05 Jul 2022 · 3 min read
NFT Stamps and Use Cases, Crypto Taxation in UK, Frozen USD 85M + More News
Get your daily, bite-sized digest of cryptoasset and blockchain-related news – investigating the stories flying under the radar of today’s crypto news.
- The Austrian Post, the country’s postal service, launched a new product category called Crypto stamp art (CSA) which focuses on digital collecting, but the would-be owners must first purchase a physical stamp to get its NFT twin on the Ethereum (ETH) blockchain, according to Post & Parcel. The digital collection boxes are set to launch on July 22.
- Vincenzo Sospiri Racing, multi-Championship winning GT team, said that with support from Lamborghini Squadra Corse, and in partnership with corporate NFT platform, Go2NFT, they are piloting a new scheme that will enable the team to trial Go2NFT technology to certify racing car parts for authentication and auditability.
- The UK government is seeking views on the taxation of cryptoasset loans and staking within the context of DeFi. They said that they are particularly interested in ascertaining whether administrative burdens and costs could be reduced for taxpayers and whether the tax treatment can be better aligned with the underlying economics of the transactions involved.
- The Court of Justice of São Paulo – one of Brazil’s highest courts – has frozen some USD 85m worth of crypto and fiat in the customer accounts of Capitual, a domestic neobank and the former partner of the crypto exchange Binance. Capitual and Binance have been locked in an increasingly bitter legal struggle since the middle of last month. The Brazilian firm had previously acted as a bridge between the Binance platform, but legal wrangling between the parties has left customers unable to access their coins for several weeks. Globo reported that Binance has assured clients in Brazil that its new partner, LATM Gateway, is currently being integrated – and that withdrawals and deposits will be resumed soon.
- The Bank of England (BoE) warned in their financial stability report for July 2022 that “unless addressed, systemic risks would emerge if cryptoasset activity, and its interconnectedness with the wider financial system, continued to develop.” They added that this proves the need for “enhanced regulatory and law enforcement frameworks to address developments in these markets and activities.”
- Maastricht University announced that an investigation by the Netherlands Public Prosecution Service into a 2019 cyberattack on the university has been successful, and that around EUR 500,000 (USD 512,610) worth of crypto was seized.
- Ted Lin, chief growth officer at crypto platform Binance, has left the company in order to “spend more time with [his] young family and be more flexible with [his] time.” He added that he will “continue to stay immersed in crypto and Web 3, 4, 5”, as well as “continue to help advance the ecosystem through angel investing and mentorship”.
- Samir Shah, formerly banking giant JPMorgan’s head of asset management sales, has left the bank to take up the position of the chief operating officer at crypto-focused investment firm Pantera Capital.
- The UK Financial Conduct Authority (FCA) said it has appointed Matthew Long as Director of Payments and Digital Assets, a new role overseeing the e-money, payment and cryptoasset markets and leading related policy development. Matthew is currently a Director within the National Economic Crime Command within the National Crime Agency, which has a strategic leadership role for economic crime and illicit finance. He also led the UK Financial Intelligence Unit. He will join the FCA in October, per the announcement.
- Payments platform Wirex launched Wirex Credit, which offers interest rates and no origination fee for crypto-backed loans. Users can borrow up to USD 100,000 in stablecoins, with a loan to value (LTV) of up to 80% within the Wirex app, they said.
- GFI Securities, a subsidiary of global brokerage BGC Partners, announced that it has arranged an intermediated block trade of CME Group Bitcoin (BTC) options contracts between crypto market maker Cumberland and banking giant Goldman Sachs.
- qiibee, a blockchain-based B2B rewards marketplace, said it has raised USD 4.8m following the close of a seed funding round led by Z5 Capital. qiibee added that it has earmarked funds secured during this round for the growth of its global team, including in North America.