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Released on 03 Nov 2021
深潮 TechFlow
深潮 TechFlow
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Written by: Liu Honglin Hong Kong’s virtual currency regulation focuses on both sides On February 2, 2024, Hong Kong Secretary for Financial Services and the Treasury, Hui Ching-yu, said that the government believes that it is necessary to bring virtual currency over-the-counter exchanges (OTC) into supervision, and will launch a consultation on the proposed regulatory framework in the short term, and hopes that the public and actively express opinions with stakeholders. We are not sure how short this will be in the short term, but one thing is certain: virtual currency OTC will usher in an era of compliance in Hong Kong. As an established international financial center, Hong Kong has always been relatively open and tolerant towards the new thing of virtual currency. Hong Kong does not regard virtual currencies as legal tender or financial instruments. Instead, it defines them as a "virtual asset" and adopts corresponding regulatory measures based on the activities and risk levels involved. At present, Hong Kong's supervision of virtual currencies mainly focuses on two aspects: one is the supervision of virtual asset trading platforms (VASP), and the other is the supervision of over-the-counter (OTC) merchants. According to the "Licensing System for the Provision of Virtual Asset Trading Services under the Securities and Futures Ordinance" issued by the Hong Kong Securities and Futures Commission (SFC) in June 2023, all platforms that provide virtual asset trading services in Hong Kong need to apply to the SFC licensing, and comply with relevant laws, regulations and regulatory requirements. Currently, there are two licensed virtual asset trading platforms (HashKey and OSL) in Hong Kong that have upgraded their licenses and can provide Bitcoin (BTC) to retail investors.

6 days ago
Crypto Expert BNB
Crypto Expert BNB
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#Write2Earn #TrendingTopic #PIXEL #BTC 🚫 BITCOIN IS ILLEGAL, IN THESE COUNTRIES: 🌍🦍 Bitcoin's legality sparks debate globally due to its decentralized nature and potential for misuse.👹👺 🇩🇿 Algeria: Banned Bitcoin since 2018 due to volatility and misuse concerns.🌴 🇧🇴 Bolivia: Fully banned Bitcoin since 2014 for currency control.🌺 🇨🇴 Colombia: Prohibits financial institutions from dealing with Bitcoin since 2014.🏵 🇪🇬 Egypt: Declared Bitcoin transactions "haram" in 2018, tightening banking laws.🌳 🇮🇷 Iran: Uses Bitcoin mining to bypass sanctions despite restrictions.🌷 🇮🇳 India: Plans to ban most cryptocurrencies while proposing a government-backed digital currency.🌹 🇮🇶 Iraq: Strongly opposes cryptocurrency, banning their use since 2017.🌸 🇽🇰 Kosovo: Banned cryptocurrency mining in 2022 to address energy crisis.🍁 🇳🇵 Nepal: Illegalized Bitcoin since 2017 by Nepal Rastra Bank.🍀 🇲🇰 North Macedonia: Only European country with anti-cryptocurrency law.🌿 🇹🇷 Turkey: Witnessed cryptocurrency surge amid economic instability, prompting swift regulations.🌼 🇻🇳 Vietnam: Prohibits Bitcoin issuance, sale, and use, punishable by fines.🌸 🇰🇪 In Kenya, cryptocurrency is legal but not recognized as tender or asset.🌱 These measures reflect ongoing debates on Bitcoin's legality and its impact on global financial systems.🍂

