This week’s top 5 stories curated to catch up with the crypto world.
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The Federal Reserve has raised interest rates again, making it the third time in a row that central bankers have chosen to make such a large increase this year, exacerbating headwinds in the crypto market. On the other hand, Ripple’s token, XRP, soared over 18% as the SEC (Securities and Exchange Commission) filed a lawsuit against Ripple in December 2020 for allegedly selling for more than 1.3 billion dollars of unregistered securities. XRP is booming after Ripple Labs CEO Brad Garlinghouse criticized the SEC in a TV interview today.
Here are some big stories from the past week.
India’s crypto guidelines will be in place next month
The Indian Ministry of Finance is reportedly working on a comprehensive Goods and Services Tax (GST) regime that could apply to crypto transactions.
According to reports, a Financial Stability Board (FSB) report due next month will help the government decide whether to ban cryptocurrency transactions through wallets and provide a legal framework to deal with crypto trading in India. .
The report will contain recommendations on how cryptocurrency trading will be governed by the law of the land.
Cryptocurrencies are unregulated in India, but in the 2022 budget, the government announced a flat tax of 30% on gains from cryptocurrency transactions as well as a tax-deducted source (TDS) of 1%.
The Nasdaq will take a big step into cryptocurrency
U.S. exchange Nasdaq is gearing up to capitalize on growing investor interest in digital currencies by making its first significant foray into the space.
The exchange is set to enter the institutional Bitcoin custody market as it aims to become a service provider in the cryptocurrency space. The new Nasdaq service is expected to put the company in direct competition with well-established companies.
Nasdaq is improving its financial crime technologies in conjunction with the custody service to eliminate money laundering, fraud and market abuse in digital assets. However, Nasdaq’s new institutional custody offering is pending regulatory approval.
Wall Street’s biggest firms are getting more involved as interest from institutional investors persists despite a slowdown and depressed prices.
Bahrain approves crypto payments for over 5,000 merchants
Bahrain’s central bank gave a nod to a partnership between EazyPay and Binance enabling 5,000 online payment gateways to accept crypto.
Major local merchants and businesses including Lulu Hypermarket, Sharaf DG, Al Zain Jewelry and Jasmi’s will be able to accept over 70 cryptocurrencies as payment by scanning the Eazy POS QR code using the Binance app.
Additionally, Binance also provides convenience for businesses such as EazyPay and merchants who choose to leverage the platform by enabling instant fiat conversions for merchants.
Bahrain recently started testing bitcoin payments through the central bank’s Financial Services Testing Platform. The country has been actively experimenting with crypto and blockchain technology since the adoption of crypto regulations.
Korean Crypto Bank and Blockdaemon to Offer Retail Staking Services
Delio, a cryptocurrency finance company, has partnered with Blockdaemon to introduce retail-focused staking services, giving users a more convenient option to earn rewards on their digital asset holdings.
Delio’s staking services enhance its current crypto banking services, which include loans, deposits, and custodial accounts. The new service offering is powered by blockchain infrastructure provider Blockdaemon, which provides a suite of institutional staking products.
Although the company did not specify which crypto property is likely to be included in new staking companies, Blockdaemon now helps integrate with over 60 blockchains.
Delio plans to expand its crypto-finance offerings after receiving a Virtual Asset Service Provider (VASP) license from Korea’s Financial Intelligence Unit. The company claims to be the first crypto company in South Korea to receive a VASP for lending and deposit services.
Cardano Vasil Hard Fork Upgrade Goes Live
The Vasil Hard Fork upgrade for the Cardano blockchain, which is Cardano’s most ambitious upgrade, went live on September 22.
Vasil is part of Cardano’s third development cycle and is considered the most comprehensive upgrade attempted for Cardano to date. The upgrade is expected to reduce transaction fees, increase speed, and improve decentralized application (dApp) development.
The upgrade is designed to significantly improve network scalability by increasing throughput, scripting efficiency, and reducing latency in block transmission.
The latest update also tries to ensure long-term viability and facilitates the growth of the ecosystem. However, the new developer features won’t be available until September 27.
According to a recent report, the Cardano network completed 50 million transactions in total.
Disclaimer: This article was written by Giottos Crypto Exchange as part of a paid partnership with The News Minute. Crypto products and NFTs are unregulated and can be very risky. There may be no regulatory recourse for any loss arising from such transactions. Please do your own research before investing and seek independent legal/financial advice if you are unsure about investments.