of efforts to fund election promises and curb the fiscal deficit. The government cites growing bitcoin adoption as a key factor. This comes as the European Union prepares to implement its Markets in Crypto-Assets Regulation (MiCA), aiming to […]

MicroStrategy Shareholders Vote To Increase Number of Shares in Order To Fund Bitcoin (BTC) Purchases

Italy Prepares to Issue Guidelines on Implementing EU Crypto Regulation

Italy Prepares to Issue Guidelines on Implementing EU Crypto RegulationItaly’s central bank will soon release guidelines on implementing the European Union’s Markets in Crypto Assets Regulation (MiCA) Regulation to ensure the payment system’s regular functioning, Bank of Italy Governor Fabio Panetta revealed on Tuesday. In his speech to the Italian Banking Association, Panetta highlighted that MiCA considers electronic money tokens (EMTs) and asset-reference tokens […]

MicroStrategy Shareholders Vote To Increase Number of Shares in Order To Fund Bitcoin (BTC) Purchases

SEC drops investigation into Ethereum: Law Decoded

A letter from Consensys states that the SEC’s approval of spot Ether exchange-traded funds indicated that it had “updated its position to classify ETH as a commodity and not a security,” but not everyone agrees.

The United States Securities and Exchange Commission’s (SEC) case to prove Ether is a security may not have been as strong as it let on. The SEC closed its investigation into whether Ether is a security on June 19.

Consensys lawyer Laura Brookover said there will be “no more protestations from the SEC that Ether is a security.” She said it was a reaction to being pushed to “lift the subpoenas on Consensys given their recent ETH [exchange-traded fund] rule change approvals predicated on ETH being a commodity.”

The letter from Consensys states that the SEC’s approval of spot Ether (ETH) exchange-traded funds (ETFs) indicated that it had “updated its position to classify Ether as a commodity and not a security.”

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MicroStrategy Shareholders Vote To Increase Number of Shares in Order To Fund Bitcoin (BTC) Purchases

Italy Proposes Stringent Measures to Tackle Crypto Market Manipulation

Italy Proposes Stringent Measures to Tackle Crypto Market ManipulationItaly is taking steps to enhance surveillance of crypto assets and address associated risks. According to a draft decree reviewed by a news agency, the plan includes imposing high fines on those who manipulate the market. The fines range from $5,400-$5.4 million (€5,000 to €5 million) for offenses such as insider trading, unlawful disclosure of […]

MicroStrategy Shareholders Vote To Increase Number of Shares in Order To Fund Bitcoin (BTC) Purchases

AI regulations in global focus as EU approaches regulation deal

Concerns over potential misuse of AI have prompted the U.S., U.K., China, and the G7 to speed up regulation of the technology, though Europe is already way ahead.

The surge in generative AI development has prompted governments globally to rush toward regulating this emerging technology. The trend matches the European Union’s efforts to implement the world’s first set of comprehensive rules for artificial intelligence.

The artificial intelligence (AI) Act of the 27-nation bloc is recognized as an innovative set of regulations. After much delay, reports indicate that negotiators agreed on Dec. 7 to a set of controls for generative artificial intelligence tools such as OpenAI Inc.’s ChatGPT and Google’s Bard.

Concerns about potential misuse of the technology have also propelled the U.S., U.K., China, and international coalitions such as the Group of 7 countries to speed up their work toward regulating the swiftly advancing technology.

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MicroStrategy Shareholders Vote To Increase Number of Shares in Order To Fund Bitcoin (BTC) Purchases

Italy and South Korea central banks agree on CBDC cooperation

The central banks of Italy and South Korea announced a memorandum of understanding in the development and deployment of their respective CBDCs.

The Bank of Italy announced on Dec.

According to the Italian central bank, this memorandum of understanding will entail the “mutual sharing of knowledge and information” when it comes to information and communication technology (ICT) issues.

Particularly, it mentioned ICT issues related to real-time settlement systems and central bank digital currencies (CBDCs).

The announcement said the meeting was attended by the general manager of the Bank of Italy, Luigi Federico Signorini, who signed off on the agreement.

Related: UK House of Commons recommends further CBDC tests on viability, risks

Throughout the last year both countries have been exploring CBDCs, though with different approaches. 

In Italy, the central bank has mainly been focusing on interoperability in its solutions for settling distributed ledger technology (DLT)-based transactions via hash linked contracts, rather than a wholesale CBDC approach as is the case with other European countries.

Meanwhile South Korea has already begun to pilot its CBDC infrastructure technology as of October of this year.

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MicroStrategy Shareholders Vote To Increase Number of Shares in Order To Fund Bitcoin (BTC) Purchases