PRESS RELEASE. As the first month of 2022 draws to a close, many would agree that NFTs became a brand new way of ownership of an asset on the internet space. As groundbreaking a year for NFTs as 2021 was however, it does beg the question as to what the future of this sector will […]

Her Majesty’s Revenue and Customs (HMRC), the U.K.’s tax agency announced a controversial set of recommendations on Wednesday that could harm Decentralized Finance (DeFi) innovation.  Ian Taylor, executive director of CryptoUK said:  “HMRC treats crypto assets as property for tax purposes. However, this is inconsistent with the approach currently being adopted by Government and other regulatory bodies in the UK.” The updated ruling focuses on how digital assets are treated in the UK for DeFi lending and staking, and whether the returns or incentives from these activities are taxed or not. Due to the cutting-edge nature of DeFi, tax specialists were confused about how the existing regulations apply to these services. HMRC stated: “The lending/staking of tokens through DeFi is a constantly evolving area, so it is not possible to set out all the circumstances in which a lender/liquidity provider earns a return from their activities and the nature of that return. Instead, some guiding principles are set out.” “HMRC has updated its guidance on the treatment of crypto and digital assets, specifically for DeFi lending and staking in the UK, significantly altering their classification and treatment.”  According to the guidance, returns from staking and lending DeFi assets will not be treated as ‘interest’, because digital assets aren’t considered currencies in the UK, but rather property for tax reasons.  However, the guidance suggests that in many circumstances, this technique will signal that beneficial ownership of those tokens has been moved to the platform, which could cause tax problems for stakeholders. This would imply that they were sold for tax purposes and would be subject to Capital Gains Tax.  According to Ian Taylor, executive director of CryptoUK, these new regulations will impose an unnecessary burden on crypto investors that is not imposed on stock market investors when lending shares: “HMRC treats crypto assets as property for tax purposes. However, this is inconsistent with the approach currently being adopted by Government and other regulatory bodies in the UK, including the Treasury and the FCA.” According to Taylor, the new regulations impose undue reporting obligations for consumers and cause tax compliance complexity because investors have to report hundreds or even thousands of transactions.  “This is out of step with the Government’s stated aim for the UK to be open and attractive as a destination for investment and innovation post Brexit,” he said.  Matt Hancock, the former Secretary of State for Health and Social Care and now a Member of Parliament (MP) in the United Kingdom, encouraged the House of Commons to pass a progressive crypto policy to make England the home of cryptocurrency last week. In November last year, HMRC issued regulations about the imposition of a digital services tax on crypto exchanges operating in the United Kingdom.

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The Web3 analytics platform Dune Analytics has announced it has closed a $69.4 million Series B fundraise led by Coatue. The firm’s latest fundraise follows the company’s Series A last August when Dune Analytics raised $8 million. With the Series A and B combined, the firm has been propelled to unicorn status with a post-money […]

Catherine Wood, Founder, CIO, and CEO at ARK Investment Management, LLC (aka “ARK” or “ARK Invest”), recently shared her thoughts on Bitcoin, Ethereum, decentralized finance (DeFi), and non-fungible tokens (NFTs). According to a report by Insider, on Tuesday (February 1), Wood was present at an event/talk hosted by Public (a competitor to Robinhood that allows users to […]

Our guide to our readers in the Philippines on how to play Dracoo Master, what are the master token rewards, and introduction t Dracoo attributes.

The post How to Play Dracoo Master NFT Game | Philippines Guide appeared first on BitPinas.

Value Finance is a decentralized finance solution geared to empower Blockchain-based businesses, is pleased to announce its Staking Event, starting ...

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The widespread adoption of cryptocurrencies continues as more businesses accept crypto as a form of payment and more professional athletes request their salaries in Bitcoin. From leading analyst price predictions and potential SEC regulatory decisions to the latest buzz surrounding celebrity tweet discussions, crypto investments have certainly captured the world’s attention. Bitcoin IRA, the world’s […]

The post Bitcoin IRA Now Offers 60+ Cryptocurrencies in Their Lineup appeared first on Bitcoin IRA | Official Bitcoin Retirement Account Investment.

The post Solana Set For Another Bearish Cycle! SOL Price To Dump More Than 20% appeared first on Coinpedia - Fintech & Cryptocurreny News Media| Crypto Guide

The Solana price is more than 60% away from its ATH and the metric signifies that its loss of profits to competing cryptocurrencies is driving the latest correction. The past couple of months has been tragic for the crypto-verse. The wider crypto market cap has lost over $600 billion in market cap.  Specifically, Solana’s drop …

Wormhole, a popular cross-chain bridge between Solana and other DeFi-based blockchain networks has been hacked for about 120,000 wETH (wrapped Ether) worth $320 million, making it the second-largest DeFi hack to date. On Wednesday, the team behind the project officially confirmed that the bridge is currently down while the team investigates a potential exploit. In a follow-up tweet, Wormhole confirmed that the vulnerability was patched and were working to get the network up and running again. The vulnerability has been patched. We are working to get the network back up as soon as possible. — Wormhole🌪 (@wormholecrypto) February 3, 2022 The attack approximately took place at 6:24pm UTC on Feb. 2 where the hacker minted 120,000 wETH (WETH) on Solana, then redeemed 93,750 WETH for ETH worth $254 million onto the Ethereum network at 6:28 pm UTC. Since then, the hacker has used some funds to buy SportX (SX), Meta Capital (MCAP), Finally Usable Crypto Karma (FUCK), and Bored Ape Yacht Club Token (APE). The remaining WETH was swapped for SOL and USDC on Solana. Currently, the attacker’s Solana wallet holds 432,662 SOL worth $44 million. Wormhole Offers $10M Bug Bounty to Hackers Wormhole is a DeFi protocol that allows users to bridge assets across Terra, Solana, Ethereum, Binance Smart Chain, Avalanche and Polygon without the use of a centralized exchange (CEX). When a user transfers assets from one blockchain to another, the DeFi platform locks the transaction and mints a wrapped version of the token to its final chain. About an hour after the exploit, Wormhole offered the hacker a $10 million bug bounty in an on-chain message in return for the funds: “We noticed you were able to exploit the Solana VAA verification and mint tokens. We’d like to offer you a whitehat agreement, and present you a bug bounty of $10 million for exploit details, and returning the wETH you’ve minted.” This is the second smart contract exploit after hackers made off with $80 million from decentralized finance protocol Qubit Finance last week.

The post Wormhole Loses $320M in Second-Largest DeFi Hack Ever appeared first on Cryptoknowmics-Crypto News and Media Platform.

Activity on the Tezos ($XTZ) network has exploded over the last few months as non-fungible tokens (NFTs) on it gain adoption and after the number of smart contracts within it tripled last year from about 200 to over 600. According to Coin Metrics’ latest “State of the Network” report, daily transactions on Tezos jumped in […]

The CEO of the new NFT platform says that it won’t require users to have a crypto wallet, and will prioritize ease of access for a mainstream audience.

Pixel Vault, a web3-centric NFT platform, today announced a $100 million investment from venture capital firms Velvet Sea Ventures and 01A. (Read More)