Autor Cointelegraph By Ezra Reguerra

Crypto tax calculator Koinly integrates Terra into its platform

Crypto tax calculator Koinly integrates Terra into its platform

Uverejnil používateľ | apr 26, 2022 |

Crypto tax calculation platform Koinly added Terra (LUNA) wallet support to make tax calculation easier for LUNA holders as the Canadian tax report deadline draws near. Tony Dhanjal, head of tax at Koinly, said that LUNA support has been requested by many Koinly users, and with the integration, LUNA users will have a “way to accurately track and record their transactions to meet their tax obligations.” Calculating crypto tax is easy if a user’s crypto affairs are simple. However, Dhanjal told Cointelegraph that “the average crypto investor is connected to 3 to 5 exchanges, wallets or blockchains.” Because of this, working out the taxes using these sources is very difficult and the risks of errors are high. This is why Dhanjal recommends the use of a simple crypto tax calculation tool.Apart from this, Dhanjal emphasizes the importance of paying crypto taxes. While the process varies, most countries require crypto tax to be reported. The tax expert encourages people to pay not only their crypto taxes but any other tax that they are liable for as an individual or a business. Dhanjal explained that: “Ignorance is not a valid excuse, and there could be a fine line between this and tax evasion, which is illegal […] The penalties for tax evasion can be severe, not to mention the reputational and other damage to you or your business, this could cause.” Related: Russia to include crypto into its tax code: Here is what the rules might look likeIn a Cointelegraph interview, EY crypto tax executive Thomas Shea reminded people that buying crypto with fiat or any unrealized gains is not a taxable event. Shea also said that the same applies to nonfungible tokens. Meanwhile, crypto projects based in India recently shared plans to move to more crypto-friendly jurisdictions because of India’s crypto tax law that imposes a 30% crypto tax on holding and transferring digital assets.

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Binance announces crypto card for Ukrainian refugees

Binance announces crypto card for Ukrainian refugees

Uverejnil používateľ | apr 26, 2022 |

Global crypto exchange Binance has launched a crypto card that allows refugees from Ukraine to make crypto transactions and receive funds through the Binance Visa Card.Binance announced that it’s working with several entities, including European banking-as-a-service platform Contis and nonprofit organizations Rotary and Palianytsia, providing refugees affected by the Ukrainian conflict a way to send and receive funds and make purchases within the European Economic Area (EEA). Apart from access to crypto transactions, recipients of the card who are verified by their local non-profit organizations will receive financial support from Binance in the form of Binance USD (BUSD). These users will get 75 BUSD per month for three months, the donation amount recommended by the United Nations High Commissioner for Refugees (UNHCR). Helen Hai, Head of Binance Charity, told Cointelegraph that because the card is not a “commercial product,” its main objective is to provide a functional payment instrument to receive and spend donations. Hai explained that this is an important way that the world can see how crypto can play a role in society. “The whole world is able to observe the important role which cryptocurrency plays, and how it transforms our reality. It is cryptocurrency that plays a key role in raising vital funds and providing much-needed humanitarian assistance to Ukraine.”Hai also noted that this is a good example of how crypto can be used not only as a means of transaction but also as a means of payment. Hai believes that crypto is a tool that has “no boundaries, restrictions, does not require documents and other complex and lengthy bureaucratic procedures, and is capable of producing results here and now.” Related: Amid conflict, NFT projects already seek to rebuild UkraineEarlier in April, Vitalik Buterin donated $5 million in Ether (ETH) for Ukrainian aid. The Ethereum founder did not post any public announcements as he made the donations. However, it was detected two days later and received attention on social media.

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DeFi partnership aims to tokenize shares of pre-IPO companies

DeFi partnership aims to tokenize shares of pre-IPO companies

Uverejnil používateľ | apr 25, 2022 |

Decentralized finance (DeFi) protocol Portal has partnered with the asset marketplace HighCircleX (HCX) to tokenize stocks of pre-initial public offering (IPO) companies, according to an announcement shared with Cointelegraph on Monday. The collaboration aims to make investing in private equity easier by building on top of the Bitcoin (BTC) blockchain. Through this, HighCircleX is looking to solve problems such as the lack of liquidity and value uncertainty for traditional assets.According to the announcement, HCX will create and manage a limited liability company (LLC) for the investments. While the investors will not own the shares of the LLC, they will own tokens that “represent ownership” of the LLC. Such tokens can be traded on the HCX marketplace. Furthermore, the funds gained by the LLC will be used to purchase a pre-IPO investment. The pre-IPO companies that can be tokenized and traded include SpaceX, Epic Games, Klarna, Automation Anywhere and Cross River Bank. Chandra Duggirala, Portal’s executive chairman, explained that the partnership aims to bring more utility to BTC. He said that: “Portal is bringing real-world use cases to Bitcoin. Eventually, we will see the tokenization of many more financial assets onto the Bitcoin blockchain.”Additionally, Duggirala explained that while the assets are different from BTC, simplifying the interface for traditional assets starts the “beginning of merging the Bitcoin ecosystem with mainstream finance.” Related: Texas-based Bitcoin mining operator files for $60M IPOLast year, crypto platform Coinbase became the first company to go public in the United States. However, based on market trends, owning BTC is currently better than owning Coinbase stock (COIN) by 20 percent. Meanwhile, crypto block explorer and exchange Blockchain.com is exploring how the company can conduct an IPO in 2022. If the firm succeeds in conducting an IPO, the firm will be the second exchange in the United States to do this, following Coinbase.

