This week’s top-5 stories curated to catch up with the crypto world.
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The US Federal Reserve hiked interest rates by 50 basis points, putting an end to the most recent crypto rally. The Fed’s monetary policy committee has indicated a slowing in rate hikes after raising rates in 75 basis point increments for the last four sessions in a row. This can mean a turnaround for crypto as the market is expected to regain liquidity and rally back to higher levels by 2023. Other than that, here are the top stories from the world of crypto this week.
Indian govt collects over Rs 60 crore from crypto TDS
The Government of India has revealed that it has received Rs 60.46 crore from TDS (tax deducted at source) from the trading of virtual digital assets.
In addition to a 30 percent income tax, the government started levying a surcharge and cess on the transfer of digital assets this year. In July, the Centre also implemented a 1% TDS on transactions related to virtual digital assets.
Startups and investors in the country have been rallying against the high interest rates, claiming that they are limiting the country’s crypto economy. With the government set to present the latest Budget in February 2023, industry bodies have been lobbying the centre to slash the TDS on the transfer of digital assets.
India aims to coordinate crypto regulation in G-20 finance talks
The Group of 20 (G20) nations are working to reach a consensus on crypto asset policy to inform better global regulation. The first gathering of central bank and finance deputies for the G20 took place in Bengaluru, India, which is presently holding the G20 presidency.
India aims to prioritise the framing of globally coordinated crypto rules, thereby renewing the urgency for tighter regulations amid the crypto contagion triggered by the collapse of FTX.
A globally coordinated approach to unbacked crypto assets, advancing the international taxation agenda, managing global debt vulnerabilities, advancing financial inclusion and productivity gains, financing for climate action and sustainable development goals, and financing “cities of tomorrow” were some of the key issues discussed during the G-20 meetings.
Apple to permit third-party app stores, boon for NFTs and crypto
Tech giant Apple is getting ready to allow third-party app stores on its devices to comply with new anti-monopolistic requirements from the European Union (EU).
This is a huge win for crypto and NFT app developers as European customers would be able to download alternative app marketplaces outside of Apple’s proprietary App Store, allowing them to download apps that avoid Apple’s 30% commissions and app restrictions. The new law will be applicable starting May 2023 with businesses needing to fully comply by 2024.
Applications for NFT and cryptocurrencies that are now limited by App Store constraints may also gain from Apple’s ambitions to open its ecosystem. Such apps could then be installed via external sources and not be reliant on Apple’s strict policies.
However, the functionality could be expanded to other countries depending on whether those nations adopt similar regulations.
Starbucks unveils beta of Web3 Odyssey loyalty program
Starbucks has launched a beta test of its highly anticipated Odyssey program, which combines customer loyalty rewards with NFTs and other gamified elements.
The new initiative, which includes coffee themed NFTs that translate to real-world experiences, is an extension of Starbucks’ existing loyalty program, Starbucks Rewards, but leverages Web3 technology like the polygon blockchain and NFTs.
Members who were invited to the beta launch will also have access to the Starbucks Odyssey market, where users can buy and sell their digital collectible Stamps. Odyssey participants can purchase Stamps directly with a credit card or using cryptocurrencies.
Starbucks aims to simplify the process of purchasing NFTs, as it will not require that members have a crypto wallet, own cryptocurrency, or have any understanding of the underlying Web3 technologies.
PayPal teams up with MetaMask to make it easier to buy crypto
Payments platform PayPal has teamed up with MetaMask parent company ConsenSys to allow MetaMask users to buy cryptocurrencies using their PayPal account.
MetaMask is a non-custodial crypto wallet that lets you store crypto assets and interact with Web3 products.
The partnership intends to allow users to seamlessly purchase and transfer ETH from PayPal to MetaMask by simply logging onto their Mobile MetaMask App, which will then redirect them to their PayPal account to complete transactions.
MetaMask users will only be able to buy Ethereum (ETH) with PayPal as the payment method. The service will be rolled out to select PayPal users initially within the United States, as the country is one of MetaMask’s largest markets in terms of users.
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Disclaimer: This article was authored by Giottus Crypto Exchange as a part of a paid partnership with The News Minute. Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Please do your own research before investing and seek independent legal/financial advice if you are unsure about the investments.
