Weekly Rundown 1.0

News roundup from the blockchain universe

In the past few weeks, traders and investors across the globe have been speculating the regulations and tax implications on cryptocurrencies. The best practice is to stay informed and updated with trending news and upcoming events. Although investment in any instrument comes with a fair share of risk, the informed trader makes better decisions with fairly good short term prediction.

In this light, we have come up with a weekly news bulletin to keep you updated and informed. Our ‘Weekly Rundown’ series is an initiative to provide you with the resources for better market and technical analysis and prediction, irrespective of the cryptocurrency market trends.

Hope you enjoy reading these two-minute bulletins as much as we do when we curate stories exclusively for you.

Here’s our curated list of the top five stories for you:

1. Thailand’s Finance Ministry releases the final version of cryptocurrency tax framework

On March 30, 2018, all speculation and uncertainty around cryptocurrency tax framework in Thailand, ended. A tax framework was released to prevent the crypto sector from being used for money laundering, tax evasion and other related activities.

Local news outlet, Nikkei Asian Review reported that crypto trades would be taxed with a 7% value added tax (VAT) and returns will be taxed with a 15% capital gains tax.

2. South Korea’s capital to fuel the fourth industrial revolution

The city of Seoul is developing its own cryptocurrency named the ‘S-Coin’. The Mayor announced that this will be used for city-funded social benefits programs and for starting an investment fund initiative to promote the advancement of technology for startups in the blockchain space.

The city will also begin work on institutional and legal bylaws. The master plan for this blockchain revolution in Seoul is expected to be released by the end of April.

3. OmiseGo and Cosmos are in for a hard spoon

On April 1, 2018, OmiseGo (OMG) officially announced a hard spoon with Cosmos (ATOM). Essentially, a hard spoon takes the balances of a token on an existing chain and duplicates it on another chain. This means, you get 1 ATOM for 1 OMG in your ether wallet.

OMG tokens will be replicated on to a Tendermint chain that will be connected to Cosmos. There is no specific deadline for the hard spoon yet and it will be declared at least 2 weeks in advance.

4. Australian cryptocurrency exchanges operate under regulations starting April 3, 2018

Australia’s financial intelligence agency enforced regulations on domestic cryptocurrency exchanges starting April 3, 2018.

Among other mandatory requirements, the exchanges need to comply with Anti-money Laundering (AML) and Counter-Terrorism Financing (CTF). The exchanges are now regulated under the purview of AUSTRAC.

5. Vitalik Buterin’s meta joke on Ethereum hard cap

On April 1, 2018, in the Ethereum Improvement Program (EIP), Vitalik Buterin, co-founder of Ethereum proposed a hard cap on Ethereum at 120 Million or 140 Million. Intended as an April Fool’s joke, when the Ethereum community took the realness of this proposal too seriously, things took an interesting turn.

Vitalik then volunteered that his feelings towards the supply of Ethereum had begun to change. This proposal is now an open question for the community to answer. If putting a hard cap on Ethereum will safeguard its value, he says we should adopt it.

Updates from the platform

For providing our users with a world-class trading experience, we made the following updates to our platform :

• Trading view advanced charts went live on our web platform on April 2, 2018. Traders can now use the charts for market analysis and short & long-term predictions.
• Stop limit feature was introduced on our web platform and android application on March 29, 2018.
• The UI/UX was revamped with a new ticker api. The web application was made further intuitive and user-centric.

Announcement

Stay ahead of the crypto game with Koinex.

We are running a weekly Technical Analysis (TA) competition on digital assets listed on our exchange. Showcase your expertise in predicting market trends through expert analysis.

Entries should include

• A screenshot of the charts used for reference
• Your analysis on it (in less than 500 words)
• Your Koinex ID
• Your occupation

Submit your entries to contest@koinex.in before 8:00 PM on April 6, 2018.

The top two entries will be featured on our weekly TA blog series and the lucky winners will receive exclusive Koinex merchandise.

Stay tuned to this space for more such updates.