Subscribe
Share
Share
Embed
U.S. President Joe Biden proposes new taxes on crypto mining and digital asset rules expected to generate $42B over the next decade, Bitcoin surpasses silver in market cap becoming the eighth largest asset globally, Wyoming legalizes decentralized autonomous organizations (DAOs), the London Stock Exchange plans to accept applications for Bitcoin and Ether backed exchange-traded notes in Q2 2024, South Korea to launch a crypto-focused asset management system by 2025 to combat tax evasion, and Nexon Group partners with Ava Labs to launch MapleStory on the Avalanche blockchain network.
Your go-to podcast where we break down the latest cryptocurrency news into easy-to-understand insights.
Step into the enchanting world of 'Phoebe's Birmingham Beat,' the GenAI-powered podcast. This project is more than just a technical feat; it's a bridge between written words and the immersive world of audio storytelling. Artificial intelligence is not just a tool here. It is a co-author, editor and translator that transforms texts to make them perfect for listening. It gets rid of repetition, improves wording and tries to preserve a unique style. It's so nice to hear how accurately the voiceover captures intonations of surprise or annoyance. Sometimes the results are funny and weird - I love it. My favourite part is the wrong accents, numbers and off-the-cuff greetings.
Subscribe and keep your heartbeat in tune with the latest in cryptocurrency. 🎧💰🌐
The show takes its inspiration from the inside.com materials.
Host 1:"Have you noticed what's been skyrocketing lately, apart from my heart rate during a horror movie?"
Host 2:"Are we discussing the exorbitant prices of popcorn at the cinema? Or shall we delve into the timeless topic of your caffeine consumption?"
Host 1:"Wrong on all counts! It's Bitcoin, my dear fellow. Bitcoin has ascended to become the eighth largest asset globally, even outstripping silver in market capitalization. Quite the financial phenomenon, wouldn't you agree?"
Host 2:"Bitcoin? Quite the intriguing notion. Could it possibly be the herald of a new era, surpassing even the esteemed status of gold?"
Host 1:"Well, we've certainly witnessed more peculiar occurrences! On the subject of the unforeseen, our esteemed U.S. President, Joe Biden, has put forth some rather intriguing proposals for taxing crypto mining. It is anticipated that these measures will yield approximately $42 billion over the course of the next decade."
Host 2:Goodness gracious! Just envisage the possibilities with such a sum. Perhaps we could embark on establishing our very own decentralized autonomous organization?
Host 1:"Ah, it appears you've been keeping abreast of the latest developments! Wyoming has recently granted legal status to those very entities."
Host 2:"Quite the font of crypto wisdom today, aren't you?"
Host 1:"Just the tip of the iceberg, I say! The London Stock Exchange has grand plans to entertain applications for Bitcoin and Ether backed exchange-traded notes in the second quarter of 2024. Quite the intriguing development, wouldn't you agree?"
Host 2:"And would you believe it, ladies and gentlemen? South Korea has set its sights on tackling tax evasion with the launch of a crypto-focused asset management system by 2025. Quite the ambitious endeavor, wouldn't you say?"
Host 1:"And to top it all off, Nexon Group has forged a partnership with Ava Labs to introduce MapleStory on the Avalanche blockchain network. Quite the intriguing development, wouldn't you agree?"
Host 2:"Marvelous! I must say, I'm positively exhilarated by the myriad of crypto developments unfolding before us. It's akin to a child in a confectionery emporium, isn't it?"
Host 1:And that's the ticket! To all our esteemed listeners, fasten your seatbelts! We're in for an exhilarating journey through the captivating realm of cryptocurrency. Keep your ears perked for more thrilling updates!
Host 1:"Have you been keeping abreast of the latest financial news, or are you preoccupied with counting your crypto coins?"
Host 2:"Ah, you've got me pegged! I do endeavor to keep my finger on the pulse. What's the latest talk of the town?"
