Trading of cryptocurrency platforms such as Deribit, Coinbase and Greeks.live reached a record level in February this year, according to recent reports.

The aforementioned cryptocurrency exchange platforms gave record transaction referrals in the month that just ended. Deribit, in fact, “experienced multiple trading records on its platform, with cryptocurrency options and futures trading seeing open interest surpass an all-time high of $29 billion.”

There are records of the assets of the clients of the platform at a maximum of USD 4 billion. For its part, “the company’s 24-hour volume of operations reached 12.4 billion dollars, another historical high.”

Similarly, Coinbase Institutional announced on its X account that its futures exchange in the United States reached a record amount on February 29, which it defined as “the second-best day in its history, with a notional volume traded of approximately $380 million in bitcoin and ether contracts.”

“Coinbase Derivatives is committed to fostering a fair, transparent, trustworthy and efficient market for a diverse set of participants,” they said.

The Greeks.live platform recorded a record daily volume through its platform, reaching USD 620 million in options volume.

M.Pino

Source: cripto247

(Reference image source: Kanchanara at Unsplash)

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La entrada Earnings from cryptocurrency exchanges reached record levels in February apareció primero en Bitfinance.

U.S. Treasury Secretary Janet Yellen stressed the urgency of the G7 reaching an agreement to use the proceeds from frozen Russian assets and redirect them to Ukraine. This is raised as a crucial step ahead of the next meeting of the group in Sao Paulo.

The current situation has led to an increase in calls in the United States and Europe to create a fund for Ukraine, tapping into the billions of dollars in bank accounts, investments and other assets that remain frozen by the West since the Russian invasion of February 2022.

According to Yellen, it is imperative that the coalition find a way to unlock the value of these frozen assets, with the aim of supporting continued resistance and long-term reconstruction of Ukraine.

The Secretary of the Treasury expressed her belief that there are strong arguments based on international law, economics and morality to move in this direction. It also believes that it would be a decisive response to Russia’s unprecedented threat to global stability. Ultimately, this would send a clear message that Russia cannot win by prolonging the war, but should sit down and negotiate a fair peace with Ukraine.

In the context of the G7, which includes countries such as Canada, France, Germany, Italy, Japan, the United Kingdom, the United States and the European Union, the possibility of seizing Russian assets or using them as collateral for borrowing on global markets is being assessed. However, this proposal is not without risks, such as possible legal action by Russia or concern that other countries, such as China, will reduce their investments in the West to protect themselves from similar measures.

The international community is following this situation closely, as Ukraine desperately needs more support in its fight against Russian aggression. The West has frozen about $397 billion in Russian assets, ranging from the central bank to properties and assets of oligarchs close to President Vladimir Putin.

K. Tovar

Source: Business Recorder

(Reference image source: @AJEnglish, X)

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La entrada G7 must reach agreement on frozen Russian assets apareció primero en Bitfinance.

In a statement issued this Thursday, the European spokesperson for Justice, Christian Wigand, announced that the European Commission (EC) is “prepared” to present a proposal related to the use of frozen Russian public assets in order to invest in the reconstruction of Ukraine. This important topic will be addressed again at a meeting scheduled for the end of September.

Wigand emphasized the need to distinguish between public and private Russian assets, as they are subject to different regulatory frameworks. For example, frozen or seized private assets can only be confiscated in the event of a crime and after the person responsible has been judicially convicted.

Regarding public assets, the spokesperson reported that more than 200 billion euros in assets have been frozen in the European Union, coming from the Russian Central Bank. Furthermore, he noted that the EC has already proposed the criminalization of attempts to evade sanctions in relation to private assets, with the aim of facilitating the confiscation of assets. This initiative is currently being negotiated between the European institutions and its conclusion is expected in the near future.

Wigand stressed that the EC is ready to present a “legal proposal” in relation to public assets, taking into account the discussions held with Member States.

The European Union’s efforts in this area are carried out mainly through meetings with the delegations of the 27 member states, in close collaboration with a specialized working group on freezing and confiscation, under the leadership of the European Commission.

In this context, it was reported that a meeting on this matter was held last week, and that a new meeting is scheduled for September 27.

K. Tovar

Source: Bancaynegocios

(Referential image source: Guillaume Périgois, Unsplash)

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La entrada European Commission (EC) ready to present proposal on frozen Russian assets apareció primero en Bitfinance.

The United States Securities and Exchange Commission (SEC) filed an emergency request with the federal court in Washington, D.C., asking that the assets of Binance, the largest cryptocurrency platform in the United States, be frozen.

The SEC has taken this action to protect client assets, as it alleges that Binance has been engaged in illicit conduct for several years, defying US laws, evading regulatory oversight, and raising questions about financial transfers and custody of assets. customer assets.

