CityLabs Secures 8.55% Stake in Gopax

Seychelles-incorporated crypto exchange platform Bitget recently released findings from a study on Bitcoin's upcoming halving, revealing that the vast majority of surveyed investors predict bitcoin will achieve a new all-time high (ATH) in 2024. Separately, other market commentators and analysts appear to be bullish on bitcoin ahead of the scheduled cut in Bitcoin mining rewards.Photo by Kanchanara on Unsplash84% anticipate new bitcoin ATHThe study, based on anonymized data from 9,748 participants worldwide, focused on investor perceptions surrounding the halving's impact on their investment decisions. 84% of participants anticipate a new ATH for bitcoin during the next bull run, with only East Europe showing a percentage lower than 80%. Over 50% predict bitcoin's price to be between $30,000 and $60,000 by the time the halving occurs in April. Meanwhile, 30% foresee the bitcoin unit price going higher than $60,000. Off the back of the data that has arisen via the study, Bitget managing director Gracy Chen suggested that it is indicative that 2024 will be a significant year for the bitcoin market. Crypto investment plansApproximately 70% express plans to increase their crypto investments, with the highest conviction in the Middle East and North Africa (MENA) and East Europe regions. Western European investors are characterized as "short-term cautious" and "long-term optimistic." In addition to the Bitget study, many market commentators appear to have arrived at a similar conclusion. In July of last year, Standard Chartered Bank forecasted a 2024 unit price for bitcoin of $120,000. The bank reaffirmed that view last month, going further still in stating that by 2025, it expected bitcoin to reach a price of $200,000, largely due to capital inflows into spot bitcoin exchange-traded funds (ETFs), which were approved in the United States in January. Broader market sentimentTaking to social media on Monday, crypto analyst Charles Edwards of Capriole Investments proposed a potential 500% price return for bitcoin if a bullish halving pattern plays out. Edwards envisions bitcoin reaching $280,000 in 2025. Like Standard Chartered, he cites the January bitcoin ETF launch as the driving force, likening it to a "second halving." He argues that major technological developments have historically seen quicker rates of adoption. Crypto trading analyst Michaël van de Poppe predicts a pre-halving surge to $48,000 and an eventual breakout toward an all-time high in Q3/Q4 of 2024. The next Bitcoin halving is expected in April 2024, historically associated with increased scarcity and subsequent price surges. Pseudonymous macroeconomist @Micro2Macr0 took to the X social media platform on Monday, stating:"Only 2.5 months till the #Bitcoin #Halving. The world is getting more unstable and you have the greatest hedge ever invented sitting in front of you. What are you waiting for?"  Meanwhile, "British HODL" warned that recent developments may result in a break from previous trading patterns. He stated:"Everyone says 12 months after the halving the shock starts for #Bitcoin price. . . . I think there is a high likelihood that the ETF’s change the cycle you’re expecting. Be aware of that.”

Turkey has decided not to tax profits from stocks and cryptocurrencies but is considering implementing a “very limited” tax on transactions, according to Treasury and Finance Minister Mehmet Şimşek. In a recent interview in Ankara, Şimşek stated the government's intention to ensure every financial sector contributes to the national revenue without specifying the size of the potential tax. He emphasized that the approach aims to enhance fairness and effectiveness in the taxation system. Historically, in 2008, Turkey lowered its tax rate on stock market profits from 10% to 0%, promoting investment in the stock market. Despite earlier reports from Bloomberg suggesting new taxes on gains from stock and cryptocurrency trading, the government has clarified its position to only consider transactional taxes.Photo by Engin Yapici on UnsplashCrypto tax regulationsCurrently, Turkey lacks specific regulations for taxing cryptocurrencies but is actively working to establish a comprehensive legal framework for digital assets. A bill introduced by Turkey’s ruling party on May 16 mandates crypto businesses to obtain licenses and adhere to international standards. This includes regulation by capital markets boards and mandatory revenue collection from crypto service providers. The bill also aims to ban foreign crypto brokers, fostering a locally regulated ecosystem and addressing concerns from the Financial Action Task Force (FATF) to remove Turkey from its "gray list." According to a report by Chainalysis, a blockchain analytics firm, Turkey ranks fourth globally in cryptocurrency market activity, with an estimated trading volume of $170 billion between July 2022 and June 2023, surpassing countries like Russia, Canada and Germany. Since 2021, Turkish regulations have prohibited the use of cryptocurrencies for payments, reflecting a cautious approach towards the integration of digital assets into the financial system.   

Coinbase Effects International Expansion By Extending Singapore OfferingIn further proof of Coinbase’s recently-adopted strategy of focusing on global expansion, the company has just extended the range of its product offering to Singaporean customers.Photo by Meriç Dağlı on UnsplashNo Fees on USDCThe move was announced by way of a blog post published to the company’s website on Tuesday. The expansion entails the introduction of fee-less purchases of the USDC stablecoin for users who buy it with the Singaporean dollar (SGD). Furthermore, it is enabling Singaporean customers to earn rewards on the USDC that they hold on the platform. USDC trading pairs are being added that will allow users to trade USDC directly with over two hundred digital assets.Taking staking overseasAdditionally, Coinbase Global is rolling out staking to the Singaporean market. Users will be empowered with the ability to stake the following digital assets: ETH, SOL, ADA, ATOM, and XTZ.It’s interesting that Coinbase feels enabled in rolling out a digital asset staking service in this overseas market. In March of this year, the company received a Wells Notice — a formal notice informing the recipient that there are firm plans to bring enforcement actions against it — from the Securities and Exchange Commission (SEC) in the United States. The notice was sent in relation to digital assets covered under Coinbase’s staking product offering, Coinbase Earn.In highlighting the issue, the company bemoaned the fact that the SEC had gone down the route of issuing a Wells Notice without it expressing a single specific concern about any specific digital asset offered by the platform in advance of taking the action.Global strategyCoinbase Founder and CEO Brian Armstrong has been outspoken in criticizing the regulatory approach to crypto in the United States. He expressed that at the time of having received the Wells Notice earlier this year, and again last week, when he and key Coinbase executives visited Abu Dhabi and Dubai in the United Arab Emirates.On the day of SEC Chair Gary Gensler’s appearance before the House Financial Services Committee on Capitol Hill in Washington, D.C. a few weeks ago, Armstrong signaled that unless there was a more accommodating regulatory approach taken to crypto in the US, Coinbase would increasingly be looking to expand operations overseas.A short time later, it emerged that the company had obtained a license to trade in Bermuda. At last week’s Dubai Fintech Summit, Armstrong applauded the regulatory approach taken by the UAE and indicated that the company is interested in opening a base in Abu Dhabi.Positive survey resultsAgainst this background, it’s not surprising to hear that Coinbase has expanded its service offering in Singapore, another aspiring global hub for crypto business. As part of reviewing and updating its business offering in the city state, Coinbase carried out a survey of prospective customers in Singapore. It found that 25% of Singaporeans consider crypto as the future of finance, on a par with findings in the US, and higher than the 17% reported in the UK.Among its other findings, security concerns and price volatility of digital assets are still a barrier to entry for many. Of those who are already crypto-native, they tend to trade higher trade amounts, and with greater frequency, if from higher income backgrounds.