New zealand blockchain
Bitcoin is more popular than ever. According to an HSB survey, one-third of US small and medium-sized businesses accept cryptocurrency as payment. If you invest in Bitcoin, I'm sure this is great news. To me, it's more proof that a sucker's born every minute. Why the Bitcoin hate?
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Content:
- Blockchain business Valereum to buy 90 percent of Gibraltar Stock Exchange
- Bitcoin: Delusions of money
- Bitcoin, Blockchain, and Cryptoassets
- 2021 a year to remember for blockchain industry - report
- NZ ‘lagging behind’ crypto-friendly countries
- Ghana has the 9th highest rate for cryptocurrency ownership out of 27 countries
- Real use cases utilising Location information in Blockchain
- MetaDojo Secures $3 Million In Funding As Demand For Metaverse Premises Continues To Accelerate
- IMHO: A vote for blockchain in local body elections
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Blockchain business Valereum to buy 90 percent of Gibraltar Stock Exchange
By Keith Griffith For Dailymail. The IRS has warned that the cryptocurrency space and related non-fungible tokens are ripe for financial crime , alerting potential traders to exercise caution and be aware of the tax implications. Korner said that digital assets were a growing area of concern for regulators and tax collectors, and that the space was rife with money laundering, market manipulation and tax evasion.
Non-fungible tokens, or NFTs, are a trendy new technology that involves a unique digital token encrypted with an artist's signature, which verifies its ownership and authenticity. NFTs can represent ownership of digital assets, including images, video, music, trading cards, cryptocurrency wallet names and even land within online virtual worlds.
Picasso's granddaughter and her son are looking to cash in on the craze by selling more than 1, digital images of a previously unseen ceramic piece from the artist. The space has attracted the interest of a number of celebrities, as has cryptocurrency, which has seen numerous celebrity endorsements of new tokens or services.
Korner warned on Tuesday that celebrities would not be immune from investigation and prosecution if they became involved in financial crimes, though. Last year, boxer Floyd Mayweather and music promoter DJ Khaled settled SEC charges alleging that they failed to disclose that they had been paid to promote a crypto scheme through social media. Korner said that the IRS is now working to train all of its agents on the nuances of NFTs and cryptocurrency because 'this space is the future.
Although many digital assets and services related to crypto are legitimate, the novelty of the space has attracted some criminal activity, and some crooks view it as an opportunity to hide assets from authorities.
An illustration picture taken in London on December 30, , shows gold plated souvenir cryptocurrency coins arranged beside a screen displaying a Crypto. The firm said the sharp rise in money laundering activity in was not surprising, given the significant growth of both legitimate and illegal crypto activity last year. Money laundering refers to that process of disguising the origin of illegally obtained money by transferring it to legitimate businesses. That was up from 2 percent in Mining pools, high-risk exchanges, and mixers also saw substantial increases in value received from illicit addresses, the report said.
Mixers typically combine potentially identifiable or tainted cryptocurrency funds with others, so as to conceal the trail to the fund's original source. Professionals have a major piece of advice for those who traded cryptocurrency for the first time last year: Take your tax prep seriously.
The IRS has been zooming in on cryptocurrency reporting with increasing interest in recent years. And the last thing you want is to lose money and time reconciling your tax liability, says Douglas Boneparth, a New York City-based certified financial planner.
If all you did was purchase cryptocurrency with U. Reporting is required when certain events come into play, most commonly:. Anytime you sell an asset for a profit, your resulting gain may be subject to capital gains taxation.
Gains are then taxed at either the short- or long-term rate, depending on how long you held the asset. So the onus is on traders to keep accurate records of their transactions. Many exchanges, such as Coinbase, allow you to download your trading history, which might make it easier for you, tax software or a tax preparer to calculate gains and losses. If you made trades off-exchange, though, you might need to set aside some additional time for digging.
But a "typical taxpayer has three to five wallets and exchanges," according to Shehan Chandrasekera, CPA and head of tax strategy for CoinTracker. This makes it harder to reconcile cost basis across varying platforms.
If your tax situation is complex, consider working with a cryptocurrency-savvy tax professional. They can guide you through the various accounting strategies the IRS permits for reconciling your gains and losses, and help determine which one makes the most sense for you. The views expressed in the contents above are those of our users and do not necessarily reflect the views of MailOnline.
Argos AO. Privacy Policy Feedback. Share this article Share. How to prepare for taxes if you traded cryptocurrency in Professionals have a major piece of advice for those who traded cryptocurrency for the first time last year: Take your tax prep seriously. Reporting is required when certain events come into play, most commonly: Trading one cryptocurrency for another. Selling cryptocurrency for fiat dollars government-issued currency. Using cryptocurrency to buy goods or services e.
