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Italy Set to Scale Back Planned Tax Hike on Crypto Capital Gains: Reuters

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Italy is set to trim its planned tax increase on crypto capital gains, <a href=»https://www.reuters.com/markets/currencies/italy-scale-back-tax-hike-cryptocurrency-capital-gains-lawmakers-say-2024-12-10/» target=»_blank»>Reuters reported on Tuesday</a>.

Two months ago, the government was intent on raising the tax <a href=»https://www.coindesk.com/policy/2024/10/16/italy-to-raise-capital-gains-tax-on-crypto-to-42-from-26-reports» target=»_blank»>to 42% from 26%</a> by the end of December.

«The tax increase will be significantly reduced during the parliamentary work,» lawmakers Giulio Centemero and Federico Freni, a junior minister at the Treasury, said in a statement according to Reuters.

The decision to increase the capital gains tax was inspired by the rising popularity of investments in crypto, especially bitcoin, which climbed above <a href=»https://www.coindesk.com/business/2024/12/05/bitcoin-at-100-k-industry-reaction» target=»_blank»>$100,000 last week</a>. The “phenomenon is spreading,» <a href=»https://www.coindesk.com/policy/2024/10/16/italy-to-raise-capital-gains-tax-on-crypto-to-42-from-26-reports» target=»_blank»>Deputy Finance Minister</a> Maurizio Leo told Bloomberg in October after announcing the news.

CoinDesk reached out to Centemero and Freni for a comment.

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IMF Says ‘Efforts Will Continue’ to Ensure El Salvador Doesn’t Accumulate More BTC

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The International Monetary Fund (IMF) stated on Tuesday that «efforts will continue» to make sure that the total amount of bitcoin BTC held by El Salvador’s government does not change.

Back in March, El Salvador reached an agreement with the IMF to receive a $3.5 billion loan package. Some of the conditions of that deal concerned bitcoin: for example, the cryptocurrency officially lost its status as legal tender, meaning that merchants no longer need to accept the currency on a mandatory basis.

One of the conditions of the package, according to the IMF, was the prohibition of «voluntary accumulation of bitcoin by the public sector.» In theory, that should mean that Bukele’s government wouldn’t be permitted to keep accumulating bitcoin if it wanted to keep complying with the loan program.

Nevertheless, El Salvador has kept purchasing more bitcoin in apparent contradiction with the terms of the deal. On March 4, when the conditions of the deal were made known, the Salvadoran government held 6,101.15 bitcoin in its official wallet. As of writing, that number has risen to 6,189.18 bitcoin, a sum worth approximately $678 million.

«No, it’s not stopping,» Salvadoran President Nayib Bukele posted on X on March 4. «If it didn’t stop when the world ostracized us and most ‘bitcoiners’ abandoned us, it won’t stop now, and it won’t stop in the future.»

The IMF didn’t seem to acknowledge any contradiction or friction in its note. In fact, it stated that program performance had been strong and that key fiscal and reserve targets had been met.

«IMF staff thank the Salvadoran authorities for the excellent collaboration and constructive discussions,» the report said.

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The Solana Network Is Now Live on MetaMask

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Users of Solana may now access the network through a MetaMask wallet.

MetaMask announced on Tuesday that its Solana integration was live, meaning that users can now transact on the second largest smart-contract platform and interact with Solana-based applications through the wallet.

«Let’s be honest. Managing wallets across MetaMask and Solana used to be a bit of an ordeal. But no more,» the blog post said. «With the latest version of MetaMask Extension, you can use Solana natively. Right alongside your Ethereum accounts, all in one interface.»

The integration is currently only on desktop, but is slated to go live on the MetaMask mobile app in the coming weeks, the post said.

MetaMask is the Ethereum network’s most-used browser wallet, with over 100 million annual users.

While the wallet supported other networks already, Solana is the first non-EVM network (meaning the first network that doesn’t use Ethereum’s computation engine) to be integrated. The blog post stated that other non-EVM networks would soon follow.

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OKX Global General Counsel Is Latest Legal Exec to Leave the Exchange

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The restructuring of leading legal and compliance roles at cryptocurrency exchange OKX continues with the departure of the firm’s global general counsel, Melissa Muehlfeld.

Muehlfeld joined OKcoin, the U.S. arm of OKX, back in May of 2022 as deputy general counsel. She was promoted to global general counsel in August 2024.

Since OKX paid half a billion dollars to settle charges with the U.S. Department of Justice (DoJ) in February of this year, the exchange has replaced some top legal and compliance staff, including chief legal officer Mauricio Beugelmans, and head of compliance Vanessa Zhang.

OKX appointed the former superintendent and head of the New York Department of Financial Services (NYDFS), Linda Lacewell, as its chief legal officer (CLO) after Beugelmans’ departure.

Lacewell is said to be restructuring the firm’s legal and compliance divisions, according to a source familiar with the situation.

“As a matter of company policy, we do not comment on all people that join and/or depart the company,” an OKX spokesman said via email.

Muehlfeld did not respond to requests for comment.

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