Panama President may veto crypto law

Panama President Laurentino Cortizo said he may veto a recently approved bill that would allow citizens to use crypto as a form of payment in the country. “I have to be very careful if the law has clauses related to money laundering activities or anti-money laundering activities,” he said. The bill establishes pivotal concepts about crypto, blockchain, and virtual asset service providers.

Crypto prices today: Bitcoin up 2.0%, ETH up 2.7%

Bitcoin is currently trading at $30,115.86, a 2.9% increase over the previous day. Ethereum rose 2.79% over the last 24 hours to $2,018.06. Solana fell 1% to $51.26, while Cardano is trading higher by 1.23% at $0.526. XRP rose 5.13% to $0.429. The global crypto market cap stands at $1.27 trillion, a 2% increase over the previous day.

Crypto crash will have limited impact on U.S. household wealth and labor supply: Goldman Sachs

The global crypto market lost over $300 billion last week and about $1.7 trillion over the past seven months. However, the impact on U.S. household wealth, spending, and the labor supply are likely to be limited, according to a Goldman Sachs report. U.S. households own about one-third of the global crypto market or about $423 billion as of Thursday. Crypto holdings account for only 0.3% of their net worth.

FTX expands into stock trading

Crypto exchange FTX will now allow select customers to trade stocks and exchange-traded funds on its popular trading app. It plans to expand the functionality to all American customers in the next few months. FTX plans to offer commission-free stock trading, like most major US online brokerage firms. 

India plans to introduce reverse charge tax on foreign crypto platforms: Report

According to a Forbes report, the Indian government is planning to introduce a “reverse charge” on virtual digital asset investments on overseas platforms. The move will be part of the latest round of crypto regulations to be implemented in the country. A reverse charge is an indirect tax obligation that falls on the recipient of goods or services rather than the supplier.

Essentially, Goods & Services Tax (GST) will fall on the investor, not the service provider, when an Indian investor acquires services from a domestically unregistered crypto exchange.