Share or comment on this article: IRS warns that cryptocurrencies and NFTs are ripe for fraud and tax evasion e-mail Comments 60 Share what you think. View all. Bing Site Web Enter search term: Search. Ad Feature Advertisement. Here, a financial expert outlines what you can to do to protect yourself Ad Feature Whoopi Goldberg tries to justify saying that the Holocaust was not about race - after issuing apology claiming she 'stands corrected' Michelle Heaton shows off her toned frame in a pink sports bra and cycling shorts during a morning gym workout The Documentary trailer gives fans a behind-the-scenes look at the Sex and the City sequel series Beyonce looks red hot as she flashes her cleavage and abs in velvet in new Valentine's Day range Ivy Heart Hanky-spanky!
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Bitcoin: Delusions of money
Tracking fish from vessel to the supermarket, the Blockchain Supply Chain Traceability Project is using digital technology in the fresh and frozen tuna sectors of the Western and Central Pacific region to strengthen supply chain management. Illegal, unreported, and unregulated IUU fishing remains a persistent problem in the Pacific region and blockchain technology can help lift the veil of secrecy that hides this activity. The buying and selling of Pacific tuna is currently either tracked by paper records, or not at all. For years, there have been disturbing reports that consumers may have unknowingly bought tuna from IUU fishing and from operators who use slave labour.
Bitcoin, Blockchain, and Cryptoassets
The decentralised database records are visible to anyone within the network. This means it is resistant to fraud or hacking. The crypto-currency bitcoin was the first publicised application of the blockchain, but its potential applications are vast because it is a trusted method of tracking ownership of any assets or rights without the need for a central authority. A set of promises written in code — rather than in natural language — which are self-executing in the sense that they are performed automatically when defined criteria are met. Smart contracts do not need a blockchain to work, but they do need an underlying trusted network or mechanism. Lawyers are quick to point out that smart contracts raise many legal questions, including in relation to privacy, data protection, transfer of title, termination and remedies. For that reason, in the near-term, smart contracts will be used only for relatively simple contracts involving unambiguous payment flows, identity verification or index pricing, until the technology can accommodate the complexity and nuance of most commercial contracts.
2021 a year to remember for blockchain industry - report
PST, subscribe here. Hello and welcome to Daily Crunch for Tuesday, February 1, ! I celebrated the first day of the month by having my internet cut out right as I started to prepare this newsletter for you. Am I panicked at having 1, words to produce in the next 38 minutes? They are!
NZ ‘lagging behind’ crypto-friendly countries
Our website uses cookies to give you the best possible experience and to help us understand how our site is being used. By using this website you consent to the use of cookies in accordance with our privacy policy. OPINION: Almost all public and private organisations need to give their stakeholders an opportunity to voice their ideas and opinions, and take part in decision making through voting. But today our voting methods are not serving us as well as they used to. Last month, at the Local Government NZ Conference in Blenheim, there was considerable discussion around the declining turnout at local government elections.
Ghana has the 9th highest rate for cryptocurrency ownership out of 27 countries
Think blockchain technology will have a disruptive impact in the next 5 years. Blockchain has the potential to change the way we arrange, record and verify transactions, with the underlying model shifting away from centralised towards decentralised systems. The energy sector is one of the industries where blockchain could have the biggest transformative and disruptive impact. But there are a number of uncertainties in the way of blockchain which could limit or even stall its growth including technological, regulatory and other practical challenges. In this report, prepared in collaboration with the World Energy Council, we outline the findings from interviews with 16 leading organisations from around the globe, probing thoughts on the developing role of blockchain in the energy sector. Lynne Taylor.
Real use cases utilising Location information in Blockchain
Netmarble Corp. The mobile game developer and publisher held its annual press event dubbed Netmarble Together with Press NTP at its headquarter in Seoul. Bang explained the South Korean game juggernaut will pursue a two-track strategy in its blockchain business — with two control towers. The Netmarble headquarter will continue to focus on game development and distribution while incorporating the blockchain technology.
MetaDojo Secures $3 Million In Funding As Demand For Metaverse Premises Continues To Accelerate
RELATED VIDEO: Crypto Mining in New ZealandA new tax rule in India might seem like bad news, but experts have assured cryptocurrency holders that it is actually a good thing. Just two months after India flagged it might be banning cryptocurrency, the nation has done a complete and has now legalised blockchains instead. Stay up to date with the latest market moves with Flash, a dedicated news streaming service. New to Flash? Losses from their purchases could not be offset against other income streams, according to the finance minister. Hope to see banks start getting involved with crypto industry as well IndiaWantsCrypto.
IMHO: A vote for blockchain in local body elections
Questions around legitimate origin are consistent within the diamond trade because the journey from mine to market involves a myriad of exchanges well before a jewellery purchase is ever made. With Evereldger and the use of blockchain technology, however, diamond data is recorded securely and made available to all stakeholders along the supply chain. Large brands already use this information from Everledger to verify product claims within their own e-commerce platforms, but the technology company has now made it easier for small businesses and independent retailers to incorporate these kinds of data insights with a simple plug-in and monthly subscription. A new generation of engagement ring customers today are considering claims of sustainability in their jewellery purchases. In recognising that trusted backstories are more important than ever before, Diamonds. By adopting new technologies like diamond tracking on the blockchain and an added functionality to their product pages from Everledger, Diamonds. We are very pleased to partner with diamonds.
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