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South Korea's Democratic Party Proposes 20% Tax on Crypto Gains

Wednesday. November 20 at 9:00 PM

South Korea's Democratic Party (KDP) is pushing for a 20% tax on profits from digital assets, scheduled to take effect in January 2025. The party aims to raise the taxable capital gains threshold from $1,800 to $36,000, targeting larger investors. This move contrasts with the People's Power Party (PPP), which suggests delaying the crypto tax until 2028. The KDP accuses the PPP of using the delay for political gain in upcoming elections. By increasing the threshold to $36,000, the KDP hopes to ease the tax burden on small traders and align crypto taxation with stock market practices. The fate of South Korea's crypto tax policy remains uncertain, pending negotiations between the KDP and PPP. The ongoing debate highlights the challenge of striking a balance between regulation and industry interests in the crypto sector.

Cryptocurrency

The Aftermath of a Rug Pull

Wednesday. November 20 at 8:30 PM

The rug pull incident has caused a significant backlash among traders, with a 13-year-old boy at the center of the controversy. The boy introduced a token called Gen Z Quant, which quickly surged in value from $0. DNS to $0.260 USD, only to have the boy sell off all his tokens shortly after, resulting in losses for investors. He made $30,000 from the transaction, manipulating the token's value and causing market instability. Subsequent actions by the boy led to further market interventions and personal attacks from the crypto community. The incident has sparked debates on the ethics of such actions in the volatile world of cryptocurrencies, especially considering the boy's young age. While he profited from the ordeal, the repercussions for his family and the broader crypto community remain uncertain, highlighting the unforgiving nature of digital assets.

ICO (Initial Coin Offering)

The Rise of Copy Trading in Canada

Wednesday. November 20 at 8:00 PM

Copy trading, a method where individuals mimic the trades of experienced investors, has been present in finance since 2005. Canadian interest in this strategy was low until 2018, but has since surged, surpassing levels seen during the 2021 crypto boom. Factors like global crypto market growth and user-friendly platforms have fueled this trend. Copy trading offers a way for both new and seasoned investors to benefit from crypto opportunities without extensive market knowledge. Platforms like BTCC have made copy trading more accessible, attracting Canadians. This surge in interest aligns with a broader trend in the trading world, with the copy trading industry projected to reach $3.77 billion by 2028. Despite concerns about market conditions, Canadian investors are increasingly adopting copy trading as a valuable tool in their trading arsenal.

Cryptocurrency

Decentralization Concerns in DeFi Liquidity Control

Wednesday. November 20 at 7:30 PM

A study by BIS in November 2024 found that a few major players dominate Uniswap V3's liquidity pool, raising doubts about DeFi's decentralization. The research, led by Matteo Aquilina, Sean Foley, Leonardo Gambacorta, and William Krekel, analyzed the top 250 LPs on Uniswap V3, revealing that 96% of trading volume is controlled by these pools. The study also showed that sophisticated traders hold 80% of the total value locked in these pools, disadvantaging retail investors. However, Gordon Liao from Circle disagreed with the study, stating that the inequality is not significant compared to traditional exchanges. Liao suggested improvements in liquidity management for retail traders. The study underscores the centralization issue in DeFi despite its decentralized structure, emphasizing the need for better liquidity provision and market access in the future.

DeFi

Revolutionizing the Memecoin Market with Pepeto

Wednesday. November 20 at 7:00 PM

Chainwire Pepe Unchained, based in London, UK, is a key player in the memecoin sector, utilizing Layer 2 blockchain tech for improved scalability and transaction speed. With a focus on enhancing user experience, Pepe Unchained is paving the way for innovation in the memecoin landscape. Pepeto, a project under Pepe Unchained, offers cross-chain trading, liquidity management, and a staking rewards program to foster community engagement and long-term value. By prioritizing accessibility and practicality, Pepeto aims to attract a diverse range of cryptocurrency users. The project's emphasis on interoperability and community-driven development sets it apart in the market. To learn more about Pepeto, visit their official website and social media channels. Remember to only purchase Pepeto tokens from the official website to avoid fraudulent activities.

NFT

Innovative USDS Stablecoin on Solana by Sky

Wednesday. November 20 at 6:30 PM

Sky has introduced USDS, a stablecoin pegged to the US dollar on Solana's high-speed, low-cost blockchain network. This move aims to enhance DeFi accessibility, focusing on efficiency and scalability for real-time payments and trading. The launch signifies a step towards mainstreaming stablecoins, promoting liquidity, and expanding blockchain technology's utility in financial ecosystems. Sky's USDS deployment on Solana on November 19, 2024, marks a strategic shift, aiming to reshape the stablecoin landscape and increase DeFi liquidity. The decision to choose Solana for USDS highlights its scalability, speed, and low transaction costs, enabling near-instant transaction settlements. USDS features enhanced collateralization, on-chain transparency, and cross-chain compatibility, catering to retail users and institutional investors. The stablecoin's launch on Solana is expected to boost liquidity, enable sophisticated financial instruments, and position Sky as a competitive player in the evolving stablecoin market, reflecting a broader trend of DeFi projects adapting to changing market dynamics.

