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The Nigerian Securities and Exchange Commission (SEC) has announced it is working to bring transactions on licensed cryptocurrency exchanges into the formal tax system. A bill outlining a tax regime for cryptocurrency transactions is reportedly before Nigerian lawmakers, who are likely to pass it in the first quarter of 2025. According to a report, the rule amendment is part of an effort to bolster Nigeria’s revenue and reduce its budget deficit. The Nigerian SEC is confident that a “substantial amount of tax revenue will accrue from cryptocurrency transactions.” Confirmation that Nigeria is on the verge of taxing cryptocurrency transactions comes several months after the country’s Federal Inland Revenue Service (FIRS) first suggested the idea. At that time, the FIRS argued the amendment was necessary because Nigeria was not benefiting from crypto-related activities despite being widely recognized as one of the biggest crypto markets globally. Since then, the FIRS proposal has won the backing of some Nigerian civil society groups, which has culminated in lawmakers working on amending tax laws to accommodate crypto transactions. Besides seeking to bolster government revenue, the SEC said the bill before lawmakers also seeks to establish a licensing regime for residents interested in trading digital assets. “We anticipate gradual traction toward centralized exchanges because they will provide greater protections and comfort for investors,” the Nigerian regulator reportedly said. Meanwhile, reactions to Nigeria’s proposed tax on cryptocurrency transactions have been mixed, reflecting the diverse perspectives on this development. Some see this as a positive step toward regulating the crypto space, potentially providing clarity and legitimacy to the industry. Others, however, have expressed concerns that this could stifle growth and discourage investment in the sector. 免责声明：本文章仅代表作者个人观点，不代表本平台的立场和观点。本文章仅供信息分享，不构成对任何人的任何投资建议。用户与作者之间的任何争议，与本平台无关。如网页中刊载的文章或图片涉及侵权，请提供相关的权利证明和身份证明发送邮件到support@aicoin.com，本平台相关工作人员将会进行核查。

Mark Cuban drops meme coin plans over transparency concerns Mark Cuban has dropped plans to launch a meme coin, citing a lack of transparency and fairness in the space. He told Decrypt, “I don’t want to be involved in a game of musical chairs,” following recent controversies like Argentina’s Libra $LIBRA meme coin scandal.

Backpack Exchange is one of those new crypto exchanges that is making headlines after headlines. From an easy-to-use platform to a wide variety of crypto services, Backpack is a great choice when it comes to crypto trading. Let's dig in and see why. Backpack Exchange is an innovative and fully compliant cryptocurrency trading platform offering a wide range of features tailored for traders and investors. The platform provides users with a robust trading experience, combining spot trading, futures trading, and lending services within a single ecosystem. One of the primary features of Backpack Exchange is its spot trading market, which supports a wide variety of cryptocurrencies. Traders can access numerous trading pairs with deep liquidity, ensuring efficient and competitive trades across multiple digital assets. Backpack also provides a futures trading platform that allows users to trade perpetual contracts with advanced margin management tools. The platform is designed to cater to both beginners and professional traders , offering customizable risk controls and high capital efficiency. The lending platform is another standout feature, enabling users to lend and borrow digital assets at attractive interest rates. This service allows traders to optimize their capital, while lenders can earn passive income by providing liquidity to the ecosystem. Backpack Exchange is available on web, mobile applications, and browser extensions for Chrome, Brave, and Arc, ensuring seamless access across multiple devices. Additionally, Backpack’s Learn section provides educational resources for users to develop their trading knowledge. Explore Backpack’s innovative features . Backpack Exchange is a fully regulated global cryptocurrency exchange that prioritizes compliance, security, and user-friendly trading. The platform integrates cutting-edge technology to deliver a reliable and efficient trading experience. Backpack Wallet is an all-in-one Web3 application that functions as a self-custodial wallet. It enables users to securely buy, hold, sell, and transfer cryptocurrencies, ensuring full control over their digital assets. Mad Lads is a notable NFT collection on Solana, consisting of 9,000 Lads and 1,000 Lassies. This collection plays a key role in the Backpack ecosystem, driving engagement and innovation within the NFT space. Trade securely with Backpack . Backpack Exchange is designed for traders who seek an intuitive and feature-rich platform. With spot trading, futures trading, and lending services, users can diversify their strategies while benefiting from deep liquidity and transparent pricing. For users looking to earn passive income, Backpack’s lending platform provides an excellent opportunity to lend digital assets and earn competitive interest rates. Additionally, the self-custodial Backpack Wallet ensures secure asset management. Join Backpack Exchange today . Backpack Exchange is revolutionizing cryptocurrency trading by integrating spot trading, futures trading, and lending into one cohesive ecosystem. With support across web, mobile, and browser extensions, users can access a secure and efficient trading experience anytime, anywhere. To explore Backpack Exchange and its comprehensive suite of services, sign up today and elevate your trading experience. Start trading with Backpack Exchange .