Host 1:"Ah, have you caught wind of U.S. President Joe Biden's latest fiscal 2025 budget proposal? It appears to harbor some rather intriguing implications for the world of cryptocurrency, wouldn't you agree?"
Host 2:Ah, I do believe I've caught wind of that. Is he not putting forth proposals for imposing fresh taxes on crypto mining endeavors and reinstating wash sale regulations for digital assets?
Host 1:Absolutely splendid! The government anticipates that this measure could yield nearly $10 billion in 2025 and a staggering $42 billion over the course of the next decade. Quite the substantial sum, wouldn't you agree?
Host 2:"Indeed, that's quite the substantial sum! But what exactly does this wash sale rule entail for crypto traders? And dear listeners, do pay heed, as this could have a significant impact on your crypto holdings!"
Host 1:"Ah, an astute inquiry indeed. A crypto wash sale occurs when a trader offloads assets at a loss and promptly reacquires them for tax mitigation purposes. This maneuver serves to alleviate their tax liability. It's a tactic prohibited in the realm of stocks and bonds, yet currently permissible for crypto traders, given that digital assets are not designated as securities."
Host 2:"Ah, so Biden's proposal aims to put an end to this practice in the crypto market, doesn't it?"
Host 1:"Indeed, the proposal entails amending the tax code's anti-abuse rules to encompass crypto assets. Furthermore, it advocates for the adoption of the mark-to-market accounting practice for digital assets, thereby ensuring that the value of crypto assets accurately reflects prevailing market conditions."
Host 2:"And all of these adjustments are projected to yield approximately $9 billion in 2025 and a substantial $32.3 billion over the course of the next decade, am I correct?"
Host 1:"Indeed, let's not overlook the proposed excise tax on crypto mining. It has the potential to reduce the national deficit by approximately $7 billion over the next decade."
Host 2:"Ah, quite the substantial sum indeed! But wasn't there a similar proposal from Biden last year?"
Host 1:"Yes, indeed. However, those proposals failed to make the cut in the U.S. Congress' draft budget bills. It shall be quite intriguing to observe the unfolding of events this time around."
Host 2:Absolutely! It's perpetually enthralling to witness the perpetual evolution of the financial realm and the cryptoverse. And dear patrons, do keep a keen eye on your crypto treasures!
Host 1:"Ah, you're always brimming with fascinating titbits. Allow me to reciprocate. Did you happen to be aware that Bitcoin has recently surpassed silver in market capitalization, propelling it to the esteemed position of the eighth largest asset in the world?"
Host 2:"Goodness gracious! Are you suggesting that Bitcoin has surpassed the value of silver? It's akin to proclaiming that a digital coin holds more worth than a pirate's treasure chest! Quite the extraordinary turn of events, wouldn't you say?"
Host 1:Absolutely! Come Monday, Bitcoin's market capitalization soared to a staggering $1.42 trillion, while silver's held steady at $1.39 trillion. It's reminiscent of a high-stakes game of Monopoly, wouldn't you agree?
Host 2:Absolutely! And who else might be vying for a spot at the table? I daresay the tech titans are likely contenders in this high-stakes game, wouldn't you agree?
Host 1:"Quite right! Gold, Microsoft, Apple, NVIDIA, Saudi Aramco, Amazon, and Alphabet all rank higher than Bitcoin in the top 10. Meta Platforms, formerly known as Facebook, is the sole asset class trailing behind Bitcoin and Silver with its $1.24 trillion market cap. Quite the intriguing lineup, wouldn't you say?"
Host 2:"Remarkable! That's a substantial sum indeed. However, what might be propelling this remarkable upsurge in Bitcoin's valuation?"
Host 1:"An excellent query! The remarkable surge in Bitcoin's market capitalization was predominantly instigated by a substantial rise in the token's value over the past seven days. Last week, the figure soared to a new all-time high exceeding $69,000, surpassing its previous record set in November 2021. Subsequently, the renowned cryptocurrency continued its upward trajectory, shattering consecutive price records. On Monday, Bitcoin achieved a historic milestone by surpassing the $72,000 mark for the very first time."
