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CryptoSlate
CryptoSlate
Senate bill adds to growing list of digital asset legislation moving through Congress
3 months ago
Cryptopolitan
Cryptopolitan
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On Valentine’s Day 2024, the crypto market witnessed notable events and developments that captured the attention of enthusiasts and investors alike. From significant price movements to emerging trends, here’s a comprehensive overview of what transpired in the crypto space on this romantic occasion: Crypto markets today – The tea The crypto market has witnessed tremendous growth today. The total market value of Bitcoin’s circulating supply surpassed $1 trillion as the BTC price rose above $51,000. The current circulating quantity of Bitcoin is 19,627,443 BTC, or 93.46% of the total amount, which is hard limited at 21 million. The global crypto market cap is now $2.03 trillion, up 3.2% in the last 24 hours and 88.13% from a year ago. As of today, Bitcoin’s (BTC) market capitalization is $1.01 trillion, signifying a 50.09% dominance. Meanwhile, stablecoins’ market capitalization is $139 billion, accounting for 6.84% of the overall cryptocurrency market capitalization. Previously, Bitcoin achieved a $1 trillion market capitalization milestone in November 2021, during a bull run that propelled BTC to a brief all-time high of $69,000. Simultaneously, the bull run spread throughout the crypto ecosystem, resulting in the first time that the combined crypto market capitalization exceeded $3 trillion. United States government officials plan to fight crypto crime In a statement before the House Financial Services Committee, a US Treasury official voiced concern about the use of crypto in illegal finance and requested broader ability to pursue bad actors. The committee hearing is scheduled for February 15. Brian Nelson, the Treasury Department’s Under Secretary for Terrorism and Financial Intelligence, stressed this need in his prepared remarks for a congressional hearing on terrorism and cryptocurrency crimes. Looking forward to discussing Treasury’s busy month of action to protect the U.S. financial system from illicit finance. https://t.co/sH9jHycPBY — Under Secretary Brian Nelson (@UnderSecTFI) February 13, 2024 Nelson’s statement comes with increased attention from Washington lawmakers, notably Senator Elizabeth Warren, who has been promoting her anti-money laundering legislation. The Digital Asset Anti-Money Laundering Act (DAAMLA), which Warren reintroduced to the United States Senate in July 2023, specifically targets the criminal use of digital assets for money laundering and terrorism financing. The Treasury has spent the last decade developing a framework to combat terrorism financing that “mitigates illicit finance risks while promoting responsible innovation,” Nelson stated in his prepared statement. BlackRock Bitcoin ETF reaches 100K BTC. BlackRock’s spot Bitcoin exchange-traded fund (ETF), iShares Bitcoin Trust (IBIT), has more than 100,000 BTC under management. According to BlackRock’s official data, IBIT had 105,280 BTC on February 13.  On the 22nd day of trading, the iShares Bitcoin Trust became the first spot Bitcoin ETF in the United States to achieve 100,000 BTC in managed assets, joining nine other spot Bitcoin ETFs, excluding the Grayscale Bitcoin Trust ETF (GBTC). The news represents a key milestone in BlackRock’s aggressive BTC purchase since the firm and ten other issuers debuted its spot Bitcoin ETF on January 11, 2024. BlackRock has boosted the iShares Bitcoin Trust’s holdings by more than 3,700% since introducing IBIT in January, with assets under management growing from only 2,621 BTC on Jan. 11 to 100,000 BTC on Feb. 13. Uniswap founder warns about ENS wallet impersonation scheme Hayden Adams, the founder of Uniswap, a decentralized exchange (DEX), has cautioned the crypto community about a scam involving wallet addresses as Ethereum Name Service (ENS) domains. On February 14, Adams posted a warning on X about scammers mimicking his Ethereum wallet. The executive stated that the scammers duplicated and registered his wallet address as an ENS wallet with.eth.  first time I've seen this scam, so posting it as a heads up for users and interfacessomeone bought the ens "[myEthereumAddress].eth"so when you paste in my address, the top result in some UIs is an ens match instead of the resolved ENS nameimpt for UIs to filter these out pic.twitter.com/0cQAL5tQ0T — hayden.eth 🦄 (@haydenzadams) February 14, 2024 Furthermore, the Uniswap founder stated that putting his wallet address into some user interfaces will yield an ENS match unrelated to his address as the top search result. The hoax appears to be intended to confuse digital asset senders, who may inadvertently send their crypto to the incorrect address rather than the actual receiver. Adams recommended user interfaces to filter out such addresses to prevent losses from the attack vector. While the scam vector appears to be fresh, Taylor Monahan, the founder of Ethereum wallet management MyCrypto, stated in a post that the identical scam vector was utilized in the early days of the MyEtherWallet service. Monahan further stated that it broke registrations and resolutions for names starting with “0x” at the time. ENS creator and main developer Nick Johnson also remarked on the scam vector, stating that interface names should not be autocompleted. The developer stated that this was “far too dangerous” and that ENS recommends against it in its user experience guidelines.

