Author: Web3BH Team

In a recent update to its S-1 filing, Bitwise has revealed plans for a substantial $200 million seed investment for its spot Bitcoin exchange-traded fund (ETF). This amount is significant, as it’s 20 times larger than the $10 million seed investment announced by BlackRock for its spot Bitcoin ETF. The updated filing was submitted by the Dec. 29 deadline set by the Securities and Exchange Commission (SEC), with the agency expected to announce the first wave of approvals or rejections for spot Bitcoin ETFs in early January 2024. One notable detail from Bitwise’s filing is the absence of a named…

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The government of India has taken a significant step towards regulating the cryptocurrency industry by issuing compliance show-cause notices to nine major offshore exchanges, including industry giants like Binance, Huobi, and Kucoin. The Finance Ministry accuses these platforms of operating illegally in India and violating the Prevention of Money Laundering Act (PMLA) of 2002. The notices demand an explanation for the non-compliance of these exchanges with established regulations. Simultaneously, the ministry has urged the Information Technology Ministry to block the URLs of these exchanges, citing their illegal operations within the country. This move underscores India’s commitment to bringing offshore crypto…

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The race for the first spot Bitcoin exchange-traded fund (ETF) approved for the US market is heating up, with a number of major financial institutions submitting final S-1 filings as the deadline for applications passed on December 29. Among the notable details in the filings was the naming of authorized participants (APs) and fees. JPMorgan, along with Jane Street, was named as an AP in the final Bitcoin ETF filings submitted by BlackRock and Valkyrie. This development has drawn attention due to the public remarks of JPMorgan’s CEO Jamie Dimon, who has been known for his criticism of Bitcoin in…

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Argentina’s President Milei Proposes Incentives for Declaring Crypto Holdings President Javier Milei of Argentina has recently put forward a draft bill that offers tax incentives to individuals for declaring their cryptocurrency assets. This move is part of Milei’s larger economic and political reform agenda and aims to regulate and formalize cryptocurrency holdings within the country. The proposed legislation, titled the ‘Law of Bases and Starting Points for the Freedom of Argentines,’ introduces an asset regularization scheme that offers favorable tax rates to individuals who declare their crypto assets. The bill encourages prompt declaration by providing significantly low tax rates for…

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Bitzlato, a cryptocurrency exchange, has recently made headlines after temporarily freezing all Bitcoin withdrawals. This sudden move comes in the wake of legal turmoil following the guilty plea of the exchange’s co-founder, Anatoly Legkodymov. The situation has left Bitzlato users in a state of uncertainty regarding the fate of their assets. The turmoil began when Legkodymov pled guilty to operating an unlicensed money services business, leading to the dissolution of Bitzlato. This legal setback was a result of Legkodymov’s arrest earlier in the year, in a joint operation involving the United States Department of Justice, Treasury Department, and French law…

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The Indian central bank has reiterated its stance against the legalization and integration of cryptocurrencies into the country’s economic framework, stating that there is no economic “upside” in making them regulated financial instruments. According to senior officials from the central bank, cryptocurrencies currently provide limited benefits as regulated financial instruments and are more akin to high-risk gambling products due to their inherent volatility and speculative nature. The Reserve Bank of India (RBI) has consistently expressed apprehension regarding private cryptocurrencies, citing risks related to monetary stability, currency sovereignty, consumer protection, and potential use in illegal activities such as money laundering and…

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Injective (INJ) has made waves in the cryptocurrency market with its recent surge to an all-time high of $43 after a remarkable 3000% rise in 2023. This AI finance blockchain token has demonstrated robust momentum, defying market trends and securing a weekly gain of nearly 64% while Bitcoin traded sideways. The surge in INJ prices is not merely a short-term phenomenon, as market analysts are optimistic about its future trajectory. With the ongoing buzz around AI technologies and its unique AI integration, Injective is poised for sustained growth. Some experts have forecast that a new macro uptrend could begin for…

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The US Securities and Exchange Commission (SEC) has reportedly set a deadline for the final changes to Bitcoin exchange-traded funds (ETFs) applications before it. According to a recent report, the SEC has informed representatives of seven firms looking to list a spot Bitcoin ETF that they must file the final changes to their proposals by December 29, 2023. This news comes amidst a flurry of activity within the regulatory agency, as multiple meetings have taken place with representatives from BlackRock, Grayscale Investments, ARK Investments, and 21 Shares, among other companies this past week. The most recent meeting, held on December…

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Recently, there has been significant movement in the cryptocurrency market with IoTeX, Bitcoin, and Solana experiencing considerable gains. At the same time, a new innovative hybrid DeFi exchange called Pullix has emerged, introducing a unique “Trade-to-Earn” concept through its native token, PLX. IoTeX’s IOTX token has seen a surge of 163%, driven by increased on-chain metrics and adoption. The platform’s focus on machine-to-machine interactions and innovative hardware integration in security and oracle sectors has captured the attention of investors, leading to a sustained bullish trend. Bitcoin, the pioneering cryptocurrency, reached a daily high of $44,075.15 for the first time in…

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Bulgarian prosecutors have officially closed their criminal investigations into crypto lender Nexo and four of its executives after finding no evidence of money laundering and tax offences. According to a report published on Friday, the Bulgarian Prosecutor’s Office concluded that there was no criminal activity on the part of Nexo and its executives Kosta Kanchev, Antoni Trenchev, Kalin Metodiev, and Trayan Nikolov. The charges of tax and computer fraud against the defendants have also been dropped. This decision comes after Bulgarian police raided Nexo’s offices in January of this year, alleging potential criminal activity related to money laundering, tax offences,…

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