Lisa Gordon, the chair of investment bank Cavendish, has said that the UK should begin taxing crypto purchases in order to sway Britons to invest in local stocks, which can help boost the country’s economy.
Here are the updates from the crypto world.
Lisa Gordon, the chair of investment bank Cavendish, has said that the UK should begin taxing crypto purchases in order to sway Britons to invest in local stocks, which can help boost the country’s economy.
In a March 23 report in The Times, Gordon said that “It should terrify all of us that over half of under-45 own crypto and no equities. I would love to see stamp duty cut on equities and applied to crypto.”
The UK currently lumps 0.5 per cent tax on shares listed in the country's largest securities market, the London Stock Exchange. This brings it around 3 billion British pounds ($3.9 billion) a year in tax revenue.
US Treasury Department has argued that there is no need for a final court judgment in a lawsuit over its sanctioning of Tornado Cash after dropping the crypto mixer from the sanctions list.
Following the sanctioning of Tornado Cash by Treasury's Office of Foreign Assets Control (OFAC) in August 2022, several Tornado Cash users filed a lawsuit against the regulator, claiming the protocol assisted in the laundering of cryptocurrency stolen by the Lazarus Group, a North Korean hacking crew.
The US Treasury dropped the mixer from its sanctions list on March 21, after a court ruling in favor of Tornado Cash. This is along with several dozen Tornado-affiliated smart contract addresses from the Specially Designated Nationals (SDN) list, and has now argued “This matter is now moot.”
The US Treasury said, “Because this court, like all federal courts, has a continuing obligation to satisfy itself that it possesses Article III jurisdiction over the case, briefing on mootness is warranted.”
DWF Labs, a Dubai-based crypto market maker and investor has launched a $250 million Liquid Fund which aims at increasing the growth of mid- and large-cap blockchain projects and driving real-world adoption of Web3 technologies.
DWF Labs is also set to sign two significant investment deals worth $25 million and $10 million as part of the fund.
According to a March 24 announcement shared with Cointelegraph, this initiative aims at the growth of the crypto landscape by offering strategic investments ranging from $10 million to $50 million for projects that have the potential to drive real-world adoption.
Andrei Grachev, managing partner of DWF Labs, said, This fund will focus on blockchain projects with significant “usability and discoverability.”
“We’re focusing our support on mid to large-cap projects — the tokens and platforms that typically serve as entry points for retail users,”
Grachev told Cointelegraph, adding:
“However, good technology and utility alone isn’t sufficient. Users first need to discover these projects, comprehend their value and develop trust.”