15 days ago
Learn_With_Fullo
Learn_With_Fullo
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The growth of cryptocurrencies greatly depends on the rules set by each region. To make digital assets work well, we need clear laws, compliance, attractive environments for companies, easy operations, and support for innovation. Understanding regional laws is essential, and the rise of cryptocurrencies is supported by clear tax rules and government help.Here’s a list of nations that are friendly towards cryptocurrencies, offering simpler laws and lower taxes. Let’s dive into the details!Which Countries Are Crypto Friendly?PortugalApart from the golden beaches and Mediterranean climate, Portugal boasts of its crypto friendliness too. Do you know how?Crypto transactions are tax-free in Portugal. Yes, you read it right! For individual investors, profits made from the purchase and sale of cryptocurrency are tax-free, as long as they are not the main source of income and the tokens have been held for more than 365 days.Companies that provide crypto services are still taxed on capital gains (which is currently between 28% and 35%). It was only in January 2023 that the Portuguese government introduced specific regulations to tax income sourced from cryptocurrency investments, but these are generally seen as being more favourable than in other European jurisdictions.Portugal hosts many international crypto events such as Nearcon23, the Web Summit, etc. MaltaMalta is famous as a “blockchain island” for a reason! It is a crypto tax haven. Malta recognizes Bitcoin and other cryptocurrencies as a ‘unit of account, medium of exchange or a store of value’. It simply means that one will pay no Capital Gains Tax on long-term gains from selling crypto provided it is considered ‘a store of value’. Isn’t it great for the hodlers? Crypto trades are viewed as similar to day trading stocks or shares. As such, they attract the Business Income Tax rate of 35%! There are structuring options within the Maltese tax system that allow you to reduce this tax rate to between 0% to 5%, depending on how much you earn and your residency.Individuals who invest in crypto in Malta benefit from a tax exemption on capital gains.There are regulatory advantages here like legal clarity, innovative development, investor protection schemes, international recognition and a safe environment to trade crypto in 2024!SingaporeThe leading Asian fintech hub, Singapore, is a hotspot for crypto! It has a supportive framework for regulating cryptocurrency in 2024. Let us see how!The Payment Services Act here regulated crypto under the supervision of the Monetary Authority of Singapore. It does not tax crypto profits made by individuals unless they are derived from trading activities!It has no capital gains tax on trading profits. Thus, its fiscal system attracts investors who do not have to pay hefty taxes.It has a well-established crypto infrastructure and robust legal framework when it comes to virtual currency!SwitzerlandDo you know the Swiss city of Zug is called Crypto Valley? It hosts many renowned crypto firms like the Ethereum Foundation, and many more. Switzerland has a very favourable regulatory scenario for crypto! Any crypto income or capital gains earned for individual investors is considered completely tax-free.The country has a progressive stance on crypto regulation. If a person is trading or mining crypto on a professional level, he might be subjected to slight wealth tax anywhere from 0.5% to 0.8%. This tax applies to all assets, not just crypto. So,  Switzerland can be an excellent option for those looking to relocate and get the most out of their investments.El SalvadorThe country tops the list of one of the most crypto-friendly countries in 2024. El Salvador became the first country to classify Bitcoin as a legal tender.El Salvador’s Bitcoin-friendly president, Nayib Bukele, is again set to have another five-year term, according to exit polls which show him with an overwhelming lead shortly after voting ended February first week!In 2021, El Salvador became the first nation to adopt the largest