Top 5 Crypto News of the Week! (07 - 13 October)
Dear PointPay Family,
The week is behind us and it's time to find out what the most important and interesting things happened in those seven days. Find out the key events in our top 5 news stories!
UAE Introduces Tax Exemptions on Crypto Transactions
Starting November 15, the UAE will exempt businesses and citizens from VAT on cryptocurrency transactions. This follows the Federal Tax Authority's amendments to the VAT regulations, as outlined in Cabinet Decision No. 100 of 2024. The new rules apply to the transfer and conversion of virtual assets, offering significant tax relief to those involved in crypto activities. These changes are part of broader efforts to modernize the UAE's tax system and encourage growth in the digital economy. Companies are now urged to reassess their tax obligations and ensure compliance with the updated regulations.
US Supreme Court Clears Sale of Seized Silk Road Bitcoin
The US government is set to sell 69,370 Bitcoin, valued at $4.4 billion, after the Supreme Court dismissed an appeal contesting the ownership of the assets. This ruling upholds a previous decision by the US District Court for the Northern District of California, which allowed the liquidation of Bitcoin confiscated from the infamous Silk Road marketplace. The US Marshal Service will oversee the sale, which is expected to be one of the largest of its kind. The decision concludes a lengthy legal battle involving multiple claims over the seized cryptocurrency.
Bitcoin Mining Slows Amid Record Difficulty Spike
In September, Bitcoin mining companies experienced reduced output despite increased computational capacity, driven by a record spike in mining difficulty. This trend reflects the ever-evolving nature of the cryptocurrency market, where technological advances continuously reshape operations. However, companies like Hut 8 and Irish Energy remain committed to expansion, with ambitious plans to boost their hash rates by 2025. CleanSpark, notably, increased its mining capacity by 187% over the past year, highlighting the resilience of the industry despite operational challenges.
Bitcoin Dips to $60,000 as US Government Sale Rumors Persist
Bitcoin dropped to $60,000 amid speculation that the US government may sell a large portion of its seized Bitcoin holdings. The cryptocurrency market saw reduced risk appetite ahead of critical US inflation data, adding to the downward pressure. Concerns about rising interest rates further contributed to the market dip, with Bitcoin losing more than 2.5% at its lowest point. As uncertainty looms, investors continue to watch for potential government actions that could affect the market.
Crypto.com Challenges SEC in Landmark Legal Battle
Crypto.com has filed a lawsuit against the US Securities and Exchange Commission (SEC), accusing the regulator of overreach in its treatment of cryptocurrencies. CEO Kris Marszalek claims the SEC has harmed over 50 million American crypto holders by wrongfully classifying most cryptocurrencies as securities. The lawsuit comes after Crypto.com received a Wells notice, signaling potential enforcement action. The exchange is also seeking clarification from the Commodity Futures Trading Commission on crypto derivatives, aiming to safeguard the future of the US crypto industry through regulatory reform.
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