New Zealand’s Tax Regulators Legalize Crypto Payments for Salaries

New Zealand’s Tax Regulators Legalize Crypto Payments for Salaries

According to latest official tax information bulletin in New Zealand, cryptocurrency salaries are now legal inside the country starting from September 1, 2019. With that legalization, the companies can now pay their employees salary in cryptocurrency. The past has not been very kind to cryptocurrencies and blockchain technology with the constant threat of criminals hijacking the prospect of the growing crypto industry. Numerous cases of money laundering, cyber crimes and an extremely volatile market have…

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SEC Commissioner Peirce: The U.S. Should Learn from Bermuda About Crypto Regulation

SEC Commissioner Peirce: The U.S. Should Learn from Bermuda About Crypto Regulation

One of the present commissioners of the U.S. Securities and Exchange Commission (SEC) made the conjecture that the U.S. should learn from other countries regarding cryptocurrency regulation during a convergence forum held by Singapore University of Social Sciences. Commissioner Hester Peirce, in some circles known as the ‘Crypto Mom,’ explained that in her opinion although a single global regulatory framework would be a disaster, there is a need to learn from other international regulatory agencies….

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15 Industrial Countries to Develop Global Crypto System to Stop Illegal Activities

15 Industrial Countries to Develop Global Crypto System to Stop Illegal Activities

According to the leading Asia news outlet Nikkei Asian Review, several major industrial countries have joined forces to create a new infrastructure that collects and share personal information of users who are associated with crypto transactions. The aim is to prevent the illicit activities of money laundering and financing terrorism via crypto. The said worldwide crypto system will be designed and developed by the Financial Action Task Force (FATF), an international organization comprising more than…

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New Jersey Bill Commissions Blockchain Task Force to Study the Technology

New Jersey Bill Commissions Blockchain Task Force to Study the Technology

Governor Phil Murphy of New Jersey has signed bill S2297, the Blockchain Initiative Task Force, into law this Friday. This new legislation puts New Jersey on the clear path to more blockchain adoption and innovation. The bill commissions the Blockchain Initiative Task Force to study the potential use-cases of the technology on local and state level. The bill specifically points out medical records, land records, banking, and property auctions as potential applications. Furthermore, the Task…

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North Carolina Congressman Wants to End Double Taxation on Crypto with Proposed Tax Bill

North Carolina Congressman Wants to End Double Taxation on Crypto with Proposed Tax Bill

The Virtual Value Tax Fix Act was reintroduced in the U.S. House of Representatives by North Carolina’s Rep. Ted Budd (R). The bill, which was first presented on July 25, aims to end the double taxation and record-keeping of cryptocurrency transactions by amending 1986’s Internal Revenue Code. Budd has called the bill a matter of national security. Under the Internal Revenue Code of 1986, gains and losses in trades and exchanges involving real property remain…

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South Korean Authorities Move to Seize Full Regulatory Control Over Crypto Exchanges

South Korean Authorities Move to Seize Full Regulatory Control Over Crypto Exchanges

With the justification of helping to protect crypto investors in South Korea, financial regulators have teamed up to create a central system that helps them to completely monitor and control the ins and outs of the South Korean crypto industry. Currently, crypto exchanges in South Korea are subjected to certain regulations through conventional banks. With this new amendment, financial regulators will no longer have to deal with indirect regulation, but have total control of the…

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Gray Crypto Lines Keep Israeli Investors Trapped without Support from Banks

Gray Crypto Lines Keep Israeli Investors Trapped without Support from Banks

The Israeli crypto investor Ron Gross happens to be one of the early users of Bitcoin(BTC)trade. Embracing Bitcoin as early as 2011, Gross has amassed a fortune for himself from the overwhelming rise of Bitcoin over the years. Like every law-abiding citizen, he reports his income and pays his tax accordingly. That was until late 2017 when banks got scared of the increasing illicit activities emanating from the crypto sphere. To protect themselves, Israeli banks…

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Analyst: Walmart’s Cryptocurrency May Create Less Political Friction than Facebook Libra

Analyst: Walmart’s Cryptocurrency May Create Less Political Friction than Facebook Libra

Cowen Inc., an American multinational independent investment bank and financial services firm, has recently asserted that the retail giant Walmart’s efforts to find a way of launching and utilizing its own digital coin may generate less political friction compared to Facebook’s Libra. Cowen added that Walmart’s cryptocurrency might attract individuals who do not wish to conduct business with conventional banks. Facebook Inc’s Libra has already been suffering various political obstacles in the U.S. Several members…

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South Korea’s Government Assigns Busan as Blockchain Regulation-Free Zone

South Korea’s Government Assigns Busan as Blockchain Regulation-Free Zone

The South Korean government has recently designated the second-largest city by population in the country, Busan, as a “regulation-free zone” for crypto and blockchain firms, in which they will be able to pursue their developments without worrying about regulations. The government of South Korea is planning to test Busan for “token economy,” where users will be rewarded with digital tokens for their contribution in project developments. It is important to note that cryptocurrency-related businesses will…

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Brazilians Now Must Declare Cryptocurrency Gains to Brazil’s IRS Every Month

Brazilians Now Must Declare Cryptocurrency Gains to Brazil’s IRS Every Month

The Brazilian government recently passed a new law, compelling every citizen to declare his or her crypto transactions at the end of every month. The law, which took effect on August 1, is aimed at curbing criminal acts in the crypto sphere including money laundering, trafficking, and tax evasion. According to a major news outlet in Brazil, Agencia Brasil, citizens of Brazil must report their crypto transactions and holdings to the country’s IRS before the…

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