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• SEC approves ETFs for Companies That Hold, including Tesla (NASDAQ) and Twitter (NYSE)
• News: Updates: Funds in Chinese Debts, 1B Lent Celsius, CEO leaves Twitter
• Binance Considers Ireland for “Decentralized” Regional Headquarters
• South Korea will tax cryptos; Russia will add Crypto Regulation

SEC approves ETFs for companies that hold Bitcoin. This includes Tesla and Twitter.

A new ETF approval by Volt Equity could bring the crypto community one step closer in getting their first Bitcoin ETF. The approval of a Bitcoin ETF was long in the horizon for the crypto company. Volt Equity is the closest.

A Volt Equity ETF has been approved by the Securities and Exchange Commission. It is made up of large Bitcoin-holding companies. SEC approved the Volt Bitcoin Revolution ETF, which includes Twitter, Tesla and PayPal (NASDAQ:), as well as MicroStrategy.

Investors will have the opportunity to track companies with large Bitcoin portfolios and/or who derive the bulk of their revenue from Bitcoin-related activities such as mining, lending or making mining equipment.

According to Tad Park, the CEO of Volt Equity, these companies are “Bitcoin revolution companies.” In addition, the ETF will include indicators that evaluate the current stock of Bitcoin against the flow of new Bitcoin mined that year.

Flipsider

• While this is a positive step, approval of the first Bitcoin ETF for US still needs to be granted.

Why you should care

There were expectations that approval of Volt Bitcoin Revolution ETF would lead to a surge in Bitcoin prices.

Tether Updates: Funds in Chinese Debts, 1B Lent Celsius, CEO leaves Twitter

Due to its reputation and popularity, Tether has become synonymous with stablecoins. The team behind stablecoins has not been without controversy.

According to a recent investigation, Tether has been linked with Chinese debts. Tether, which uses Bitcoin as collateral, has been accused of investing billions in short-term loans to Chinese large companies.

The investigation revealed that Tether also loaned $1Billion to Celsius Network. This was in response to interest on crypto accounts earned in September. Celsius Network announced a $30 Million funding round in June 2020. Tether was its lead investor.

In the midst of Tether’s intensifying controversy, the Twitter account belonging to Tether’s CEO, Jan Ludovicus van der Velde, has been deleted. His account was deleted or removed from Twitter after a publication on the company’s USDT reserves was released.

Flipsider

• Tether responded officially to critics by stating that USDT tokens were fully backed, and there will always exist a market for Tether.

Care is a must

Tether is the current most liquid stablecoin available on the marketplace and is one of the driving forces behind global adoption of cryptos.

Binance Considers Ireland for ‘Decentralized’ Regional Headquarters

As regulator pressure increases, the embattled cryptocurrency exchange Binance may move its headquarters to Ireland. Binance set up three Irish subsidiaries in September.

Affirming the report, the CEO of Binance, Changpeng Zhao (CZ), explained that Binance is currently “in the process of establishing a few headquarters in different parts of the world.”

CZ also explained that the exchange has a decentralized structure and does not have “centralized” headquarters. Therefore, if the majority of its operations are moved to Ireland, it will merely serve as a decentralized regional headquarters for the world’s largest crypto exchange.

A Irish news agency reported that Changpeng Zhao was the director for three of their subsidiaries, Binance (APAC) Holdings (Services) Holdings (Binance Technologies) and Binance (Services) Holdings.

Flipsider

• Binance’s move to become more regulatory compliant has caused the exchange to limit some of its services

Why you should care

Binance was forced to shift some of its services from the country because it is being subject to regulatory scrutiny.

South Korea will tax cryptos; Russia will add Crypto Regulation

Weeks after crypto exchanges exited South Korea over failure to meet strict regulatory requirements, the nation’s Deputy Prime Minister and Finance Minister, Hong Nam-ki, announced that crypto profits will begin to be taxed starting in January of 2022.

Hong Nam-ki says that individuals who earn more than 2.5 million won (about $2,100) from crypto will have to pay a 20% income tax. Operative crypto exchanges need to register with the government so that they can report all transactions.

Russia has been working to add regulations for crypto-investing, and policymakers are continuing this work. This is part of a longer effort by Russia to safeguard non-professional crypto investors from reckless investment.

In September, the Central Bank of Russia announced that it would slow down payments of crypto exchanges to limit “unqualified” Russian investors from purchasing crypto emotionally.

Flipsider

• Russia has plans to start a digital asset. But, illegally storing crypto currency between $1,300-$13,000 is a crime that can result in fines or jail time.

Why you should care

With cryptocurrency becoming more popular, countries around the world are creating regulations to regulate their use and protect citizens.

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