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Summary of Past Week Articles March 25, 2022

Axie Infinity Reacts to Binance News; New Game Released This Month:

The native token AXS of the crypto play-to-earn game Axie Infinity increased in value today as significant crypto exchange Binance announced additional incentives for the token and as the community prepared for the debut of the updated game Axie Infinity: Origin later this month.

At 11:00 UTC, AXS was at USD 72.41, up 14.5% in the previous 24 hours and 43.6% in the last seven days, making it the best-performing token among the top 100 crypto assets by market value for the day.

Furthermore, the current excellent performance coincides with Axie Infinity putting the finishing touches on its updated game Axie Infinity: Origin, which will be launched by the end of March.

According to DappRadar, the new game will have, to mention, a few upgrades, new interfaces, stories, game mechanics, and special effects.

Meanwhile, the significant price increase coincided with a Thursday update on the Axie Infinity blog that disclosed concrete steps for the project to progress towards “complete decentralization.”

Following that, the post stated the conditions that Axie Infinity would need to meet before moving to the second phase of decentralization.

Leumi, an Israeli bank, now allows Bitcoin and Ethereum trading:

Bank Leumi has stated that it will allow its customers to trade crypto assets to attract Israeli crypto investors.

Bank’s online platform Pepper Invest will provide trading services will offer trading services.

Pepper Invest has partnered with blockchain infrastructure platform Paxos to provide cryptocurrency trading services (PAX).

Customers of the site will be able to invest in bitcoin (BTC) and ethereum (ETH), with transactions starting at NIS 50 (USD 15.50), according to Reuters.

The bank claimed to be the country’s first institution of its kind to do so.

Leumi, founded in 1902, claims to be one of Israel’s largest banks.

NFT Minting Is Getting More Competitive, But One in Every Three NFTs Dies – Nansen:

By a report from blockchain analytics platform Nansen, the minting of non-fungible tokens (NFTs) is getting more competitive, with more new projects being launched and the cost of minting new NFTs decreasing. 

However, a fraction of NFTs issued still end up in a “dead collection” with no trading activity – but the proportion of such NFTs is reducing, according to a report by blockchain analytics platform Nansen.

The average cost to mint an NFT peaked in May 2021 at ETH 0.56 (USD 1,741) before falling to ETH 0.06 (USD 186) in June 2021.

According to the data, the number of minted collections climbed by 4,800% between January 2021 and February 2022, from 39,802 to 1.97m.

Meanwhile, Nansen points out in its research that as the cost of minting new NFTs has decreased, the number of projects that end up “dead” has increased.

As a result, the proportion of new NFTs that end up as dead collections is gradually reducing, as stated by Nansen.

The reason why SK Telecom plans to launch a crypto asset ‘in 2022’:

SK Square, a subsidiary of one of South Korea’s largest industrial conglomerates, has revealed plans to create a crypto asset by the end of the year, with ambitions to connect it to a variety of the conglomerate’s commercial platforms.

The SK Group, which holds almost a third of the equity in SK Square, founded the IT investment and fintech firm, which owns more than a third of the nation’s first crypto exchange Korbit.

According to Hanguk Kyungjae, the token will combine with the 11th online shopping mall, one of South Korea’s most prominent.

Coin offerings are still illegal in South Korea, although this is unlikely to dissuade SK.

SK’s metaverse expansion could lead to a foray into gaming:

The media outlet speculated that play-to-earn (P2E) crypto video games could be in the future for the company, even though South Korean legislation effectively prohibits this.

The company will likely use its Korbit connections, maybe using the exchange as a fiat on/off-ramp.

Meanwhile, another South Korean economic titan, the banking behemoth Shinhan, is slated to acquire a 20% share in Korbit.

However, according to Seoul Kyungjae, the firm has announced plans to increase its stake with a 20% stock purchase, making the bank’s parent company – the Shinhan Financial Group – the third-largest after gaming behemoth Nexon and SK Square.

In a theft case, a Singaporean court recognizes cryptocurrency as property:

The High Court of Singapore, the lower division of the country’s Supreme Court, has issued a judgment. It recognizes cryptocurrency as property for the first time and awards proprietary injunctions against those suspected of stealing it.

In a case involving the supposed theft of bitcoin (BTC) and ethereum (ETH) worth USD 7 million, the court has ordered two unnamed crypto exchanges where the stolen crypto assets were housed to give the judiciary information that could help hunt down the support.

According to an expert analysis published for Lexology.com from international legal firm Reed Smith LLP ruling of the court is a positive development for the cryptocurrency industry. It shows that the courts in Southeast Asian countries are “willing to recognize and safeguard cryptocurrencies as properties by imposing proprietary injunctions.

According to the lawyers, such court orders will effectively supersede any contractual agreements between a cryptocurrency exchange and its consumers.

Following a scare, Spaniards will not be required to declare their overseas cryptocurrency holdings this year:

According to Cryptonews.com, the Spanish parliament sparked controversy last year when it voted in favor of a legal amendment. The amendment requires all crypto holders to submit annual declarations explaining the size and location of their coin holdings. Particularly tokens held in offshore exchanges and wallets.

As a result, cryptocurrency owners were instructed to use the Modelo 720 form, “assets kept overseas.”

With only a few days until the submission deadline, the government appears to have reversed course – implying that crypto holders would not be required to file the document after all.

According to El Economista, the ministry has now “admitted” that “information about cryptocurrency” is not required on the form.

On the other hand, others interpreted it as a sign that offshore intangible assets do not need to be included in FY2021. Although officials may attempt to eliminate this loophole in time for next year’s tax season, it already appears that crypto dealers with coins kept overseas will be required to report on their actions in FY2021.

However, the Wealth Tax declaration (IP) has been modified with a new crypto-specific field.

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