Earlier in February, Indian Finance Minister Nirmala Sitharaman announced a tax proposal that would bring the relatively unregulated digital asset space under the purview of tax authorities. The proposal includes a 30% income tax on crypto returns and a 1% tax deducted at source (TDS) by crypto exchanges on transactions above 10,000 Indian rupees ($133). The announcement came during the…
In roughly six months, Circle has essentially doubled its valuation. Announced today, the latest $9 billion valuation comes after the firm announced new terms with the special-purpose acquisition corporation (SPAC) Concord Acquisition Corp. A SPAC, sometimes also called a “blank check company,” is erected with the sole purpose of raising capital via an IPO to acquire or merge with an…
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Cryptocurrency-themed advertising has been growing extremely popular on Telegram, with some ad firms reporting on crypto becoming the most expensive advert type on the platform in 2021. The average cost per 1,000 impressions (CPM) of crypto ads on Telegram in Russia has significantly surged in 2021, posting more than a fourfold increase, according to a report by ad marketplace Telega.in…
The Ministry of Economic Development of Russia has suggested that crypto mining should be allowed in energy-rich regions and miners provided with access to inexpensive electricity. The department has joined calls to legalize the industry and utilize Russia’s strengths as a mining destination. Crypto Miners Should Have Access to Cheaper Power, Economy Ministry Says Amid ongoing discussions on the future…
Bitcoin (BTC) mining generates a lot of “waste” heat. As energy prices spiral out of control in Europe, miners have come up with creative ways of recycling the heat generated by solving valid Bitcoin blocks. Whereas in Norway, a miner is drying wood from the local timber mill, across the North Sea in the Netherlands, a miner is heating greenhouses…
Intel CEO Patrick Gelsinger has criticized Bitcoin ‘s impact on the climate during a recent interview with Bloomberg. “A single ledger entry in Bitcoin consumes enough energy to power your house for almost a day,” he said during the interview. “That’s a climate crisis.” Bitcoin’s impact on the environment is already well documented. According to Cambridge University, the Bitcoin network currently…
Computer chip manufacturer Nvidia has seen revenue from its dedicated crypto mining hardware slump from $105 million in Q3 2021 to just $24 million in Q4, a drop of 77%. According to Nvidia’s filing, revenue from its Crypto Mining Processor (CMP) for 2021 totaled $550 million—just 0.2% of its total revenues of $26.91 billion for the period. That’s in line…
The Republic of the Marshall Islands has announced it will allow decentralized autonomous organizations (DAOs) to become legal entities. At the time of writing, only one DAO has successfully incorporated in the country. DAOs Will Be Allowed to Register as Legal Entities The Republic of the Marshall Islands (RMI) has said it will allow decentralized autonomous organizations (DAOs) to register…
The United Arab Emirates is reportedly planning to issue a federal crypto license for virtual asset service providers (VASPs) by the end of the first quarter. The Securities and Commodities Authority (SCA) in UAE is reportedly in the final stages of finalizing the legislation that would allow digital asset firms to set base in the country, reported Bloomberg. A national…
