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Bitcoin mining Faces Rumors in China
Major Bitcoin mining companies in **China** were shocked by the news about power cancelation. Rumors claimed that the power companies are up to cutting off electrical supply of the mining rigs. However, soon after this report was promulgated, the information changed drastically. Sichuan Electric Power company published an article where **Bitcoin mining** was indicated as an illegal activity a...
Path: Blog“To trade or not to trade?” or How Chinese Exchanges Overcome the Bitcoin Ban?
...e government’s statement that frauds and money laundering took place on the exchanges.* Before these bans, China had a trustworthy role as one of the biggest **cryptocurrency** trading markets. At the same time, this country is ahead with the mining business and became, actually, one of the centers for crypto-enthusiasts. What is happening now and what are the perspectives? After the **B...
Path: BlogThe UK provides legal certainty for crypto assets and smart contracts
...nd offer plenty of opportunities, there is still much room for critical questions as to their legal status and characterization. **The UK takes a significant step to reduce the barriers to the adoption of crypto assets and smart contracts by determining their legal status.** The legal Statement published by the United Kingdom Jurisdiction Taskforce tackles the legal uncertainties concerning the...
Path: BlogIndian Declaration on Cryptocurrencies Proposes Jail Term for Violation of Rules
...the legislation draft is not yet publicly available, it has been listed on the roaster of the ongoing parliamentary session of the country. The Indian government is planning to imply a ‘general prohibition on all activities by any individual on mining, generating, holding, selling, (or) dealing’ in cryptocurrencies ‘medium of exchange, store of value and a unit of account’, the summary ...
Path: BlogEl Salvador: Bitcoin will become legal tender, alongside the US dollar
...in as a legal tender, scraping all associated capital gains tax. In addition, the country will accept taxes in Bitcoin, and the US dollar will be the ‘reference currency’ when denominating prices. Also, Bukele is considering promoting Bitcoin mining at a time when the major mining industry is facing hostility in China. The El Salvadoran government officials will discuss its crypto plans fur...
Path: BlogCFTC Warns More Than 20 Forex Brands
...lly have seen a large number of fraud complaints. These include binary options, forex, digital currencies, commodity pools, and precious metals. Registration with CFTC allows the agency to provide greater security and oversight of the industry by examining whether firms meet minimum financial standards as well as disclosure, reporting, and recordkeeping requirements. Registration is no guarante...
Path: BlogPossible Effects of Bitcoin Halving
...of the most popular beliefs in cryptocurrency circles about halving events is that they are great for the price of Bitcoin, in particular, the halving will cause the Bitcoin price to explode.** This principle arises from the fact that cutting the mining reward in half contributes to greater scarcity of BTC as the number of users on the networks continues to grow. At pre-halving moment, 1800 BTC...
Path: BlogCovid-19 Effect on Growing Number of Crypto Related Scams
... in the middle of the year it is hard to tell exact number netted by criminals could exceed 2019 statistic. Due to the implementation of effective AML controls, the amount of criminal funds directly received by exchanges dropped by 47% in 2019. Remining of 2020 could bring more regulatory attention to various aspects of the crypto industry. The percentage of funds sent to high-risk exchanges fr...
Path: BlogHow cryptocurrency will be taxed in the UK?
... when cryptoassets are sold for fiat or are used for goods and services purchasing, exchanging crypto for crypto, or gifting cryptoassets. This is a common approach used in many countries around the globe. Further, according to the policy paper, mining activity is subject to income tax. The authority classifies this kind of activity as a business activity considering such factors as the degree...
Path: BlogNew financial crime combating plan was released in UK
...mond, commented on the situation: *"The UK has one of the toughest systems for combatting money laundering, but too many people are still falling victim to fraud. This crime fuels everything from drug dealing to modern slavery, fundamentally undermining people’s faith in our financial system and impacting economic growth. By bringing together leaders from across government, law enforcement an...
Path: BlogMalaysia is planning to regulate initial coin offerings as securities offerings
...ation with the Central bank (Bank Negara Malaysia) together will prepare a complete legal framework on digital assets before the end of Q1 2019. The Commission replies on this: *“The guidelines will among others, establish criteria for determining fit and properness of issuers and exchange operators, disclosure standards and best practices in price discovery, trading rules and client asse...
