Weekly Report (05 – 12 June 23) | What Happened This Week In Crypto

This Report will provide some essential and quick news about cryptocurrencies happening worldwide.

1) Hong Kong Lawmakers Accept Coinbase During SEC Inquiry

Hong Kong’s forward-thinking laws and commitment to being a digital centre provide a welcoming setting for business expansion. A lawmaker in Hong Kong has promoted the city’s enlightened position on cryptocurrencies by inviting Coinbase and other cryptocurrency exchanges to set up shop there…[continue reading]

2) Nigeria Will Impose A 10% Capital Gains Tax On Crypto

The bill’s goals include increasing government openness, raising money, and officially recognising cryptocurrency as property. Several tax changes designed to bring the country’s tax system up to date are included in the legislation. The legislation included a clause that imposed a 10% tax on selling digital assets like cryptocurrency…[continue reading]

3) The Total Debt Owed By The US Will Have Exploded Above $17 Trillion

The increase in mortgage originations is partly to blame for the “faster-than-usual” rise in consumer debt. At the height of the Covid-19 epidemic, 14 million mortgages were refinanced as homeowners took advantage of historically cheap interest rates…[continue reading]

4) Cardano Was Removed From Robinhood As Pressure From Regulators Grew

The market is reacting to the SEC’s lawsuit against Binance and Coinbase. The complaint brought by the SEC is adding pressure on exchanges. The SEC has created quite a quandary by classifying Cardano and similar tokens as unregistered securities in its high-profile action against Binance…[continue reading]

5) The United States Has Introduced New Crypto Legislation

On June 13th, a committee hearing will be held to consider the most recent measure officially. The prior law targeted stablecoin transactions in particular. The new version of the proposal expands on the definition of a payment stablecoin and specifies who may issue such a coin…[continue reading]