Coin circle news focus:

  • Taiwan’s “Virtual Asset Management Bill” passed on first reading! Cryptocurrency regulation continues to move forward

  • Kraken plans to cooperate with the IRS and only provide basic user information

  • dYdX launches a new public chain based on Cosmos technology, two major highlights are good for project development

The currency circle boss said this:

  • Jeff Kirdeikis: "The United States' crazy money printing has led to the loss of the purchasing power of fiat currency!"

Critical hit chance this week:

  • Fancy: "Potential airdrop ambush! Scroll mainnet is online"

Prices of Bitcoin and other cryptocurrencies | CoinGecko Top 100 Cryptocurrencies (2023.10.27 AM 08:00 ~ 2023.10.28 AM 08:00

Coin News Focus

Taiwan’s “Virtual Asset Management Bill” passed on first reading! Cryptocurrency regulation continues to move forward

The Legislative Yuan currently passed the "Virtual Asset Management Bill" on first reading. This legislation focuses on regulating virtual currency-related businesses and lays the foundation for subsequent legislation through a broader framework, including advertising restrictions, user asset isolation, business scope, registration requirements, etc. Regulation. The industry generally believes that the passage of the first reading of the current draft shows Taiwan's progress in cryptocurrency/commodity compliance, and more detailed relevant regulations will be formulated based on this draft in the future.

Some people in the industry pointed out that the effectiveness of this draft in law enforcement has not yet been perfected, and that the draft may rely too much on the autonomy clauses of "trade associations" and lacks corresponding regulations or protections for investors and promoters. There is still a lot of room for discussion. .

 

Kraken plans to cooperate with the IRS and only provide basic user information

Kraken, a well-known American cryptocurrency exchange, recently informed users that they plan to share crypto transaction data with the IRS in early November. 42,017 Kraken accounts with a transaction volume of more than $20,000 will be affected by this decision.

This decision was requested by the IRS. After 2 years of litigation, Kraken finally successfully refused the IRS's request for users' IP addresses and restricted them to only request Kraken to provide transaction data and basic user information. This was a success for user privacy. A struggle.

 

dYdX launches a new public chain based on Cosmos technology, two major highlights are good for project development

Recently, dYdX announced that it will launch version v4, which will be launched as a new Layer1 blockchain based on Cosmos technology. According to the official announcement, this blockchain will rely on DYDX tokens for staking to maintain the security of the blockchain and allow holders to participate in governance activities. Therefore, as the new version goes online, a network will be established from Ethereum One-way bridge to the dYdX chain.

Another interesting point is that the dYdX team stated that all protocol fees (including transaction fees) will be allocated to validators and mortgagers in the form of USDC, which means that dYdX is gradually improving its economic model to provide users with more transparency and a reliable reward system.

 

Other currency news

  • Gemini has filed a lawsuit against former partner Genesis, seeking to freeze the $1.6 billion GBTC Grayscale Bitcoin Trust.

Full version of Lian Xi’s birthday report

Watch the boss’s views and critical attack opportunities this week

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