7 days ago
TopCryptoNews
TopCryptoNews
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Bitcoin’s price retreated below $51,000 to retest critical support levels on Feb. 17 despite holding strong after stronger-than-expected CPI data over the past few days. The flagship crypto was trading at $50,856 as of press time after touching a low of $50,625. The decrease marks a 2.81% drop over the last 24 hours, with Bitcoin’s market capitalization now close to $997.31 billion, slightly below the $1 trillion mark. Mixed sentiment The recent price action comes amid a backdrop of both bullish and bearish sentiments among investors. Analysis from Changelly suggests that the market sentiment has been predominantly bullish, with a 76% bullish sentiment against a 24% bearish outlook, underpinned by a Fear & Greed Index score of 72, indicating a prevailing sense of greed in the market. Despite this optimism, Bitcoin has experienced significant price volatility over the past month, with 19 out of the last 30 days closing in the green. Bitcoin bulls suggest the price is testing support before surging to yearly highs, as it has already broken out of a critical price ceiling to form a bullish megaphone pattern. Focal point of discussion Bitcoin, the world’s first decentralized crypto, continues to be a focal point of discussion among investors, policymakers, and the general public. Its energy consumption, security features, and potential for adoption as a legal tender in various countries remain hot topics. The crypto’s journey from being perceived as a risky investment to becoming a primary reserve asset for major corporations like MicroStrategy and Bitcoin ETFs issued by major asset managers illustrates its growing acceptance and the changing attitudes toward digital currencies. Furthermore, the legal and political landscapes around Bitcoin are evolving. Countries like El Salvador have adopted Bitcoin as legal tender, a move that has spurred discussions on the adoption of cryptocurrencies by other nations. Meanwhile, environmental concerns related to Bitcoin mining continue to spur debates on the sustainability of cryptocurrencies and their impact on global energy consumption. $BTC #BTC‬ #Write2Earn #TrendingTopic

8 days ago
链得得ChainDD
链得得ChainDD
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Written by: Carl, Techub News The source of the article is Techub News. Search Tehub News to download and view more Web3 information. ​ On February 4, Salvadoran President Nayib Bukele, who made Bitcoin the national legal tender during his term, was successfully re-elected with 87% of the vote. More than 2 years ago, El Salvador became the focus for becoming the first country to adopt Bitcoin as its legal currency. President Nayib Bukele, who supports Bitcoin, has also become an "international" KOL. Nayib Bukele currently has 7.6 million followers on Tiktok, which is more than the entire population of El Salvador (6.3 million). ​ More than 2 years after Bitcoin was recognized as legal tender, El Salvador’s Bitcoin policy has faced many controversies, including opposition from the International Monetary Fund, losses of nearly US$70 million from currency speculation, and low usage. However, Nayib Bukele’s successful re-election seems to prove to the outside world that El Salvador’s Bitcoin experiment did not fail as reported by the mainstream media. ​ The whole country is speculating in currencies, from floating losses to floating profits ​ In June 2021, El Salvador’s parliament passed a bill approving Bitcoin as the country’s legal tender. Three months later, on September 7, the bill officially came into effect, making El Salvador the first country in the world to adopt Bitcoin as legal tender. ​ 9

10 days ago
Decrypted Labs
Decrypted Labs
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BREAKING 🚨 U.S AND EUROPE HAVE ANNOUNCED USTC AS THEIR LEGAL TENDER AND WILL DISCONTINUE US DOLLAR. SOURCE - DO KWON Disclaimer: This content is not a sponsored advertisement and is not intended to influence or endorse investments. Prioritize thorough research and informed decisions based on your analysis before exploring any investment opportunities. #Write2Earn

10 days ago
Bitcoinist
Bitcoinist
Will Milei Make Bitcoin Legal Tender? Expert Analysis
3 months ago
Cointelegraph
Cointelegraph
followers

