The DeFi and crypto industry is rapidly evolving, making it essential to stay informed about the latest happenings and trends. This recap highlights the week's key news.
World Liberty Financial's Strategic Reserve
World Liberty Financial, supported by Donald Trump and his family, plans to establish a strategic reserve of purchased tokens. The reserve is expected to include Bitcoin, Ethereum, and other digital assets, as co-founder Chase Herro confirmed to Bloomberg. This move aligns with Trump's past advocacy for a national crypto stockpile.
Crypto Taxation in India
On February 1, 2025, India enforced a 70% penalty on undeclared cryptocurrency profits, with a 48-month lookback period. This amendment to the Union Budget 2025 changes Section 158B of the Income Tax Act, categorizing crypto assets as Virtual Digital Assets (VDAs), subject to the same tax rules as cash and gold. It mandates exchanges and financial institutions to report all crypto transactions, tightening oversight.
Easing Crypto Restrictions for US Banks
The FDIC is revising guidelines to allow US banks to engage with crypto businesses without prior approval. Acting Chairman Travis Hill acknowledged that past policies discouraged these partnerships. The agency released 175 documents detailing its previous stance, following legal pressure from Coinbase. This shift comes amid congressional scrutiny of debanking practices affecting crypto firms.
These developments underline the dynamic nature of the crypto and DeFi industries and the importance of staying informed of key updates.
