Today in Crypto: Portugal’s Parliament Rejects Crypto Tax Proposal; Tether Debuts Tokens Tied to Mexican Peso

Portugal’s parliament has turned down two new taxes on crypto, a report said, as the Assembly of the Republic looks into its state budget for the year.

The proposals were made by two small left-wing parties. The Socialist majority party has not made a proposal, but the minister of finance has declared a crypto tax is coming.

Several former Binance executives have made a $100 million venture fund to focus on the metaverse and bringing more crypto adoption for emerging markets, Yahoo reported.

The fund is backed by traditional venture capital funds, family offices and angel investors, and is called Old Fashion Research.

A spokesperson said there’s “greater potential” of crypto adoption in emerging markets, where people are struggle with the finance and banking system.

In other news, MetaMask, in partnership with Asset Reality, will be improving customer support with a new way to trace, track and recover stolen funds.

Even reporting small losses can help MetaMask incorporate case data into wider investigations and possibly get the asset back.

Meanwhile, Tether, which operates the largest stablecoin, has debuted Tether tokens pegged to the Mexican peso, a press release said.

That will come with support for Ethereum, Tron and Polygon.

The token joins other fiat-currency-pegged ones Tether has, including to the U.S. dollar, the euro and the Chinese yuan.

In further crypto news, cryptocurrency firms will have to “clean up their act,” according to the old guard of the World Economic Forum, Reuters wrote.

Nela Richardson, senior vice president and chief economist from ADP, a human resources software provider, said the future of crypto would be regulated, and that central banks will end up providing oversight.

While crypto firms were plentiful at Davos, inside the gates, there was a call for regulation, and some were concerned about the risks.

Finally, the relaunch of the Luna token, which had been a catalyst in the turmoil going on with digital currencies, has been met with enthusiasm, Bloomberg wrote, as crypto exchanges already have plans to list it.

Luna’s relaunch will help to salvage the network after the collapse of the one-to-one peg of the UST coin. The new coin will be called Luna classic, and will split off from the original coin.