The South African Revenue Service (SARS) has noted the phenomenal growth of the use of various digital currencies by many South Africans. Prominent amongst these is the prevalence of crypto assets. A staggering number of more than 5.8 million South Africans hold a crypto asset, with Southern Africa boasting the largest uptake of Bitcoin in … Read more
Senator proposes new bill to curb financial elder abuse. Alice Lin 80-year-old Alice Lin was tricked into wiring her life savings of $720,000 to an online scammer in August 2022. The grave situation made the Southern California widow contemplate suicide. However, Lin, who also takes care of her disabled son, decided to fight back for … Read more
Payments titan PayPal announced Wednesday it is enabling millions of merchants in the United States to buy, hold, and sell cryptocurrencies directly from their business accounts, helping drive broader adoption among merchants using the payments platform. PayPal’s senior vice president for Blockchain, Cryptocurrency, and Digital Currencies Jose Fernandez da Ponte said since launching the ability … Read more
The cryptocurrency market saw significant gains on Tuesday, driven by strong performances from Bitcoin, Ethereum, BNB, Solana, Dogecoin, and Toncoin. As of 1:31 pm IST, Bitcoin was trading 3.6% higher at $56,813, while Ethereum had risen 1.9% to $2,343. Other notable gains included BNB up 2.5%, Solana increasing 4.25%, Dogecoin surging 6.7%, Toncoin rising 6%, … Read more
Recent developments have seen the South African Revenue Service (SARS) turn its attention toward crypto traders, who are now receiving notices that their tax affairs are under review. According to law firm Webber Wentzel, these notifications are based on information obtained from various crypto asset exchanges, signalling a significant escalation in SARS’s efforts to enforce … Read more
Anthony Scaramucci, founder of New York-based investment firm SkyBridge Capital, said in a CNBC interview this week that Bitcoin is on track to almost double from current levels despite the 17% decline over the past month. Scaramucci is known for his long-time bullish outlook on Bitcoin. He believes it is a “store of value asset,” … Read more
The lack of interoperability is a major hurdle hindering the growth of the blockchain ecosystem. As long as blockchain networks remain fragmented, achieving a user experience (UX) robust enough to onboard one billion users to Web3 will remain a formidable challenge. The blockchain community recognises this issue, with developers actively building various protocols to address … Read more
The Federal High Court in Abuja has dropped the executive of Binance Holdings Limited, Tigran Gambaryan, from the alleged tax evasion charge preferred against the company by the Federal Inland Revenue Service (FIRS). The judge, Emeka Nwite, discharged and struck out Mr Gambaryan’s name from the four counts after FIRS’ counsel, Moses Ideho, filed fresh … Read more
More than $18 billion worth of cryptocurrency has moved into a new type of platform which offers investors rewards in exchange for locking up their tokens, in a complex scheme that analysts warn poses a risk for users and the crypto market. The soaring popularity of so-called “re-staking” is the latest sign of risk-taking in … Read more
Crypto lender Genesis Global received court approval on Friday to return about $3 billion in cash and cryptocurrency to its customers in a bankruptcy liquidation, leaving its owner, Digital Currency Group (DCG), with no recovery from the bankruptcy. US Bankruptcy Judge Sean Lane approved Genesis’ Chapter 11 liquidation plan and overruled an objection raised by … Read more
