In case you were wondering why South Korea has been taking measures to rein in the far-reaching repercussions of cryptocurrencies, a new survey conducted by the Bank of Korea may have the answer for you.
For starters, the survey has estimated that individuals in their 20s and 30s are quite excited about the cryptocurrency newa wave and will gladly participate in it, despite the bank’s warnings that imprudent investment may only spell financial ruin.
However, instead of showing prescience, South Korea’s youths may be chasing wind. It is not necessarily the most affluent who want to invest in currencies. The study has revealed that low to mid-income earners have been the [...]
Cryptocurrencies have their own stories in different parts of the world. The European Union has been one of the areas where cryptocurrencies and blockchains have been percieved rather differently. Although the EU and its Member States are not quite into the idea of running crypto trade as such, they have been quite the staunch supporters of blockchain. Indeed, the European Central Bank, the EU’s central monetary body, has been throwing its legal heft behind a proposed draft that now makes it mandatory for major banks to sign up partnerships with fintech companies, also called unicorn across different Member States, and most notably France. Now the European Parliament, the EU’s body [...]
The New York attorney general, Eric Schneiderman, is now prepared to move in on cryptocurrencies and clamp down on some of the outlawed practices running there. On Tuesday, Mr Schneiderman announced that customers of such crypto exchanges lacked what he described as ‘basic facts’ about the nature of such places and how they operate in practice.
Mr Schneiderman explained that the investigation will aim to provide customers and investors in cryptocurrencies with a better understanding, but most importantly, better protection of the industry and any future transactions they may choose to carry out in cryptocurrencies.
He stressed the importance of ‘accountability and [...]
Crypto taxes will definitely come in the world of all things cryptocurrencies. The main bugbear right now is that nobody has the faintest idea what these taxes are going to look like. In the lack of a common groundwork for said cryptocurrency taxes, every country and watchdog may come up with their own version of what owners should pay.
Briefly, nobody really knows what the future of taxing cryptocurrencies would be like, but some tendencies have begun shaping up. So let us take a look at the most pressing questions on our mind.
How come virtual currencies are part of the taxation system?
It is quite simple. They are considered property. In some European [...]