Bitci, A Turkish Blockchain Firm, Plans To Become Global

 

Turkish blockchain provider Bitci is looking to establish local cryptocurrency exchanges in Brazil and Spain to attract local cryptocurrency investors.

Bitci spokesperson said that Bitci plans to open new cryptocurrency exchanges in countries with significant transactions and assets. The first stop for Bitci’s international expansion and the Turkish cryptocurrency exchange in Brazil.

Spain will see its second international Bitci exchange in March. By opening local cryptocurrency exchanges in the countries mentioned above, Bitci aims to serve local investors better.

Bitci is also looking to strengthen ties with local football clubs, starting with the Brazilian exchange. Turkish firm Bitci has helped over 25 football teams launch their fan tokens as a blockchain provider.

Bitci has experienced rapid growth in the last year, signing cooperation agreements with several high-profile sports entities such as the Brazilian and Spanish national football teams and Formula 1 team McLaren.

Fan tokens are fast becoming a trend for sports clubs looking to create new revenue streams as the coronavirus pandemic reduces the sports industry’s profits.

Turkey’s unclear regulatory framework around cryptocurrencies can also be seen as a critical driver for Turkish crypto companies looking for growth opportunities globally.

Crypto Exchange FTX Valued At $32 Billion Despite Bear Market Fears

 

Crypto exchange FTX surged to a valuation of $32 billion in a new funding round announced on Monday. It underscored continued interest in the industry even as investors are increasingly wary of a sharp pullback in cryptocurrency prices.

The Bahamas-based company said Monday it raised $400 million in a Series C funding round. Its actually the third in the past nine months.

FTX offers derivatives and spot trading and is one of the largest digital currency exchanges in the world. The company has become a key player in emerging markets, rivaling the likes of Coinbase and Binance.

The company does not offer deals in the United States. This feature is provided by its sister crypto exchange FTX U.S. Last week, FTX US announced a $400 million investment, valuing the company at $8 billion.

FTX said all investors in its U.S. subsidiary, including Singapore state-owned investor Temasek, SoftBank’s Vision Fund 2, and Tiger Global, joined its fundraiser.

To date, FTX has raised a total of $2 billion in venture capital, building a war fund at a time when digital currency prices have fallen sharply. Bitcoin is down 46% from its November record of nearly $69,000, while other cryptocurrencies have decreased further.

The company plans to use the new funds to continue developing new products. Bankman-Fried said FTX is now starting to license its software to other businesses in fintech and gaming.

FTX said its user base had grown by 60% since October 2021, when it last raised funds at a valuation of $25 billion, while daily trading volume has increased by 40% to an average of $14 billion. The firm recently launched a $2 billion venture fund to invest in crypto startups.

Visa Crypto Cards Hit $2.5 Billion In Transactions In Q1 2022

 

Visa has announced that cryptocurrency-related card usage will reach $2.5 billion in the first fiscal quarter of 2022. The payments company has made a big push to support the widespread adoption of digital currencies.

Visa’s announcement that its crypto-linked card usage reached $2.5 billion in its most recent quarter is significant. This figure is 70% of the company’s entire cryptocurrency volume in fiscal 2021. This means that the adoption of crypto-enabled cards is increasing significantly.

Visa has provided a platform for crypto-linked debit cards for some time. However, it is also the processor of new credit cards like the BlockFi Rewards Credit Card.

Visa CFO Vasant Prabhu noted that card users treat their crypto-linked cards as general-purpose accounts and use them for everyday purchases.

The accelerated adoption in recent months is a testament to Visa’s intentional investment in digital currencies. While the company doesn’t have any cryptocurrencies on its balance sheet, it has created crypto advisory services and invested in crypto platforms. The company recently added Coinbase, BlockFi, and Circle to its network of crypto wallet partners.

Currently, the company has increased the total number of partners from 54 to over 65.

Thailand Scraps 15% Crypto Capital Gains Tax After Public Backlash

 

Thailand has decided to temporarily suspend the implementation of its 15% cryptocurrency capital gains tax. The proposal was initiated earlier this year. It sparked much opposition, but it still appears that some crypto tax will be implemented.

Thailand will reportedly not go ahead with its 15 percent cryptocurrency tax plan after backlash from traders in the country. Regarding income tax, tax officials said that profits made from cryptocurrency trading or mining should be taxed as capital gains.

Thailand’s tax authority had intended to tighten regulations on crypto exchanges after seeing a significant increase in the size and value of the market in 2021. However, industry stakeholders have issued dire warnings that heavy taxes could stifle the future growth of the nascent industry.

Thailand’s Ministry of Finance first announced its intention to tax the crypto market in January. However, it still seems problematic in practice. For example, it is unclear whether taxes will be collected in annual reports or whether the government will force crypto exchanges to deduct those taxes at the source.

Last week, the Bank of Thailand, the Ministry of Finance, and the Securities and Exchange Commission announced that they would create regulations for specific digital assets that do not endanger the financial system.

The government focuses on taxation, investor protection, and anti-money laundering regarding cryptocurrency regulation. The asset class has experienced a significant expansion in adoption in recent years, thanks to DeFi and NFTs.

Several countries, notably South Korea, have been considering taxing the cryptocurrency market. After some resistance, South Korea delayed its crypto tax plan until 2023.