As the wave of interest in Facebook’s stablecoin Libra continues around the world, it appears that Mark Zuckerberg’s foray into digital currencies has a new and powerful ally. Fitch, one of the big three credit rating agencies, gave it a thumbs up in a recent report. Fitch in Love with Facebook’s Fiat-Backed Libra What is it precisely that Fitch has fallen in love with? Well, in praising the centralized token, Fitch focuses on Libra’s fiat-backed status: “A potential advantage of Libra versus other cryptocurrencies is its full backing by a reserve basket of fiat currency assets managed in a reserve
The South Korean military acquisitions agency hopes a blockchain system can improve defense business operations.
The Canada Revenue Agency (CRA) has apparently been specifically targeting bitcoin and crypto investors as part of its broader tax strategy to keep tabs on their cryptocurrency investments, including how they purchase these assets.
Forbes reported on this story in early March, detailing some of the tactics of the CRA, which include audits and questionnaires. In addition to subjecting cryptocurrency investors to audits, many of these same users have also been sent “comprehensive questionnaires to fill out regarding their bitcoin-related activity over the past years.” Reportedly, some sixty audits are actively ongoing.
The Australian Transaction Reports and Analysis Centre (Austrac) has now officially registered 246 cryptocurrency exchanges. Pro-regulation industry participants have described the move as a key step towards legitimizing crypto assets. The registration process includes performing background checks and other anti-money laundering procedures on the entities involved.
Austrac Says Regulation Will Curb Money Laundering and Terrorism Financing
Australia amended its anti-money laundering and counter-terrorism laws last year, making it a requirement for digital asset exchanges to register with Austrac, the country’s top financial intelligence agency.
Danish tax authorities will soon be going after cryptocurrency traders in the country and beyond. The plan is to collect data from local bitcoin exchanges in order to verify if citizens who have traded digital assets have paid the right taxes. Information about foreign citizens and entities will be shared with other countries.
The British government has recently released a policy paper clarifying the tax laws on crypto assets.
This fairly straightforward document was released on Her Majesty’s Revenue and Customs’ (HRMC) website, holding a sundry list of important crypto space terms, the relevant tax codes and points of intersection between the two.
The report claims that “the cryptoassets sector is fast-moving and developing all the time,” and that much of the terminology described in the report may only be situationally accurate or subject to change. As a result, it prefaces most of the information with a disclaimer that its “views may evolve further as the sector develops.”
Finnish tax authorities have handed over information on 2,700 bitcoin traders to its Danish counterpart, Skattestyrelsen (SKAT).
According to a press release, the traders used an undisclosed Finnish exchange to collectively purchase and sell some $ 15.65 million worth of bitcoin (102.7 million kronor) between 2015 and 2017. A handful of these investors traded amounts between $ 1,105 and $ 110,450 (10,000 to 1,000,000 kronor), while the overwhelming majority traded an amount equal to or less than $ 1,105. Very few traded amounts over $ 110,450.
Skattestyrelsen (SKAT), the Danish tax agency, has accelerated crackdown against a large number of nationals who secretly traded bitcoin on a Finnish crypto exchange. According to information shared by the Swedish Tax Agency, a total of 2,700 Danes purchased circa $ 5.80 million worth of bitcoins from the exchange but sold them back for $ 6.1 million in
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A trial conducted by the Commonwealth Bank of Australia and the Data61 unit of the Commonwealth Scientific and Industrial Research Organisation (CSIRO) has proven that blockchain-powered smart money possesses immense social and economic benefits for Australia’s insurance scheme for persons living with disabilities. In the proof of concept, it was demonstrated that participants in Australia’s
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Specialist blockchain PR agency EAK Digital has launched an exclusive YouTube Channel – EAK TV – to showcase exclusive direct insights from thought leaders in the blockchain industry and beyond. The media platform aims to be the go-to channel for blockchain’s thought leaders and visionaries.
