CryptoX – Cryptocurrency Analysis and News Portal Project founders will no longer be subject to hefty taxes which forced them abroad from next April onwards. Source The post Japan to Exempt Token Issuers From Corporate Tax on Unrealized Gains appeared first on CryptoX. CryptoX Portal
Project founders will no longer be subject to hefty taxes which forced them abroad from next April onwards. Source
The Japanese government is set to ease tax requirements for local crypto firms, as it pushes to stimulate growth in the domestic finance and tech sectors. At present, Japanese firms that issue crypto are required to pay a set 30% corporate tax rate on their holdings, even if they haven’t realized a profit through a sale. As such, a number of domestically founded crypto/blockchain firms and talent have reportedly chosen to set up shop elsewhere over the past few years. Japan’s ruling party, the Liberal Democratic Party’s (LDP) tax committee…
Stablecoin issuers Circle and Paxos have each received approvals for their respective licenses from the Monetary Authority of Singapore (MAS), the city-state’s central bank. Circle received in-principle approval for a Major Payments Institution License allowing it to issue cryptocurrencies and facilitate domestic and cross-border payments while Paxos received its license to offer digital payment token services. Circle and Paxos both announced their approvals on Nov. 2, which came a week after the MAS issued two consultation papers on proposals for regulating digital payment token service providers and stablecoin issuers under…
On Tuesday, the multinational financial services corporation Mastercard revealed that it is launching a new crypto monitoring product called Crypto Secure. The Crypto Secure software aims to leverage artificial intelligence (AI) algorithms in order to help banks and crypto-centric debit card issuers identify fraudulent crypto transactions. Mastercard, Ciphertrace Introduce New Crypto Monitoring Product Called Crypto Secure Mastercard (NYSE: MA) has introduced a new piece of software that leverages blockchain surveillance tactics and AI to identify fraudulent crypto transactions. The finance company shared the news exclusively with CNBC and according to…
0x Labs Chief Legal Officer, Ashley Ebersole, joined CoinDesk TV’s “All About Bitcoin” to discuss what the SEC could do in order to make platforms more “comfortable,” as the agency calls on crypto exchanges to register. Source
Warren Buffett raised eyebrows this week when his firm, Berkshire Hathaway, upped its exposure to United States Treasury bills. If you’re one of the few remaining bulls out there, Buffett’s flight to safety is concerning because it signals that the Oracle of Omaha would rather get a 3% yield instead of playing the stock market. If equities go belly-up in the fall, as I’ve been predicting for months, expect Bitcoin (BTC) to follow. Looking at the numbers, Berkshire’s T-bill exposure grew to $75 billion at the end of June, up…
Stablecoin issuers like Tether (USDT) and Circle have accumulated a significant share in the United States Treasury market, outperforming major traditional finance players. Various stablecoin providers collectively held $80 billion worth of short-term U.S. government debt as of May 2022, according to a study by the investment bank JPMorgan, The Financial Times reported on Aug. 20. Tether, Circle and other stablecoin firms accounted for 2% of the total market for the U.S. Treasury bills, holding a bigger share of T-bills than totally owned by Warren Buffett’s investment giant Berkshire Hathaway.…
“Apparently, we’ll have options for both banks and non banks,” Himes told CoinDesk in an interview. He said Chairwoman Maxine Waters (D-Calif.) and the ranking Republican on the committee, Rep. Patrick McHenry (R-N.C.), have been working together on a narrow, stablecoins-only bill, and it’s expected to establish “standards for reserves” for more than one kind of issuer. Source
Since Terra began blowing up, DAI, a five-year-old overcollateralized stablecoin overseen by the MakerDAO community, has held its peg and carried out liquidations of collateral in an orderly fashion, which has been “a great test of the system,” said Luca Prosperi, a leader on lending oversight at MakerDAO. Source