Stablecoins

Coinbase Delisting Wrapped Bitcoin: Implications and Strategies

Wednesday. November 20 at 5:30 PM

Coinbase's recent decision to delist Wrapped Bitcoin (WBTC) signals a shift in market competition, aligning with the launch of its own cbBTC product. This move positions cbBTC as a direct competitor to WBTC, potentially indicating Coinbase's intent to dominate the wrapped Bitcoin market. The impact on the WBTC ecosystem could reduce accessibility and adoption, driving users towards alternatives like cbBTC. Coinbase's rationale for delisting WBTC includes low trading activity, prompting discussions on its timing and implications. The removal of WBTC from Coinbase may lead to reduced accessibility for retail investors and require DeFi projects to adapt to alternative assets. Investors holding WBTC on Coinbase must take swift action before the delisting deadline. Monitoring developments closely and diversifying holdings into other stable assets are recommended strategies. The dynamic nature of the cryptocurrency landscape underscores the importance of adaptability and informed decision-making for investors and the broader DeFi ecosystem.

DeFi

Mitigating Money Laundering Risks in the Crypto Sector

Wednesday. November 20 at 5:00 PM

Switzerland's Financial Market Supervisory Authority (FINMA) has expressed concerns regarding the escalating money laundering risks within the cryptocurrency industry. In their 2024 Risk Monitor report, FINMA highlighted the misuse of digital assets, particularly stablecoins, for illicit purposes such as sanctions evasion. This misuse poses challenges for enforcement and increases legal and reputational risks for financial institutions lacking robust risk management strategies. FINMA stressed the importance of implementing stronger measures to address vulnerabilities associated with the misuse of digital assets, especially for financial intermediaries offering crypto services. The regulator has introduced institution-specific measures, including enhanced oversight and risk management requirements, to combat money laundering risks. Additionally, crypto organizations like Tether, TRON, and TRM Labs have collaborated to establish a financial crime unit to tackle the illicit use of stablecoins. These efforts aim to enhance compliance with anti-money laundering regulations and safeguard the integrity of the Swiss financial center.

Stablecoins

Empowering Digital Communities Through Onchain Guilds

Wednesday. November 20 at 11:00 AM

YGG has introduced Onchain Guilds on Coinbase’s Base, expanding the blockchain ecosystem in the Philippines. The story began with Filipinos discovering the potential of earning and building value through Web3 gaming during the pandemic. This led to a cultural phenomenon that evolved beyond play-to-earn into a sustainable digital economy. Yield Guild Games (YGG) pioneered the guild model, mobilizing gamers into communities and now extends its vision beyond gaming. Onchain Guilds allows collectives to manage reputation through blockchain records, offering tools for tracking contributions and accessing opportunities. The platform, launching on Base, Coinbase’s Ethereum Layer-2 network, enhances transaction speed and reduces costs. In the Philippines, where Web3 gaming is a significant economic force, YGG’s initiatives are reshaping how digital communities collaborate and earn collectively. The launch of Onchain Guilds signifies a pivotal moment for Web3 communities, marking a step towards a future where blockchain technology empowers digital communities.

Blockchain Gaming

Revolutionizing Blockchain with iAgent SDK

Wednesday. November 20 at 10:30 AM

Injective, a leading blockchain protocol for finance, has introduced a groundbreaking software development kit (SDK) named iAgent. This innovative toolkit allows users to create on-chain AI agents that can automate blockchain tasks using natural language commands, ushering in a new era of AI-driven interactions on the blockchain. Announced at the Injective Summit 2024, iAgent seamlessly integrates with large language models like OpenAI’s ChatGPT. The SDK simplifies complex blockchain operations by enabling users to execute tasks such as instant payments, decentralized exchange order placements, wallet balance checks, and predictive trend analysis through conversational English commands. iAgent's flexibility allows users to develop multiple agents for specific purposes, enhancing transparency and security by tracking transactions with hash codes and block heights. This launch aligns with the growing trend of AI agents in the crypto industry, positioning Injective as a key player in combining AI with on-chain infrastructure to redefine possibilities in the financial sector.

DeFi