Russian Duma passes bill to remove VAT, lower income tax rates on digital asset sales

The State Duma, the lower house of the Russian legislature, has passed a bill on the taxation of digital assets that exempts their sale from value-added tax (VAT) in the Russian Federation. Some other services of digital asset exchanges will also be exempted, according to state-run news service RIA Novosti.  In addition, the bill established income tax rates of 13% for Russian exchanges on the first 5 million rubles (currently about U$93,000) of the taxable base annually, 15% on amounts above that limit and 15% across the board for foreign…

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Institutional crypto asset products saw record weekly outflows of $423M

Digital asset investment products saw record outflows totaling $423 million last week, with institutional investors from Canada representing nearly all of the carnage. According to the latest edition of CoinShares’ weekly “Digital Asset Fund Flows” report, Canadian investors offloaded a whopping $487.5 worth of digital asset products between June 20 and June 24. The total outflows for the week were partially offset by $70 million worth of inflows from other countries, with U.S.-based investors accounting for more than half of the inflows with $41 million. Outside of the U.S., investors…

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US Congressional hearing on digital asset regulation focuses on disclosure

Disclosure was an important theme at a United States House of Representatives hearing on digital asset regulation Thursday. Although chair of the House Agriculture Committee Subcommittee on Commodity Exchanges, Energy and Credit Sean Maloney specified that it would focus on gaps in the oversight and regulation of derivatives and underlying spot markets, the discussion ranged widely.  The Agriculture Committee oversees the Commodity Futures Trading Commission (CFTC), which regulates financial markets along with the Securities and Exchange Commission (SEC). Chainalysis cofounder and chief strategy officer Jonathan Levin said in his testimony…

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Crypto winter freezes sports sponsorships for digital asset firms

The longer the crypto market stays in bearish territory, the more marketing deals with American sports teams are being taken off the table as crypto firms tighten their belts. Crypto exchange FTX has been rethinking its marketing plan to plaster its name and logo across Los Angeles Angels jerseys, according to a June 20 report from the NY Post. The dramatic market downturn is likely to blame for the retractions. Another patch deal between an undisclosed crypto firm and the Washington Wizards was axed just as the crypto market began…

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What Ethereum use case can make ETH a $500B market cap asset: Community answers

While Ether’s (ETH) price dip over the weekend may have left investors worried about the digital asset, community members on Reddit conducted a discussion on Ethereum use cases that could potentially push the asset’s price upward.  In the Ethereum subreddit, a Reddit user asked fellow members of the community about ETH use cases that they think are capable of pushing the asset’s market capitalization to $500 billion. Criticizing smart contract use cases for real estate, the Redditor noted that they have not seen a convincing case that could solidify ETH’s…

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Samsung Asset Management to launch blockchain ETF in Hong Kong

Hong Kong-based Samsung Asset Management (SAMHK), a local subsidiary of Samsung’s investment arm, is moving forward with a blockchain-themed exchange-traded fund (ETF). The firm expects to launch its Samsung Blockchain Technologies ETF on the Hong Kong Stock Exchange on June 23, SAMHK announced on Thursday. The ETF seeks to achieve long-term capital growth by investing in stocks of companies actively involved in the development and adoption of blockchain technologies, the fund prospectus reads. The fund will invest in blockchain-related research and development firms, data providers, industry investment firms and others.…

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Indonesia-licensed crypto asset platform Pintu raises $113M in Series B

Indonesian crypto asset platform Pintu announced the closure of a $113 million Series B funding round participated by four prominent investors Pantera Capital, Intudo Ventures, Lightspeed and Northstar Group.  Licensed by the Commodity Futures Trading Regulatory Agency (Bappebti) under the Ministry of Trade, Pintu caters to Indonesian crypto investors dealing in popular cryptocurrencies, including Bitcoin (BTC) and Ethereum (ETH). Bappepti previously highlighted the doubling in the number of Indonesian crypto investors in 2021-2022, to which Jeth Soetoyo, Founder and CEO of Pintu, said: “We believe that crypto adoption in Indonesia…

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Digital Asset Tokenization Trial Begins in Singapore

Singapore has begun to implement a digital asset tokenization trial project that will help to explore all the possible use cases of Blockchain technology in the local finance system of Singapore. As well, the project aims to explore the possibility of making the city-state a major center for decentralized finance. Several exchanges have stopped operations in Singapore as a result of the increase in regulatory pressure. While some are trying to comply, operation license approval has been very slow. Bloomberg, however, reported that Singapore has kickstarted digital asset tokenization projects,…

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Singapore to explore digital asset tokenization on public chains

The Monetary Authority of Singapore (MAS) has launched Project Guardian, a blockchain-based digital assets trial that will use tokenization. The project will include regulated financial institutions serving as “trust anchors,” with a pilot involving JP Morgan, DBS Bank and Marketnode, the SGX joint venture for bonds. The Project Guardian initiative, which was announced during the Asia Tech x Singapore Summit on Tuesday, was spearheaded by Deputy Prime Minister and Coordinating Minister for Economic Policies Heng Swee Keat. It will see MAS explore decentralized finance (DeFi) applications in wholesale funding markets…

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