In this week’s crypto news digest, we explore key developments shaping the digital asset landscape. Syria has proposed the legalization of Bitcoin in a bid to aid its economic recovery, signaling a new approach to cryptocurrency adoption in the region. Meanwhile, China has introduced stricter forex regulations, tightening its control over crypto trading as part of ongoing efforts to manage capital flows. On the regulatory front, the IRS has granted temporary relief on crypto tax reporting requirements, providing some breathing room for taxpayers. In security news, a CertiK report reveals over $1 billion in losses due to phishing attacks in 2024. Lastly, MicroStrategy is set to raise $2 billion in a stock offering to expand its Bitcoin reserves.
Review of the past week:
| December 31, 2024 |
Syria proposes to legalize Bitcoin for economic recovery. The proposal includes digitizing the Syrian pound on blockchain, legalizing Bitcoin trading and mining, and allowing entrepreneurs to use energy resources for crypto operations. |
| January 1, 2025 |
China tightens crypto trade oversight with new forex rules. China’s new forex rules require Chinese banks to track identity, fund sources and trading frequencies to curb cross-border crypto activities. Read more |
| January 2, 2025 |
IRS Grants Temporary Relief on Crypto Tax Rules. The United States Internal Revenue Service (IRS) has granted temporary relief from a new rule that would have automatically assigned a less favorable accounting method to crypto holders on centralized exchanges. Read more |
| January 2, 2025 | According to a CertiK report, more than $1 billion was stolen in 2024 due to phishing attacks.
Experts note that the actual amount may be higher due to unreported incidents. Read more |
| January 5, 2025 |
MicroStrategy Plans $2B Stock Offering to Expand Bitcoin Reserves. The funds will aid the company’s strategy of increasing its holdings of Bitcoins as a currency. Read more |
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FYBIT team
