Tag: Global Macro

Kakao to Record Private Securities on Its Own Blockchain as NFTs
Crypto News

Kakao to Record Private Securities on Its Own Blockchain as NFTs

South Korean internet giant Kakao’s blockchain arm Ground X is now storing and verifying unlisted investments as nonfungible tokens (NFTs) on its public blockchain.Unlisted investments are shares of startups that are offered to investors for purchase prior to a public offering. Since these securities are not listed on formal markets, they are traded over the counter (OTC).South Korea’s OTC trading market is growing: the country’s OTC exchange K-OTC ended 2020 with a record-high market capitalization of over 1 trillion won ($1.1 billion) since its launch in 2014. Foreign investors can also buy and trade OTC shares in South Korea. In 2018, South Korea amended its tax laws to exempt foreign investors from capital gains taxes on transfers of both listed and unlisted stocks.Gr...
Nigeria’s Senate Summons Central Bank Chief to Explain Crypto Ban
Crypto News

Nigeria’s Senate Summons Central Bank Chief to Explain Crypto Ban

Nigeria’s Senate has summoned the country’s top financial regulators for a briefing after the central bank ordered local financial institutions to stop providing services to crypto companies and users last Friday.The Nigerian Tribune reported Thursday the Senate has mandated its banking committee to invite the governor of the central bank (CBN), Godwin Emefiele, and the director general of the Nigerian Securities and Exchange Commission, Lamido Yuguda, to appear at a time to be determined and explain the opportunities and threats of cryptocurrency. The Senate session discussing the issue was live-tweeted on the Senate’s official Twitter page.Last week’s CBN directive caused an uproar on social media, while local crypto advocates wrote to the bank asking for clarification on th...