Host 2:"Absolutely astounding! But what might be the catalyst behind this remarkable surge in price?"
Host 1:"Indeed, the surge in Bitcoin's valuation can be attributed to the considerable investor interest in the recently introduced spot Bitcoin exchange-traded funds (ETFs) in the United States. The anticipation surrounding the impending Bitcoin halving event, projected to take place in April or May, also played a pivotal role in propelling Bitcoin to new price heights. This event, aimed at mitigating inflation, will halve the Bitcoin mining reward, thereby reducing the influx of new bitcoins into the network by 50%."
Host 2:"So, it's akin to the age-old dance of supply and demand, isn't it?"
Host 1:"Indeed! Analysts posit that the impending event is poised to elicit a sustained surge in the value of the preeminent cryptocurrency over the long haul, given its potential to curtail the overall supply of tokens in circulation."
Host 2:"Absolutely riveting! And who ought to be taking note of this captivating turn of events?"
Host 1:"In January, the spot Bitcoin ETFs outstripped the silver ETFs in assets under management. This shift was a result of the swift success that the U.S.-based crypto ETFs achieved within the very month of their commencement. The Bitcoin ETF issuers in the U.S. boast some of the largest traditional financial services firms, including Fidelity, Franklin Templeton, Valkyrie, Ark Invest, Grayscale, BlackRock, WisdomTree, and Invesco Galaxy. Therefore, anyone with an interest in finance, technology, or simply looking to turn a quick profit should undoubtedly keep a keen eye on this development!"
Host 1:"Have you happened to catch wind of the recent developments in Wyoming regarding Decentralized Autonomous Organizations, or DAOs? You always seem to be on top of the latest tech news."
Host 2:Absolutely splendid! It's a complete game-changer, I must say. Wyoming's Governor, Mark Gordon, has officially signed a groundbreaking new bill into law, known as the Wyoming Decentralized Unincorporated Nonprofit Association Act, or DUNA for short.
Host 1:That's quite a mouthful, isn't it? So, what precisely does this DUNA Act entail?
Host 2:"Ah, it's a matter of bestowing legal standing upon DAOs, you see. The legislation is slated to come into force on the 1st of July."
Host 1:"Quite intriguing! For those of us who may not be as well-versed in the world of technology, would you be so kind as to elucidate the concept of a DAO?"
Host 2:Absolutely! DAOs are essentially organizations devoid of centralized leadership. They operate under the governance of a decentralized computer program and are subject to rules enforced by a blockchain. Picture it as a democratic entity where all decisions and financial matters are conducted via blockchain technology, and token holders actively participate in the decision-making process through voting.
Host 1:"So, it's akin to a digital democracy, wouldn't you say?"
Host 2:"Absolutely! The beauty of it all lies in the fact that every vote and activity is recorded on a blockchain, rendering everything transparent and publicly accessible. Quite the marvel, wouldn't you say?"
Host 1:"Fascinating! And what might these Wyoming-based DAOs be empowered to accomplish under this new law?"
Host 2:"Remarkably diverse, I must say. These entities have the capacity to engage in contractual agreements with third parties, establish bank accounts, appear in legal proceedings, fulfill tax obligations, comply with information reporting requirements, and even remunerate their members for active participation in the governance process. Moreover, they are empowered to partake in revenue-generating activities while adhering to legal regulations, all the while maintaining their decentralized structure and nonprofit objectives."
Host 1:"Quite a formidable amount of authority for a decentralized organization, wouldn't you say? But what of the members? Are they held accountable for the actions of the DAO?"
Host 2:"An excellent inquiry! The legislation indeed recognizes these DAOs as distinct entities from their members. Hence, a DAO can be held accountable for an action without implicating the individual members."
Host 1:"Quite a fascinating development in the realm of digital currencies and blockchain technology. Much obliged for the elucidation!"
Host 2:Always a pleasure to share! It's truly enthralling to witness the profound impact of these technologies on our ever-evolving world.