Under the order, Binance and its co-founder and CEO Changpeng Zhao have to hand over possession, custody, and control of client assets within five days.

In addition, Binance has been requested to transfer client assets to new electronic wallets with new private keys, including administrative keys, and to provide the SEC with a registry of all new electronic wallets with client assets.

This comes just one day after the SEC filed a lawsuit against Binance, accusing the company of operating illegally in the United States and exposing investors to significant risk.

Additionally, today the SEC also sued Coinbase, another cryptocurrency platform, accusing it of operating as an unregistered stock exchange and stockbroker.

K. Tovar

Source: Descifrado

(Reference image source: Unsplash+)

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La entrada The SEC requested to freeze Binance assets apareció primero en Bitfinance.

Cryptocurrency-based financial services company BlockFi, which has filed for bankruptcy before US authorities, has been cleared by the bankruptcy court to sell its crypto mining equipment and other physical assets in order to raise around $5 million dollars.

The assets will be sold at an auction in which there was a lot of interest for the physical equipment. Part of the assets will be acquired by an entity called US Farms.

It should be noted that the firm received authorization at the end of January to organize the auction. At the time, BlockFi’s lawyer claimed that they were interested in doing so as soon as possible, to take advantage of the current interest among mining companies and services to get hold of their high-end equipment.

Although the estimated price of the devices in his possession was around $160 million, the associated value has dropped dramatically over the last year due to many of these being ASIC machines. It is important to mention that the US managed a rather incisive policy on cryptomining activities, promoting the use of renewable energies and trying to mitigate the carbon footprint they generate.

BlockFi continues with its bankruptcy process to gather sufficient assets and honor commitments made to creditors and users who were affected by the insolvency it went through in 2022. In January of this year, the court granted permission to BlockFi to use part of its capital and make more competitive salary proposals to its workers.

K. Tovar

Source: Diariobitcoin

(Reference image source: file)

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La entrada BlockFi will sell its mining equipment apareció primero en Bitfinance.

The United States Federal Reserve (Fed) opened the door, in its last monetary policy meeting, to a reduction in its balance of assets worth 95,000 million dollars, (equivalent to 87,188 million euros) per month as of summer, according to the recently published minutes of the organization.

During the meeting, no final decision was made, only the options on the table were examined. The central bankers did agree that, given the current situation, the balance sheet reduction should be faster than that which took place between 2017 and 2019.

In this way, most of the meeting participants agreed that it would be convenient to reduce the monthly reinvestments of maturing assets so that the balance sheet shrinks by 60,000 million dollars (55,066 million euros), in the case of Treasury bonds, and 35,000 million (32,122 million euros), in the case of mortgage securitizations.

Central bankers broadly agreed that these limits should come into effect in the next three months, so the start of these reductions could come in June or July.

It is not certain when the final decision will be adopted, but the members of the Fed considered that the process of reducing the balance sheet could take place, at the earliest, at the end of the monetary policy meeting that will take place between May 3 and 4.

In its last meeting, the Fed decided to raise interest rates by 25 basis points, to a target range of between 0.25 % and 0.50 %, while bringing forward several additional hikes during the rest of the year to deal with contain inflation and normalize monetary policy.

Source: dpa

La entrada The Fed will reduce its balance sheet by 95,000 million dollars apareció primero en Bitfinance.

The financial institution Goldman Sachs, together with the financial services firm Galaxy Digital, executed its first Bitcoin options transaction on the stock market. The information was provided by CoinDesK: “The company executed its first OTC cryptocurrency transaction from a bank in the US, produced in collaboration with the trading unit of the crypto investment management firm owned by Michael Novogratz.”

In the crypto world, an OTC trade refers to the process of trading securities through an independent network of brokers. The OTC tool may comprise investment instruments that may or may not be listed on a stock exchange and are held privately. Different investors use them as a means of hedging or to amplify their returns.

Damien Vanderwilt, Co-President and Head of Global Markets at Galaxy Digital, said: “We are pleased to strengthen our relationship with Goldman Sachs and hope that this transaction will open the door for other banks to consider the OTC market as an avenue for cryptocurrency trading.”

From the perspective of Galaxy Digital, OTC operations manifest the adoption and maturation of cryptocurrencies in the financial sector, specifically in the case of Goldman Sachs, it means an expansion of its strategy around this asset class.

Entering the crypto market

The tool known as fututo has been increasing in the world of cryptocurrencies because it allows greater performance and predictability in volatile markets such as the crypto ecosystem.

