While crypto investing produces billionaires every year, there's no guarantee that what's made will stay forever. When $1 trillion was wiped out of the crypto market in May, billionaires were affected at various levels, but the most affected are listed in this article.
Tax evasion using cryptocurrencies has increased the world over. Crypto asset spruikers tend to give false info about the income and capital gains tax liabilities so that they can cash in on buyer mania. Several countries are now looking for ways of reducing this vice that has cost the economy a lot.
It is no secret that inclusion in the international financial system is tightly connected to people’s wellbeing. While the population of developing countries worldwide suffers poverty, fintech innovations including blockchain technology can help these people improve their life.
The oil & gas firms leveraging blockchain are in a position to increase trade accuracy, improve scheduling and back-office efficiency, improve operational efficiency, increase access to trade info, and lessen the working capital cycle.
Some tax experts in South Korea suggested that they first adopt low-level transaction taxes for the practical application of cryptocurrency taxation, and then gradually switch to applying capital gains tax. In the absence of a cryptocurrency-related bill, it is difficult to track all of the trading profits of investors, so it is reasonable to initially introduce a trading tax that proves only the existence of a transaction.
At the international level, the framework is being composed thanks to the indisputable initiative of Switzerland in particular that on the issues of the new regulation for cryptocurrency / tokenization in financial markets is leading the way and laying the foundations for the construction of many experimental projects and to build those experiences that then allow to "write the actual rules".
The Japanese Financial Services Agency (FSA) has tightened its policy on trading margin assets which can trade large amounts of money with a small amount of capital, up to twice the ratio over Bitcoin and other cryptocurrency transactions.
The Swiss Blockchain Federation (SBF) has published a manual titled “Tokenized Equity, Guidelines for Issuers of Equity and Related Tokens” that clearly indicates the willingness to give clear indications.