Ukraine ranks second in Eastern Europe for crypto activity
Chainalysis analysts published the “Report on the Geography of Cryptocurrencies 2024.” Ukraine ranked second in Eastern Europe in terms of the annual volume of transactions with digital assets. From July 2023 to June 2024, over $100 billion worth of crypto transactions were made in the country.
During the reporting period, large corporate transfers and small transactions were actively executed in Ukraine. The number of transactions from $1,000 to $10,000 increased by 82.29%, and for amounts up to $1,000 — by 91.99%.
Analysts also paid attention to the growth of transactions in the Ukrainian DeFi segment, which amounted to 160% (the total turnover of transactions reached $34.9 billion). In the sphere of stablecoins and NFT, on the contrary, there was a decline in activity.
In the global ranking, Ukraine ranked sixth in terms of cryptocurrency transactions, while the Eastern Europe region was fourth, with a total turnover of $499.14 billion per year. Most of this amount has passed through centralized exchanges — $324 billion.
Italy intends to impose the highest tax on cryptocurrencies in the EU
The Italian government announced an increase in capital gains tax on cryptocurrencies to 42%, which was a major blow to investors. Previously, this tax was 26%, but given the rapid development of the crypto market, the authorities decided to increase the rate.
Italian Deputy Finance Minister Maurizio Leo said at a press conference that such a decision was due to the need to control the cryptocurrency market and ensure stable budget revenues. He emphasized that the government plans to use these funds to implement the budget strategy for 2025.
Investors reacted to such changes extremely negatively, calling the government’s plans “mafia-like” and “selfish.”
The cryptocurrency tax in Italy will be the highest among EU countries. By comparison, in Spain, investors pay from 19% to 26%, in Poland — 19%, in Bulgaria — 10%, and Cyprus, Estonia, Malta, and Slovenia do not tax capital gains in crypto.
SEC tries to argue the case against Ripple again
The U.S. Securities and Exchange Commission (SEC) wants to seek a review of all aspects of the case against Ripple. The regulator appealed to the Court of Appeals with the corresponding statement on Thursday, October 17.
The agency wants to establish whether there were no errors in the ruling of the District Court of the Southern District of New York in August 2024, when Ripple was fined $125 million, although the Commission demanded $2 billion.
The regulator is now asking for a de novo review of the case, which means a new examination of issues related to Ripple CEO Brad Garlinghouse, co-founder Chris Larsen, and sales of XRP tokens on digital platforms.
Ripple’s general counsel Stuart Alderoti said the regulator is no longer challenging the court’s main verdict that XRP does not qualify as a security, which could be seen as an admission of defeat.
Ripple plans to file its objections soon, and the trial is likely to last until July 2025.
XRP reacted to the SEC’s action with a rise, rising more than 4% on Friday, October 18. The current exchange rate is $0.54, and the total capitalization has reached $30,530 billion.
The Hamster Kombat team announced the second season and commented on the HMSTR token price drop
Hamster Kombat developers announced the imminent launch of the second season of the clicker game and shared their plans for the project’s development. In the new season, users will be offered to manage game enterprises, hire employees, and build a platform for creating new games.
Moreover, Hamster Kombat is collaborating with tabletop and digital game developers to create a more engaging gaming experience and combine assets between different projects.
The team also commented on the falling price of the HMSTR token, which lost 56% after listing. The developers noted that the price is affected by supply and demand, with many players preferring to sell tokens as soon as they go public. Nevertheless, the team is focused on creating new products that will attract more users and strengthen the Hamster Kombat ecosystem.
In September, the project presented an updated roadmap outlining plans for further development.
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