As will be recalled, Goldman Sachs in the middle of last year also established an alliance with Galaxy Digital to obtain quotes on BTC futures purchase orders through the CME exchange.

Since then, the financial group has been providing liquidity for block transactions in CME Group. By 2021, the bank will also reopen its cryptocurrency trading desk, which had closed in 2018, due to growing demand from multiple institutional clients.

M. Rodríguez

Source: iproup.com

La entrada Goldman Sachs executed a transaction on the stock exchange with Bitcoin apareció primero en Bitfinance.

Costa Rica proposes a 13 % tax on cryptocurrencies. The Costa Rican General Directorate of Taxation proposes to collect the tax on cryptocurrencies equivalent to a 13 % value added tax (VAT) for the purchase of crypto assets.

Additionally, it is requesting to impose a tax in the order of 15 % for the profits obtained by people, for the cryptocurrencies traded for a value higher than those established by the exchange houses or exchanges.

The Central Bank of Costa Rica establishes that cryptocurrencies are not legal tender because they do not comply with the requirements established for currencies legally considered as money.

According to the President of Taxation; Carlos Vargas, cryptocurrencies are assets without physical representation and as such must be subject to the country’s tax regulations. “I believe that it is already clear that, for Costa Rican purposes, it is not currency, it is not money. What we are trying to clarify is what is the tax treatment that, according to current regulations, this type of assets will have.”

Tax on cryptocurrencies

The Costa Rican government has shown little interest in the crypto ecosystem, but a private study found that citizens “looked favorably on bitcoin.”

On his part, the director of the country’s Central Bank, Rodrigo Cubero, has expressed his disagreement, noting that cryptocurrencies are not considered viable to cancel taxes, and expressed that his institution maintains a position of “vigilant tolerance”.

M. Rodríguez

Source: criptonota.com

La entrada Costa Rica proposes 13 % tax on cryptocurrencies apareció primero en Bitfinance.

Enoch Godongwana, finance minister of South Africa, presented a new bill that excludes the possibility of investing in cryptocurrencies and stipulates some prohibitions when investing the money of the users of pension funds.

In the previous legal norms they contemplated the possibility that the “portfolio managers” will make investments in a “category” that was called “other assets” where the different crypto assets on the market were included.

The amount established by the legal status was 2.5 % of the total money that the affiliates had in the pension fund. However, the new recommendations that are contained in regulation 28 are intended to be normal in the way in which investments can be made.

The Regulation 28 is a rule used by the Pension Fund Law to govern “how funds can be invested and is intended to prevent investors from overinvesting in a single type of asset.”

According to South African officials, there is great concern due to the behavior of cryptocurrencies in the global market, which is “speculative”, thus they are analyzing the different options that allow studying the “possible applications of distributive ledger technology”.

Pension funds and cryptocurrencies

One of the first pension funds in the United States to approved investments in crypto assets was the Fairfax County Police Officers Retirement System in Virginia, starting in 2018 with 0.5 % of those established for business related to blockchain.

Currently, the fund has been increasing its investment percentage in this sector, reaching around 7 % in this type of assets.

M. Rodríguez

Source: noticiascripto.com

La entrada South Africa regulates cryptocurrency investments in pension funds apareció primero en Bitfinance.

The cryptocurrency Doge Coin (DOGE) is considered the strongest crypto, as a medium of exchange of all digital assets, according to Elon Musk and Mark Cuban agree.

In Cuban’s opinion, the Doge is cultivating a niche in the market, which generates a preponderance over other cryptocurrencies. “It is a means that can be used to acquire goods and services. The Doge community is the strongest when it comes to using it as a medium of exchange,” Mark Cuban expressed.

For his part, Elon Musk, CEO of Tesla, noted: “I’ve been saying this for a while,” which indicates an endorsement of Cuban’s words.

Cuban, who owns the NBA team Dallas Mavericks, explained to his 8.5 million followers on his social network Twitter, that his basketball team accepts payments in different cryptocurrencies, but most buyers decide to cancel with the crypto of memes Doge.

“I am not fooling Doge. I check the products and services of my companies. Where we allow people to pay in ANY crypto. But 95 % of the sales are made in Doge,” said Cuban. He acknowledges that during the negotiation they can talk about the different crypto but when the negotiation is finalized, people are paying with Doge.

Last May, the billionaire stated that Dogecoin required users and utility to maintain itself. “Meme coins like DOGE only work if they obtain utility and clients use them for that utility. As long as you can spend Doge, because we know that its annual inflation rate is set at 5 billion coins, you can gain some value as your profit grows,” emphasizes the businessman.

M. Rodríguez

Source: notiulti.com

La entrada Doge is considered the strongest crypto in the market apareció primero en Bitfinance.