asiwajur (@asiwajur) • Hey
asiwajur (@asiwajur) • Hey
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- KuCoin cryptocurrency exchange announced on July 3 a major regulatory update that will affect its users in Nigeria. The exchange will implement a transaction fee tax on all trades executed on the platform for its Nigerian users.
Effective July 8, 2024, the company will begin collecting a 7.5% value-added tax (VAT) on transaction fees for users whose Know Your Customer (KYC) information is registered in Nigeria.
The 7.5% VAT will specifically apply only to the transaction fee and not the total transaction amount. For example, if a user buys 1,000 USDT worth of Bitcoin, the standard transaction fee would be 1 USDT, calculated at a 0.1% fee rate. The VAT on this fee would be 0.075 USDT, bringing the net amount for the transaction to 998.925 USDT.
The new policy will comply with local tax regulations while maintaining KuCoin’s commitment to regulatory standards.
KuCoin encouraged all Nigerian users to review this update and adjust their trading strategies accordingly to accommodate the new VAT charges.
Lucky Uwakwe, President of the Blockchain Industry Coordinating Committee of Nigeria (BICCoN), voiced concerns about potential fraud and transparency issues. He questioned how the Nigerian government would verify user numbers, ensure accurate trade activity reporting, and confirm proper VAT remittance.
Uwakwe also highlighted the challenges posed by the Central Bank of Nigeria’s (CBN) restrictions on converting crypto to fiat, questioning how KuCoin would manage VAT payments under these constraints.
He sought clarification on whether the VAT would apply to all crypto transactions or just peer-to-peer trades involving the naira and whether the CBN would permit banks to facilitate crypto trades.
Additionally, there are uncertainties about the applicability of VAT to Nigerians using KuCoin from abroad.
In contrast, in a report, local crypto analyst Rume Ophi said that the VAT levy is a potentially positive development, suggesting it signals governmental recognition of digital assets as legitimate financial instruments.
Ophi speculated that the introduction of crypto regulations and licensing for industry players might be on the horizon.
“The government missed an opportunity by continuing the 2021 CBN ban, which hindered the growth of local exchanges capable of competing with global counterparts,” he remarked
Ophi emphasized that instead of nurturing the nascent industry, the CBN’s actions have driven many players offshore, depriving Nigeria of a thriving crypto market. He noted that a more supportive regulatory environment could have promoted the growth of local exchanges and enhanced Nigeria’s position in the global crypto landscape.
- Ethereum has emerged as the leading blockchain in terms of fee revenue, generating a staggering $2.728 billion over the past year, according to a recent analysis by Lookonchain.
The figure underscores Ethereum’s dominant position in the blockchain ecosystem, where it continues to be the go-to platform for decentralized applications (dApps) and smart contracts.
Furthermore, the high fee revenue is indicative of the heavy usage and demand for its services, driven by various sectors including decentralized finance (DeFi) and non-fungible tokens (NFTs).
The Ethereum network also reported a robust income of $365 million in the first quarter of 2024, an impressive year-on-year revenue growth of 155%.
Ethereum’s fee revenue, generated through user transactions, reached a notable milestone of null.17 billion in Q1, an 80% upswing from the previous quarter.
Bitcoin, the pioneer of blockchain technology, comes in second with a significant null.302 billion in fee revenue.
While Bitcoin primarily serves as a store of value and medium of exchange, its substantial fee income highlights its ongoing usage within the cryptocurrency space.
For one, Bitcoin Ordinals, a feature that allows the inscription of arbitrary data on the Bitcoin blockchain, have caused a noticeable increase in transaction fees in 2024.
Moreover, Runes, which lets users inscribe individual satoshis with unique identification numbers, and embed them with arbitrary data directly into the Bitcoin blockchain, has contributed to up to 68% of Bitcoin transactions since the halving.
Following Bitcoin, Tron stands out with $459.39 million in fee revenue.
Solana, known for its high-speed transactions and low fees, generated $241.29 million in fee revenue.
Binance Smart Chain (BSC), Avalanche, and zkSync Era also feature prominently on the list, with fee revenues of $176.56 million, $68.83 million, and $59.77 million, respectively.
Optimism and Polygon, which generated $40.4 million and $23.91 million in fee revenue respectively, are also making significant strides.
These platforms are integral to the Ethereum ecosystem, offering solutions for scalability and lower transaction costs through layer 2 technologies.
