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Daily Crypto News Feb 7, 2022: Top 3 crypto updates for today

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Right after India expressed its clarity towards crypto through its latest crypto taxation bill, other governments across the globe have also followed suit in regulating this sector. In today’s crypto news, Colombia has also asked crypto users as well as exchanges to report their transactions to the Colombian anti-money laundering authority (UIAF). These regulations shall become mandatory after April 1, 2022. 

Another metaverse news is here. Epic Games had filed for a trademark for various goods and services under the umbrella name of Epic Games megaverse. Reports suggest that it might be its own version of Metaverse. 

Axie Infinity recently announced its revamping structure for the player vs player reward system. This led to a rise of 40% in the price of the native token of Axie Infinity, AXS. The company also announced that it shall also reduce the creation of Smooth love potion by 56%. Read more of this crypto news below in detail.  


Quick Crypto News Roundup!


Daily Crypto News  Feb 7, 2022

Colombia requires crypto users as well as exchanges to report transactions

The Colombian Government has issued new regulations that shall require the exchanges as well as individuals to report all their cryptocurrency transactions to the Colombian anti-money laundering authority (UIAF). This new regulation also requires the exchanges to regularly report any suspicious user activity or transactions via an online reporting system. 

This new regulation of 314 also makes it mandatory for all crypto transactions above US$150 or multiple tokens valued over $450  must be reported to the UIAF. This new rule shall come into force from April 1, 2022. These laws and regulations are aimed at tightening the control over cryptocurrency assets and avoiding any sort of illegal activities via the use of these channels. 

Read: Crypto Taxation Guide Budget 2022


Epic Games file trademark for “Epic Games Megaverse”

According to reports, there has been a new trademark filed by Epic games for “Epic Games Megaverse”. This was submitted at the end of 2021 and covers a variety of goods and services. Reports also suggest that this might be an umbrella term for the Epic games own version of Metaverse. 


Axie Infinity revamps reward structure 

The leading and popular metaverse blockchain game, Axie Infinity (AXS) recently announced the revamping of the reward structure for its player-vs-player model while reducing the supply for the SLP tokens. Along with this, the company also made an announcement that it shall reduce the creation of its Smooth Love Potion (SLP) tokens by 56%. 

These new changes that are about to come, made the AXS token rise by 40% in the past few days. With these new changes in place, Axie Infinity shall also have a leaderboard with 300,000 slots and shall distribute around 117,676 AXS tokens which is equivalent to a $6 million prize pool. 


Crypto Market Trend February 7, 2022

Here is a quick summary of the top crypto gainers and losers for the day. 

Top 3 Crypto Gainers 

Cryptocurrency  Price (latest by February 7, 2022)  Change in % 
Shiba Inu (SHIB) ₹0.002 21.64%
Quant (QNT) ₹12232.55 17.32%
Ripple (XRP) ₹60.046 13.51%

*All prices are latest by 3 PM IST February 7, 2022.

Top 3 Crypto Losers 

Cryptocurrency  Price (Latest by February 7,  2022)  Change in % 
Chromia (CHR) ₹50.31 1.09%
Theta Token (THETA) ₹273.50 2.81%
Maker (MKR) ₹174590.07 2.42%

*All prices are latest by 3PM IST February 7, 2022.

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