Path: BlogHerding in the most volatile market in decades
...arket. But to analyse the deeper meaning of this phenomenon. How is it possible that volume cannot cause price or even price cannot cause volume? This would mean that the bitcoin market is dependent on other factors possibly news events, costs of mining and other factors. **Volume and Price** The chart below is a chart showing how an impulse in volume affects the closing price. As can be ...
Path: BlogAn upcoming new trade agreement between Australia and Indonesia
...an farmers to export 500,000 tons of feed grains such as wheat or corn into Indonesia tariff-free. Australian industrial manufacturers of steel, copper, and plastics also will benefit from cooperation, as well as service industries including health, mining, telecommunications, tourism and education. Australia and Indonesia arranged a negotiation of **the free trade agreement** in November 2010....
Path: BlogTierion: utilizing the bitcoin blockchain to verify documents
...pen-source, and the development team invites programmers to help improve the coding. Open source projects, such as Bitcoin, gain considerable security advantages over private coded platforms. This added security is the result of more contributors examining the code. **IoT** One of Tierion’s most unique concepts is its ability to integrate into IoT (Internet of Things) systems. This integra...
Path: BlogBitmain's IPO: looming threats and insights from a Bear market
When Bitcoin mining and ASIC miner-producing juggernaut **Bitmain** released its IPO prospectus to the Stock Exchange of Hong Kong in September 2018, the world got to take a peek at some wild growth rates in the cryptocurrency industry not purely linked to astronomical gains from market speculation. The most impressive component is the leap from Bitmain’s 2016 revenue ($278M) and profit ($11...
Path: BlogAGREEMENTS AND LEGAL OPINIONS
We provide up-to-date legal opinions and legal agreements across a range of industries. Our legal advisory and agreement drafting services have been utilized in the following industries: mining, gas, investment banking (corporate finance, structured finance, derivatives, securitizations and structured financial products; development finance, corporate financial services, steel manufacturing, info...
Path: AdditionalUK Crypto License
... Taxation Crypto businesses in the UK are subject to standard corporate tax rates. Capital gains tax applies to the disposal of cryptocurrencies, and income tax is applicable if cryptocurrency is received as payment for goods or services. mining activities are also considered taxable. Accounting requirements Filing annual report is obligatory Secretary - ...
Path: LicensingJapan Virtual Currency Exchange Provider’s License
...es of businesses that do not fall under the Virtual Currency Exchange Business, as described by the Act: Natural or legal entity that engages in Virtual Currency trade only for its own investment purpose; Companies engaging in Cryptocurrency mining; Software developers; Wallet service providers that do not engage in sale or purchase of Virtual Currency. Benefits of Japan Virtual C...
Path: LicensingNew Zealand Crypto License
...ryptocurrency transactions under the Financial Markets Authority (FMA). While a separate crypto license is not required, crypto assets are classified as securities and subject to regulatory controls. The taxation system includes taxes on income from mining, trading, and using cryptocurrencies. Companies must register with the Financial Service Providers Registry (FSPR) and comply with AML/CFT meas...
Path: LicensingKazakhstan Crypto License
...pplication process for a crypto license involves several steps: Stage 1: Collection of preliminary documents, including company name, passport copies, utility bills, CVs, business model, and financial plan. Stage 2: Licensing, involving determining the suitable license type, preparing documentation, submitting the application to AFSA, and handling additional requests. Stage 3: Company re...
Path: LicensingNorway Crypto License
...ails – part of public record Directors' details – part of public record Taxation Cryptocurrencies are treated as assets in Norway. Profits from cryptocurrency transactions are subject to a capital gains tax of 22%. Income from mining and staking is taxed as ordinary income. Accounting requirements Filing annual report is obligatory Secretary -...
Path: LicensingNetherlands Audit Services
... of the company; whether the management boards’ report meets the legal requirements; and whether the adequate additional information has been provided. The auditor should report to the managing and supervisory boards. Before determining or approving the financial statements, the competent body should have taken notice of the auditors’ report. If the audit is not obligatory, p...
Path: Accounting