Did the New Zealand Reserve Bank governor just let the cat out of the bag?  During a parliamentary committee meeting on Feb. 12, New Zealand Reserve Bank governor Adrian Orr joked about the modern central banking system, which was met with laughter: “It’s a great business to be in, central banking, where you print money and people believe it.” Earlier in the meeting, Orr said the central bank had been faced with several “fiscal challenges” and had received several “letters of expectations” from ministers to be as cost-effective as possible. “We actually fund ourselves and then decide what dividends to pay,” Orr said. "It's a great business to be in, Central Banking, where you print money and people believe it" - Adrian Orr, Governor Reserve Bank of NZ He says this while the state imposes legal tender laws, and myriad banking and AML laws. "Belief"? or coercion?pic.twitter.com/J68QrTuLzK — Stephan Livera (@stephanlivera) February 13, 2024 Joke or not, several Bitcoiners saw an element of truth behind Orr’s words. “He said the quiet part out loud,” said a self-proclaimed Bitcoiner in a Feb. 13 post on X. Bitcoiners have long argued that money should be separated from the state and that Bitcoin is the only financial network that acts free from government manipulation. “We know it’s a scam. They know it’s a scam. They know we know it’s a scam,” commented Bitcoiner and software engineer Jameson Lopp. “The only way to win is to not play their game. We have to make them play our game instead.” We know it's a scam.They know it's a scam.They know we know it's a scam.They're laughing at us.They think they hold all the cards.The only way to win is to not play their game.We have to make them play our game instead.https://t.co/Q7MBBz8mwR — Jameson Lopp (@lopp) February 13, 2024 While Bitcoiners and the broader cryptocurrency community don’t agree on everything, the majority believe central bank digital currencies (CBDC) will further centralize money and restrict freedoms. Related: New Zealand parliamentary report advises against hasty crypto regulation The hearing was part of the central bank’s annual review. During the meeting, Orr said he was “critically concerned” with the rise of decentralized digital currencies such as Bitcoin (BTC), which he argued lacks the three main properties of money. “It’s neither a means of exchange, it’s not a store of value and it’s not a unit of account.” Orr isn’t a fan of stablecoins either, explaining that they don’t compliment central bank money because they’re not stable enough. “They’re only as good as the balance sheet of the person offering that stablecoin.” New Zealand has been exploring the possibility of implementing a CBDC since September 2021. Magazine: Unstablecoins: Depegging, bank runs and other risks loom

12 days ago
区块侠
区块侠
followers

【Today's News】 1. The founder of Ordinals asked for suggestions on the creation of RUNE, stating that all of them are fairly minted and there is no pre-allocation👏; 2. Grayscale analysis: Bitcoin ETF may change the supply and demand ratio, offset the selling pressure of miners after the halving, which will be beneficial to the price; 3. Jack Dorsey appeared in the Super Bowl wearing a Satoshi Nakamoto sweatshirt. What do you think? Welcome to leave a message in the comment area for discussion 😉; 4. BounceBit launches BTCB staking service and launches fund interest rate arbitrage strategy; 5. The CEO and chief product officer of Ripple’s custody company Metaco have resigned; 6. The Governor of the New Zealand Central Bank stated: Cryptocurrencies such as stablecoins cannot replace legal tender; 7. The founder of Lens suggested that there should be two verification categories on Lens, namely global verification and local verification; 8. The European Financial Markets Association recommends that the UK revise its proposed crypto asset custody rules; 9. A certain whale transferred 2,742 BTC to Binance yesterday, making a profit of US$13.5 million within 4 days; 10. A certain whale withdrew a total of $112 million LINK from Binance in the past 6 days.

14 days ago
Learn_With_Fullo
Learn_With_Fullo
followers

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

14 days ago
WuBlockchain
WuBlockchain
followers

President Nayib Bukele of El Salvador was re-elected as President of El Salvador with 87% of the vote. Previously, El Salvador Vice President Felix Ulloa stated that during the second term, Bitcoin will continue to be the country’s legal tender and the government will continue to advance plans for Bitcoin bonds, Bitcoin cities, and Bitcoin passports.

21 days ago
Crypto PM
Crypto PM
followers

🔔 Pro-Bitcoin President Bukele Secures Re-Election in El Salvador Exit polls point to a resounding victory for Nayib Bukele, El Salvador's pro-Bitcoin president, securing another five-year term with an overwhelming lead. The anticipated result reflects Bukele's popularity in the country and the substantial lead observed in pre-election polls. Since 2019, Bukele has been at the helm, advocating for and implementing cryptocurrency initiatives in El Salvador. This re-election signals continued support for his policies, including the adoption of Bitcoin as legal tender. 🌐🇸🇻 $BTC #ElSalvador #BitcoinAdoption #BukeleReElection

21 days ago

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