- Ethiopia is poised for a significant financial overhaul with the introduction of a Central Bank Digital Currency (CBDC) as part of sweeping banking reforms. Approved by the Council of Ministers, this move aims to bolster monetary control, modernize payment systems, and attract foreign investment. It forms a cornerstone of Ethiopia’s broader strategy to liberalize its financial sector and expand financial inclusivity.
David Ben Kay, an expert in corporate law, blockchain technology, and emerging markets, provided exclusive insights into the implications of Ethiopia’s CBDC initiative. Speaking with Cryptonews, Kay highlighted the potential benefits and challenges associated with this groundbreaking development.
David Ben Kay, who has served as Chief Legal Counsel for Pundi X and is a member of the governing board of the Ethereum Foundation, shared his insights on Ethiopia’s Central Bank Digital Currency (CBDC) initiative and its implications for financial reforms.
Kay highlighted that while CBDCs have the potential to modernize financial systems, they also centralize financial control within governments, potentially limiting individual financial autonomy. He said,
Discussing Ethiopia’s CBDC initiative, Kay pointed out that aligning it with broader economic reforms poses significant challenges. “Infrastructure challenges, such as reaching remote areas with low internet and smartphone penetration, will require substantial investment,” he added. Introducing a CBDC could also necessitate overhauling the financial system, which might impact economic stability unpredictably.
- Binance US, the American branch of global cryptocurrency exchange Binance, is bracing for a legal showdown with the Securities and Exchange Commission (SEC) as the regulatory dispute escalates.
In a recent post on X, Binance US, which was specifically established to cater to U.S. customers and comply with local rules and regulations, said it is prepared to fight the SEC’s allegations in court.
The SEC has accused Binance US of violating securities laws by offering unregistered investment products and engaging in anti-fraud breaches.
“On Friday, the Court decided that the SEC’s case against Binance.US will continue. We were prepared for this and look forward to having this case move forward in the judicial process,” the platform wrote.
In its post, Binance US said it maintains 1:1 reserves for all customer assets and implements robust compliance and risk programs to ensure platform security and integrity.
- The Cardano Foundation, in collaboration with the Crypto Carbon Ratings Institute (CCRI), has released a set of sustainability indicators designed to comply with the Markets in Crypto-Assets (MiCA) regulation in the European Union.
This initiative shows Cardano’s commitment to transparency, sustainability, and regulatory compliance among similar service providers, setting a new benchmark for the broader crypto industry in the EU.
Today, July 2, the Crypto Carbon Ratings Institute (CCRI) released a comprehensive report on Cardano, aligning with the Markets in Crypto-Assets (MiCA) mandate, which requires crypto asset issuers and service providers to disclose sustainability indicators. This adherence is in line with MiCA’s Article 6 (1) and Article 66 (5), which demand detailed environmental impact information for both token issuers and crypto-asset service providers.
The Cardano Foundation, which oversees the ADA cryptocurrency, collaborated with CCRI to ensure rigorous blockchain monitoring and data collection. The CCRI report underscores Cardano’s commitment to sustainability through its adoption of an energy-efficient consensus protocol.
In contrast to energy-intensive Proof of Work (PoW) protocols like Bitcoin, Cardano operates with significantly lower electricity consumption. As of May 2024, the network’s total annualized electricity consumption is reported at 704.91 MWh. The report states:
- Bitcoin (BTC) began the week on a high note, soaring above $63,335 and hitting an intraday peak of $63,697. This bullish momentum, reflected in the overall crypto market’s significant gains, is attributed to multiple factors.
Bets on a September Fed rate cut weakened the US dollar, indirectly bolstering Bitcoin. Additionally, the impending $9 billion Bitcoin payout from Mt. Gox and the EU’s new MiCA regulation further boosted market confidence.
- Digital asset prime services and wealth management platform Abra has announced the launch of Abra Treasury, a service designed for corporates seeking to hold cryptocurrencies as reserve assets on their balance sheets.
The service will provide a comprehensive range of digital asset treasury management solutions to corporates, family offices, and non-profits, the firm reportedly said in a Monday press release.
Abra Treasury, operated by Abra Capital Management, an SEC-registered investment advisor, combines custody, trading, borrowing, and yield services.
It allows clients to securely hold their cryptocurrencies in separately managed accounts, enabling them to retain ownership and control over their digital assets.
- Tether has introduced a new payment option for the Philippines people, allowing them to pay their social security system (SSS) contributions using its stablecoin, USDT.
The SSS is a state-run social insurance program that provides support to employees in both the formal and informal sectors.
