FameEX Morning Crypto News Recap | July 1, 2024

IRS to Begin Taxing Cryptocurrencies in 2026

The U.S. Internal Revenue Service (IRS) will start taxing cryptocurrencies in 2026. New rules mandate crypto platforms to report transactions, while decentralized platforms that don't hold assets are exempt. Announced by the IRS and the U.S. Treasury Department, these regulations implement a provision from the 2021 Infrastructure Investment and Jobs Act.

Hong Kong Securities Industry Plans to Launch Derivatives for Crypto Spot ETFs

The Hong Kong securities industry plans to issue derivatives for cryptocurrency spot ETFs. With these ETFs now officially listed, brokerages can apply to regulators to launch higher-leverage options. This initiative aims to enhance the appeal of Hong Kong's virtual asset market, attracting cryptocurrency investors and providing more growth opportunities for brokerages.

82% of the World’s Cryptocurrency ATMs Are in the U.S., Canada Holds 7.7%

The number of cryptocurrency ATMs worldwide has grown by 17.8% to 38,279 in the past 12 months, with a net increase of 2,564 ATMs in 2024. Over 82% are in the United States, 7.7% in Canada, and Australia's installations have surged nearly 17 times in two years to 1,107 machines.

Vitalik Buterin: Current Regulations Box In Honest Cryptocurrency Developers

Vitalik Buterin stated on Warpcast that current regulations corner honest cryptocurrency developers. He highlighted that the main challenge, especially in the U.S., is that if developers transparently inform customers about returns and rights, they risk being classified as a "security," leading to severe regulatory consequences.

South Korea's Second Largest Chipmaker Plans $75B AI Investment by 2028

SK Hynix, South Korea's second-largest chipmaker after Samsung, will invest $74.6 billion over the next three years in AI-focused memory chip technologies. This investment follows a March announcement of $90 billion for a chip fabrication facility near Seoul.

Nigeria Urged to Implement Crypto Regulations Inspired by Europe

Nigeria’s crypto community praised Europe’s Markets in Crypto-Assets Regulation (MiCA) stablecoin rules, emphasizing the need for jurisdictions to protect their local currencies. Data and policy analyst Obinna Uzoije noted that a unified regulatory framework for all ECOWAS member states would offer essential clarity for potential crypto investors.

Disclaimer: The information provided in this section is for informational purposes only, doesn't represent any investment advice or FameEX's official view.​