- Major cryptocurrency player Ripple has announced its expansion into the Dubai market. CEO Brad Garlinghouse shared this news at the Dubai Fintech Summit.
Garlinghouse highlighted that the decision was driven by the high number of consumers in the Middle East and the development of regulations. He stated that "Dubai is becoming an important financial hub for crypto innovation." Ripple is currently involved in a two-year legal battle with the U.S. Securities and Exchange Commission (SEC) regarding the classification of digital assets.
Nevertheless, the company continues to grow and is now preparing for expansion in Dubai. Garlinghouse noted that regulatory clarity and a growing user base in the country were decisive factors. Ripple has already spent over $200 million on legal proceedings with the SEC, underscoring the importance of regulation in the industry.
- Within the framework of the European Union, there will be an exchange of tax data on citizens' cryptocurrencies.
Tax authorities in EU countries will have access to information about transactions involving digital assets, ensuring transparency and a fair fiscal burden on cryptocurrency investors.
This initiative was proposed by the European Commission in 2022, and amendments to the Administrative Cooperation Directive (DAC8) allowed for its implementation. The document prohibits the storage of taxable assets in undisclosed foreign bank accounts, thereby preventing tax evasion through cryptocurrencies.
Members of the European Union unanimously supported this initiative, and specific implementation measures will be discussed at a meeting of EU finance ministers on May 16. The exchange of crypto data will be part of the OECD-approved program aimed at combating tax evasion through digital assets.
This measure will contribute to a more equitable and transparent taxation of cryptocurrencies, representing an important step in the development and sustainability of the digital economy.
- BTC Network Fees Exceed $30
BTC network fees have surpassed $30 due to a new all-time high in transaction volume and an increase in transaction fees. Users were required to pay high amounts, up to $30, for sending transactions. The surge in fees led to a rise in the number of unconfirmed transactions and caused the suspension of Bitcoin withdrawals on some cryptocurrency exchanges. Currently, the average network fee for Bitcoin is approximately $2.
- Network Failures in Ethereum
The Ethereum (ETH) network experienced technical disruptions on May 14, resulting in the suspension of transaction confirmations. Validators struggled to process operations, causing new blocks to fail to appear. However, the network restored its functionality after approximately 25 minutes.
Over the following two days, a new unidentified issue occurred in the Ethereum network, temporarily preventing transaction completion. During epochs 200,751 to 200,758, the number of confirmed transactions decreased by 30%. The developers of the Ethereum client, Prysm, swiftly released an update that includes optimizations to prevent excessive resource utilization during periods of instability. A new Prysm client update is planned for release at the beginning of the next week, with testing of the changes conducted over the weekend