Top 5 Crypto News of the Week! (30 September - 06 October)
Dear PointPay Family,
A week full of events and changes is behind us! Find out about the most interesting and important events in the top 5 we have collected for you.
Japan’s FSA to Reevaluate Crypto Regulations, Potentially Cutting Taxes by 2025
Japan’s Financial Services Agency (FSA) is set to reconsider its crypto regulations, potentially reducing taxes on digital asset gains as part of a broader effort to boost investment in the sector by 2025. The agency’s review, which will run through the winter, may lead to reclassifying digital assets under the Financial Instruments and Exchange Act. This shift could lower the tax rate on crypto profits from 55% to around 20%, aligning it with other financial assets. The move is expected to stimulate growth in Japan’s crypto market, where high taxes have previously been seen as a barrier to investment.
Changpeng Zhao to Leave Prison, Rejoining Society with $60 Billion Fortune
Changpeng Zhao, founder of Binance, will walk free this Friday after completing a four-month sentence for failing to implement adequate anti-money laundering controls at the crypto exchange. During his time in federal custody, Zhao spent two months in a California prison before transitioning to a halfway house. Despite his legal challenges, Zhao reenters society with an estimated personal fortune of $60 billion, making him the 25th richest individual globally. Although Zhao has yet to comment on his plans post-release, his reemergence in the crypto world is widely anticipated.
Ripple Becomes First Blockchain Firm to Secure DFSA License in Dubai
Ripple has secured a key regulatory approval from the Dubai Financial Services Authority (DFSA), becoming the first blockchain-based company to receive such a license. This move allows Ripple to expand its digital payment solutions across the UAE, with a particular focus on extending services from the Dubai International Financial Centre (DIFC). The license will enable Ripple to offer enterprise-grade digital asset infrastructure, including cross-border payment services. This expansion aligns with Ripple’s goal of delivering efficient and cost-effective financial solutions while complying with regulatory requirements in the region.
Bitcoin’s Price Plummets by $4.5K Amid Escalating Geopolitical Tensions
Bitcoin’s price experienced a sharp decline, dropping $4.5K to $60.5K after news of the escalation of the conflict in the Middle East. The sudden downturn occurred within 90 minutes, as concerns over potential conflict intensified. The broader crypto market followed suit, losing $130 billion in capitalization. In contrast, oil and gold prices surged as investors sought safer assets. While analysts had previously predicted Bitcoin's upward trend, the unfolding geopolitical risks have cast uncertainty over the market’s short-term performance.
Bitcoin Miners’ Revenue Hits Yearly Low of $816 Million in September
Bitcoin mining revenue dropped to $816 million in September, marking its lowest point in a year. Transaction fees accounted for just $13.86 million, the smallest figure since the introduction of BRC-20 tokens in March 2023. Despite a surge in hash rate and mining difficulty, profits have dwindled, with daily gross revenue falling by 6% in the last month to $16,000 per exahash. With Bitcoin prices fluctuating and mining rewards halved in April, miners are facing increasing pressure to maintain profitability in a challenging environment.
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