As a mandated program, the SSS aims to offer financial assistance during challenging times and currently administers two key programs, including the social security program and the employees’ compensation program.
- Hi everyone, first off, thanks for the overwhelming response!
We are closing this loop for now and starting the analysis process, which will likely take quite a while due to the overwhelming number of responses and the need to figure out which are bots/farmers/genuine CT contributors.
The sophistication of the analysis we can do will depend on the various constraints we face with the Twitter API, so apologies in advance if we are fairly constrained and we end up with quite a bit of false positives/negatives.
In the meantime tho, stay tuned - we will be announcing the first project soon!
<https://x.com/weremeow/status/1807275110774239606?t=ZtPuOa0vFHUM6Bqo_I-Bkg&s=19>
- The Banque de France (BDF) and the Hong Kong Monetary Authority (HKMA) have signed a Memorandum of Understanding (MoU) focused on bilateral cooperation in the realms of wholesale central bank digital currency (CBDC) and tokenization.
The HKMA has expressed its intention to explore interoperability between their CBDC infrastructures and enhance cross-border transaction settlement efficiency, as stated in an official statement.
The BDF has already established the DL3S infrastructure, which serves as a foundation for the introduction of a CBDC.
Meanwhile, the HKMA will leverage its Project Ensemble sandbox for research purposes
- What is the current price of Bonsai?
- Pi Network’s IoU price remained in a tight range on Tuesday as other altcoins bounced back. The coin was trading at $38.80, approximately where it has been stuck at since May. This happened as Bitcoin rose to $62,000 while smaller tokens like Farcana, Popcat, tooker kurlson, and Ben the Dog have jumped by over 40% in the past 24 hours according to Crypto news.
- Tipping from a profile page in Buttrfly using @lens/zerion wallet in 30 seconds!
🦋💸
- The Securities and Exchange Commission (SEC) Chair Gary Gensler has said that the progress of launching the first spot Ether exchange-traded funds (ETFs) is “going smoothly.”
- Ahead of the upcoming General Election, a survey has revealed that more than 33% of young adults in the UK consider crypto to be a significant electoral issue.
Zumo conducted the research in collaboration with Focaldata. It found that 34% of individuals aged 18-24 and 25-34 believe that politicians in the UK should prioritize the growth of the crypto industry.
- Ethereum's price (ETH) is down nearly 6% on Monday after Mt. Gox announced it would begin repaying creditors their Bitcoin and Bitcoin Cash. However, ETH whales have pounced on the price decline as an opportunity to purchase ETH before the arrival of spot Ethereum ETFs.
- Andrew Kang – the popular millionaire crypto trader and co-founder of Mechanism Capital – predicted on Monday a multi-billion dollar crypto crash to come before memecoins make a triumphant return.
- Continue with your onchai activities using lens
- Matic is coming
- Communication is made easy
- Bloomberg ETF analyst James Seyffart believes the approval of spot Ethereum ETFs was likely influenced by political decisions rather than purely financial considerations.
In an [interview with Cryptonews’ Rachel Wolfson](https://youtu.be/Hns2aYMHtyg) at Consensus 2024, Seyffart discussed the timeline and approval process for spot ETH ETFs, including the 19b-4 rule change and the role of the SEC.
- The FTX estate, responsible for managing the defunct exchange’s bankruptcy, has auctioned off the last of its heavily discounted Solana (SOL) tokens.
The tokens were sold to Pantera Capital and Figure Markets at a significantly reduced price as part of efforts to reimburse creditors and former clients.
- Ethereum co-founder Vitalik Buterin has voiced his approval for a recent development on the decentralized social media platform Farcaster. The platform’s engineer, Haofei, announced that X will be privatizing “Likes,” a move that Buterin not only supported but suggested taking further by implementing zero-knowledge (ZK) likes.
- Hello lenster
- Please what could be the cause of dropping of level?
- Phaver is coming soon
- When phaver?
- Degen is doing fine
- Bitcoin vs fiat currencies choose one
- What is the latest Binance and Nigeria government update?
- Let see what smart layer will do tomorrow.
- Name the coin or project that disappoint and embarrassed there community.
- Like gradually starknet is coming
- I hope starknet comes this month.
- Jupiter airdrops Jup coins to eligible users.
- Solana chain with less work and plenty reward. ETH plenty work less gain.
- Layer zero is getting closer. When phaver?
- Smartlayer might surprise crypto world.
- Massive adoption of crypto is coming
- When the real bull?
- Claim your lens profile.