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05:14 August 13, 2022

A Legal Expert Says South Africa’s Digital Asset Tax Regime Poses Challenges to Investors

South Africa is preparing a new tax and financial regulation for digital assets. Still, it will be difficult for investors to prove that their gains or losses are capital due to digital assets' high risk and volatile nature. South Africa has proposed to regulate digital assets and introduce a central bank digital currency to encourage the safe adoption of digital currencies.

Source: CoinGeek

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06:45 August 07, 2022

O’Leary Says Cryptocurrency Regulations Are Urgently Needed

Celebrity investor Kevin O'Leary said in an interview recently that cryptocurrencies urgently need policy and regulation. O'Leary explained: "There was a bill just two weeks ago that was contemplated being pushed through, not on bitcoin, just stablecoins as payment systems. And as you know that’s been a very volatile area."

Source: Bitcoin News

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05:12 August 07, 2022

Federal Reserve May Repeat 1970s Mistakes, Says Former Treasury Secretary Summers

Former Treasury Secretary Lawrence Summers said it would be important to allow any coming US recession to quell inflation and avoid mistakes made in the 1970s. The extent to which an economic downturn is needed to stabilize prices depends on how deeply inflation has become ingrained. Some economists still see supply-chain bottlenecks helping to stem inflation, while others see a slowdown in growth sufficient to temper price gains that have been running at the fastest in four decades. Summers said a recession is almost certain in the US in the coming two years, but it won't be as damaging as the ones suffered in 2020 or 2007-09. Summers said he wouldn't be surprised if the housing market "backtracked" but that there was unlikely to be a financial-systemic risk.

Source: Bloomberg

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01:18 August 07, 2022

U.S. Senate Votes To Advance the Reducing Inflation Act

The U.S. Senate voted 51 to 50 to advance a Democrat-sponsored bill called the Inflation Reduction Act. The bill's legislation includes addressing climate change and expanding health care coverage, among other things. The bill will go to a final vote in the coming days.

Source: ABC News

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03:58 July 31, 2022

Opyn Has Launched a New Version of Its Treasury Strategy, Crab

In an announcement recently, Opyn, a decentralized options platform, announced that its automated treasury strategy Crab v2 had gone live, allowing users to earn profits by shorting oSQTH when ETH does not skyrocket or plummet. Per reports, the strategy periodically adjusts its holdings of oSQTH debt and ETH collateral to achieve delta neutrality, which means that the positive exposure of the collateral to ETH exactly offsets the harmful exposure to oSQTH, making the position relatively Exposure to ETH price neutral. If the price of ETH stays the same, then the gains are maximized.

Source: Medium

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01:00 July 31, 2022

South African Cryptocurrency Regulation Shouldn’t Scare Off Investors, Expert Says

Two experts said they welcomed South Africa’s plans to regulate cryptocurrencies but warned that it should not scare away investors. If regulation strikes a balance between protecting investors and stimulating interest in crypto investment, this “could see funds stream into South Africa while growing the country’s burgeoning crypto ecosystem.” In a joint statement, Tax Consulting South Africa’s Legal manager Thomas Lobban and CFO Greg Rodrigues of local cryptocurrency exchange Revix assert that such regulations must not scare away investors. Earlier, South African Reserve Bank (SARB) Deputy Governor Kuben Naidoo confirmed that the country expects to have regulations by the end of 2023.

Source: Bitcoin News

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15:03 July 30, 2022

eToro Has a Registration With the Italian Financial Regulator OAM

eToro has announced that it has registered with the Italian financial regulator Organismo Agentie Mediatori1 (OAM), becoming the latest registered investment platform for Italian crypto asset providers. As a result, users can hold traditional assets such as stocks, currencies, ETFs, or commodities and newer assets such as crypto assets on the eToro platform.

Source: Finextra

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12:22 July 30, 2022

Senator Issues Notice to Apple and Google Over Fraudulent Crypto Apps

Senate Banking Committee Chairman Sherrod Brown of Ohio is putting Google parent Alphabet Inc. (GOOGL) and Apple Inc. (AAPL) under pressure to stop bogus cryptocurrency scams that allegedly defrauded investors of $42 million. As Brown claims in his letter, cybercriminals stole cryptocurrency firms' names, logos, and other identifying information, then created phony mobile apps to defraud unsuspecting investors. “Alarmingly, far too many investors have fallen victim,” he emphasized. The senators’ committee will host a hearing on Thursday to discuss bitcoin scams.