As the DeFi and crypto space continues to evolve rapidly, it's essential to stay informed about the latest developments and trends. Our weekly recap provides you with an update on the most significant news in the crypto world.
World Liberty Financial to Create a Strategic Reserve
World Liberty Financial (WLF), a DeFi project backed by Donald Trump and his family, plans to establish a 'strategic reserve' of purchased tokens, co-founder Chase Herro confirmed to Bloomberg. The reserve is expected to include Bitcoin, Ethereum, and other digital assets.
India Imposes Penalty on Undeclared Crypto Income
On February 1, 2025, India will enforce a 70% penalty on undeclared cryptocurrency profits as part of the Union Budget 2025. The move amends Section 158B of the Income Tax Act, classifying crypto assets as Virtual Digital Assets (VDAs), subject to the same tax rules as cash and gold.
FDIC to Ease Restrictions on Banks in Crypto Sector
The FDIC is revising its guidelines to allow U.S. banks to engage with crypto businesses without prior approval. Acting Chairman Travis Hill admitted past policies discouraged such partnerships. This shift comes amid congressional scrutiny of debanking practices affecting crypto firms.
This week has seen significant developments in DeFi and crypto. Support for cryptocurrencies from major figures and countries, increased regulation of crypto income, and changes in the banking sector could have a profound impact on the future of the crypto industry.
