Kazakhstan, an oil-rich nation in Central Asia, surpassed Russia in February 2021 and has since maintained its position as the third-largest contributor to Bitcoin BTC mining.Kazakhstan made up 13.22% of the overall Bitcoin hash rate as of January 2022, trailing just the two historical leaders, the United States (37.84%) and China (21.11%).The nation is now taking additional measures to maintain its status as one of the largest contributors to Bitcoin mining.Read on to see what these steps are.Kazakhstan Publishes Consultation Paper Enhances its Crypto Trading Framework Kazakhstan published a consultation paper in order to evaluate public interest in suggested changes to the cryptocurrency trading regime.A consultation paper is a document published that outlines the current law’s shortcomings, providing justifications for and against potential fixes, and seeking responses.On January 27, the Astana Financial Services Authority (AFSA), a Kazakh regulatory body, published the policy paper.
The AFSA emphasized that the revisions aim to add some enhancements to the Digital Asset Trading Facility (DATF) regulatory framework, which was established by the Astana International Financial Centre in 2018.The investigation by AFSA brought to light issues with the continued regulation of cryptocurrency exchanges, exposing “contradictions, ineffective rules, and ambiguous terminology within the system.” It suggested implementing risk mitigation strategies on a number of fronts, including governance, illegal activity, client funds security, and settlement.What changes will this bring? The AFSA believes that the policy proposals will result in a number of changes, including risk mitigation for crypto operations and the industry as a whole.Furthermore, the improvements will resolve the existing framework’s ambiguities and imprecise regulations.The end goal, according to AFSA, is to establish a conducive environment for crypto exchanges while promoting innovation.
According to reports, the new changes will benefit the crypto exchange industry.The study also revealed that the development of the “Digital Assets framework: Crypto exchanges, STO, and DASP” is one of three main development targets in the “AFSA’s Strategy for 2022” initiative, which is aligned with the review of the DATF framework.Kazakhstan’s central bank has proposed establishing an in-house central bank digital currency (CBDC) in 2023, with a progressive increase in functionality and commercialization until the end of 2025.Initiatives like this regarding cryptocurrency are very healthy in the market.
Investor confidence in the industry was shaken as a result of the FTX crash.However, Kazakhstan’s move is a step in the right direction for cryptocurrencies.Was this writing helpful? No Yes Qadir AK Qadir Ak is the founder of Coinpedia.He has over a decade of experience writing about technology and has been covering the blockchain and cryptocurrency space since 2010.He has also interviewed a few prominent experts within the cryptocurrency space.Crypto news Celsius Upcoming Withdrawals: Are Your Assets at Risk? Celsius, a bankrupt cryptocurrency lending firm, has issued an official statement regarding the pending withdrawals for eligible users.In a 1,411-page court filing with the US Bankruptcy Court in the Southern District of New York, Celsius has provided a list of users who will be able to retrieve approximately 94% of their eligible custody assets.The remaining 6% of assets will be determined at a later date.
Before processing any withdrawals, eligible users are required to update their Celsius accounts with the necessary information, such as Anti-Money Laundering (AML) and Know Your Customer (KYC) data, as well as the withdrawal destination address.Celsius stresses that failure to provide the necessary information will result in the inability to withdraw assets.Gas And Transaction Fees For Withdrawals In addition to the required information, eligible users will also be informed of the gas and transaction fees associated with the withdrawal process.Celsius has stated that those who do not have sufficient funds in their accounts to cover these fees will not be able to withdraw their assets.
The release of this information follows a court filing submitted by the court-appointed examiner, Shoba Pillay, which sheds light on various aspects of Celsius’ operations, including its relationship with the now-defunct FTX exchange.The report revealed that Celsius utilized Quickbooks software for financial management, similar to FTX and Alameda Research.The examiner’s report also alleges that Celsius and its founder, Alex Mashinsky, failed to deliver on their promises regarding the Celsius (CEL) token and other business ventures.It reveals questionable actions taken by the cryptocurrency lending firm, causing financial hardship for many of its customers.The report provides detailed evidence of improper and self-serving behavior that has caused harm to a significant number of people.The Official Committee of Unsecured Creditors (UCC) of Celsius is taking a firm stance on the matter and is determined to hold those responsible accountable for their actions.Was this writing helpful? No Yes Crypto news UCC Lawyers Refute Claims Of Leaked Bids for Celsius Crypto Assets A recent Twitter Space named “town hall” saw lawyers from White & Case LLP, Gregory Pesce, and Aaron Colodny, refute claims that the bids for Celsius’ crypto assets were mostly abandoned.
