Welcome to another weekly blockchain news roundup from around the world. Here we present to you all the latest Bitcoin news continent by continent and country by country.
Tax Collection Service Publishes Guidelines for Private Cryptocurrency Holders: The UK Tax Service has published a new set of guidelines regarding cryptocurrency transactions for private holders following a prolonged consultation process. The new guideline titled Cryptoassets for Individuals will help private investors who buy/sell and even get paid in cryptocurrencies in the country.
After months of speculation, the detailed guideline covers every aspect of the taxable crypto income that the citizens need to report to the government. The latest information is endorsed by Her Majesty’s Revenue and Customs (HRMC). Cryptocurrency traders will be required to file for Capital Gains Taxes or Income taxes depending on the amount of transactions involved. If employees receive money in cryptocurrencies, they will also be required to pay for national social security contributions known as National Insurance (NI).
Samsung Seeking Trademark for Cryptocurrency Wallet: World’s biggest smartphone manufacturer Samsung maybe seeking a new trademark in the country for a cryptocurrency wallet according to a last week’s filing in the UK Intellectual Property Office.
In the Classes and Terms section of the new trademark application, Samsung cites:
“Computer software for use as a cryptocurrency wallet; Computer software for cryptocurrency transfer and payment using blockchain technology; Computer application software for smartphones, namely, software to allow users to transfer cryptocurrency based on blockchain technology and pay via 3rd party’s application software.”
The company is reportedly planning to launch a cold storage-based wallet on Samsung S10. It has also filed for various other patents in European Union Trademark offices as well.
Parliament Refuses to Ease Taxation for Cryptocurrency Owners: The French lower house has initially rejected proposed amendments to the 2019 Finance bill that would have eased cryptocurrency taxation in the country according to local business daily.
All in all, four amendment proposals relating to cryptocurrencies were rejected by the lawmakers including one involving differentiating between regular and occasional cryptocurrency transactions and a proposed increase in minimum taxable amount for cryptocurrencies.
France’s whirlwind affair with cryptocurrencies and blockchain continued in 2018 with the president Emmanuel Macron looking to promote the new sector while certain regulatory and tax-related roadblocks continued to hamper the development.
Stuttgart Stock Exchange Lists Support for Popular Cryptocurrencies: Borse Stuttgart, one of the top stock exchanges operating in the country has now announced support for popular cryptocurrencies including Bitcoin, Ethereum, Litecoin, and Ripple.
A new trading app for this purpose will also be launched named the Bison app which is developed by Sowa Labs, a subsidiary of the stock exchange. Bison App confirmed trading of these popular cryptocurrencies and also announced that more cryptocurrencies will be added later on.
Governments of Malta and Italy Issue Joint Statements Against Unlicensed Cryptocurrency Exchange: Maltese and Italian governments have jointly warned their citizens regarding an unlicensed cryptocurrency exchange operating in their jurisdictions. The exchange named OriginalCrypto first came to the attention of the Italian authorities when they believed it may not have the required license to operate in the area.
Malta remains one of the most progressive countries when it comes to cryptocurrencies but even it has a basic robust framework and regulatory process that the exchanges and other companies must fulfill. The parent company of the exchange SolutionsCM Ltd has come under increased scrutiny from both governments and it is believed that charges may be filed against it in the near future.
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