Monthly newsletter.
Web3 Waves: Riding the Future of Digital Revolution
Hello Semoto Community!
Welcome to our August?edition.?
We hope you all had an exciting and refreshing holiday season! August has brought a whirlwind of activity in the market, with news coming from all directions—and Semoto is no exception. We're thrilled to start this month by welcoming our new board member, Massimo Butti. Max joins us with a wealth of institutional experience, having previously worked at SIX (Swiss Digital Exchange) and the London Stock Exchange. His deep connections and expertise in both the traditional finance (TradeFi) and blockchain sectors will be invaluable as we continue to grow and innovate.
Now, it's time to let the marketplace grow! We've been overwhelmed with requests from both clients and providers for additional services, ranging from auditing and compliance to software development and beyond. We believe the time is right to expand into these new verticals, but we want to be guided by our community in this process.
Please share your thoughts on which services you think we should prioritize and, more importantly, which companies you believe we should consider partnering with. Reach out to us at [email protected]—we're eager to hear from you!
Top story
Did you know that while only 0.34% of all blockchain transactions are illicit, a staggering 33% of U.S. cash in circulation is used in criminal activities? ????
As the 2024 elections approach and crypto becomes a hot topic, it's crucial to dispel myths and present the facts. Blockchain technology, far from being a tool for criminals, offers unparalleled transparency that aids law enforcement agencies in tracking and stopping illegal activities. Every transaction is recorded on a public ledger, making it easier to trace than cash which remains the preferred medium for illicit dealings due to its untraceable nature.
Take, for instance, recent successes where blockchain analytics aided in thwarting major criminal activities. From stopping Hamas’ Bitcoin fundraising to recovering millions in a phishing scam, the evidence is clear: crypto is a formidable ally in the fight against crime.
It’s time we shift the narrative away from crypto as a haven for criminality to recognizing its potential to enhance transparency and security in financial transactions.?
USA
?? Did you know Wyoming is pioneering its own state-backed cryptocurrency? ??Governor Mark Gordon recently announced plans for Wyomings own stablecoin, aiming to diversify the economy and cement the states reputation as a leader in financial innovation. As one of the first U.S. states to explore a state-backed cryptocurrency, Wyomings move could revolutionize everyday transactions—from buying a latte to investing in local education.Despite the excitement, not everyone is convinced. Concerns about market stability and the impact on local banking highlight the cautious approach needed when integrating digital currencies into our financial systems. Yet, the potential for a state-backed stablecoin to foster economic growth and innovation is an exciting prospect.nbsp;Taxation:nbsp;
Are you navigating the complex tax landscape of the cryptocurrency world? ???? With major tax policy debates on the horizon and the expiration of the 2017 GOP tax law looming in 2025, the stakes have never been higher for the crypto industry.
As Congress gears up for these pivotal discussions, the crypto sector is seizing the opportunity to advocate for essential policy clarifications. Key issues include the need for a clearer de minimis rule for small transactions and more definitive guidance on crypto lending taxation. Such clarifications could significantly impact how digital assets are utilized and taxed, fostering a more stable and predictable market environment.
Moreover, the proposal to apply the IRS wash sale rule to cryptocurrencies could potentially generate substantial revenue, influencing legislative decisions. This rule, which prevents claiming a tax loss on securities sold and repurchased within a short window, could bring much-needed clarity and fairness to crypto transactions if properly implemented.
In these uncertain times, staying informed and adaptable is crucial. As we watch these developments unfold, platforms like Semoto play a vital role in keeping industry stakeholders connected and informed. By facilitating access to expert advice and insights, Semoto ensures that businesses and investors can navigate the evolving regulatory landscape with confidence.
Legal:
Navigating the complex labyrinth of crypto law requires a special breed of legal expertise. As the digital economy expands, the demand for tech-savvy lawyers and forensic experts who can decode the intricacies of blockchain technology is skyrocketing. ??
The landscape of crypto law is as dynamic as it is challenging. From safeguarding the integrity of digital transactions to shaping the future of cryptocurrency regulations, these experts play pivotal roles in ensuring the digital economy thrives securely and within legal boundaries. ??Among the standout firms, Crypto Legal in London has been recognized as the "Best Blockchain Law Firm of 2024," specializing in everything from crypto-fraud investigations to AML compliance. Meanwhile, in the US, Latham & Watkins and Gibson Dunn are leading the charge in high-profile cases and regulatory challenges, reflecting their deep expertise in crypto regulations and litigation.For those dealing with NFTs, Gamma Law offers specialized advice on launches, purchases, and distribution, ensuring compliance across various legal domains including intellectual property rights and corporate structuring.
Provider of the month:
FinDas
FinDaS Tokenomics ?? :?Tokenomics designs and stress testing
Hristo Piyankov and his team are Tokenomics consultants experts, that have been in crypto since 2015 and have supported hundreds of projects. In turn, they have raised over 1BN USD in funding.Theey employ a unique data-driven approach to token economies, rather than the usual "what is currently popular".
Partnership:
Brickken is a market leader in Token creation, a great company with a strong ecosystem.
We are looking forward to working with Edwin Mata and Ludovico Rossi
What the two ecosystems can expect from this partnership?
??Exclusive discounts and free consultation on Semoto’s marketplace
??Direct access to top-tier digital asset services & clients
??Full service on Token creation
Blog:
2024 Election's Impact on Crypto: What to Know