The EAK media team has attended some of the world’s biggest crypto/blockchain events this year, including Delta Summit in Malta and Blockchain Shift in Miami. Erhan Korhaliller, CEO and Founder of EAK Digital secured insightful interviews with some of the most influential names in the blockchain space, including Roger Ver of Bitcoin.com, Johnson Chen of NEO, Changpeng Zhao of Binance, Silvio Schembri, Parliamentary Secretary for Malta and a host of other global names.
China’s central internet regulator has issued strict rules targeting blockchain companies and entities operating in China. The Cyberspace Administration of China has published draft regulations on Friday demanding blockchain-based information service providers to register users using real names, national identification numbers, censor postings and store user data. The regulations follow an open letter posted by a Chinese student activist
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Tech Bureau, the company behind recently hacked cryptocurrency exchange Zaif have been issued a third (and probably final) warning by the Japanese Financial Services Agency (FSA). The warning has come in the form of a Business Improvement Order, one that stipulates certain improvements that must be made to a financial based business otherwise they risk having their license to trade revoked.
Zaif fell victim to a $ 60 million hack
On the 14th of September, Zaif became the latest victim of crypto crime, with $ 60 million worth of Bitcoin, Bitcoin Cash and Monacoin stolen.
South Africa’s tax agency is looking into methods for identifying tax-dodging cryptocurrency traders, the acting head of the authority has revealed. The South African Revenue Service (SARS) is studying ways to spot non-compliant cryptocurrency traders in order to investigate any scenario of failure to declare profits from investments, acting Commissioner Mark Kingon said while speaking
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The South Korean government is reportedly seeking to bring cryptocurrency exchanges under the direct supervision of the country’s Financial Intelligence Unit. This will obligate crypto exchanges to follow anti-money laundering directives like banks do. This is the first time a government agency has said it will oversee crypto exchanges.
The Korea Financial Intelligence Unit (FIU), under the supervision of the Financial Services Commission (FSC), recently held an Anti-Money Laundering Policy Advisory Committee meeting. The meeting was set up to discuss measures against money laundering and terrorism financing activities.
The recent Facebook congressional hearings on the (mis)handling of customer data has impassioned many of its users. The hearings themselves made a few things clear, and the public response shined light on a growing trend in a blockchain world: people want greater control over their data.
Congressional Facebook Testimony Underscores Need for Blockchain Technology
The facts are these: Facebook makes its money through ads, and those ads are worth more money if Facebook can provide information (freely offered by its users through a Terms of Service that they didn’t read) to tailor those ads. I can’t blame Facebook for wanting to make money; that’s just business. However, it should be no surprise that upon realizing just how much of their data was sold and to whom, users would want to change the relationship.
Australia moves to regulate cryptocurrency providers by putting them under the direct purview of Australian Transaction Reports and Analysis Center (AUSTRAC) – the country’s money-laundering watchdog.
The changes, as reported by Reuters, are to become effective immediately. Months after AUSTRAC filed a money-laundering lawsuit against the Commonwealth Bank of Australia (CBA), regulators move to institute new registration requirements for cryptocurrency exchanges, hoping to substantially reduce the risk of cybercrime, terrorism financing, and, of course, money-laundering.
This week the U.S. Immigration and Customs Enforcement’s Homeland Security agency (ICE) has revealed that it is charging two Canadian brothers and the company Payza with illegal money transmission and money laundering charges tethered to cryptocurrency transactions.
BYZANTIUM ICO Agency has finished this year with more than 12,000 BTC collected for their clients as well as 1000 media publications and thousands of ICO investors attracted.
This Year is Over…
In 2017 BYZANTIUM has successfully provided their services to some the most promising ICOs, including Crypviser, CryptoPing, Goldmint, Mircomoney, Naga Token Sale and Bankex. Moreover, they worked with The Token Fund. Projects received a range of services including:
- Strategy & Consulting
- Marketing & PR
- Community management & Support
- Branding & Web-development