Non-fungible token (NFT) giant OpenSea has halted its newly introduced airdrop reward system following widespread criticism from its user base. The move comes after concerns were raised regarding the platform’s experience points (XP) system, which users claimed encouraged wash trading, prioritized fee generation, and failed to support builders within the ecosystem. XP System Paused OpenSea launched the beta version of its upgraded marketplace, OS2, on January 28, introducing a points-based mechanism to determine user eligibility for an upcoming airdrop of its native token, SEA. However, community backlash quickly followed. Many argued that the XP system was flawed and did not align with the long-term sustainability of the NFT space. In response, OpenSea co-founder and CEO Devin Finzer announced that the platform would be pausing XP rewards for listing and bidding activities. Acknowledging the strong sentiments surrounding point-based reward systems, Finzer stated that while liquidity incentives remain important for a competitive marketplace, OpenSea is taking a step back to reevaluate the best approach. “We’ve heard the feedback on the current XP system, and we’re putting a pause on XP given directly for listing and bidding. While we don’t think liquidity rewards are inherently bad, we understand that there are a lot of strong emotions towards point systems, and that the NFT market as a whole is in a unique spot right now. we’re building OS to support this space long term, so we’re pausing this part of the rewards program while we think through the best path forward.” Instead of continuing with the criticized XP system, OpenSea will focus on “XP shipments,” a newly introduced mechanism that aims to reward broader participation in OS2. Users who engaged with the beta version early and provided feedback via Discord have already received the first round of shipments. A second round is now being distributed to users who have purchased NFTs on OS2, with additional XP multipliers for those holding assets from top-volume projects for over three months. OpenSea Data Breach The latest controversy comes a month after a report revealed that 7 million email addresses were leaked during OpenSea’s 2022 data breach. The breach involved NFT marketplace’s email service provider, exposing the emails of industry professionals, including Binance founder Changpeng ‘CZ’ Zhao. Security expert “23pds” warned that the leak could further endanger the privacy and assets of crypto users. OpenSea initially disclosed the breach in June 2022 and attributed it to an employee of its vendor, Customer.io. However, the full extent of the leak only surfaced last month which left users vulnerable to scams and malicious attacks. The post OpenSea Halts Airdrop Reward System Following Community Backlash appeared first on CryptoPotato.

OpenSea, one of the largest non-fungible token market platforms, has suspended its XP reward program for bidding and listing NFTs after receiving a strong community backlash. Earlier this week, the NFT marketplace launched its updated marketplace “OS2” and started allowing users to earn XP tokens through bidding and listing NFTs. The XP reward program stirred a heated discussion on X (formerly Twitter,) causing many non-fungible token floor prices to plunge. In a February 18 blog post, Dfinzer, the Chief Executive Officer of OpenSea NFT marketplace, confirmed that he and his team have halted the XP reward system for bidding and listing NFTs in the platform after receiving massive crypto community backlash. The NFT marketplace OpenSea launched its highly anticipated updated marketplace “OS2” alongside its native token $SEA over the past week. At the time, the market platform announced an upcoming token airdrop. As part of its upcoming airdrop, the team started allowing crypto users to earn XP tokens by bidding and listing NFTs. Unfortunately, traders quickly identified ways of manipulating the XP system, including engaging in high-frequency flipping of NFTs with minimal losses to maximize their XP rewards. This illegal practice led to high-frequency trading, with top XP farmers flipping NFTs in seconds. This form of wash trading pushed the marketplace volume to artificial highs, causing significant damage to NFT floor prices. In response to deteriorating floor prices, the global NFT community criticized OpenSea for prioritizing volume and fees over the long-term health of the NFT ecosystem. The OpenSea marketplace team has responded to this illicit practice by a group of farmers and halted the farming system. While addressing the controversy, Dfinzer remarked: “We understand that there are a lot of strong emotions towards point systems, and that the NFT market as a whole is in a unique spot right now. we’re building OS to support this space long term, so we’re pausing this part of the rewards program while we think through the best path forward.” Before summarizing, the top OpenSea executive shared that the second round of shipments is now going out to a subset of users who bought NFT collections on the OS2. But this time, the reward system is improved, with XP multipliers given to NFT holders who have held an NFT from a top volume project for over 3 months. The NFT community has embraced this formula. In response to the recent OpenSea update, many NFTs have recorded some positive growth.