Monthly Archives: December 2018

Governments Are Taking Wrong Approach to Cryptocurrency Taxation

Cryptocurrency, Taxes–Earlier today EWN reported on a development by several different countries, including Japan, to impose more severe regulations and protocols for catching so-called “cryptocurrency tax evaders.” However, the approach of vilifying the group of investors, particularly in the broader context of this year’s market and the state of crypto regulatory oversight–or lack thereof–is sending the wrong message and will ultimately backfire for the bureaucracies that enact them. For one, crypto taxation is unnecessarily complex. While traditional media outlets have had a proverbial field day publishing the […]

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Vertcoin Network Suffers 300-Block Reorg Following 51% Attacks

Vertcoin (VTC) is currently struggling with a series of 51 percent attacks and a number of blockchain reorganizations. According to recently published data, the vertcoin chain has experienced over 22 reorgs and has lost more than $100,000 due to the attacks, with the last reorg clocking in at over 300 blocks deep. Also read: US Law Enforcement Wants Surveillance Tools for Privacy Coins Vertcoin Blockchain Suffers 22 Deep Reorgs VTC was launched in January 2014 with a traditional proof-of-work system, but it has since moved to an “ASIC-resistant” algorithm known as […]

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As It Ramps Up Enforcement, the SEC Has Been Looking Abroad for Assistance

2018 has been a hallmark year for the U.S. Securities and Exchange Commission (SEC)’s enforcement against cryptocurrency companies, and, according to one director, international collaboration with other regulatory agencies has played a supporting role in the SEC’s recent regulatory actions. Steven Peikin, co-director of the Division of Enforcement at the SEC, has credited international collaboration as a useful weapon in the agency’s arsenal for bringing fraudulent or unregistered actors to justice. Peikin made this opinion known at a speech he delivered at the Harvard Law School’s Program on […]

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Japanese Government to Track Down Cryptocurrency Income Tax Offenders

The Japanese government will establish a system that would track down individuals who refuse to pay tax on profits made from cryptocurrency transactions. Tax Payments on Cryptocurrency Capital Gains News coming from a Japanese newspaper, The Mainichi, reports that according to sources, the Japanese government is planning to form a system that would monitor individuals who make profits from cryptocurrency transactions and catch individuals who refuse to pay taxes on gains from such operations. The new system would empower the National Tax Agency (NTA) to request transactional […]

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Chinese Government-Backed Company to Launch Stablecoin by February

Grandshores Technology Group is a public company affiliated with a 10 billion yuan ($1.5 billion) fund backed by the government of Hangzhou, the capital of China’s Zhejiang Province. It is known to be developing a new stablecoin, which is now expected to hit the market by February 2019. Also Read: Paxful Completes Second School in Rwanda #BuiltWithBitcoin Bitcoin Evangelist to Create Stablecoin The board of directors at Grandshores Technology notified investors on Monday that Li Xiaolai has been appointed as executive director and co-CEO of the company. […]

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Bitcoin’s Tech Trends of 2018: What This Year Brought Us (Part 1)

Where 2017’s dizzying price highs embedded “hodl” into the public consciousness, 2018 was the year in which “buidl” became a trend in the crypto-industry — and Bitcoin was no exception. Anticipated in Bitcoin Magazine’s first cover story of 2018, Bitcoin’s technological progress only accelerated this year. Improving Bitcoin from around the world, developers and entrepreneurs furthered Segregated Witness adoption, rolled out the Lightning Network, released privacy solutions, realized sidechains and made progress on a Schnorr signature solution — all of which were still around the corner only […]

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Crypto Exchange ErisX Raises $27.5 Million From Fidelity, Nasdaq Ventures and Others

Fidelity Investments, Nasdaq Ventures and others have invested a total of $27.5 million in crypto exchange ErisX. Crypto exchange ErisX has raised $27.5 million from Fidelity Investments and Nasdaq Ventures, among other investors, Reuters reports Tuesday, Dec. 4. Nasdaq is the world’s second-largest stock exchange, while United States investment firm Fidelity administers over $7.2 trillion in client assets. According to Reuters, ErisX will offer both spot trading in Bitcoin (BTC), Ethereum (ETH) and Litecoin (LTC), as well as futures markets in the following year, pending regulatory approval. […]

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The Rise of Binance Coin (BNB) & Exchange Driven Tokens

Binance Coin (BNB), Cryptocurrency, Exchanges–As the crypto markets show a slight recovery from yesterday, with Bitcoin climbing above $4000 again to show a tentative trading range, a little talked about coin is leading the pack in 24 hour gains. Binance Coin (BNB), the fourteenth largest currency by market capitalization, is up 13 percent as of writing, leaving some to wonder if the model of cryptocurrency is shifting away from the once stalwart approach towards transactions. Most investors have become familiar with stablecoins throughout 2018, with the high […]

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Finma: Crypto Startups Can Handle up to $100M of Deposits in Switzerland

Crypto-asset companies can now apply for licenses to handle as much as 100 million Swiss francs ($100 million) in public deposits under new regulations published on Dec. 3 by Switzerland’s Financial Market Supervisory Authority (Finma). The development underscores the European country’s efforts to promote technological innovation, as in the past only commercial banks were allowed to receive such large deposits. Also read: Australia’s Financial Regulator Grants License to Bitcoin Exchange Coinzoom Companies Cannot Re-Invest or Pay Interest on Deposits There is a catch, however. Blockchain and cryptocurrency-related businesses that are […]

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South Korea Is Trialing Blockchain Voting — Here’s What That Means

South Korea will test out a new blockchain voting system this month, sources close to the developments have confirmed to Bitcoin Magazine. Developed by the country’s National Election Commission (NEC) and its Ministry of Science and ICT, the distributed ledger system is based on IBM’s Hyperledger Fabric and will be used to authenticate voters and save voting results in real time. South Korean officials believe a blockchain voting system will increase both security and transparency, thereby improving people’s trust in digital voting. The NEC initially ran an […]

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