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Singapore’s plans to exempt certain digital currencies from the Goods and Services Tax (GST) would benefit cryptocurrency-related businesses, according to a partner in PwC Hong Kong’s corporate tax practice. As reported by Hong Kong’s English language newspaper South China Morning Post on July 29, Gwenda Ho argued that the Singapore government’s proposal to drop the
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Tether is now running on a sidechain of Bitcoin’s blockchain. While Tether has traditionally operated on the Omni Layer of Bitcoin, the U.S. dollar-backed stablecoin has begun spreading to other blockchain protocols this month. Most recently, Tether is now being offered on blockchain company BlockStream’s Liquid Network sidechain, according to an official announcement on July
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Four South Korean cryptocurrency exchanges are reportedly facing stricter regulation as they aim to renew their banking accounts. As local industry media TheBchain reports on July 29, the new requirements come after the Financial Action Task Force (FATF) released recommendations on virtual currency regulations. Per the report, South Korean cryptocurrency exchanges Bithumb, Upbit, Coinone and
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A new “feature-rich ecosystem” has been created for privacy-conscious individuals who want to keep their communications confidential and their data secure. The team of networking technology enthusiasts behind Utopia say it wants to create an antidote to a world of total surveillance — delivering a platform that offers freedom, anonymity and no censorship. Utopia has
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Cryptocurrency-focused personal finance app Aximetria has gained a financial standards license recognized by Swiss regulators. In a press release provided to Cointelegraph July 29, Aximetria, which is based in the country, said the Swiss Financial Services Standards Association (VQF) license would allow it to function as a crypto intermediary and streamline its onboarding process. The
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Australia’s government has delivered supportive statements on cryptocurrency as it looks to exclude the sector from new restrictions on cash payments. In an explanatory memorandum issued late last week, the country’s Treasury said it wished to ban cash payments for goods and services which exceeded 10,000 AUD ($6,900). However, a number of exclusions would apply,
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The Iranian government has authorized cryptocurrency mining as an industrial activity. A report from IIDO-owned Mehr News Agency on July 29 revealed that the decision was taken this weekend, during a Sunday cabinet session chaired by Iran’s President Hassan Rouhani. First step towards legalizing crypto? Now that mining has been officially authorized, entities engaged in
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On July 23, U.S. Attorney General William Barr gave a speech demanding big players in the tech industry work with government agencies in providing backdoor entry points for encrypted devices and software. Per his reasoning, certain devices and messaging services pose a safety threat by providing a secure, third-party-inaccessible area where crime can rapidly proliferate.
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Initial coin offerings have seen a significant decline in popularity, but they are not to be written off completely. Although you don’t hear the term “ICO” so often nowadays, some recent regulatory developments indicate they have a place in the digital economy realm. Crowdfunding through token sales has a chance of becoming a mainstream instrument
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Initial coin offering (ICO) consultant CoinLaunch has agreed to pay $50,000 to the Ontario Securities Commission (OSC), according to documents published on the regulator’s website dated July 24. According to commercial litigator and former programmer Evan Thomas, CoinLaunch was consulted on two ICOs, BCZERO (raising funds for a Czech off-road truck racing team) and ECOREAL
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