RABIT Weekly News(W4 March 2023)

The IRS said it seeks to tax NFTs like other collectibles such as stamps and artworks. Last year, the IRS presented a draft of the “Tax year guidelines” and announced that it would change the taxable target designated as “cryptocurrency” to “digital assets.”
Despite the low chances of the U.S. government reviving SVB, the U.S. has decided to fully compensate deposits of depositors who are not responsible for the bankruptcy. Silicon Valley companies, which are major customers, are unlikely to go bankrupt due to the failure to pay their employees.
Chinese companies are seeking opportunities in Hong Kong as the demand for the crypto industry in China is flocking to Hong Kong. Hong Kong is planning to legalize licensing and cryptocurrency transactions for crypto exchanges. It predicts that companies that have fled from Singapore, where regulations are strengthening, will be absorbed into Hong Kong.