What Happened in the Web3 World This Week?
While it remains unclear who will chair the SEC in the United States, Russia has made a significant move in the crypto space. Meanwhile, Bitcoin continues its push toward the $100,000 mark.
Russia Opens Cryptocurrencies for International Trade
In Russia, President Putin has signed a new law enabling cryptocurrencies to be subject to property rights and used as a means of payment in international trade. Under this law, mining revenues will be exempt from VAT, while cryptocurrency sales will be taxed at rates of 13%-15%.
Read more here.
Chinese SOS Limited to Purchase $50 Million in Bitcoin
SOS Limited, a company operating in the crypto mining and blockchain sectors, has announced a $50 million Bitcoin purchase following a board decision. After the announcement, SOS Limited's shares surged by 20%.
Read more here.
Bitwise Applies to SEC for Index ETF Containing 10 Cryptocurrencies
Bitwise has officially filed with the SEC for an index ETF that includes 10 different cryptocurrencies such as Bitcoin, Ethereum, and Solana. The fund allocates 75.14% of its weight to Bitcoin and is planned to be listed on the New York Stock Exchange (NYSE).
Read more here.
Brazil's Bitcoin Reserve Move: RESBit Bill in Congress
The Brazilian Congress is reviewing the "Sovereign Strategic Bitcoin Reserve" (RESBit) bill, which proposes adding Bitcoin as a reserve asset. The bill aims to allocate 5% of the country's reserves to Bitcoin, intending to shield the Brazilian economy from global risks. El Salvador's Bitcoin strategy has been cited as a model for this proposal.
Read more here.
Mayor of Vancouver Announces "Bitcoin-Friendly City" Plans
Vancouver Mayor Ken Sim has proposed considering Bitcoin as a reserve asset as part of the city's financial diversification plan. The proposal, set to be presented to the city council on December 11, aims to establish Vancouver as a "Bitcoin-friendly city."
Read more here.
Justin Sun Eats $6.2 Million Cattelan Banana at Hong Kong Event
Justin Sun, the founder of Tron, ate part of a banana he purchased for $6.2 million during a live event in Hong Kong. After peeling and eating the banana on live broadcast, he was applauded by a large crowd at the event.
Read more here.
Watford FC Partners with Cointelegraph to Raise Crypto Awareness
The English football club Watford FC has entered into a strategic partnership with Cointelegraph. As part of the collaboration, Cointelegraph’s logo will be displayed at Vicarage Road Stadium throughout the 2024–2025 season.
Read more here.
