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Huobi global exchange plans expanding activities in Russia

Huobi global exchange, one of the biggest exchange firms in the globe has announced plans to improve its presence and expand its activities in Russia. Towards achieving this goal, the firm would partner Huobi Russia, another independent arm that has been operating in Russia since 2018 and appointed Vladimir Demin has been appointed as the […]

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Huobi global exchange, one of the biggest exchange firms in the globe has announced plans to improve its presence and expand its activities in Russia.

Towards achieving this goal, the firm would partner Huobi Russia, another independent arm that has been operating in Russia since 2018 and appointed Vladimir Demin has been appointed as the company’s chief advisor to facilitate this process.

Demin’s primary responsibility is to help develop the company’s market in Russia as he was previously a partner and CEO for Huobi Russia.

Demin also believes in Huobi global exchange project to expand operation in Russia as he explains that market opportunity for crypto and blockchain is huge and hopes to help Huobi global exchange expand high demand for crypto products in Russia.

Huobi global exchange operation plan

Huobi Russia would remain independent amidst Huobi global plans to expand in the country. However, it would be able to access liquidity and technology of Huobi global to facilitate this expansion.

The VP of Huobi Global Market, Ciara Sun, in her comment regarding this expansion said Huobi Global would carefully manage the issue of user migration from Huobi Russia to Huobi Global. To do that, they had created a simple one-click migration option on the user interface along with their brand upgrade campaign.

According to Sun, Huobi Global would offer various benefits and preferential treatment to Huobi Russia users who opted to migrate to Huobi Global.

The firm has been impressed by Russia’s crypto market and delighted with Huobi Russia that built a leading brand position in Russia’s market.

Russia and crypto

In Russia, the crypto space has continued to face major setbacks as authorities in the country continue to have reservations about the digital asset.

Previously, the country’s central bank has said they would place a total ban on crypto. The country’s legislative arm of government, on the other hand, stopped the move and gave legal recognition to crypto as property and placed a ban on using crypto to make payment for goods and services.

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Audio Streaming Mogul Spotify Considering Cryptocurrency Payments

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Joining the tech and financial services bigwigs in the payments revolution, Spotify too is going the crypto way. The Swedish audio streaming and music services giant just put up a job offer for an Associate Director, Payments Strategy & Innovation. The desired candidate will play a key role in ‘navigating the company’s payments rudder’ through the cryptocurrency ecosystem.

Spotify Looking To Be A ‘Leading Player In The Cryptocurrency Space’

As per an official job opening that Spotify just posted, the company is looking for an Associate Director for their Payments Strategy & Innovation Team. The said individual would report to the Director of the same team. And will be instrumental in Spotify gaining a considerable foothold wrt integration of cryptocurrency payments. According to the description:

We are now looking for an outstanding Associate Director to join our Payments Strategy & Innovation team. This role will report to the Director, Payments Strategy & Innovation and will play a key part in defining and implementing Spotify’s payments strategy as well as leading Spotify’s activity within the Libra stablecoin project and wider digital asset & cryptocurrency space.

The objective is to address the company’s plan of ‘enabling new monetization opportunities’ for music creators. Also, Spotify wants its platform to become accessible to a larger section of potential users.

Spotify intends to inculcate all the latest fintech trends in their payments strategy, including cryptocurrencies. So that users from all sections of the society can access the music streaming platform.

Crypto Agenda Involves Libra As Well

One of the designated roles of the incoming Associate Payments Strategy Director would be to lead ‘Spotify’s day-to-day engagement with the Libra Association.’ This is due to the ongoing alliance of the company with Facebook’s digital currency project.

Along with this, the company is looking to leverage all the blue-chip aspects of the blockchain and cryptocurrency space. This includes stablecoins and Central Bank Digital Currencies (CBDCs). It is to streamline its transition to the most advanced payment methods available in finance at the moment.

The Associate Payments Strategy Director would be required to fulfill the above roadmap by making use of

Spotify’s global footprint to seek out innovation in the payments domain globally as well as emerging regulatory & market trends that could influence Spotify’s approach to payments.

Through all the above, the company actually intends to elevate its ‘reputation as a market leader in payments’, the website said. And give giant payments players like PayPal a run for their money.