cryptocurrency (Bitcoin) as legal tender, developed and introduced a crypto wallet Chivo to enhance Bitcoin adoption and also started buying the asset as an investment.SloveniaSlovenia has embraced crypto quite willingly! The well-defined regulations here provide the confidence we need to work with digital assets. The government here encourages the transition to blockchain technology. Slovenia has the highest market cap in crypto per capita, representing a high success rate of blockchain startups in the country.The ease in crypto regulations has made the country crypto-friendly.It has no capital gains tax and no mining VAT. A minor 25% income tax is applicable if one mines crypto.CanadaCanada is a centre for technological development in businesses and is a global leader in the development of blockchain and crypto technology. The well-defined regulatory system strikes a balance between protecting investors and fostering innovation.Crypto is taxed on capital gains since the nation views them as commodities rather than as legal money.  This enables both individuals and companies to estimate their tax liabilities in light of gains or losses from Bitcoin investments. Canada also has clear standards and reporting requirements for taxpayers engaging in crypto in 2024.GermanyGermany has a unique approach when it comes to crypto! It does not recognize crypto as an asset but as private money. There is no better place for long-term investors other than Germany as it has no long-term capital gains tax.It is home to several blockchain companies. It is also the early adopter of crypto payments.Since 2013, Bitcoin has been recognized as a legal form of payment in Germany. If the currency is held for a year, the crypto profits are not subject to taxes.Cayman IslandThe Ledn-Parallel collaboration makes the place one of the most crypto-friendly places for real estate investment as well. The Cayman Islands is a crypto tax haven as crypto businesses and individual investors are exempt from taxes. The place does not impose any restrictions or licensing needs that are targeted at owning, holding or trading cryptocurrency!The country is progressive in its approach towards crypto as it has no legislation on crypto trading and no tax laws.GeorgiaGeorgia is one of the best crypto spaces when it comes to trading virtual currencies. It is a tax-free nation! The Georgian Ministry of Finance mentions that individuals in this country are exempt from any income tax on profits from selling crypto. Georgia does not call crypto “Georgia-sourced” and it is not subject to Capital Gains Tax in Georgia. does not recognize cryptocurrency as an official means of payment, but at the same time, it favours the development of this type of activity in the country. Currently, the local cryptocurrency sector is supervised and regulated by the National Bank of Georgia.Owning cryptocurrencies in Georgia is absolutely legal. Trading cryptocurrency is also allowed. Moreover, individuals trading crypto in Georgia benefit from a 0% income tax rate. It suggests Zero Tax to pay on profit when liquidating your crypto assets in Georgia.Georgia’s regulatory bodies are very crypto-friendly. Ministry of Finance’s statement in 2019 provides the market with the framework for the taxation of the crypto sector. These tax provisions significantly increased the likelihood of mining, selling, and trading cryptocurrency in Georgia.An individual resident of Georgia is exempt from taxation on income generated by selling cryptocurrencies.If a legal entity in Georgia is engaged in mining and trading cryptos, no VAT is applicable. Only a 15% CIT and a 5% dividend tax are due if the distribution occurs. Undistributed and reinvested profits are therefore tax-free.ConclusionWith time, many countries are shifting their focus to crypto adoption and making a safe space for them. If we consider 2024, we would say that we have come far from where we started. From a handful of countries, we have so many of them who are realizing the potential of cryptocurrency #Write2Earn #BTC

18 days ago

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