StarkNet uses rollups to squash Ethereum’s crushing gas fees Source
StarkWare Launches Layer 2 Product StarkNet on Ethereum
Day: February 23, 2022
StarkNet now open for DApp deployment on Ethereum mainnet
StarkNet, the Layer-2 scaling solution established by StarkWare, announced that the first few decentralized apps (DApps) built on the platform have been deployed since it launched on the Ethereum Mainnet in November. StarkWare shared the nine projects listed by zkRollups, a digital directory for the zero-knowledge ecosystem, in a Twitter thread. The list ranges from decentralized finance (DeFi) to nonfungible tokens (NFTs) and gaming applications. Here are the latest projects we have listed – all building on StarkNet ✨ from @StarkWareLtd https://t.co/y55wb8p8nb ️ 1/ — zkRollups.xyz (@zkRollupsXYZ) February 22, 2022 StarkNet is…
Crypto Tax Prep Business Booms as Trading Surges and IRS Tightens Screws
However, some incumbents are building rather than buying: “At Jackson Hewitt, we train our tax pros on tax preparation using our internally sourced training materials (which includes what cryptocurrency is and how to handle it on a tax return) and create our own tax software that can handle cryptocurrency, whether it is payment for a business, payment to a client or investing,” Steber said. The company does not have “an account management or crypto support for portfolio issues,” he said. Source
Form 1099-B Is Not the Solution to Your Cryptocurrency Tax Problems
When the IRS receives a copy of this 1099-B, it will see that you sold $50,000 of bitcoin on Cryptocurrency Exchange B. However, it will not be able to see that your true capital gains for this transaction were actually only $30,000. It will be up to you to prove your cost basis was indeed $20,000. If you can’t prove it, you could be stuck with a zero-dollar cost basis and face a $50,000 capital gain tax bill. Source
How Web 3 Could Change Tax Collection
This will make 1099 form generation impossible because in most cases there’s no third party to generate them. Even if a protocol could generate 1099s, the reports will be incomplete, without the taxpayers’ personal identification information such as name, address and Social Security number. Further, the amounts reported will be inaccurate because the protocol has visibility only into what’s happening inside the protocol. Source
Crypto Tax Compliance Remains Minefield as IRS Leaves Key Questions Unresolved
A lack of guidance on everything from staking rewards to NFTs means there’s a certain amount of guesswork involved in tax filings. Source
Uphold becomes registered crypto-asset firm in UK post-FCA approval
A European subsidiary of United States-based crypto trading platform Uphold has received approval from the United Kingdom’s Financial Conduct Authority (FCA). According to the FCA website, Uphold’s U.K. subsidiary Uphold Europe Limited gained regulatory approval on Thursday, joining the select list of 32 firms that have received FCA approval as Registered Crypto Asset service providers out of the 200 that applied. The approval signifies that the firm is in compliance with the U.K. Anti-Money Laundering and Counter-Terrorist Financing regulations. FCA Registered Crypto Asset firms. Source: FCA For crypto exchanges and…
VAF Compliance Is a Forensic Service Provider That Can Help You Pass KYC/AML for Crypto Banking – Sponsored Bitcoin News
sponsored At VAF Compliance a team of experts is ready to help with all of your virtual assets compliance needs. Connect with VAF today; the leading virtual assets compliance company serving the Middle East and customers worldwide. What Is VAF Compliance? The crypto, NFT and metaverse spaces are hot and buzzing, with innovative products launched almost daily. Whilst having an industry swept with technological advancements is good, it is also necessary to ensure that the digital assets and the teams behind them are compliant. Being compliant in this sector means…
1Password Adds 1-Click Credential Storage for Solana-Based Phantom Wallet Users
“1Password shares our commitment to help bring Web 3 mainstream by making the user experience safe and easy-to-use,” said Brandon Millman, CEO of Phantom, in a statement. “Together with 1Password, we will provide an industry-leading approach to key management, so our users can focus on using their crypto wallet, instead of protecting it.” Source
Stablecoin issuer Circle launches business accounts for USDC transactions
USD Coin (USDC) operator Circle has launched a new account service aimed at helping businesses transact in cryptocurrencies — potentially opening the door to wider mainstream adoption of digital assets. The new business-centric Circle Account allows enterprise clients to deposit, withdraw, receive and store cryptocurrencies and have all payments settled in the USDC stablecoin, the company announced Wednesday. Circle’s new account features give businesses the ability to seamlessly integrate crypto payments into their operations and use digital assets as collateral. Account holders can send and receive USDC across eight blockchains,…