It’s hard to believe how quickly the year has flown by—feels like 2020 was just yesterday! Let's dive in.
Microsoft Urges Shareholders to Reject Proposal on Bitcoin as Inflation Hedge
Microsoft is advising its shareholders to vote against a proposal to assess Bitcoin as a hedge against inflation. The proposal, suggested by the National Center for Public Policy Research, calls for evaluating Bitcoin's role as a diversification tool. Microsoft’s board, however, is recommending a no vote, citing that while they track cryptocurrency trends, Bitcoin's volatility and risk profile don’t align with the company’s corporate treasury needs.
Meanwhile, Michael Saylor of MicroStrategy, an outspoken Bitcoin supporter, has weighed in, essentially saying Microsoft is missing out on an opportunity to turn its shareholders into the “next trillionaires.”
South Korea Introduces Cross-Border Crypto Regulations to Curb Financial Crimes
In South Korea, the finance minister has proposed new regulations for crypto firms handling cross-border transactions to combat foreign exchange crimes linked to digital assets. The proposal mandates that any company involved in cross-border stablecoin or crypto transactions must pre-register and report monthly transaction data to the Bank of Korea. The data will be shared across several government bodies to monitor illegal activities, such as money laundering and arbitrage.
Reports show that 88% of South Korea's foreign exchange crimes involve cryptocurrency, totaling approximately $1.2 billion. The measure is part of South Korea’s broader strategy to establish a more structured regulatory framework for digital assets.
Pennsylvania’s House of Representatives Passes the Bitcoin Rights Bill
Back in the U.S., Pennsylvania’s House of Representatives has passed a significant new piece of legislation: House Bill 2481, also known as the Bitcoin Rights Bill. This legislation, which passed with a bipartisan vote of 176-26, secures residents' rights to self-custody their digital assets, allows Bitcoin for payments, and sets tax guidelines for Bitcoin transactions. The bill now heads to Pennsylvania's Senate and, if approved, will go to the governor's desk.
The Netherlands to Require Crypto Firms to Report Users' Transactions
The Dutch Tax Authority has introduced a draft bill requiring crypto firms to report users' transaction data to align with EU regulations under the DAC-8 directive. The goal is to improve tax transparency and ensure crypto assets are held as accountable as traditional assets. Once finalized, the law would require crypto companies to share customer data with tax authorities starting January 2026.
DAC-8 aims to improve oversight by sharing cross-border transaction data among EU member states, with penalties for non-compliance. The Dutch draft law is open for public consultation until November 21, 2024.
Canadian Crypto Custody Firm Balance Now Qualified to Keep Assets in Canada
In Canada, Balance, a crypto custody firm, has gained qualified custodian status, allowing it to keep Canadian ETF crypto assets domestically. Up until now, these assets have been held by U.S.-based custodians like Coinbase and Gemini. According to Balance’s CEO, this move will simplify the process and be more cost-effective for local asset managers.
It’s worth remembering that in early 2022, the Canadian government invoked the Emergencies Act to freeze accounts of individuals involved in protests, limiting access to their funds. Incidents like these make a strong case for the self-custody of assets, underscoring concerns over centralized control in the crypto space.
Crypto Prices
Bitcoin: $68,192, up 0.5% in the past 24 hours.
Ethereum: $2,550, up 0.4%.
Binance: $592, mostly unchanged.
Solana: $174, down 0.6%, though still up 13.8% over the week.
XRP: $0.524, down 1%.
Dogecoin: $0.138, down 2.2%.
Tron: $0.165, up 1.8%.
Toncoin: $5.04, down 2.6%.
The total market cap is $2.32 trillion, mostly unchanged from yesterday, with Bitcoin accounting for $1.34 trillion and Ethereum for $306.6 billion.
Have a great weekend, and remember—if you haven’t yet, go out and vote. Until Monday, happy hodling, everyone!
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