Host 1:"Have you caught wind of the latest move by the London Stock Exchange? It seems they're endeavoring to keep pace with the ever-evolving world of crypto! Quite the intriguing development, isn't it?"
Host 2:"Ah, you're referring to the recent news about the London Stock Exchange entertaining applications for exchange-traded notes backed by Bitcoin and Ether? Indeed, I'm well aware of that development. It appears that the traditional finance realm is finally embracing the crypto universe, wouldn't you agree?"
Host 1:"And these aren't just any exchange-traded notes, mind you. They're backed by the two largest cryptocurrencies in terms of market capitalization. The plan is to kick this off in the second quarter of 2024. It's as if they're gearing up for a crypto marathon, wouldn't you say?"
Host 2:"Quite so, and they've made it abundantly clear that only applications meeting the criteria outlined in their cryptocurrency exchange-traded fund factsheet will be considered. It's a rather comprehensive document, I must say. It's almost as if they're establishing the rules for an intriguing new game."
Host 1:"And there's an added twist to the tale. These forthcoming ETNs will grant investors the opportunity to trade securities that mirror the performance of crypto assets listed on the exchange during London trading hours. The precise launch date, however, remains shrouded in mystery. It's akin to eagerly anticipating a surprise party, wouldn't you agree?"
Host 2:"Indeed, the requirements are rather stringent, aren't they? The proposed notes must be physically backed and non-leveraged. Additionally, the underlying crypto assets must be held in an offline depository wallet by 90%, or kept under custody in a manner that achieves a similar outcome. It's as if they're constructing a veritable fortress for crypto, wouldn't you say?"
Host 1:"And let's not overlook the stringent anti-money laundering regulations. The stipulation that the underlying assets must be held by a custodian subject to AML regulations in the U.K., EU, Jersey, Switzerland, or the U.S. is a clear indication of their commitment to upholding the integrity and security of the crypto sphere. It's as if they're endeavoring to ensure that the crypto world remains pristine and secure."
Host 2:Indeed, quite the development. The Financial Conduct Authority, the esteemed regulator of the U.K.'s financial markets, has indicated its willingness to entertain requests from recognized investment exchanges to establish a market segment for crypto-backed ETNs. It's almost as if they're signaling a cautious approval, albeit with certain stipulations.
Host 1:"But there's a twist to the tale, wouldn't you say?"
Host 2:"Absolutely, old chap. The FCA has rather explicitly stipulated that these investment products are exclusively reserved for the likes of credit institutions and investment firms. No room at the inn for the retail investors, I'm afraid. It's as if they're gently reminding us, 'Apologies, good people, this particular jaunt is not meant for all and sundry.'"
Host 1:"Quite the significant leap for the realm of crypto, wouldn't you say? However, it does come with its fair share of constraints. It shall be quite intriguing to observe how this unfolds, don't you think?"
Host 2:"It's quite the captivating period to be immersed in the realm of crypto, isn't it? It's akin to witnessing the dawn of a new era unfolding right before our very eyes."
Host 1:"Ah, you're our resident crypto whiz, aren't you? I've got some rather intriguing news for you. It appears that South Korea's National Tax Service is making quite the bold move in the crypto sphere."
Host 2:"Oh, really? Pray, do tell! And by the by, I'm not merely a crypto aficionado, but also a virtuoso when it comes to Sudoku puzzles!"
Host 1:(laughs) Quite an intriguing development, isn't it? Now, turning our attention back to our discussion, it seems that South Korea is set to introduce a crypto-focused asset management system by 2025. The primary aim is to curb tax evasion related to digital assets. They've even appointed GTIC as the lead firm to construct the system following an initial consultation.
Host 2:Fascinating! So, they're set to scrutinize and oversee the data gathered from crypto trading platforms in South Korea, correct? It's akin to a cryptic detective tale, albeit brimming with an abundance of numbers and codes!
Host 1:"Quite right, old chap! You're certainly quick on the uptake. And there's more to it than meets the eye. The country mandates these platforms to furnish comprehensive details regarding their users' crypto transactions."
Host 2:"Quite the stringent measures indeed. And I've come across some chatter about a crypto gains tax. Is it substantiated, or simply another whimsical crypto tale?"
Host 2:"Absolutely spot on. Initially, Nexon joined forces with Polygon Labs to unveil the Web3 iteration of MapleStory on the Polygon network. However, they subsequently opted to transition to Avalanche, citing superior server and infrastructure support, enhanced security, and a wealth of experience in onboarding and supporting diverse Web3 games."
Host 1:"And let's not overlook the fact that the Financial Services Commission and the Bank of Korea have been granted the authority to oversee crypto service providers and virtual asset custodians. They're even empowered to impose penalties in the event of any potential violations. Quite the formidable guardians of the crypto realm, wouldn't you say?"
Host 2:"Absolutely spot on. The inaugural addition to this novel line will indeed be MapleStory N. Players shall have the delightful opportunity to construct their very own virtual realms and partake in the pursuit of these Web3-based rewards. It's akin to an enthralling quest through a digital domain! However, here's the intriguing twist..."
Host 2:"Ah, splendid! There shall be a set number of these Web3 artifacts cleverly hidden throughout the game world, igniting a spirited rivalry among the players. Nexon Group is aiming to unveil MapleStory N by year's end. It's akin to a digital rendition of the Hunger Games, brimming with virtual treasures!"
Host 2:"Indeed, quite the noteworthy move. South Korea has certainly been stepping up its regulatory endeavors in the realm of crypto over the past year. Notably, in June 2023, the National Assembly enacted the Virtual Asset User Protection Act, a measure aimed at enhancing the safeguarding of crypto investors."
Host 1:"Absolutely! And it's not just a run-of-the-mill launch. They're fashioning an entire new Web3-based gaming escapade under the MapleStory Universe banner. For the uninitiated, Web3-based rewards are essentially digital assets that players can accrue and exchange, akin to NFTs or Non-Fungible Tokens."
Host 1:"It's rather intriguing to witness these gaming behemoths embracing blockchain technology. Let's not overlook the fact that MapleStory, which made its debut in 2003, was among the pioneering online games to popularize the free-to-play gaming model."
Host 2:"Indeed, it's quite evident that South Korea is approaching the crypto market with utmost seriousness. It shall be rather intriguing to observe the reverberations of these changes on the global crypto landscape, don't you think?"
Host 2:"Ah, you're referring to Nexon's collaboration with Ava Labs, I presume? They're in the process of unveiling the iconic 2D multiplayer online game, MapleStory, on Ava Labs' cutting-edge Avalanche blockchain network, aren't they?"
Host 1:"Quite the astute observation! And it's not just any run-of-the-mill network they're launching on. They're utilizing a distinct network nestled within Avalanche, meticulously tailored for the gaming realm of Nexon Group."
Host 1:"Speaking of our fondness for digital assets, let's veer off into the realm of gaming, shall we? It appears that the South Korean gaming powerhouse Nexon Group is causing quite a stir in the blockchain sphere."
Host 1:Absolutely, it's a realm we'll certainly keep under close scrutiny. And for our esteemed listeners, what are your ruminations on these developments? We eagerly await your insights on our social media platforms!
Host 2:Absolutely! And it's not just a hit in South Korea, you know. This game boasts a staggering 180 million users worldwide, spanning across the U.S., Europe, Japan, and China. It's truly a global sensation!
Host 1:"Ah, do keep a keen eye out for MapleStory N. Who knows, you might just find yourself immersed in an entirely new gaming universe! Or, as they say, a veritable Hunger Games of digital assets! (chuckles)"
Host 1:"No tall tales here, my dear friend! Commencing January 2025, the authorities shall levy a 22% tax on crypto profits surpassing 2.5 million Korean won, roughly equivalent to $1,875."
Host 1:"Pray, do enlighten us with the intriguing twist!"