Governments have yet to address all the ways crypto might be taxed, the International Monetary Fund (IMF) has realized, and the amount of taxes not imposed or collected may reach well into the tens of billions of dollars. That insight does little to reduce the variety of challenges in taxing crypto, however.
Crypto’s “semi-anonymity,” its dual nature as an investment vehicle and a means of payment, and its high volatility complicate the tax collectors’ task beyond their current abilities, a new IMF working paper said. There is no consensus yet even on how to tax cryptocurrency — as income, capital gains (which is most common) or gambling — and it doesn’t help that tax systems were designed before the emergence of blockchain technology, which has spun out a range of assets that needs separate treatment. cointelegraph.com/news/imf-eyes-tens-of-billions-in-crypto-asset-taxes-has-few-suggestions-for-collecting-them
South Africa’s financial regulator has announced that all crypto exchanges in the country will be required to obtain licenses by the end of the year, according to a report by Bloomberg.
Financial Sector Conduct Authority (FSCA) commissioner Unathi Kamlana stated that the agency had received approximately 20 license applications since its recent opening and expected more before the Nov. 30 deadline, Bloomberg reported. cointelegraph.com/news/crypto-exchange-licences-south-africa-by-year-end
VanEck, a global investment manager, has released a research report outlining different scenarios for Ethereum's future performance. They predict that if Ethereum becomes the dominant global settlement network, it could reach $51,000 within seven years.
cryptocrunchapp.com/news/vaneck-signals-growing-possibility-of-ethereum-eth-hitting-51000/
NFT MARKET NEWS:
NFT collection, Pudgy Penguins, has launched a line of toys, named Pudgy Toys. Each toy is an NFT that is directly licensed to the holder and unlocks more features via QR code.
Sky Mavis, the company behind Axie Infinity, has rolled out Mavis Market - a NFT marketplace for its native blockchain, Ronin Network. Creators set their own royalties, Sky Mavis gets a 2% fee and the Ronin treasury gets a 0.5% fee on all sales.
ApeCoin DAO has passed a proposal to launch the “Ape Accelerator”, which will aim to support the incubation of projects utilizing APE tokens.
Bitcoin Frogs, a new Bitcoin Ordinals-based NFT collection, has been leading the NFT trading charts this week, even surpassing the likes of Bored Apes.
Binance will withdraw from the Canadian market, the cryptocurrency exchange announced on Twitter on May 12. It called its withdrawal “proactive” as new guidance issued by Canadian regulators continues to take a toll on the country’s crypto industry.
cointelegraph.com/news/binance-calls-it-quits-in-canada-blames-new-rules
Skybridge CEO, Anthony Scaramucci, said he has not lost enthusiasm for Bitcoin and is more bullish than ever. Despite strong headwinds, including Sam Bankman-Fried's crypto exchange FTX filing for bankruptcy, Scaramucci is focused on Bitcoin's next boom cycle and hoping regulators can get out of their own way
Anthony Scaramucci's Faith in Bitcoin Unshaken, Remains Bullish](https://cryptocrunchapp.com/news/anthony-scaramuccis-faith-in-bitcoin-unshaken-remains-bullish))
Skybridge CEO, Anthony Scaramucci, said he has not lost enthusiasm for Bitcoin and is more bullish than ever. Despite strong headwinds, including Sam Bankman-Fried's crypto exchange FTX filing for bankruptcy, Scaramucci is focused on Bitcoin's next boom cycle and hoping regulators can get out of their own way. Scaramucci also criticized regulators, including the SEC and Elizabeth Warren, and suggested that Bitcoin should be categorized as a commodity rather than regulated by the SEC.
ARK Invest CEO Cathie Wood believes that recent banking crises have shown that Bitcoin can withstand a shaky economy, perform better than other asset classes, and function like gold. She also notes that Bitcoin and Ether are currently serving as "flight to safety" assets, indicating a broader adoption and acceptance of cryptocurrencies.
ARK Invest CEO: Bitcoin Performs Like Gold During Banking Crises](https://cryptocrunchapp.com/news/ark-invest-ceo-bitcoin-performs-like-gold-during-banking-crises))
ARK Invest CEO Cathie Wood believes that recent banking crises have shown that Bitcoin can withstand a shaky economy, perform better than other asset classes, and function like gold. She also notes that Bitcoin and Ether are currently serving as "flight to safety" assets, indicating a broader adoption and acceptance of cryptocurrencies. Wood believes that cryptocurrency will eventually become an election issue as the public becomes more aware of regulatory pressures applied to the industry.
Chia Network Files IPO Registration with U.S. SEC
Chia Network Files IPO Registration with U.S. SEC](https://cryptocrunchapp.com/news/chia-network-files-ipo-registration-with-us-sec))
Blockchain and smart-contract platform Chia Network, founded by BitTorrent inventor Bram Cohen, has submitted a confidential draft registration to the SEC for a proposed initial public offering (IPO). The size and price range for the offering have not yet been determined. Chia raised $61 million in a Series D funding round in 2021, and its CEO had stated that it was on an "accelerated timeline" to an IPO at the time.
Someone will declare, “I am the leader!” and expect everyone to get in line and follow him or her to the gates of heaven or hell. My experience is that it doesn’t happen that way. Others follow you based on the quality of your actions rather than the magnitude of your declarations.” ―
Avalanche, a layer 1 blockchain protocol, is rapidly growing with its daily active addresses reaching 80,000 on April 12th and daily active user base growing 85% in the past 90 days. This growth is ahead of Binance Chain, Tron, Ethereum, Aptos and Bitcoin and signals increased interest from traditional finance companies due to a recent partnership with financial institutions to contribute to its network infrastructure
Avalanche Soars to New Heights with Daily Active Addresses](https://cryptocrunchapp.com/news/avalanche-soars-to-new-heights-with-daily-active-addresses))
Avalanche, a layer 1 blockchain protocol, is rapidly growing with its daily active addresses reaching 80,000 on April 12th and daily active user base growing 85% in the past 90 days. This growth is ahead of Binance Chain, Tron, Ethereum, Aptos and Bitcoin and signals increased interest from traditional finance companies due to a recent partnership with financial institutions to contribute to its network infrastructure.
