Google’s crypto tokens, Binance’s regulatory issues, free NFTs and more – Here’s what happened in the crypto world over the past week
- As Bitcoin becomes more popular, it is also under more scrutiny, with many countries considering how to regulate and tax this new class of digital assets.
- While the crypto community is excited about some laws, they are concerned that others may hold back the massive growth seen in cryptocurrencies during the pandemic.
- Here’s a look at everything that happened in the cryptocurrency market over the past week.
The world of crypto-currencies has seen notable developments over the past week as fear, uncertainty and doubt (FUD) around these digital assets continue to grow.
The world’s largest crypto exchange – Binance – was at the center of many of them. Not only has it been banned in the UK, but other developed countries have clamped down on its operations as well, such as Japan and Canada.
Meanwhile, in China, the continued tightening of the country’s ban on Bitcoin mining has led BTC China (BTCC) – the country’s oldest crypto exchange – to shut down its shop altogether.
Back home, India is considering what type of crypto tax to introduce for foreign crypto exchanges. Last week it was reported that a 2% equalization tax would come into play and this time around there is speculation that the government is considering imposing a goods and services tax (GST) of 18% on crypto transactions.
But all is not gloomy and catastrophic. Germany, for example, is on the verge of passing a new law that could open the door to more crypto investment. The Formula 1 racing giant just signed a $ 100 million sponsorship deal with crypto.com.
Probably the biggest update of the past seven days is that Coinbase is planning to launch a decentralized application store (DApps) similar to the tech giant behind the iPhone, Apple.
Here’s our weekly roundup of the best cryptocurrency news from the past week: