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Leumi, Israel’s second-largest bank, has begun trading in cryptocurrency.

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Leumi, Israel’s second-largest bank, has announced the launch of a cryptocurrency trading service for customers of its digital investment platform. “Pepper Invest customers will be able to buy, hold, and sell cryptocurrencies through the service.”

Pepper Invest, the digital investment platform of Pepper by Leumi (TASE: LUMI), announced Friday the upcoming launch of its cryptocurrency trading service.

“Pepper will be the first banking platform in Israel … to allow its customers to trade cryptocurrencies, in an attractive pricing model,” the announcement details, adding that the service will also become accessible to other Bank Leumi customers in the near future.

The new service is a collaboration between Leumi Group and Paxos, a regulated U.S. blockchain infrastructure platform. The announcement adds that upon completion of the regulatory approvals required:

The service will allow Pepper Invest customers to buy, hold and sell cryptocurrencies, in the first stage bitcoin and ethereum.

Bank Leumi’s customers can trade cryptocurrencies through their trading account at Pepper Invest and “Pepper will collect tax according to the guidelines of the Israeli Tax Authority so that customers will not need to manage tax complexities,” the announcement notes.

Founded in 2012, Paxos holds regulatory licenses in the U.S. It manages more than USD 20 billion in assets and reaches more than 400 million end-customers worldwide.

Pepper CEO Uri Nathan commented:

We are proud to be the first in the Israeli banking system and one of the few worldwide to offer our customers to trade in cryptocurrencies simply, safely and reliably, without the need to download a crypto wallet and with all tax complexities being resolved by the bank.

Janet Yellen Admits Crypto Has Advantages and also mentions that Treasury is working on crypto regulation.

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Photo Credit: REUTERS (Jonathan Ernst)

Cryptocurrency has advantages, according to US Treasury Secretary Janet Yellen. Yellen said that cryptocurrency has grown by leaps and bounds and is now “playing a significant role” in many Americans’ investment decisions and that the Treasury Department is working on regulatory recommendations for healthy innovation.

U.S. Treasury Secretary Janet Yellen talked about cryptocurrency in an interview with CNBC Friday. She was asked about cryptocurrency, given that Russia has said it is considering accepting bitcoin as payment for energy resources.

Yellen replied:

Crypto has obviously grown by leaps and bounds and it’s now playing a significant role, not really so much in transactions, but in investment decisions of lots of Americans.

She proceeded to explain that President Joe Biden’s executive order tasks the treasury department and other federal agencies with “thinking about the regulation of crypto.”

When asked about whether she is still skeptical about crypto, the treasury secretary commented: “I have a little bit of skepticism because I think there are valid concerns around it. Some have to do with financial stability, consumer-investor protection, use for illicit transactions, and other things.” She added:

On the other hand, there are benefits from crypto and we recognize that the innovation in the payment system can be a healthy thing.

“We would like to come out eventually with recommendations that will create a regulatory environment” for healthy innovation, she opined.

Earlier this month, Yellen revealed that the Treasury will monitor crypto to see whether it is being used to evade sanctions by Russian individuals and entities. “We will continue to look at how the sanctions work and evaluate whether or not there are leakages, and we have the possibility to address them,” she said.

However, a senior official with the department subsequently said that the Treasury does not see that crypto could be used in a large-scale way to evade sanctions.

Meta, the owner of Facebook, has filed eight trademark applications covering Metaverse and Crypto Services.

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Meta Inc., formerly Facebook, has filed eight trademark applications covering a variety of crypto and metaverse services. Cryptocurrencies, crypto trading, blockchain software, crypto wallets, and crypto exchanges are all examples of these.

Facebook owner Meta has filed eight new trademark applications with the United States Patent and Trademark Office (USPTO) for its logo covering a range of crypto-related products and services.

A USPTO-licensed trademark attorney, Mike Kondoudis, tweeted Wednesday explaining that the applications (serial numbers: 97320155, 97320153, 97320149, 97320147, 97320146, 97320144, 97320140, and 97320136) were filed on March 18. They cover a wide range of crypto-related products and services including crypto tokens, cryptocurrencies, blockchain software, crypto exchanges, and crypto trading.

Facebook Owner Meta Files Trademark Applications for Metaverse, Crypto Services

Kondoudis described Meta’s applications as a blueprint for how the company intends to engage in the metaverse, Bloomberg reported.

“The goods and services of those applications extended far beyond just the run-of-the-mill NFT [non-fungible tokens] and metaverse products that a lot of applications include,” the attorney was quoted as saying. He elaborated:

Only a company that has this size of scale and has a hand in the evolution and development of the metaverse can possibly plan on doing everything in these applications.

A growing number of large corporations have made a similar move, including Mcdonald’s, Burger King, Panera Bread, and Panda Express.

Burger King filed its trademark application on the same day Meta did. According to Kondoudis, the burger chain’s application covers NFTs, blockchain software, cryptocurrency trading, and virtual restaurants.

Global investment bank Goldman Sachs believes that the metaverse is an $8 trillion opportunity. Recently, megabanks JPMorgan and HSBC established a presence in the metaverse.

Bitcoin Legal Tender Speculation is Discredited by the Central Bank of Honduras

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The central bank of Honduras issued a clarification on crypto-assets like bitcoin on March 23, stating that digital currencies are neither legal tender nor regulated in the country. The announcement, which was made via the official Twitter account of Honduras’ central bank, comes after much speculation that Honduran President Xiomara Castro would declare bitcoin legal tender in the country.

In recent times, there’s been a lot of rumors that claimed the 56th president of Honduras Xiomara Castro may legalize bitcoin in Honduras. Some reports even noted that an announcement may come from Honduras’ government this week or “the coming days.” However, on March 23, the central bank of Honduras put the rumors to rest, as the bank’s statement notes that crypto assets are neither legal tender nor regulated in Honduras.

“Bitcoin is a financial asset that exists virtually (also known as cryptocurrency), which at the moment in our country is not regulated and in most countries, it does not have the status of legal tender,” Honduras’ central bank letter explains.

The country’s central bank further details that the central bank of Honduras is the “only issuer of banknotes and legal tender coins in the national territory.” Honduras’ central banking system “does not supervise or guarantee the operations carried out with cryptocurrencies,” the bank’s notice highlights. Essentially, the bank points out that any transaction conducted with a virtual asset is the sole responsibility of “those who carry it out.”

While bitcoin and other crypto assets are not regulated or legal in Honduras, the central bank says that it is still “considering the importance of adopting technological innovation.” The bank is continuing to study the technical and legal ramifications of “issuing a central bank digital currency (CBDC).”

A theoretical Honduras’ CBDC would have “the characteristic of being recognized as legal tender in the country and therefore is regulated and has the support of the [central bank of Honduras].”

“This is a Red Alert Priority,” says a UK regulator who has issued a crypto advertising notice to 50 companies.

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The Advertising Standards Authority of the United Kingdom has issued an enforcement notice to more than 50 companies that promote cryptocurrencies. The regulator stated, “We will monitor for compliance and implement sanctions if we do not see improvements.”

The U.K. Advertising Standards Authority (ASA), the country’s regulator of advertising, announced Tuesday:

We have issued an enforcement notice to over 50 companies which advertise cryptocurrencies, instructing them to review their ads and to ensure they understand and are complying with the rules so that consumers are treated fairly.

“The enforcement notice provides guidance to the crypto industry on how to stick to the rules and warns that we will monitor for compliance and implement sanctions if we do not see improvements,” the ASA added.

“The notice applies to ads for cryptocurrencies, crypto exchanges and ads or promotions which otherwise involve the transfer, sale or supply of cryptocurrencies, targeted at UK consumers or that are targeted globally on behalf of UK-based advertisers,” the watchdog detailed.

The ASA explained that advertisers must clearly state that cryptocurrencies are unregulated in the U.K. and the value of crypto investments could go down. In addition, they must not state or imply that crypto investment decisions are “trivial, simple, easy or suitable for anyone.” Ads must also not imply a sense of urgency to buy or create a fear of missing out (FOMO), or imply that investments are low-risk.

The advertising watchdog has been clamping down on misleading cryptocurrency ads in the country. Earlier this month, the regulator banned ads for floki inu (FLOKI) crypto. The coin was inspired by Tesla CEO Elon Musk’s shiba inu puppy called Floki. In December last year, the ASA banned seven crypto ads for Papa John’s Pizza, Coinbase, Kraken, Etoro, Luno, Coinburp, and Exmo.

The ASA noted:

This is a ‘red alert’ priority issue for us and we’ve recently banned several crypto ads for misleading consumers and for being socially irresponsible.

The advertising regulator said it is working with the Financial Conduct Authority (FCA) to take action against those who do not comply with the rules.

The ASA added that its compliance team “will conduct follow-up monitoring and if problem ads persist after 2 May, we will take targeted enforcement action.”

El Salvador’s planned Bitcoin bond has been postponed, according to reports.

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El Salvador’s planned $1 billion bitcoin bond offering has been postponed due to unfavorable market conditions, according to Finance Minister Alejandro Zelaya, who appeared on the Salvadoran TV show “Fronte a Frente” on Tuesday.

  • It had initially been scheduled to launch between March 15-20 but the Russia-Ukraine war and its impact on the price of bitcoin caused the government to change the date, according to Reuters.
  • “I think this is not the time. There are some moves on the planet,” Zelaya said, adding that he prefers the issuance to take place between March and April. “In May and June sometimes you can, but the market variables get different. After September, it is difficult to raise, unless you are previously funded, as in the case of bitcoin bond,” he added.
  • According to Zelaya, the bitcoin bond will have a “substantial oversubscription” that could reach $1.5 billion.
  • In November 2021, President Nayib Bukele announced plans to build a “Bitcoin City” funded by the sale of the bonds, which have an annual coupon of 6.5%. Half the funds will be used to accumulate bitcoin (BTC), with the rest earmarked for infrastructure and bitcoin mining powered by geothermal energy.
  • According to Zelaya, the bond will be issued not by the government but instead by the state-owned thermal energy company La Geo. It will have a sovereign guarantee provided by the Salvadoran state, he added.

Actress Priyanka Karki is being investigated by Nepalese police for her possible involvement in a crypto scheme.

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Priyanka Karki, a Nepalese actress and model, is being questioned by police after her image was discovered in promotional material for a cryptocurrency scheme. “An investigation is still ongoing. “We’re trying to figure out if the actress was involved in the crypto trading promotion or if her image was used solely for that purpose,” the cops said.

Nepalese actress and model Priyanka Karki has been questioned by Nepal’s Central Bureau of Investigation (CBI) in connection with a cryptocurrency scheme.

The CBI brought Karki in for questioning after they found a cryptocurrency ad with her picture on Facebook. The CBI released her on bail Sunday. However, the police said that the investigation is not yet completed and seized her mobile phone for investigation, according to local media.

CBI Deputy Inspector General (DIG) Dhiraj Pratap Singh explained, “The bureau began an investigation after seeing cryptocurrency promotional content with her picture,” adding:

The investigation is still underway. We are trying to find out if the actress is involved in the crypto trading promotion or only her picture was used.

“We will also probe if she has invested in the crypto market. For now, we have sent her home with family members,” he continued.

Karki told the media that she went to the CBI after discovering that some cryptocurrency apps feature her in them. She said:

I went to police seeking their support after finding out my pictures being used in promotional content.

Cryptocurrency scams using images and names of celebrities in promotional content without their authorization are on the rise. Last week, the Australian Competition and Consumer Commission (ACCC) filed a lawsuit against Facebook owner Meta for “publishing scam advertisements featuring prominent Australian public figures.”

Furthermore, cryptocurrency trading is banned in Nepal, and the government has begun cracking down on crypto trading activities. Last week, the Nepalese government reportedly instructed the Nepal Telecommunications Authority (NTA) to shut down all websites and apps related to cryptocurrency trading in the country.

The Malaysian Ministry Proposes Legalizing NFTs to Increase Crypto Sector Participation

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Malaysia’s Ministry of Communications and Multimedia has proposed legalizing non-fungible tokens (NFTs) “to help the younger generation who are actively involved in the space,” Malaysian national news agency, Bernama, reported Monday.

Deputy Communications and Multimedia Minister Datuk Zahidi Zainul Abidin was asked in Dewan Rakyat, the lower house of Malaysia’s parliament, about the government’s position on NFTs (non-fungible tokens) which have become increasingly popular, particularly among the younger generation.

Zahidi replied:

We hope the government will allow and legalize this so that we can increase the youth’s uptake of cryptocurrencies.

The deputy minister further revealed that the ministry is looking into ways to increase young people’s involvement in digital assets.

He noted that crypto activities are under the purview of the central bank, Bank Negara Malaysia, and the country’s Securities Commission.

Bernama originally stated that the deputy minister proposed to adopt crypto as legal tender. However, the publication soon removed the legal tender reference and changed its headline to say the deputy minister “proposes legalization of NFT, crypto mining activities.”

Earlier this month, Malaysia’s deputy finance minister said that cryptocurrencies like bitcoin and Ethereum, are not suitable as a means of payment or a store of value. However, he noted that they still have many different uses, including as an asset class that can be invested in.

Meanwhile, Malaysia has been cracking down on illegal cryptocurrency mining activities. In December, the Malaysian police shut down a crypto mining operation and seized 1,720 bitcoin mining machines in an electricity theft crackdown. In July last year, the authorities destroyed over 1,000 bitcoin mining machines with a steamroller.

