Every Monday, we cover the latest developments and trends in the dynamic and ever-evolving world of cryptocurrency. From price movements, to industry news, and our favorite resources, we strive to provide our readers with a comprehensive overview of the crypto landscape.
Dear Ndaxers, Welcome to Week 1 of new bitcoins entering circulation at a rate of about 450/day... (Down from 900/day just one week ago.)
New Crypto Tax reporting standards are coming to Canada. Canada plans to adopt the international Crypto-Asset Reporting Framework (CARF) for taxation by 2026, aiming to align with the OECD standard by 2027, as agreed upon by 47 countries. The CARF introduces new reporting obligations for crypto asset service providers (CASPs), including exchanges, brokers, and ATM operators. CASPs must report transactions between crypto and fiat currencies, as well as crypto-to-crypto transactions exceeding $50,000 USD. Additionally, CASPs must collect and report customer information to the Canada Revenue Agency (CRA), including name, address, and taxpayer identification numbers. Canadian residents and non-residents conducting transactions in Canada are subject to reporting. However, CBDCs and stablecoins are exempt from CARF reporting, as they fall under the OECD Common Reporting Standard (CRS). Information collected under CARF will be shared internationally, addressing gaps in traditional financial reporting. The CARF, developed by the OECD, was introduced in response to the limitations of the CRS in capturing non-traditional financial transactions. CoinTelegraph
An Austin-based Trammell Venture Partners Research report released last week discusses the 2023 Bitcoin-native Startup and VC Ecosystem: Despite a 12.5% year-over-year decline in total capital raised by Bitcoin startups, the number of deals has skyrocketed, with a 360% surge in pre-seed transactions. While deal size may be down, deal frequency is accelerating, indicating the potential long-term viability of the Bitcoin ecosystem. The report also highlights that the bitcoin-native venture capital deal count rose 69.2% from the prior year, while the crypto VC deal count fell 35.3%. The Bitcoin Layer
Market Summary
Performance
Top Weekly Movers at Ndax
Who were the top-performing assets on Ndax last week?
The clear winner coming into Bitcoin’s 4th post-halving era was the BTC itself. Indeed, Bitcoin notched a 3-year high in market share relative to the global crypto market cap and currently has a market cap of CA$1.71T
Prices as of 04/22/2024 12:00 AM EST
Keep an eye on the market here 👉 Cryptocurrency Prices
In the cryptocurrency community, there's always something going on. Here are a few events and happenings that you might be interested in:
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Disclaimer: This article is not intended to provide investment, legal, accounting, tax or any other advice and should not be relied on in that or any other regard. The information contained herein is for information purposes only and is not to be construed as an offer or solicitation for the sale or purchase of cryptocurrencies or otherwise.