G20 to Review Crypto Regulation Framework This Week while Polygon Launches its zkEVM Testnet – Aspen Market Daily

Daily Market Wrap

• Crypto market cap: 918.39 Billion, down 1.49%
• BTC price stands at USD 19,086, down 1.63%
• ETH price stands at USD 1,280, down 2.86%
• Top gainer: Huobi Token (HT), up 17.59%
• Top loser: Chiliz (CHZ), down 12.68%?

News of the Day?

OECD releases framework to combat international tax evasion using digital assets

Why it matters:

• The G20 tasked the Organization for Economic Co-operation and Development (OECD) to develop a method for automating cryptocurrency tax reporting back in April 2021
• G20 Ministers and Central Bank Governors will be reviewing the 100-page Crypto-Asset Reporting Framework (CARF), in which defines what “crypto assets” are
• World leaders are now recognising crypto as a trillion-dollar industry and with the implementation of CARF, will put a stop to tax evasion, sanction evading funds and or other illicit activities

Crypto Daily Spotlight

Ethereum Scaling Tool Polygon Launches its zkEVM Public Testnet

Brief introduction: Polygon is a Layer 2 scaling solution on the Ethereum blockchain, with the aim to facilitate lower-cost transactions. Polygon’s proof-of-stake network allows for low fees and a transaction rate of ~65,000 TPS on a side chain, before being finalised on the Ethereum mainchain. Its native utility token is MATIC. Polygon primarily focuses on increasing DeFi tools and applications by connecting blockchains.?

Why it matters:?

• On Monday, Polygon announced that its zk-EVM public testnet went live and is aiming for the mainnet launch in early 2023
• This new technology of integrating zero-knowledge (ZK) rollups with the Ethereum Virtual Machine (EVM)? will mean that developers no longer need to use new programming languages and can transfer their smart contracts to Ethereum easily
• Rollups processes transaction on a layer 2, which will be faster, then port the transaction data back to the layer 1; with Zero-knowledge proofs, security and speed of these transactions will be higher?

Daily Sector Tracker

Daily News Roundup

1. Coinbase Gains In-Principle Approval For Singapore Crypto License
2. Sam Bankman-Fried Announces Efficiency Updates To Ftx
3. Portugal's New Budget Draft Includes Crypto Income Tax
4. Eu Lawmakers Pass Landmark Crypto Assets Regulation Bill
5. Crypto and Payments Firm MobileCoin Launches Stablecoin – ‘Electronic Dollars’

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