Cryptocurrency market trends and industry developments

Regulatory Aspect

The Central Bank of Nigeria has imposed a blanket ban on Bitcoin and other digital assets, requiring local banks to immediately close customer accounts linked to cryptocurrency exchanges. This move may be related to the 2020 protests, when young people used Bitcoin donations heavily to support protest actions.

The Estonian Ministry of Finance is tightening the regulation of crypto asset licenses. The new regulations will be overseen by the financial regulatory authority Finantsinspektsioon, replacing the previous financial intelligence unit. The existing 381 licensed institutions will need to reapply for operating licenses, with only an estimated 50-100 companies expected to meet the new regulatory requirements.

The Indian government has clarified its stance on Crypto Assets and the digital rupee, stating that it will not recognize Crypto Assets as legal tender, but will actively explore the application of blockchain technology in the digital economy. The government's focus is on curbing the illegal use of Crypto Assets.

The South African Revenue Service requires taxpayers to disclose their Crypto Assets trading activities, including the purpose of purchases and the trading timeline. Failure to report or making false statements may result in a maximum of two years imprisonment.

The Spanish tax authorities have issued guidelines to reduce the risk of tax evasion in cryptocurrencies, including requiring local exchanges to provide user information, analyze transaction data, and strengthen international cooperation.

The province of Córdoba in Argentina has passed a new law imposing a tax of 4% to 6.5% on Crypto Assets transactions. Individuals or companies accepting payments in Crypto Assets are required to pay a tax of 0.25%.

Beijing plans to distribute 50,000 digital RMB red envelopes, each worth 200 yuan, as part of the payment service environment construction for the Winter Olympics.

Industry Development

PayPal is investing in its new crypto, blockchain and digital currency business unit and plans to launch a feature that will allow users to fund their accounts using cryptocurrency.

Tesla CEO Elon Musk expressed his support for Bitcoin, believing it to be a good thing. SpaceX executives attended a Bitcoin-related summit to explore the possibility of adding Bitcoin to the company's assets.

Forbes released the 2021 Global Blockchain 50, with 7 Chinese companies making the list. Ant Group is the only company in China to be listed for three consecutive years.

Canadian fintech company Accelerate has filed a prospectus for a Bitcoin ETF to be listed on the Toronto Stock Exchange.

The Filecoin network will upgrade to version v1.5.0 in the near future, which includes two improvement proposals aimed at enhancing performance and security.

In January, the search volume for "buying Crypto Assets" on Google hit a new high, reflecting the growing public interest in Crypto Assets.