The profits many make from cryptocurrency trading are currently eclipsing $10,000s for larger traders. Considering the significant part of many people income crypto trading has become, Japanese authorities have proposed increased powers to be given to the National Tax Agency to crack down on tax evaders. Currently the powers of the government remain limited as reforms only allow require who earn over 200,000 Yen a year via crypto trading are required to disclose their earnings…
Thailand’s crypto industry has grown to overtake the entire economies of Argentina and Turkey despite the country remaining 7under Junta rule. One of the few Asian nations in which Blockchain is allowing unrestricted financial management, the future looks promising despite several attempts to enforce restrictions. Thailand has been ruled by a military government ever since the coup which occurred in 2013. With the Royal Thai army in charge of all government affairs crypto use restrictions…
The Korean Financial Services Commission has officially announced its stance on the relationship between crypto exchanges and banks. While previously many banks including the Korea Development Bank, Industrial Bank of Korea and the Shinhan bank moved to prevent crypto traders from creating bank accounts, the commissioner of the FSC has now announced all exchanges will face no issues when using and operating banking accounts. “There exists no issue in banks providing virtual bank accounts to…
Mastercard, the American payments giant, has initiated its ventures into blockchain technology by filing a patent outlining a blockchain based payments platform. To allow users and companies to track crypto, process transactions while making use of a fractional banking system. As outlined in the patent : Accordingly, the use of traditional payment networks and payment systems technologies in combination with blockchain currencies may provide consumers and merchants the benefits of the decentralized blockchain while still…
Bithumb, the biggest crypto exchange in Korea has officially sold over 38% of its owned shares to the BK Group making it the biggest shareholder as the deal is pushed through. The deal was facilitated by the BTC Holdings company which owned a huge 76% stake in the crypto exchange. Selling 50% of its shares and adding 1 share to finish the deal, BK Group, originally a plastic surgery firm, has become a major shareholder.…
The Winklevoss twins have been known for their innovations in bringing crypto tech mainstream, but the Gemini exchange remains the crown jewel in the empire they built. In promising news, the Gemini exchange is set to support insurance cover for consumer assets. Consumers are looking for the same levels of insured protection they’re used to being afforded by traditional financial institutions. Educating our insurers not only allows us to provide such protections to our customers,…
The United Nations is set to give Sierra Leone a helping hand as it launches the Kiva project intended to use blockchain technology to help civilians get banked. The not for profit project will be developing over the next 3 years with the aim of getting the unbanked onto a basic financial platform. The country which has a limited credit infrastructure comprising of a solo credit bureau serving only 2000 customers throughout the country, will…
Bitmain CEO, Jihan Wu, has officially announced the successor to its current lineup of crypto mining chips. Titled the BM1391, the chip is one of the first developed to employ the 7nm architecture for extra power at a reduced energy demand. Mining operations ASIC technology remains the weapon of choice for those looking to mine bitcoin and other altcoins. Developed specifically to mine crypto, ASIC significantly outperforms traditional mining hardware including the likes of graphics…
Bitcoin and the crypto ecosystem has been branded wild west by the prominent MP’s in the UK. Also calling for the FCA to begin regulation of the current crypto markets, a report released by the parliament outlined the possible benefits which could result from responsible application of regulation. “It’s unsustainable for the Government and regulators to bumble along issuing feeble warnings to potential investors, yet refrain from acting…At a minimum, regulation should address consumer protection…
Korean customs are set to become considerably faster as the country’s custom authority announced the partnership with Samsung to develop a blockchain based customs platform. Allowing items to move considerably faster the authority also noted the potential to crackdown on fraud due to the decentralized nature of blockchain technology. The South Korean Customs service has officially drawn up a memorandum of understanding to signal the beginning of the partnership. While not a legally binding contract…