“Crypto Exchange FTX Raises $8 Million”
FTX is creating a cryptocurrency derivatives exchange and trading platform. Incubated by Alameda Research, a quantitative trading firm that trades up to $1 billion per day and manages over $100 million in digital assets, FTX was developed by an experienced team of traders from traditional financial institutions like Jane Street, Susquehanna, and Optiver. FTX provides traders and investment professionals with a futures trading exchange for digital assets. Its easy-to-use platform offers futures trading, leveraged tokens, and an over-the-counter (OTC) portal.
“Chinese Govt Hackers Are Attacking Crypto Companies”
Chinese state hackers are performing attacks against cryptocurrency and video game enterprises, cybersecurity company FireEye claims in a report published on Aug. 2. Per the report, Chinese state espionage cyber unit APT41 “targets industries in a manner generally aligned with China’s Five-Year economic development plans.” Still, FireEye researchers claim that “the group is also deployed to gather intelligence ahead of imminent events, such as mergers and acquisitions and political events.” Industries targeted by the unit reportedly include healthcare, high technology (semiconductors, batteries, and electric vehicles), media, pharmaceuticals, retail, software, telecommunications, travel services, education, video games and cryptocurrencies.
“North Carolina Congressman Reintroduces Crypto Bill”
A tax bill aimed at refining the Internal Revenue Service’s treatment of cryptocurrencies has moved to the U.S. House of Representatives Ways & Means Committee. The Virtual Value Tax Fix Act, first legislators first proposed last Congressional session, has been reintroduced by North Carolina’s Rep. Ted Budd ® on July 25. In what Budd calls a national security issue, the bill would effectively end the double taxation on cryptocurrency transactions by amending 1986’s Internal Revenue Code. Under the 1986 Code, gains and losses in transactions of real property of like-kind remain unrecognized. As Rep. Budd stated before the introduction of the bill in June, the code places a 40 percent tax rate on transactions. Budd says tax concerns and transaction record-keeping act as a deterrent to adoption.
“South Korean Regulator To Regulate Cryptocurrencies”
The Financial Intelligence Unit (FIU) in South Korea is considering to directly regulate the digital asset exchanges operating in the country. The agency operating under the Financial Services Commission (FSC) is currently indirectly imposing rules on the wild sector through administrative guidance to the banks. According to Business Korea, an FIU official revealed that the authorities are planning to increase the transparency of digital asset transactions by introducing “cryptocurrency exchange licensing system” which was recommended by Financial Action Task Force (FATF).