Kyrgyzstan Raises $1m from Crypto Mining Taxes in 2023 ?

*➡️ *Kyrgyzstan is quietly becoming a force in crypto mining, with its government set to raise over $1 million this year from taxing the industry. According to the media outlet 24KG, the nation’s finance ministry reported that it had raised $900,000 worth of tax revenue from crypto miners in the first 11 months of 2023.

➡️ This included a bumper month in August, when miners paid the state over $132,000 in taxes. The ministry’s data appears to point to a growth in crypto mining activity in Kyrgyzstan.

*➡️ *The report notes that mining-related tax payments “began to grow actively in the second quarter of the year. February tax payments amounted to just under $8,300, with revenues climbing rapidly in April.

✅ The nation’s Energy Minister Taalaibek Ibraev stated that most crypto mining “farms” in Kyrgyzstan “are affiliated with the owners of small hydroelectric power stations.”

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Analysts Observe Rising Stablecoin Supply, Indicating Capital Inflow ?

*♾ *The total supply of stablecoins has surged in recent weeks, coinciding with a significant rally in the price of Bitcoin (BTC), on-chain data shows. The growth in stablecoin supply has followed an extended surge in the broader crypto market that started after a false report on October 16 said a spot Bitcoin exchange-traded fund (ETF) had been approved in the US. Around the same period, on-chain data revealed a substantial rise in the supply of stablecoins, with a significant portion being minted in the form of Tether (USDT).
? According to on-chain analytics firm Glassnode, the surge in the total stablecoin supply is a strong indicator of net capital inflow into crypto. In its latest The Week On-chain report, Glassnode highlighted this, saying that stablecoins typically reflect investors’ “demand for speculative capital. The data also revealed a breakthrough above Glassnode’s Altseason Indicator, illustrating upward trends in three key assets: BTC, Ether (ETH), and the combined stablecoin market.

➡️ According to the report, Bitcoin is leading the way in net capital inflow, and, until just recently, stablecoins had experienced net outflows. At present, however, both BTC, ETH and stablecoins are in positive territory, showing overall increases as measured in US dollars and reflecting a growing interest in crypto among investors.

Abu Dhabi Global Market Unveils New Regulations for Web3 Firms ♾

*? *Abu Dhabi seeks to beef up its web3 landscape with new guidelines for blockchain-based firms as its crypto hub is projected to grow in the coming months.
➡️ The Abu Dhabi Global Market (ADGM) announced new rules that create numerous blockchain foundations and how they operate within the jurisdiction including setting up of decentralized autonomous organizations (DAOs) and web3 groups.

*? *The rules will create a smooth system of ushering blockchain foundations in its international free trade zone to attract investment capital and boost the competitiveness and efficiency of its local markets.

⚡️ Distributed ledger technology (DLT) foundations like others in traditional systems provide technical and financial support for startups and smaller firms including offering key infrastructure in the region without direct involvement.

⚠️ Ahmed Jasim Al Zaabi, the Chairman of ADGM explained that the latest development is part of its ongoing web3 strategy to create efficiency.

**?* “By transforming the blockchain and Web3 landscape, we are moving towards a future characterized by setting global benchmarks with enhanced transparency and efficiency.”***

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Thailand’s K-Bank Acquires 97% Stake in Parent Company of Satang Crypto Exchange ?

? Thailand’s second-largest bank, Kasikorn Bank, widely known as K-Bank, has acquired a 97% stake in the parent company of the established Satang crypto exchange.? This strategic acquisition comes as K-Bank intensifies its efforts in the cryptocurrency sector, aiming to offer a comprehensive range of crypto services that comply with Thailand’s regulatory framework.*➡️ *The deal, valued at 3.705 billion Thai baht (approximately $102.8 million), was executed through a newly established K-Bank subsidiary known as Unita Capital.

*? *Unita Capital holds a specific mandate to invest in digital assets companies, aligning with K-Bank’s commitment to expanding its presence in the digital asset and cryptocurrency market.➡️ Once the transaction concludes, Satang will undergo a rebranding process, emerging as Orbix.? This transformation signifies a broader shift in K-Bank’s digital strategy, as Orbix will encompass three additional subsidiaries: Orbix Custodian, Orbix Invest (a digital asset fund manager), and Orbix Technology, a blockchain technology developer.

Taiwan Advances Crypto Regulation as Draft Act Passes First Reading in Parliament ?

*➡️ *Taiwan parliament, the Legislative Yuan, has passed the first reading of a proposed crypto law that would regulate the crypto asset industry.*➡️ *Taiwan has taken a significant step toward regulating the crypto sector by proposing a special crypto law, which has passed its first reading at the Legislative Yuan (Taiwan’s parliament). This proposed law, co-authored by Yung-Chang Chiang and 16 other lawmakers, would require all cryptocurrency platforms operating in Taiwan to obtain a permit.? Failure to comply could lead to regulatory orders for them to cease operations. While Taiwan’s Financial Supervisory Commission (FSC) had previously released guidelines for the crypto sector to form self-supervisory rules, these measures lacked legal enforceability.? The goal is to establish a regulatory framework that provides oversight and legal enforceability for crypto businesses, emphasizing the necessity of such a law to ensure proper regulation in the cryptocurrency sector.? This was followed when Yung-Chang Chiang, a member of the Legislative Yuan of Taiwan, expressed the intention early this month to have the first draft of this law ready for parliament’s review by the end of November 2023 or even sooner.✅ The new special law would grant regulatory authorities the power to impose administrative penalties on operators who violate these self-regulation rules. The law aims to address the need for legal enforceability in the sector, as previous self-regulation guidelines lacked such power.

Standard Chartered, Deutsche Complete First Stablecoin Swaps on UDPN Blockchain ?

*? *SC Ventures, Standard Chartered Bank’s VC arm, and German banking giant Deutsche Bank have executed the first stablecoin swaps on the Universal Digital Payments Network (UDPN), per a report published Monday.*? *UDPN is a blockchain-based messaging system supporting government-regulated digital currency systems and central bank digital currencies (CBDC).*➡️ *The first proof-of-concept (PoC) involved SC Ventres’ real-time on-chain swap test between USDC and EURS stablecoins to Deutsche Bank wallets. These transactions are visible on public EtherScan and signed with SC Ventures’ private key.*? “This initiative brings the industry together to identify opportunities to unlock economic value in newly emerging digital currencies,”said Thorsten Neumann, CTO of SC Ventures. “Financial service providers and fintechs are well-positioned to experiment with stablecoins and CBDC use-cases that benefit from the finality of on-chain transactions.”*? According to the report, SC Ventures used code leveraging UDPN SDKs and APIs, while Deutsche Bank used a graphical user interface (UI). Rafael Otero, CTO of Deutsche’s Corporate Bank division calls it the “next logical step” in the development of financial transactions.

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