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Source: https://cryptopotato.com/audio-streaming-mogul-spotify-considering-cryptocurrency-payments/

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1 Million ETH Got Locked In Ethereum 2.0: Report

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Approximately $600 million or 1 Million ETH got locked in Ethereum 2.0 just days after the beacon chain launch. In today’s Ethereum latest news, we read more about it.

1 million ETH got staked on Ethereum 2.0 four days after the protocol launched its beacon chain upgrade, according to the on-chain explorer service Etherscan. The amount is now worth about $600 million and will reward the stakers in the future when other phases are launched and staked amounts get open for withdrawals. However, the annual yields on these staked funds remain unspecified and the locked up ETH will be a part of the multiphase move to the proof of stake protocol. This shift will allow Ethereum to become a faster, low fee, and scalable blockchain.

The awaited staking launch was met with a poor response at first with only 50,000 ETH coming In the first week and 3200 ETH coming from Ethereum’s creator, Vitalik Buterin himself. However, the ETH army piled on the last few days before the December 1 deadline and pushed the deposits in the minimum required 524,000 ETH. This required some help from the whale which is when Celsius Network claimed to fork up to 25,000 ETH to the ETH 2.0 cause along with other large token holders and crypto funds.

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The staked funds are 116% higher today than the network required according to the data from Dune analytics. The amount consists of a total of 3,028 depositors who staked a minimum of 32 ETH each. As reported earlier, Ethereum settled above the key $600 resistance level and increased towards $625 with the price consolidating near the $600 support and the 100 hourly simple moving average. There’s a major contracting triangle forming with the resistance at $620 on the hourly charts of the pair with a chance of starting a fresh increase above the $620 level as long as Ethereum stays above 100 hourly SMA. There was a steady increase in Ethereum after it broke the $600 resistance and the price will even break the $610 level while settling above the 100 hourly simple moving average.

ETH/usd
Source ETH/USD on TradingView.com

The ETH/USD is now rising and approaching the 50 levels with the major support level set at $600, while the major resistance level is set at $620.

DC Forecasts is a leader in many crypto news categories, striving for the highest journalistic standards and abiding by a strict set of editorial policies. If you are interested to offer your expertise or contribute to our news website, feel free to contact us at [email protected]

Source: https://www.dcforecasts.com/ethereum-news/1-million-eth-got-locked-in-ethereum-2-0-report/

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India Reportedly Plans to Tax Crypto Investors As Bitcoin Price and Trading Activities Soar

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Barely ten months after the Indian Supreme Court lifted the RBI’s ban on cryptocurrency transactions, fresh reports from yesterday revealed that the country’s tax authority is now keeping a close watch on crypto traders as Bitcoin’s price continues its bullish trend.

Taxing Crypto Gains

According to local media, the Indian Tax Department is already in possession of data belonging to investors who invested in Bitcoin or cryptocurrencies through banking channels before the RBI’s ban in 2018. 

This development is coming after data shows a tremendous increase in crypto trading activities in India. Since the crypto ban was lifted earlier this year, retail investors between the ages of 25 and 40 have been spending millions of dollars on crypto trading every day. 

Over $25 Million Daily

Two of India’s largest crypto trading platforms, Binance-acquired WazirX and CoinDCX, saw a significant increase in activities over the last six months. According to an earlier report, WazirX recorded a massive 125% increase in user signups in the last two quarters. The exchange also has a daily trading volume of $19-26 million, with more than 85% of the transaction coming from Indian traders. 

Some experts believe it will be difficult for the country to tax crypto because there’s no regulation in place for crypto dealings. They feel a regulatory framework will provide the needed clarity to make taxation easier. While India is yet to release its crypto regulation, an earlier report suggests that the country may regulate crypto as commodities.

Declaring Bitcoin Profits As Capital Gains

Although it is unclear how India plans to implement the tax law, sources familiar with the matter claimed that the country’s taxman is already preparing to collect tax on the gains made from Bitcoin. And notice may be sent out to investors if “something goes out of this.”

Experts believe that the tax authorities may classify crypto gains as business income, and investors may have to pay up to 30% tax on profits made from selling cryptocurrencies. 

However, some tax experts are advising their clients to declare their Bitcoin earnings as capital gains, which is similar to profits generated from shares.

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Source: https://cryptopotato.com/india-reportedly-plans-to-tax-crypto-investors-as-bitcoin-price-and-trading-activities-soar/

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