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🚀 Anyone wanna buy Hollywood? ⭐
🚀 Anyone wanna buy Hollywood? ⭐
| Happy Friday, Geckos!
The US Treasury wants businesses to start reporting crypto transactions $10k and above to the Internal Revenue Service.
In their new Tax Compliance Agenda report, the department highlights how 'cryptocurrency transactions are likely to rise in importance in the next decade, especially in the presence of a broad-based financial account reporting regime'.
Regulators are stepping up their tax compliance efforts, as just last year, FinCEN proposed a rule requiring crypto exchanges to collect counterparty information from transactions sent to "unhosted wallets".
In today's news, tax fears drive Monero prices up, the Office of the Comptroller of the Currency launches a crypto regulatory review, and the Hollywood sign is getting tokenized.
Read on! | | | | |
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| | AAX is the world's first crypto exchange powered by London Stock Exchange Technology.
Offering futures, spot and P2P trading, it provides a highly secure, deeply liquid and ultra-low latency trading environment; and a meeting point between crypto and global finance.
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Join now | | Monero Goes Up Monero (XMR) rallied by 84% after Bitcoin's (BTC) crash once the US Treasury's tax compliance agenda was revealed.
Launched in 2014, privacy coins like Monero are one of the few specially designed coins to anonymize transactions.
Such coins and their unique technology have long drawn the attention of global government agencies, with some even offering bounties to crack its cryptography.
Cointelegraph | | New OCC Chief Launches Review on Crypto Regulations Michael Hsu, the new Acting Comptroller of the Currency, is requesting a review of pre-existing standards for crypto regulations.
Part of the review includes considering interpretative letters and guidance for cryptocurrencies and digital assets, and pending licensing decisions. The move is likely a cautionary step since Former Acting Comptroller Brian Brooks, previously warned that pro-cryptocurrency guidance would be rolled back.
Bitcoin.com | | Hollywood is on Sale The renowned Hollywood Sign in Los Angeles will be sold as a non-fungible token (NFT) for charitable purposes.
The NFT launch will be led by Sugar23, a content creation platform who is owned by Oscar-winning producer, Michael Sugar.
The Hollywood Chamber of Commerce is their main partner and is currently in the midst of looking for an artist/filmmaker for the project.
Bitcoin.com |
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| | Decentralized Finance (DeFi)
Decentralized Finance (DeFi) refers to the movement of building decentralized financial applications that have no central authority and is censorship-free. DeFi applications cover many use cases and a few popular ones are stablecoins, lending/borrowing, and trading (decentralized exchanges). By removing the middleman in systems, DeFi applications are able to achieve a better rate of returns for their users, while lowering the barrier of entry as the application does not discriminate or censor any particular party from joining. Learn about other Crypto terms here | | |
As EIP-1559 draws closer and some Ethereum (ETH) projects are just beginning to adopt Layer-2 technology, it is clear that the dire need for cheap and ultra-fast transactions has driven some to explore alternative networks such as Polygon (MATIC), formerly known as Matic.
In light of this phenomenon, our WINning analyst, Win Win has cultivated this step-by-step guide on how to dive right into the Polygon blockchain.
| | | Here are the top trending coins for this week! | | | | | | |
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| | | Follow us on social media & share our newsletter and be rewarded with some CoinGecko goodies! |
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