New crypto taxation guidelines for the UK
CoinMarketCap Daily Newsletter Help
others “As you grow older, you will discover that you have two hands, one for
helping yourself, the other for helping others.” – Audrey Hepburn Welcome back,
CoinMarketCap army! Let's dive right into what's goin on in the crypto sphere!
Today in history (1894), African American inventor Thomas Elkins patented
refrigerating equipment. In today's newsletter, we will be covering
Bahrain providing a fast-track setup program for fintech startups, the
British tax authority updating its cryptocurrency guidelines and a
new blockchain tool promising verifiable audits in 30
seconds. Please do not forget to answer the polls down below too! It's
a great way to interact with you and hear what you have to say.
Happy reading!
Over the weekend, markets bounced between a tight range of ~$244.3
billion and ~$250.6 billion, with 24-hour volume averaging ~$75
billion. Total market capitalization currently stands at ~$246.3 billion.
BTC is currently trading at ~$9,210, pretty much where it left off on
Friday. It spent the weekend trading between ~$9,135 and ~$9,375. On the
daily chart, BTC is still holding above its 21-, 50- and 100-day EMA support
lines, and RSI is at ~57, indicative of moderate bullish momentum. BTC's 21-day
EMA line is also looking to cross to the upside of its 50-day EMA line. BTC
continues to be trading within its lower highs and lower lows trading
pattern it has been trading within since late June this year. The Bahrain
Economic Development Board (EDB) has launched a new fast-track setup program to
entice more startups to do business in the country. It will offer a
quicker entry process encompassing visa requirements, residency and
business registration procedures, offer guidance to Bahrain's incubators
and accelerators, and provide grants and financial assistance. The EDB sees the
country as a comparatively better destination to do business than its neighbors
and also highlights its open policy towards cryptocurrencies and open banking
sectors.
On 1 Nov, the U.K.’s tax, payments and customs authority, Her
Majesty’s Revenue and Customs (HMRC) has amended its cryptocurrency
taxation guidelines for companies and individuals. The guidelines
detail which taxes apply, how to file tax returns and accounting practices and
the taxation of exchange tokens. Companies that buy or sell
tokens, mine, exchange tokens for other assets or provide
goods or services in return for tokens are liable to pay for one or more
different types of tax. Those taxes include income tax, corporation tax,
capital gains tax, stamp taxes and National Insurance contributions.
Rules for utility or security tokens is said to be added in the future. The
HMRC also explicitly stated that that it does not view any of the existing
cryptocurrencies as money or currency, and acknowledged that the
cryptocurrency industry is fast-moving and will hence view the facts of
each case individually and implement the related tax provisions according to
what has actually occurred, instead of relying on theory alone.
On 30 Oct,
accounting and business consulting company Armanino introduced a new
blockchain-based tool, the TrustExplorer 2.0, which can generate firm-
originated financial audits in seconds.
According to Armanino partner
Andries Verschelden, TrustExplorer is an auditing procedure that offers "real-
time, distributed, and final audits", through a single digital ledger that
becomes the "single point in truth capturing transactions". Verschelden also
believes that instead of threatening the jobs of accountants, blockchain
will make their lives easier as it will allow them to obtain an expert view of
their finances in seconds. A situation where a large limit order has been placed
to buy when a cryptocurrency reaches a certain value. This can sometimes
be used by traders to create a certain impression in the market, preventing a
cryptocurrency from falling below that value, as demand will likely
outstrip supply when the order is executed. Here are 5 Reasons to Attend The
Capital Get full access here! Amid China's central government's drive for
increased blockchain adoption, Chinese venture capital companies are returning
to the space and increasing the flow of deals.
Cryptocurrency exchange
Binance has entered the Korean Market with a new cryptocurrency exchange branch
in South Korea.
Ethereum (ETH) development company CasperLabs has announced
the first correct-by-construction Casper Proof of Stake (PoS) incorporation that
is provably live and secure called "Highway".
TBA - Justin Sun's lunch with
Warren Buffett How much do you agree with this statement: "I believe that China
will eventually dominate the blockchain space." Why or why not? Share with me in
the polls! "How much do you agree with this statement: "Bitcoin (BTC) has
already proven itself to be a viable store of value."" The average vote was 7.
