FameEX Morning Crypto News Recap | July 1, 2024

IRS to Start Taxing Cryptocurrencies in 2026

The U.S. Internal Revenue Service (IRS) will begin taxing cryptocurrencies in 2026. New rules require crypto platforms to report transactions, while decentralized platforms that do not hold assets are exempt. These regulations, announced by the IRS and the U.S. Treasury Department, implement a provision from the 2021 Infrastructure Investment and Jobs Act passed by the Biden administration.

Hong Kong Securities Industry to Launch Derivatives for Crypto Spot ETFs

The Hong Kong securities industry aims to issue derivatives for cryptocurrency spot ETFs. With the official listing of these ETFs, brokerages can now apply to regulators to launch higher-leverage options. This move will boost the appeal of Hong Kong's virtual asset market, attracting physical cryptocurrency investors and providing more growth opportunities for brokerages.

Over 82% of the World’s Cryptocurrency ATMs Are in the United States, Canada Follows with 7.7%

The number of cryptocurrency ATMs globally has increased by 17.8% to 38,279 in the past 12 months, with a net addition of 2,564 ATMs in 2024. Over 82% are located in the United States, while Canada holds 7.7%. Australia's installations have surged nearly 17 times in two years, reaching 1,107 machines.

Vitalik Buterin: Current Regulations Corner Honest Cryptocurrency Developers

Vitalik Buterin stated on Warpcast that current regulations force honest cryptocurrency developers into a corner. He highlighted that the primary challenge of crypto regulation, especially in the U.S., is this issue. If developers transparently inform customers about returns and promised rights, they risk being classified as a "security," which can have severe regulatory consequences.

South Korea's Second Largest Chipmaker to Invest $75B in AI by 2028

SK Hynix, South Korea's second-largest chipmaker after Samsung, will invest $74.6 billion over the next three years to develop AI-focused memory chip technologies. This follows a March announcement of a $90 billion investment in a chip fabrication facility near Seoul.

Nigeria Encouraged to Implement Crypto Regulations Based on European Models

Nigeria’s crypto community has praised Europe's Markets in Crypto-Assets Regulation (MiCA) stablecoin rules, emphasizing the need for jurisdictions to prioritize their interests in crypto projects to protect local currencies. Data and policy analyst Obinna Uzoije highlighted that a unified regulatory framework for all ECOWAS member states would provide essential clarity for potential crypto investors.

Disclaimer: The information provided in this section is for informational purposes only, doesn't represent any investment advice or FameEX's official view.