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Today's Market Update: Crypto News Round-up of 1st of September 2022

01-Sep-2022 By: Sudeep Saxena
Today's Market Updat

Crypto News Round-up of 1st of September 2022

  • Japan proposes lowering crypto taxes in order to strengthen the economy:

The Financial Services Agency (FSA) of Japan has proposed lowering the country's corporate crypto tax in order to stimulate the economy in accordance with Prime Minister Fumio Kishida's vision. On August 31, a local media outlet reported that the proposed amendment would exclude firms from paying taxes for paper profits on cryptocurrencies they hold after issuing them.

As CoinGabbar earlier reported, Japanese banking giant Shinsei Bank has launched a new project in which users will be rewarded with cryptocurrency exchange vouchers for opening an account with the facility.

  • Ripple's Attempt to Tokenize Colombian Land Stalls due to the New Administration:

A collaboration between the Colombian government and Ripple Labs to place land titles on the blockchain appears to have stalled after the project was "deprioritized" by the new administration. The project was first announced by the previous government's Ministry of IT and Communications, just two weeks before the newly elected President Gustavo Petro took office.

The collaboration, which includes Colombia's National Land Agency, Ripple, and software development firm Peersyst Technology, is intended to tokenize real estate on the blockchain in order to simplify property search operations, establish transparent and cheaper property title administration, and more efficient financing and payment processing.

  • South Korean Officials Detain 16 Individuals Involved in $2 Billion in Cryptocurrency Transactions: Report

Authorities from South Korea's customs department have reportedly detained 16 persons involved in unlawful foreign exchange transactions involving crypto assets valued around $2 billion According to a report published on Tuesday by a South Korean news agency, the country's customs officials plan to prosecute two anonymous persons involved in the illegal transactions, fine seven people for incompetence, and continue investigating the remaining seven.

Since February, the Korea Customs Service has allegedly identified more than 2.7 trillion won — nearly $2 billion at the time of writing — linked to transactions with domestic and overseas cryptocurrency exchanges. Over 380 billion won (approximately $283 million) of the recorded transactions were facilitated by illicit remittance agencies.

  • Famous watchmaker Jacob and Co unveil BTC-themed luxury watch

Despite the fact that the value of cryptocurrency continues to fluctuate significantly, luxury watchmakers continue to be active in the field, either by accepting crypto payments or through designs. The most recent luxury crypto watch comes from Jacob and Co, which announced on Instagram that it will be presenting the all-new Astronomia Solar Bitcoin limited edition at the World premiere at 'The Geneva Watch Days' by appointment only, from August 29 to September 1.

In the last two months, we have seen a remarkable increase in the acceptance of cryptocurrency payments by well-known brands. Many of these luxury brands have also filed trademarks for NFTs and cryptocurrency.

  • OpenSea Says Marketplace won't Support Forked NFTs Post Merge

As the Ethereum Merge date approaches, non-fungible token (NFT) marketplace OpenSea has declared that it would only allow NFTs on the upgraded proof-of-stake (PoS) blockchain. In an announcement on Twitter, the NFT marketplace said that while their team is not speculating on any future forks, it underlined that if there are forked NFTs, they would not be reflected on OpenSea because the platform will only accept the updated chain.

Apart from OpenSea, Chainlink has also confirmed its support for the Ethereum mainnet's PoS transition. The developers said that the protocol would not support any Ethereum splits that may occur following the Merge. The team also promised its community that it is doing its best to prepare for any problems that may arise during the transition.

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