GM. Welcome back to BitPinas Key Points: easily digestible news in concise formats for easy reading. In today’s daily recap: a Filipino representative wants the government to look at taxing overseas crypto exchanges!

Here are the latest crypto news stories in the last 24 hours.

Market Analysis and Updates 📈

Here are the crypto highlights of the day:

Crypto Price Update

Bitcoin (BTC): $63,011.33, down 1.7% over the last 24 hours.
Ethereum (ETH): $2,573.78, down 2.7% over the last 24 hours.
Solana (SOL): $148.04, down 2.8% vs the previous day.

Trending Coins Update

Seamless Protocol: $2.47, up 102.8% vs the previous day.
Toshi: $0.0001, up 77.7% over the last 24 hours.
enqAI: $0.0230, down 29.1% vs the previous day.

For the daily price update, check out our post on Facebook.

Feature News: House Resolution Seeks to Tax Foreign Crypto Exchanges in PH

Representative Joey Salceda has filed a resolution directing the House Committees on Ways and Means and Banks and Financial Intermediaries to conduct hearings looking into the policies of both the BSP and the SEC when it comes to cryptocurrency exchanges.

Specifically, the representative noted that crypto service providers abroad may be a new source of revenue for the National Government, especially with the anticipated enactment of the VAT on nonresident digital service providers.

In short: Rep. Salceda wants to study the possibility of taxing crypto service providers abroad.

Photo for the Article - House Resolution Seeks to Tax Foreign Crypto Exchanges in PH | Key Points | Sept. 26, 2024

Salceda cited past news which led to the filing of the resolution:

The issuance of updated guidelines for virtual asset service providers (VASP) (Jan. 21, 2021)
The moratorium that paused all VASP license applications (Dec. 2023).
That there are only 9 remaining VASP active licensees which, as per Salceda, severely limits competition and thus “limits the incentive to innovate”.
The advisory vs Binance in November 2023. Salceda noted in his resolution that Binance is the “primary cryptocurrency service provider for some 9.3 million Filipinos” and that the advisory against the exchange is “prejudicing consumer interest”.
He also said that Philippine laws are “vague if not outright silent about the power of the NTC to block websites“. It can be remembered that the NTC issued an order to telcos to block the Binance website.

Salceda noted that despite the SEC order for exchanges to registered, there are between 500 – 1,600 crypto exchanges operating from overseas that remain accessible to Filipinos.

“These exchanges have made no attempt or expressed no willingness to be regulated by Philippine authorities, risking the occurrence of adverse selection, where only unregulated actors are accessible to the public.”

What’s next: This is still a house resolution. We await when the congress conducts a hearing on the matter.

Note that possibly taxing crypto in the Philippines is not a new initiative as it was previously discussed before:

Let’s move to today’s news recap:

Philippine Crypto News 🇵🇭

BitPinas article: Interview: Philippine Science High School’s Joel Bautista on Pisay-DigiCert and Blockchain-Based Student Records
Coins.ph listed $UNIO.
YGG’s Bianca Cruz and Beryl Li, as well as Gcrypto’s Luis Buenaventura, will be a part (1,2) of the Echelon Philippines 2024.
CoinEx Filipino announced that it is one of the co-presenters of the FinTech Summit.

Noteworthy 🌟

Key updates and announcements from around the crypto and blockchain world:

BNY Mellon is nearing the launch of custodial services for bitcoin and ether ETFs.
Binance says it assisted India’s Enforcement Directorate in tracing $47.6 million in a gaming scam.
Caroline Ellison, a former top executive at FTX and ex-girlfriend of its founder Sam Bankman-Fried, has been sentenced to two years in prison.

Educational Corner 🎓

A pause from web3 gaming guides, get to know what kind of investor you are with this Beginner’s Guide to Investment Profiling.
- An investment profile is a comprehensive overview of an individual’s financial situation, goals, and risk tolerance.

Regulation Watch 📜

Stay informed about the latest regulatory updates and what they mean for you:

SEC Chair Gary Gensler faced bipartisan criticism over the agency’s unclear crypto regulations and mishandling of the DEBT Box case,.
The companies behind the stablecoin TrueUSD, TrueCoin LLC and TrustToken Inc., settled charges with the SEC over “fraudulent and unregistered sales”.
U.S. Rep. Maxine Waters urged a last-minute compromise on stablecoin legislation during a House Financial Services Committee hearing.

Community Spotlight 🔦

Meet Joe Josue: He is a notable figure in the web3 and esports industry.

Josue is the co-founder and CEO of Metasports, focusing on esports and web3 projects.
- Metasports manages gaming IPs like Lunacian Sports League and Oasis Gaming.
He acquired Kusho World, a Filipino NFT project, and is revitalizing it through trademarking, legal compliance, and establishing a DAO.

More Web3 and AI News 💡

Discover the latest in web3 and AI innovation.

Assetera partnered with Polygon to power its tokenized real-world asset (RWA) platform using stablecoins.
Atua AI partnered with Orbler to enhance community engagement and inclusivity in decentralized spaces through AI-driven tools.
Cega’s Vault Token Market (VTM) enables users to bypass the 27-day lock-up period, providing liquidity and flexibility for early withdrawal of vault token deposits.

Web3 Gaming Section 🎮

The future of web3 is gaming, and here are the latest news.

Life Beyond updated its Mission to Dolos platform, adding 15 new quests across three categories to enhance community engagement and reward opportunities.
TreasureDAO is moving from Arbitrum to zkSync after playing a key role in Arbitrum’s $220 million Gaming Catalyst Program, marking a shift in its gaming strategy.
BitPinas article: Hamster Kombat is gearing up for its second airdrop after retracting 6.8 billion $HMSTR tokens from cheaters during the first season.