8.6% of y'all voted a '1', and 25.9% of y'all voted a '10'. Always lend a
hand to those in need of it
Unsubscribe - Unsubscribe Preferences
CoinMarketCap Daily Newsletter Help
others “As you grow older, you will discover that you have two hands, one for
helping yourself, the other for helping others.” – Audrey Hepburn Welcome back,
CoinMarketCap army! Let's dive right into what's goin on in the crypto sphere!
Today in history (1894), African American inventor Thomas Elkins patented
refrigerating equipment. In today's newsletter, we will be covering
Bahrain providing a fast-track setup program for fintech startups, the
British tax authority updating its cryptocurrency guidelines and a
new blockchain tool promising verifiable audits in 30
seconds. Please do not forget to answer the polls down below too! It's
a great way to interact with you and hear what you have to say.
Happy reading! Over the weekend, markets bounced between a tight range of ~$244.3billion and ~$250.6 billion, with 24-hour volume averaging ~$75
billion. Total market capitalization currently stands at ~$246.3 billion.
BTC is currently trading at ~$9,210, pretty much where it left off on
Friday. It spent the weekend trading between ~$9,135 and ~$9,375. On the
daily chart, BTC is still holding above its 21-, 50- and 100-day EMA support
lines, and RSI is at ~57, indicative of moderate bullish momentum. BTC's 21-day
EMA line is also looking to cross to the upside of its 50-day EMA line. BTC
continues to be trading within its lower highs and lower lows trading
pattern it has been trading within since late June this year.
The BahrainEconomic Development Board (EDB) has launched a new fast-track setup program to
entice more startups to do business in the country. It will offer a
quicker entry process encompassing visa requirements, residency and
business registration procedures, offer guidance to Bahrain's incubators
and accelerators, and provide grants and financial assistance. The EDB sees the
country as a comparatively better destination to do business than its neighbors
and also highlights its open policy towards cryptocurrencies and open banking
sectors.
On 1 Nov, the U.K.’s tax, payments and customs authority, HerMajesty’s Revenue and Customs (HMRC) has amended its cryptocurrency
taxation guidelines for companies and individuals. The guidelines
detail which taxes apply, how to file tax returns and accounting practices and
the taxation of exchange tokens. Companies that buy or sell
tokens, mine, exchange tokens for other assets or provide
goods or services in return for tokens are liable to pay for one or more
different types of tax. Those taxes include income tax, corporation tax,
capital gains tax, stamp taxes and National Insurance contributions.
Rules for utility or security tokens is said to be added in the future. The
HMRC also explicitly stated that that it does not view any of the existing
cryptocurrencies as money or currency, and acknowledged that the
cryptocurrency industry is fast-moving and will hence view the facts of
each case individually and implement the related tax provisions according to
what has actually occurred, instead of relying on theory alone.
On 30 Oct,accounting and business consulting company Armanino introduced a new
blockchain-based tool, the TrustExplorer 2.0, which can generate firm-
originated financial audits in seconds.
According to Armanino partnerAndries Verschelden, TrustExplorer is an auditing procedure that offers "real-
time, distributed, and final audits", through a single digital ledger that
becomes the "single point in truth capturing transactions". Verschelden also
believes that instead of threatening the jobs of accountants, blockchain
will make their lives easier as it will allow them to obtain an expert view of
their finances in seconds. A situation where a large limit order has been placed
to buy when a cryptocurrency reaches a certain value. This can sometimes
be used by traders to create a certain impression in the market, preventing a
cryptocurrency from falling below that value, as demand will likely
outstrip supply when the order is executed. Here are 5 Reasons to Attend The
Capital Get full access here! Amid China's central government's drive for
increased blockchain adoption, Chinese venture capital companies are returning
to the space and increasing the flow of deals.
Cryptocurrency exchangeBinance has entered the Korean Market with a new cryptocurrency exchange branch
in South Korea.
Ethereum (ETH) development company CasperLabs has announcedthe first correct-by-construction Casper Proof of Stake (PoS) incorporation that
is provably live and secure called "Highway".
TBA - Justin Sun's lunch withWarren Buffett How much do you agree with this statement: "I believe that China
will eventually dominate the blockchain space." Why or why not? Share with me in
the polls! "How much do you agree with this statement: "Bitcoin (BTC) has
already proven itself to be a viable store of value."" The average vote was 7.
8.6% of y'all voted a '1', and 25.9% of y'all voted a '10'. Always lend a
hand to those in need of it
Unsubscribe - Unsubscribe Preferences
