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Found 3 results

  1. RIA Novosti (Ria.ru), a major online news agency, reported yesterday that the president of the Russian Federation, Vladimir Putin, has signed a bill concerning the regulation of cryptocurrencies in the country. The new law on cryptocurrencies prohibits the use of cryptocurrencies as a means of payments inside Russia starting from 2021. Still, it will allow trading and owning cryptocurrencies and recognizes them as digital assets, giving Cryptocurrencies a legal status. All Russian financial entities as Banks and Exchanges will be able to conduct trading of cryptocurrencies although they will be required to apply for these activities in the Russian Central Bank registry. The law recognizes ownership of cryptocurrencies, but only if these crypto have been declared by the owner. Courts will be able to rule concerning transactions only in the case these cryptocurrencies have been declared by their owner. The law does not cover mining in Russia, which is something still under discussion and will be determined following a new law that is expected to be proposed during this Autumn. While this law is promising as it recognized the legal status of cryptocurrencies as assets, still the ban as a method of payments is a major drawback. Source: https://ria.ru/20200731/1575229960.html https://cryptopotato.com/putin-outlaws-crypto-as-a-payment-means-in-russia/
  2. What is the purpose of this? Lately the services that are considered as centralized within the economy, are being integrated into the world of cryptocurrencies, this can be seen on by the commercial associations that banks like Santander of Spain or the system of remittances MoneyGram have done with Ripple labs, the organization in charge of XRP or with the recent and controversial launch of the cryptocurrency purchase and sale service offered by Paypal. This is joined by the recent announcement issued by another Spanish giant, the brand or Bank BBVA, will officially launch a service for the purchase, sale and safekeeping of cryptocurrencies, the stipulated date for this event is January 21, 2021, this launch It is intended to provide a legal medium for those who trade cryptocurrencies. And it will be available in all its headquarters in Europe, soon it will be seen in Latin America where it would be the first bank with a cryptocurrency account on the continent. Why is this migration happening? Is this a movement similar to Fomo, in cryptocurrencies? A competition of who will capitalize more cryptocurrencies is approaching among the bankers? Leave your opion! @Ridam, @Raqeebzy, @Froshk What do you think of the movements that different organizations or banks are making? Source: CoinDesk
  3. South Korea reportedly imposed a 20% tax on cryptocurrency trading profits after an amendment of their tax law was announced today. The limit is set at $2000 (2,5 million Won). Traders with profits more than this amount will be taxed from October 1st, 2021. Any profits less than $2000 won't be charged. According to the same reports, the tax applies to everyone trading on South Korean exchanges, even if they are not Korean nationals or not based in Korea. The exchanges will deduct the tax from trading transactions that end with profit and pay the amount to the Korean tax services. South Korea has already recognized Bitcoin and other digital currencies as a form of money but with this move, they create a legal framework to tax cryptocurrency trading in parallel with the US and other countries legislation. A 20% taxation is extreme and can result in less trading volumes from the South Korean Exchanges. The only positive I see from this decision is that the new tax law will be activated after 14 months, so the effect in Korean trading volumes won't be immediate. The news was met without any major price changes for Bitcoin and other cryptocurrencies but certainly, this is not a crypto favorable regulation coming from one of the world's major economies. In the past crypto taxation in the US caused many traders to pay more than they earned and reduced trading and interest in cryptocurrencies. Meanwhile, the Korean government decided to reduce the Stock Exchange transaction fees from 0,25% to 0,15% in 2023 which will favor Korean company stocks.
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