• – There has been a lot of news about Taiwan and crypto that has emerged in the market recently. All information about especially detailed news is presented below.

Regulatory Updates

According to reports, the Taiwanese government aims to stop people from exchanging cryptocurrencies using credit cards. According to UDN, the Financial Supervision Commission (FSC), the main financial watchdog, wrote to a Taiwanese banks organization earlier this month questioning the situation. According to reports, the FSC informed association members that digital token transactions are “effectively difficult to monitor” and that crypto assets are “extremely speculative and dangerous.” According to reports, the FSC has been requesting that banks and credit card companies comply with their requirements “within three months” and has been advising its members to terminate links with cryptocurrency-related businesses.

Financial News

South Korean cryptocurrency investment firm Uprise is attempting to recuperate its investors after announcing earlier this month that it had taken a short position in LUNAC futures before the terrible fall of May and had lost an astounding 99 percent of its client’s assets. However, according to a confidential report from Seoul Kyungjae, Uprise will only compensate investors with 40% of their shares as “damage.” According to reports, the business has saved more than US$7.6 million in a fund that will be used to reimburse clients.

According to cryptocurrency lender BlockFi, the fair value of its existing loans to borrowers as of June 30, 2022, is almost $1.8 billion additionally, as of the same day, the fair value of digital assets that were transferred to them through various borrowing agreements was almost USD 2.6 billion.

According to an unnamed individual with firsthand knowledge of the situation, Aptos, a blockchain firm created by former cryptocurrency executives at social network giant Meta, has spoken with investors about a new round of funding that will value the company at US$2.75 billion. The valuation might have increased as the negotiations went on, but it was added.

Cash flow, a DeFi trading platform, stated that it had received an additional US$25 million in capital, bringing its worth to US$400 million.

  • – According to the CEO of the Brazilian cryptocurrency exchange Mercado Bitcoin, Reinaldo Rabelo, the exchange is planning to expand to another country in Latin America by the end of the year, including Mexico. The CEO also stated that final negotiations are taking place in the nation regarding regulatory approval.

Lawful news

The creator of the cryptocurrency software My Big Coin, Randall Crater, was found guilty of orchestrating a plan to deceive investors by advertising and disseminating fake virtual money. According to the U.S. Department of Justice, Crater misappropriated $6 million in investor monies for his benefit during the program.

Financial Information

Following the government’s announcement of plans to postpone the implementation of capital gains taxes on income from cryptocurrency trading, South Korean investors may have cause to celebrate. A measure intended to impose a flat 20 percent tax on profits beyond roughly $1,900 annually was previously passed by Seoul but was later rescinded. The tax submission can be withdrawn by January 1, 2025, according to a fresh plan unveiled by the finance minister in a video presentation.



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