Crypto markets today as investors play weekend catchup

Crypto markets are dynamic and influenced by various factors, making it essential for enthusiasts and investors to stay informed about the latest developments. Here’s a valuable resource providing a comprehensive overview of the daily occurrences in the crypto space. This feature piece encapsulates a range of information, including updates on Bitcoin prices, altcoins, DeFi (Decentralized Finance), Web3, NFTs (Non-Fungible Tokens), and more.

Crypto happenings today

The crypto market has a lot to pick up from after the weekend’s negative market downturn. A senior South Korean regulator intends to visit the SEC’s Gensler to discuss spot Bitcoin exchange-traded funds (ETFs). 

On February 5, FSS chief Lee presented a business plan 2024 to the Financial Supervisory Service in Seoul, which included travels to key advanced financial markets, such as New York, in the year’s second quarter to address various elements of South Korean financial markets.

The FSS chief disclosed that he intends to meet with Gensler later in 2024 to discuss digital assets and potential Bitcoin ETFs, among other topics. He said that the SEC’s recent approval of spot Bitcoin ETFs has significantly impacted global financial policies.

El Salvador citizens stick to a Pro-Bitcoin president

Bitcoin advocate Nayib Bukele is widely likely to win the El Salvador general election, with new exit poll data showing that he received 87% of the vote. However, the official results have yet to be revealed.

Before any official results were published, Bukele declared victory via an X post. He claimed that internal party data reveals he won the election with more than 85% of the vote and at least 58 of the Legislative Assembly of El Salvador’s 60 members.

According to CID Gallup statistics, his closest rivals, Manuel Flores and Joel Sanchez, had 7% and 4% of the vote.

Bukele made Bitcoin a legal tender in El Salvador in September 2021, among other steps to promote the cryptocurrency. On February 1, Vice President Félix Ulloa allegedly affirmed that Bukele’s Bitcoin strategy would remain unchanged if he is reelected.

The Spanish Treasury will seize crypto to pay taxes

The Spanish Ministry of Finance intends to increase its authority over crypto monitoring in the country, allowing it to take digital assets to settle tax debts.

According to sources, the ministry, led by María Jesús Montero, is proposing legislative revisions to the General Tax Law, notably Article 162, allowing the Spanish Tax Agency to locate and seize crypto assets owned by taxpayers with overdue payments.

A royal order issued on February 1 extends the number of businesses authorized to collect taxes. Until now, only banks, savings banks, and credit cooperatives could submit reports to the Treasury.

The Treasury also intends to fight tax evasion more vigorously. It intends to oblige banks and electronic money institutions to report on all card transactions.

The rapid implementation of modifications presents some regulatory issues. The country is attempting to move forward with various rules to manage crypto. 

South Korea recommends FSC crypto executive vetting before hiring

South Korea’s financial regulator has recommended revisions that would require new crypto project executives to obtain regulatory approval before starting employment in crypto enterprises.  

On February 5, the Financial Services Commission (FSC) recommended significant changes to its virtual asset service provider (VASP) reporting requirements. The proposal seeks to grant the FSC the authority to screen executives joining crypto companies.

Note that, if passed, the rule would require crypto enterprises to report changes in personnel to the financial regulator. Executives would not be able to begin their employment until the FSC approves their personnel change report.

A local news outlet expects the adjustment to take effect by the end of March 2024 after going through many steps, including a review by the Ministry of Government Legislation and an FSC resolution. Once the ordinance is changed, the restrictions will apply to VASP renewal reports submitted in the second half of 2024.

Furthermore, the proposed rules will impact enterprises’ capacity to renew their VASP licenses. The revisions seek to give the FSC the authority to postpone the evaluation of VASP license registrations if local or international authorities investigate its personnel.

The South Korean regulator is seeking public feedback on the proposed revision. The public has until March 4 to comment on the idea.