EddieJayonCrypto
26 May 22
• Gafisa, a major real estate developer in Brazil, is said to be accepting Bitcoin as payment• Brian Armstrong, CEO of Coinbase, thinks there are positive regulatory signals coming from the Biden administration• Ark Invest files for a spot ETF in the US putting more pressure on the SEC• Portugal is ...
• Gafisa, a major real estate developer in Brazil, is said to be accepting Bitcoin as payment• Brian Armstrong, CEO of Coinbase, thinks there are positive regulatory signals coming from the Biden administration• Ark Invest files for a spot ETF in the US putting more pressure on the SEC• Portugal is a crypto tax haven…for now• South Korea wants exchanges to freeze the assets of Luna Foundation Guard (LFG)• Australia's Commonwealth Bank halts crypto trading app pilot program citing regulatory hurdlesThere is a level of seriousness with regard to the maturity of Web3 that am seeing as I do my research. Here is what is on my mind today.1. Gafisa, a major real estate developer in Brazil, is said to be accepting Bitcoin as payment for real estate deals. The thought is that Bitcoin eliminates middlemen in the payment process. I mentioned yesterday that decentralization is beginning to grow. Almost every aspect of a business deal can benefit from cryptocurrency transactions, not to mention the power of smart contracts. Adoption is not limited to the consumer. Business adoption is on the table, too. 2. Brian Armstrong, CEO of Coinbase, thinks there are positive regulatory signals coming from the Biden administration regarding the crypto industry. I want you to think about why he is acutely focused on US regulation. He is the CEO of a major centralized exchange. You should know that exchanges are under serious regulatory scrutiny. I pay very close attention to regulatory events around the world and how it affects the distinct aspects of the crypto space. If I see there is regulation coming that could have a negative impact in a given country, I am going to dig in and see what companies or projects would be affected and take the appropriate measures. 3. Pressure is mounting on the SEC to approve a physical Bitcoin ETF as ARK Invest files their application for one. They have been growing in Europe, but are facing a brick wall in the US. The SEC has approved other types of ETFs like Valkyrie's Bitcoin futures ETF I noted May 6th. 4. Currently, Portugal is still a crypto tax haven, but that could change in the near future. Two crypto tax proposal were defeated recently. That said, it seems very likely the government will introduce a crypto tax soon. This makes sense to be given the high level of adoption in the country. Governments must have some sort of crypto tax. As more people and businesses adopt crypto, traditional taxes may suffer and a crypto tax would offset such losses. 5. Well, South Korea is taking some drastic steps against Terra Luna Foundational Guard (LFG) asking exchanges to freeze the assets of the group. Exchanges in South Korea are not bound by law to carry out the request. It will be interesting to see if the government gets their way. Additional ramifications are being felt in the US with possible lawsuits against exchanges stemming from the demise of Terra. I am sure this will play out over a good amount of time. Even as Do Kwon get a 65% vote on his path forward. 6. Citing regulatory constraints, the Commonwealth Bank, the largest bank in Australia, has frozen its testing of its crypto trading app. The bank had already begun hinting things were not looking good following the pilot program. I think Australia was caught off their game and has to play catch-up.