Panama's crypto bill saga has reached a new chapter, with the country's Supreme Court deciding the future of the local crypto industry. Panama's President Laurentino Cortizo sent on Jan. 26 the Bill No. 697, dubbed the "crypto bill," to the high court for review and approval, after objecting to the legislation, claiming it violated the constitution's core principles and was unenforceable. The Supreme Court must now decide whether to declare the legislation unenforceable or to approve it with modifications. According to an official statement, the government considers articles 34 and 36 of the bill unenforceable, since they violate the state's …

The Ministry of Justice in South Korea announced plans to introduce a crypto tracking system to counter money laundering initiatives and recover funds linked to criminal activities. The ‘Virtual Currency Tracking System’ will be used to monitor transaction history, extract information related to transactions and check the source of funds before and after remittance, according to local media outlet khgames. The South Korean Ministry of Justice will introduce a "cryptocurrency tracking system" in the first half of this year to strengthen the tracking of money laundering and recovery of criminal proceeds using cryptocurrencies. https://t.co/2CLkaLUrX6 — Wu Blockchain (@WuBlockchain) January 29, …

Is crypto lending dead, or does it just need better execution? That’s a question asked with more urgency in the wake of Genesis Global Capital Jan. 19 bankruptcy filing. That, in turn, followed the demise of other prominent crypto lenders, including Celsius Network and Voyager Digital in July 2022, and BlockFi, which filed for Chapter 11 bankruptcy protection in late November 2022. Unlike many traditional creditors, like banks, cryptocurrency lenders aren’t required to have capital or liquidity buffers to help them weather hard times. The collateral they hold — cryptocurrencies — typically suffer from high volatility; thus, when markets plunge, …

With the deadline approaching for filing the 2022 federal income tax return, the Internal Revenue Service (IRS) — an enforcement agency of U.S. federal tax laws — released a list of reporting requirements for the general public dealing with cryptocurrencies. Until 2021, the IRS used the term ‘virtual currencies’ in income tax-related reporting forms, which have been updated to ‘digital assets.’ All US citizens must answer questions about cryptocurrencies “regardless of whether they engaged in any transactions involving digital assets.” The question about digital asset income features in three forms — 1040, Individual Income Tax Return; 1040-SR, U.S. Tax Return …

As traditional institutions proactively reduce exposure to cryptocurrencies as a reaction to ecosystem collapses in 2022, Binance CEO Changpeng ‘CZ’ Zhao believes this move could potentially have a negative impact on such traditional financial players. The collapse of major crypto platforms, such as FTX and Terraform Labs, not only reduced trust among investors but also forced the traditional market to reevaluate their strategies for stepping into the crypto ecosystem. While the reluctance of traditional players stands as a deterrent to crypto’s adoption in the short term, CZ argues that the decision might backfire over the next two decades. as they …

Web3 and the metaverse were handed a seat at the table of the World Economic Forum in 2023 as the ecosystem continues to drive innovation across industries. As Cointelegraph continues to explore, the presence of the cryptocurrency and blockchain ecosystem was mainly found outside the walls of the WEF. Blockchain Hub Davos and GBBC’s Blockchain Central were two central events in town that brought together the wider crypto community that has been somewhat left out of the WEF’s discourse on the sector. The metaverse is a notable exception to this trend. Although some metaverse applications do not operate on decentralized …

On this week’s episode of NFT Steez, hosts Alyssa Exposito and Ray Salmond meet with Web3 content writer Julie Plavnik to discuss the importance of self-sovereignty while building a digital identity in Web3. Plavnik referenced author Gavin Wood when describing Web3 and said that “communication” is a core tenant in the subsequent iteration of the internet. “Web3 is the communication of encrypted channels between decentralized identities,” Plavnik affirmed. According to Plavnik, the emerging concept of Web3 has placed a magnifying glass over user data and ownership, especially concerning the creator economy, which Plavnik described as a place with “no entry …

Institutional investors are “not giving up on crypto,” with recent data pointing to as much as 85% of Bitcoin buying being the result of American institutional players, according to Matrixport’s chief strategist. Markus Thielen, the head of research and strategy at the financial services firm, told Cointelegraph the evidence shows that institutions are not “giving up on crypto” and is an indicator that we might be entering a new “crypto bull market now.” The data was shared in a Jan. 27 report from Matrixport, which suggests that it can be distinguished whether a digital asset is more favorable by retail …

The United States Securities and Exchange Commission (SEC) has been probing traditional Wall Street investment advisors that may be offering digital asset custody to its clients without the proper qualifications. A Jan. 26 Reuters report citing “three sources with knowledge of the inquiry” said the SEC’s investigation has been going on for several months already but accelerated after the collapse of crypto exchange FTX. The investigations by the SEC have not been known previously before as the agency’s inquiries are not public, said the sources. As per the Reuters report, much of the SEC’s efforts in this inquiry are looking …

Texan Republican Senator Ted Cruz is pushing the United States Congress to adopt cryptocurrency within its halls using an incentive both sides might agree on — food. Cruz introduced a concurrent resolution dated Jan. 25 that would only allow vending machine and food service contractors that accept crypto as a payment option within the U.S. Capitol. If adopted, the Architect of the Capitol, the Secretary of the Senate and the Chief Administrative Officer of the House of Representatives would be required to find the crypto-accepting food and vending firms. At the time of writing the text of the resolution was …

Crypto proponents would be wise to keep their eyes on nonfungible token (NFT) and metaverse trademark applications this year, which are “reliable signals” of future-use plans. Speaking to Cointelegraph, intellectual property lawyer Michael Kondoudis said while many people may think big corporations are just jumping onto the NFT trend as a novelty, “it is not possible” to register a trademark in the United States with no intention to use it. Despite a relatively low cost for filing an application — ranging from $250 to $350 per class of goods/services — Kondoudis explained when a company submits a trademark application, it …

The World Economic Forum (WEF) convenes in Davos annually, taking over the Swiss skiing town. The main promenade is flush with events and companies renting out properties, with an increasing presence from companies in the cryptocurrency and blockchain space. The entrance to the WEF compound is restricted by cement barriers and security personnel, drawing an invisible line between the conference and the rest of Davos. Curiously, the last building on the fringe of the conference was branded with familiar logos, that of Polygon and the ever-recognizable Bitcoin (BTC) symbol. Cointelegraph stumbled upon Pietro Poretti while shooting footage of the Bitcoin …