Recently, the popular crypto exchange KuCoin announced that it would begin collecting a 7.5% value-added tax on trading fees from its Nigerian users starting on July 8. This move comes as a surprise to many in the crypto community, as other platforms like ByBit and Binance have not yet implemented similar tax measures. For Nigerian
Revenue
The recent report from the Polkadot Treasury for the first half of 2024 has highlighted concerns over an impending funding crisis. The report reveals that the Treasury’s assets, spread across multiple chains, have become increasingly challenging to manage effectively. DeFi Ignas, a decentralized finance researcher, analyzed the report and pointed out the Treasury’s limited runway
Nigeria’s Securities and Exchange Commission (SEC) has recently issued a 30-day ultimatum for crypto exchanges and digital asset traders to re-register their businesses. This ultimatum is part of the Accelerated Regulatory Incubation Program (ARIP) for Virtual Assets Service Providers (VASPs) initiated by the SEC. Despite facing challenges such as a two-year ban on banks facilitating
Brazil’s Special Department of Federal Revenue has announced new measures to ensure that foreign crypto exchanges are compliant with local regulations. This move signals the government’s commitment to regulating the booming cryptocurrency market within its borders. Unlike local exchanges in Brazil, foreign companies have not been required to report their transactions. This lack of transparency
Bitcoin has experienced a significant amount of selling pressure in the past week, leading to a decrease in its value by nearly 5% according to data from CoinGecko. The recent bearish trend has been attributed to active selling by Bitcoin miners. Analyst Ali Martinez noted that miners offloaded more than 1,200 BTC (worth around $80
Reddit’s stock surged by 13.5% following the announcement of a data-sharing agreement with OpenAI, the creator of the AI chatbot ChatGPT. This partnership allows OpenAI to access Reddit’s data API in order to provide real-time content from platform posts. The goal of this collaboration is to enhance the Reddit experience with AI-powered features and create
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The recent class-action lawsuit brought against Coinbase Global, its subsidiaries, and CEO Brian Armstrong by six customers raises serious allegations regarding the classification of digital assets on the platform. The plaintiffs claim that popular tokens such as Solana, Polygon, and Tezos are actually securities, not merely cryptocurrencies. This assertion challenges the very foundation of Coinbase’s