The Indian government reveals how cryptocurrency transactions will be taxed.

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The Indian ministry of finance answered some questions Monday in Lok Sabha, the lower house of parliament, regarding how cryptocurrency transactions will be taxed going forward.

Minister Pankaj Chaudhary, the minister of state in the ministry of finance, explained that The Financial Bill 2022 has proposed to insert section 115BBH to the Income Tax Act 1961 to provide for the taxation of income from transfers of virtual digital assets (VDAs). He stated:

As per the proposed section, any income from transfer of VDA shall be taxed at the rate of 30%.

“Further, while computing the income from transfer of VDA, no deduction in respect of any expenditure (other than cost of acquisition) or allowance is allowed,” the minister added.

Minister Chaudhary continued: “The bill also proposes to define VDA. If any asset falls within the proposed definition, such virtual asset will be considered as VDA for the purposes of the Act and other provisions of the Act will apply accordingly.”

Specifically, Lok Sabha member Karti Chidambaram asked the finance minister “whether infrastructure costs incurred in mining cryptocurrencies are to be treated as a cost of acquisition and are therefore permissible deductions.”

Minister Chaudhary explained:

Infrastructure costs incurred in mining of VDA (eg. crypto assets) will not be treated as cost of acquisition as the same will be in the nature of capital expenditure which is not allowed as deduction as per the provisions of the act.

Noting that “while losses incurred due to the transfer of virtual digital assets cannot be set off against any other income,” Chidambaram further asked, “whether the losses arising from the sale of one virtual digital asset can be set off against the gains arising from another virtual digital asset.”

Citing the proposed provisions, the minister of state replied:

Loss from the transfer of VDA will not be allowed to be set off against the income arising from transfer of another VDA.

The Indian government is also working on the classification of cryptocurrency under the Goods and Services Tax (GST) law in order to levy tax on the entire value of transactions, PTI reported Sunday. The current law does not have a clear classification for cryptocurrency, and 18% GST is only levied on services provided by crypto exchanges categorized as financial services, the publication conveyed.

A GST official was quoted as saying:

There is a clarity needed in regard to levy of GST on cryptocurrencies and whether it has to be levied on the entire value.

Last week, Bitcoin.com News reported that the Indian income tax department is going after 700 cryptocurrency investors for non-payment of taxes.

Meanwhile, the Indian government is working on cryptocurrency legislation. A crypto bill was listed to be considered in the winter session of parliament but it was not taken up. According to reports, the government needs more time to finalize the bill.

Binance informs a Canadian regulator that it is “committed” to ending cryptocurrency trading services in the province of Ontario.

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Binance, a cryptocurrency exchange, has informed the Ontario Securities Commission (OSC) that it will stop opening new accounts for residents of Ontario and wind down certain services in order to comply with regulations.

Cryptocurrency exchange Binance sent a letter to the Ontario Securities Commission (OSC) Wednesday.

In the letter, Binance listed a few commitments to the OSC, including “ceasing opening new Ontario accounts,” “ceasing trading in existing Ontario accounts, with exceptions to protect investors, along with winding down its businesses in certain products,” and “providing fee waivers and offering fee reimbursement to certain Ontario users.”

In addition, Binance will also make reports to OSC staff and retain an independent third party to ensure the effectiveness of its efforts to implement its commitments.

Binance decided to withdraw its services from Ontario in June 2021. The exchange told Ontario users in the same month that they will need to close all active positions by Dec. 31, 2021.

Binance detailed in its letter that on Dec. 31 last year:

Binance confirmed to Staff that the trading restrictions were in place for Ontario accounts, and would remain so, including (a) no trading by existing Ontario users, (b) no new Ontario users, and (c) no marketing targeted at Ontario users.

However, on Dec. 29, Binance notified Ontario users that it was allowed to continue its operations in Ontario. The Canadian regulator said at the time: “Binance has issued a notice to users, without any notification to the OSC, rescinding this commitment. This is unacceptable.” Binance has acknowledged this announcement was not correct.

Binance acknowledged in its letter that “Despite the representations made to [OSC] staff and investors, Ontario investors were able to continue to trade after the restrictions were supposedly in place.”

In addition, Binance admitted that its customer service team “tweeted inaccurate information, informing an Ontario user that they could trade after January 1, 2022, as normal if their account was already open, which Binance now acknowledges was not correct.”

Binance has informed the regulator that it is committed to pursuing a regulatory path to ensure compliance with Ontario securities law.

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