* Social networking giant Meta filed trademark applications this week for a digital asset trading and payment platform called "Meta Pay". After its failure with the Diem project, a stablecoin project that was abandoned, the American company seems to want to persist to become a major player in the sector, especially with the development of the future metaverse.
Revolut, the British neobank, plans to launch a non-depository crypto wallet that will be based on the Ethereum blockchain. Revolut's native cryptocurrency, dubbed "Revcoin," will aim to reward customers for their loyalty. A system similar to airline Air Miles programs where users earn rewards based on how often they use the service.
FTX, the cryptocurrency platform owned by young billionaire Sam Bankman-Fired, is getting into stock trading with stablecoins. The U.S.-based company has announced the launch of "FTX Stocks," a stock trading service that will allow retail investors to fund their accounts with stablecoins backed by traditional currencies such as the USD Coin (USDC).
Robinhood, in which FTX's CEO revealed a 7.6% stake last week, plans to roll out a new crypto wallet focused on decentralized finance (DeFi) for its users. CEO Vlad Tenev said "it will be possible to lend, bet and even buy non-fungible tokens (NFT)."
Chinese bitcoin mining activity has rebounded strongly despite Beijing's ban related to crypto mining. While China's share of global bitcoin mining capacity had fallen to zero by July after authorities launched a crackdown, several underground mining operations have since sprung up, careful to circumvent the bans. China is once again one of the world's leading players in bitcoin mining just behind the United States.
Portugal will no longer be a tax niche for crypto-investors. While to date residents of Lusitania are exempt from profit tax related to cryptocurrencies (only companies are taxed between 28% and 35% on their capital gains), Prime Minister Fernando Medina wants to change that. While nothing is yet enacted, cryptoguys could see Portugal's common tax regime apply for them. For your information, the standard capital gains tax in Portugal for residents is 28% and personal income tax ranges from 14.5% to 48%.
Let's stay on the tax side for the next news item. The Federal Ministry of Finance of Germany has published a document stating that citizens will be exempt from capital gains tax generated with cryptocurrencies if they have held them for at least one year. While until now a German citizen had to wait ten years to see a tax exemption on his crypto gains, his holding period to benefit from the tax carrot could be divided by 10. Still, the Ministry says the document remains subject to change.
Let's finish this Crypto Recap with French tennis tournament Roland-Garros, which will have a taste of Web3 this year. It is launching a collection of NFTs "RG Game, Seat & Match" and will inaugurate this weekend the inevitable Philippe-Chatrier court in its virtual form. 5000 NFTs at the price of 200€, each representing a virtual seat, will be put on sale. The opportunity for cryptophiles to join a unique community, to benefit from exclusive advantages and to speculate.
The evolution of the Top 20 cryptocurrencies in terms of capitalization over one week.
Source : Quantify