🏓 To the Formula One

Hi, folks! In our latest digest, you'll read about the integration of crypto into Formula One, and about updates at a huge crypto exchange

Your Favorite Crypto Digest From TradeCrypto.com #144

The statistics:

The market today is red. BTC is now trading above $19,000, ETH is trading around $1,250.

💪 Bitcoin dominance: 41.42%

📉 Total Cryptocurrency Market Cap: $ 0.882 tr

😲 Fear and greed index: 24 (Extreme Fear)

🚀 Gainers (Top-100)

• TerraClassicUSD (USTC)+55.48%

• Huobi Token (HT)+16.51%

• Maker (MKR)+1.75%

😭 Losers (Top-100)

• Chiliz (CHZ)-12.73%

• Ethereum Classic (ETC)-11.41%

• Lido DAO (LDO)-10.34%

Portugal Plans to Impose 28% Tax on Crypto Gains

The Portuguese government has proposed a new cryptocurrency tax policy that would take effect as part of its 2023 national budget, according to a government-issued report 📃 published Monday. However, gains realized after one year of holding the crypto assets will be exempt from such a tax.

Within the nearly 450-page macroeconomic strategy and fiscal policy report, a small section states that the Portuguese government will impose a 28% 📈 capital gains tax on cryptocurrency gains made within one year. The Portuguese government also intends to impose a 4% tax on any free crypto transfers and will also apply stamp duties where applicable. Oh, wow.

Transit Swap DeFi Hacker Bags $690,000 Bounty After Returning $2.75M

The largest hacker who stole more than $23 million from decentralized exchange (DEX) Transit Swap will take a bounty worth almost $690,000 💰 as part of a deal to return user funds, Transit Finance said today. Known as “white hat №1,” the hacker will return 10,000 Binance Coin (BNB), about $2.75 million in two tranches, according to the latest blog post update from Transit Finance. If the funds are returned as promised, Transit will not hold the hacker legally responsible. What an interesting agreement.

PayPal says policy to punish users for misinformation was ‘in error’

Nothing is clear, but this is very interesting regardless. Online payment network PayPal has reneged on a controversial policy that could’ve seen users fined $2,500 💸 for spreading “misinformation,” with the payment platform claiming the policy update was published “in error.”

The now retracted misinformation clause in PayPal’s Acceptable Use Policy (AUP) was set to take effect on Nov. 3, which would have expanded its list of prohibited activities to include “the sending, posting, or publication of any messages, content, or materials” that “promotes misinformation.” Despite the retraction, the crypto community said 📲 the policy is a perfect example of why decentralization and self-custody of funds are so important.

Sam Bankman-Fried announces efficiency updates to FTX

FTX CEO Sam Bankman-Fried announced in a series of tweets that, over the next month, the exchange is expected to roll out various improvements to its matching engine. According to the CEO, the exchange 💱 will roll out “a new order matcher, lower latency API, and a whole slew of other features” that have been in the works for almost a year now. The platform is expected to “double the order throughput” and “half the order of latency,” he said. Maybe it's for the best.

Multiverse Labs launches government-backed metaverse city in UAE

Multiple emirates in the UAE are looking to the metaverse to boost tourism in their respective regions. Sharjah now joins Dubai in broadening its Web3 ambitions. Artificial intelligence ecosystem 🌐 Multiverse Labs has launched a new metaverse city in the United Arab Emirates (UAE), a move the emirate said could enhance the region’s tourism industry.

The new metaverse city, dubbed Sharjahverse, was described by Multiverse Labs as a “photorealistic, physics-accurate” metaverse that encompasses the emirate’s 1,000 square-mile surface area. The virtual city will support 🤝 the local tourism industry and potentially create new metaverse jobs, which aligns with efforts announced by the neighboring emirate Dubai earlier this year. It should be very beautiful.

Coinbase gains in-principle approval for Singapore crypto license

The Singapore-based arm of the United States cryptocurrency exchange Coinbase has received “in-principle approval” to provide crypto services in Singapore from its central bank, the Monetary Authority of Singapore (MAS). Hassan Ahmed, CEO of Coinbase Singapore and the exchanges’ regional director for Southeast Asia, said 💬 Singapore is a key institutional market for the exchange in Asia due to businesses there continuing to show interest in and gain exposure to crypto. A solid achievement.

Formula One files 'F1' trademarks covering crypto, NFTs and Metaverse

Not far behind the race. Formula One is looking to establish itself within the Web3 ecosystem with eight recently filed trademarks for its globally recognized “F1” abbreviation. The race-car league filed eight trademark ✔ applications on Oct. 5.

The filed trademarks suggest that F1 has plans to play an active role in the emerging Web3 ecosystem with its trademark covering software for use with cryptocurrency, meta tokens, digital collectibles and NFTs, as well as software for digital 💸 currency payment and exchange transactions. Beyond software, Formula One also plans to offer retail store services in virtual goods, as well as provide an online marketplace for buyers and sellers of cryptocurrencies and NFTs.

Conclusion: A small drawdown is observed in the cryptocurrency market. There's very strong support for Bitcoin, at $18,000 per coin. If we pass this, we can talk about a new wave of the bear market. But, it is too early to think about that.

See you tomorrow, folks! Thanks for being with us :) Brought to you by Maksym, Svyat, and Aleksandar :)

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What is Crypto Ping Pong digest?

TC lads here are working quite hard and from time to time we gotta chill. Recently, we got ourselves a ping pong table to complete our lazy-bag-stuffed chill zone. As you all know our main hobby is Crypto, so even while we play we don’t really shut up about it. Ever.

So memes, leaks, gossips naturally come about – we collect them and share them with you in this interstellar space on our site we like to call Crypto Ping Pong digest.