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Alex Saunders issues a public apology and claims to be settling crypto dealings

Alex Saunders issues a public apology and claims to be settling crypto dealings

Uverejnil používateľ | apr 22, 2022 |

Months after a storm of controversies, Nuggets News founder and crypto influencer Alex Saunders issued a public apology over last year’s controversies and the way he handled things. Back in 2021, Saunders faced a series of allegations claiming that he had failed to pay loans and investment funds. Those who were affected claimed that Saunders owed them Bitcoin (BTC). This compelled Australian media entities to conduct investigations and conclude that the influencer owes as much as $7 million. The Nuggets News CEO faced a $350,000 lawsuit filed by Ziv Himmelfarb, claiming damages from unpaid loans. Himmelfarb said that he invested 4 BTC, 30 Ether (ETH), and $50,000 worth of stablecoins. As Saunders did not respond, a default judgment was handed down, requiring Saunders to pay the investor’s losses. Alex Saunders on his channel. Source: Nuggets News YouTubeApart from this, the influencer also came under fire because of a failed launch of a Decentraland-based project. The crypto influencer had raised funds for a virtual headquarters in the Decentraland platform. However, it was later revealed that Saunders failed to pay the studio that was supposed to build the virtual HQ. After a long hiatus, the Nuggets News founder issued a public statement on Twitter claiming that he has settled most of his debts and is in the process of settling the others. The influencer admitted that he was “not thinking clearly and handled things poorly.” He said: “Everyone I had any kind of dealings within the crypto space has now been contacted and either repaid, or in the process of being repaid.” Related: Shopify facing another lawsuit from crypto holders over Ledger data breachDespite the apology, not everyone believes Saunders’ recent announcement. In one of the replies, Twitter user Jexxa said that he thinks this is a “cop out” and that Saunders knew what he was doing to his “trusting followers.” While I feel for anyone with mental health issues, this is just a cop out. You knew very well what you were doing to your trusting followers and their funds. Second last paragraph, straight back to shilling… things never change.— Jexxa – mind your own keys (@j_jexxa) April 22, 2022

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More institutions are looking to invest in crypto, says NEAR Foundation CEO

More institutions are looking to invest in crypto, says NEAR Foundation CEO

Uverejnil používateľ | apr 21, 2022 |

Cointelegraph’s Joseph Hall interviewed Marieke Flament, the CEO of NEAR Foundation at the Paris Blockchain Week Sumit (PWBS) last week, discussing a range of topics such as the struggle by institutional investors to understand how they can participate in the crypto space.Hall and Flament talked about how institutional investors are trying to learn about crypto to understand how they can enter the market. According to Flament, as more Web2 companies get into Web3, other institutional players are forced to think about what these events mean for their businesses. “We are seeing a very strong appetite from institutional investors to understand the space, to understand where they can participate.”Flament also noted that regulation will play a very significant role in the decision-making of institutional investors. Because of this, the NEAR Foundation CEO highlighted that one of the firm’s priorities is how they can help spearhead regulation for the crypto ecosystem. Flament explained that: “We need to be more coordinated in having a voice for the industry and ultimately coming together with regulators.”The NEAR executive believes that the intent of regulators to protect consumers and businesses is a very valid point, and she notes that the intentions of those in the crypto space are very similar.Related: BTC and ETH will break all-time highs in 2022 — Celsius CEO When asked what she is most excited about in the industry, Flament expressed that she is very inspired by decentralized autonomous organizations (DAOs). Flament mentioned that as the “way we live our lives is just completely shifting,” DAOs will “reinvent how we participate into projects that matter to us.” Sharing DAO use cases, Flament explained how SailGP, a sailing competition partnered with NEAR to let fans own a team through a DAO. Apart from this, the NEAR executive also shared how their Unchained Fund DAO helped raised funds for Ukraine. 

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