Crypto News Round-Up November 9
France to lower tax on bitcoin
French lawmakers have adopted an amendment to the 2019 budget bill that will cut capital gains tax on bitcoin sales to 30% from 36.2%. This will bring cryptocurrency transactions in line with other non-real estate assets. If approved, the new tax law will come into force in January.
CoinDesk is reporting that the recent SEC charges against EtherDelta founder Zachary Coburn are likely the first of many enforcement actions against unregulated crypto exchanges. “A person familiar with the SEC’s thinking told CoinDesk Thursday that crypto trading platforms have become a significant priority for the agency’s enforcement division,” the site reports. The enforcement action also shows that while it’s hard to shut down a decentralized exchange, the SEC can take action against individuals. Coburn has agreed to pay $388,000 to settle the case.
Speculation that traditional banking transfer system SWIFT was going to integrate with RippleNet turns out to be fake news — but still managed to push XRP into the second spot by market cap. SWIFT put out a statement: “Not sure where those rumours are coming from but the upcoming standards release … is entirely unrelated to RippleNet.” As they say, buy the rumour and sell on this news.
South Korean cryptocurrency exchange Bithumb has allegedly claimed back the title of number one cryptocurrency exchange in the world, however, analysts suggest it is down to wash trading and artificial trade volumes. Bithumb’s trading volume has surpassed that of Binance, OKEx and Huobi, peaking at USD 2.37 billion on November 5.
Tether has landed itself in yet more controversy as its new banker, Deltec Bank is reportedly under suspicion from the US government for holding funds for a massive money laundering operation in Venezuela. This is particularly concerning for Tether, as the company has just come under fire not long ago for not providing formal audits due to unstable banking relationships. Sources say this may not be Deltec Bank’s first scandal, and may even be linked to a corporate bribery case not too long ago.
The South Korean government has announced that an investment of $35 million USD will be allocated to develop industries related to blockchain technology and distributed ledger technology(DLT) next year, which is triple that of 2018. Technical, verification and consulting services will be provided for blockchain startups.
A Moscow-based cybersecurity firm, Group-IB, has released a report ranking cryptocurrency exchanges by insurance risk. The most secure exchange is the long-serving US-based exchange, Kraken, with 1.25 percent insurance rate. OKEx, Huobi Pro, and Coincheck are the riskiest exchanges.
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