To provide some context to the issue, recently a blogger named Tiffany Fong had written about this in a post in her blog on Jan 27, saying that five companies were interested in buying Celsius’s crypto assets, including Binance, Bank To The Future, Galaxy Digital, Cumberland DRW, and NovaWulf.The lawyers denied these claims during the town hall.Fong had previously stated that the bids were “for the most part, abandoned,” citing a statement from a Celsius lawyer who proclaimed the bids they received so far “have not been compelling.” However, Pesce and Colodny, representing the Celsius Official Committee of Unsecured Creditors (UCC), denied this claim and stated that the bids have not been rejected.“The assertion that the bids have been rejected is just categorically false,” said Pesce.“Every day, we and the debtors are providing public messages and private messages to potential investors about where they stand in the process.” The UCC lawyers are now investigating the leak and aim to choose a path and bring the bankruptcy to a close as quickly as possible.UCC Lawyers Speak Out The UCC lawyers also made comments in light of the recent examiner’s report on Celsius.“Mr.
Mashinsky and many members of his team did wrong.They put themselves ahead of the company and its account holders,” said Colodny.The UCC is exploring options for recovery, including becoming a publicly-traded recovery corporation, selling off some of its mining equipment, winding down Celsius or transferring crypto to a third party.
The leaking of the bids has caused concern, with the UCC lawyers stating that there is a potential for manipulation by an investor involved in the process.Fong has responded to the accusation, claiming that the leaked bids were 100% free and not behind a paywall.Despite the controversy surrounding the leak, the UCC lawyers remain committed to finding the best outcome for Celsius account holders.
Was this writing helpful? No Yes Sahana Vibhute A passionate cryptocurrency and blockchain author qualified to cover every event in the crypto space.Researching minute occurrences and bringing new insights lie within the prime focus of my task.Crypto news India Budget 2023 : No Tax Relief For Crypto Investors And Traders Today is the day where the investors and traders are eagerly waiting for two of the important events that will mold the further days for the Cryptocurrency industry.The first is the FOMC meeting followed by Fed’s interest rate decision and next is India’s 2023 budget affecting future days of Crypto investors.The Indian investors and traders have been looking forward to this year’s budget in terms of any change in the crypto regulation.However, it looks like the Indian crypto space has let down its investors as there is no change mentioned for the crypto.Just a few hours ago, the Indian Finance Minister, Nirmala Sitharaman placed the budget for 2023 where the Indian crypto investors and traders were taken aback after the budget mentioned no plans or tax relief for Crypto trading and other Virtual Digital Assets (VDA) for the Indian Space.This move indicates that the Indian crypto investors and traders will continue last year’s crypto regulation.
In 2022 India laid down the crypto tax slab where the investors and traders had to pay 30% tax on profits and a 1%tax deduction at source (TDS).Now, the same rules are set to continue even for 2023.Nirmala Sitharaman : Crypto Regulation Should Be A International Priority As per the reports, in the last nine months, Indian crypto investors and traders transferred more than $3.8 billion in trading volume from local crypto exchanges to international ones.The Indian crypto space was positive on some relief towards Crypto tax in 2023 budget, however they were let down today.
The industry had demanded for a reduced TDS of 0.01% or atleast 0.1%.Further while discussing the Crypto regulation bill, Nirmala Sitharaman has claimed that this should be an international priority.As per the Finance Minister, this will be discussed next month in the presence of all G-20 members ahead of the G-20 summit which will be hosted by India in 2024.
Was this writing helpful? No Yes Elena R Elena is an expert in technical analysis and risk management in cryptocurrency market.
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