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This week’s top 5 stories curated to keep up with the crypto world.

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The Federal Reserve has hiked interest rates again, marking the third straight time central bankers have opted for such a large hike this year, adding to headwinds in the crypto market. On the other hand, Ripple’s token, XRP, is up more than 18% when the SEC (Securities and Exchange Commission) filed a lawsuit against Ripple in December 2020 for the alleged sale of unregistered securities worth more than 1. submitted $3 billion. XRP is booming after Ripple Labs CEO Brad Garlinghouse criticized the SEC in a TV interview today.

Here are some big stories from the past week.

India’s crypto policies are set to come into effect next month

The Ministry of Finance in India is reportedly working on a comprehensive Goods and Services Tax (GST) regime that could apply to crypto transactions.

A Financial Stability Board (FSB) report, expected next month, will reportedly help the government answer a query on whether to ban cryptocurrency transactions through wallets and provide a legal framework for how crypto trading will be handled in India .

The report will include recommendations on how cryptocurrency trading will be legislated in the country.

Cryptocurrencies are not regulated in India, but in Budget 2022 the government announced a 30 percent flat tax on profits from cryptocurrency transactions and a 1 percent Withholding Tax (TDS).

Nasdaq makes a big move in cryptocurrency

American stock exchange Nasdaq is preparing to capitalize on growing investor interest in digital currencies by making its first significant foray into the space.

The exchange aims to enter the institutional bitcoin custody market as it aims to become a cryptocurrency service provider. Nasdaq’s new service aims to put the company in direct competition with established companies.

Nasdaq is improving its anti-financial crime technologies along with the custody service to detect money laundering, fraud and market abuse of digital assets. However, Nasdaq’s new institutional custody offering is still subject to regulatory approval.

Wall Street’s largest companies are getting more involved as institutional interest remains strong despite a downturn and depressed prices.

Bahrain approves crypto payments for over 5000 merchants

The Central Bank of Bahrain has approved a partnership between EazyPay and Binance that will enable 5,000 online payment gateways to accept crypto.

Major local merchants and companies including Lulu Hypermarket, Sharaf DG, Al Zain Jewelry and Jasmi’s can accept more than 70 cryptocurrencies as payment by scanning Eazy’s point-of-sale QR code with the Binance app.

Besides, Binance also provides convenience for companies like EazyPay and the merchants who choose to use the platform by allowing the merchants instant fiat conversions.

Bahrain recently started testing bitcoin payments through the central bank’s financial services testing platform. The country has been actively experimenting with crypto and blockchain technology ever since it passed crypto regulations.

Korean Cryptobank and Blockdaemon Offer Retail Staking Services

Delio, a cryptocurrency-focused financial company, has partnered with Blockdaemon to launch retail-focused staking services, offering users a more convenient way to earn rewards for their holdings of digital assets.

Delio’s staking services enhance its current crypto banking services, which include loans, deposits, and deposit accounts. The new service offering is powered by blockchain infrastructure provider Blockdaemon, which offers a range of institutional staking products.

While the company hasn’t specified which crypto assets are likely to be included in the new staking companies, Blockdaemon is now helping to integrate with over 60 blockchains.

Delio plans to expand its crypto financial offering after receiving a Virtual Asset Service Provider (VASP) license from the Korean Financial Intelligence Unit. The company claims to be the first crypto company in South Korea to receive a VASP for lending and deposit services.

Cardano Vasil hard fork upgrade goes live

The Vasil hard fork upgrade for the Cardano blockchain, the most ambitious Cardano upgrade, went live on September 22nd.

Vasil is part of Cardano’s third development cycle and is believed to be the most comprehensive upgrade attempted for Cardano to date. The upgrade aims to reduce transaction fees, increase speed and improve decentralized application (dApp) development.

The upgrade is expected to dramatically improve network scalability by increasing throughput and scripting efficiency, and reducing block transfer latency.

The latest update also tries to ensure long-term viability and facilitate ecosystem growth. However, the new developer features won’t be available until September 27th.

According to a recent report, the Cardano network has completed a total of 50 million transactions.

Disclaimer: This article was written by Giottus Crypto Exchange as part of a paid partnership with The News Minute. Crypto products and NFTs are unregulated and can be very risky. There may be no regulatory recourse for losses on such transactions. Please do your own research before investing and seek independent legal/financial advice if you are unsure about investing.

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