Finance News

Uzbekistan Allows Foreign Firms to Deposit Funds From Crypto Trading, Restricts Other Operations

Coins Legend February 16, 2023 0

The Central Bank of Uzbekistan has permitted foreign-based businesses to open domestic bank accounts and deposit funds received from cryptocurrency trading. These companies will also be able to transfer the money abroad, but operations in the country will be restricted. Uzbekistan Updates Rules

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Swiss Crypto Company Taurus Raises $65 Million From Credit Suisse, Other Banks

Coins Legend February 16, 2023 0

Digital asset infrastructure provider Taurus has secured millions of U.S. dollars in investment from major banking institutions. The successful funding round comes in the aftermath of negative developments in the crypto space, indicating that large players from traditional finance remain engaged with the market despite its woes. Credit Suisse, Deutsche Bank Invest in

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UK Payments Company Wirex Becomes Visa Global Partner, Extends Crypto Card Program Reach to Over 40 Countries

Coins Legend February 15, 2023 0

Wirex, a London-based digital payments company, has announced it has become a global partner of Visa, to allow the company to bring its card services to more markets in the world. The new partnership means that Wirex will be able to offer its crypto card services to APAC and U.K. markets. Wirex Partners With Visa […]

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Southeast Asia’s Largest Bank DBS Unveils Plan to Expand Crypto Services in Hong Kong

Coins Legend February 14, 2023 0

DBS, the largest bank in Southeast Asia, has unveiled its plan to expand its crypto services in Hong Kong. “We are planning to apply for a license in Hong Kong so that the bank could sell digital assets to our Hong Kong customers,” said an executive of the bank. DBS Bank to Apply for Digital […]

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Report: South Sudan Government Bans US Dollar Transactions

Coins Legend February 14, 2023 0

The government of South Sudan has reportedly prohibited U.S. dollar-based transactions and has directed that all local payments be settled in the local currency. The Salva Kiir Mayardit government reportedly said it also wants all signed commercial contracts to be based on the local currency. South Sudan’s Economic Meltdown As part of initiatives aimed at […]

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Silvergate Bank Becomes Most Shorted Stock in US, but Sees Boost With Citadel Securities Stake

Coins Legend February 14, 2023 0

Recent data shows that Silvergate Bank, a crypto-friendly financial institution, has become the most shorted stock in the United States, according to the Financial Industry Regulatory Authority. On Tuesday, Silvergate’s stock saw a rise after it was discovered that Citadel Securities holds a 5.5% stake in the bank, according to a Schedule 13G filing with […]

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UAE Launches ‘Financial Infrastructure Transformation’ Program; CBDC Among 9 Key Objectives

Coins Legend February 14, 2023 0

On Feb. 12, 2023, the Central Bank of the United Arab Emirates (CBUAE) announced the launch of a new initiative called the “Financial Infrastructure Transformation Program,” which has nine key objectives. One of these objectives is the research and development of a central bank digital currency (CBDC) designed to address both cross-border payments and domestic […]

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Brazilians Will Be Able to Pay Taxes With Crypto

Coins Legend February 13, 2023 0

Brazilians will now be able to pay part of their state taxes using cryptocurrencies. Banco do Brazil, a mixed ownership bank, is launching the option of paying a set of taxes with crypto, using Bitfy, a Brazilian cryptocurrency startup, as a payment processor, exchanging the cryptocurrencies paid for Brazilian reals on the fly. Brazilians Will […]

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Income Tax Applies to Crypto Trading in Bosnia, Tax Administration Says

Coins Legend February 13, 2023 0

Individuals are expected to pay income tax on gains from cryptocurrency trading, the tax authority of Bosnia has determined. In the absence of dedicated regulations, the federal government in Sarajevo has set up a working group to assess various risks associated with digital assets. Income Tax Is Due on Profits From Crypto Trades, Bosnia Tax […]

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Bridgewater CIO Warns of Deeper, Longer, and ‘Much More Painful’ Recession Than What We’re Accustomed To

Coins Legend February 13, 2023 0

Bridgewater Associates’ co-chief investment officer has warned about a recession that is “much more difficult” and “much more painful” than what we’ve been accustomed to. “The dam has been broken where fiscal policymakers are now part of the story,” said the executive of the world’s largest hedge fund. Bridgewater Executive’s Recession Warning Karen Karniol-Tambour,