Bitcoin network completes fourth ‘halving’

In a milestone that occurs every four years, Bitcoin has undergone its fourth 'halving', a built-in feature that reduces the reward for mining new blocks by half.

The halving event decreases the rate at which new bitcoins are generated, thereby ensuring that the total supply caps out at 21 million.

Historically, halving events have led to increased price volatility and interest from both seasoned and new investors. The market’s response to the fourth halving continues to be closely watched, with speculations rife regarding its impact on Bitcoin’s future valuation.

Binance Expands to India with FIU Compliance

Binance, one of the leading global crypto asset exchanges, has announced its re-entry to the Indian market as a Financial Intelligence Unit (FIU)- registered entity after paying a penalty of about $2 million.

This registration enables Binance to offer a more secure trading environment for its users, aligning with India’s stringent anti-money laundering and counter-terrorism financing norms.

Binance will be the second offshore exchange to register in India after Seychelles-based Kucoin announced FIU compliance last month, following which the ban on its website was lifted.

Tether Launches on TON Blockchain

Tether has officially expanded its operations by launching its widely-used USDT stablecoin on the TON (The Open Network) blockchain. This integration marks a significant extension of Tether’s accessibility and utility across different blockchain ecosystems.

The TON blockchain is renowned for its high-speed and low-cost transactions. Tether’s presence on this blockchain is expected to enhance the performance and ease of transactions for USDT users, providing a more seamless experience in trading and transacting.

Tether also revealed that it would launch the gold-pegged Tether Gold (XAUT) stablecoin on TON as well.

Canada Adopts International Crypto Asset Tax Reporting Standards

Canada has taken a significant step towards transparency and regulation in the crypto asset market by beginning the implementation of international crypto asset tax reporting standards.

The move is intended to curb tax evasion and ensure that the benefits of crypto asset trading and investment are enjoyed within the legal frameworks.

The country is getting an early start on the new standard, which is expected to be observed by 47 countries by 2027.

Shiba Inu raises $12 million in token round for its new blockchain

Shiba Inu, originally famed as a memecoin, has successfully raised $12 million in a token funding round, earmarked for the development of its own blockchain.

The funds are intended for the creation of a blockchain that supports more than just SHIB transactions.

This development is expected to broaden the utility of Shiba Inu by incorporating smart contracts, decentralised finance (DeFi) services, and more, potentially increasing its adoption and relevance in the crypto asset ecosystem.

That’s all for this edition of our crypto newsletter. Stay tuned for more exciting news and updates from the world of blockchain and crypto!

Disclaimer: Crypto-asset or VDA investments are subject to market risks such as volatility and have no guaranteed returns. Please do your own research before investing and seek independent legal/financial advice if you are unsure about the investments.