View: 449
Want create site? Find Free WordPress Themes and plugins.

The Korea Times has recently reported that local financial authorities are planning to legalize ICO (Initial Coin Offering) soon. An anonymous source has told The Korean Times:

“The financial authorities have been talking to the country’s tax agency, justice ministry and other relevant government offices about a plan to allow ICOs in Korea when certain conditions are met”

initial coin offerings

What’s the reason behind ICOs legalization?

Few South Korean mainstream media outlets have revealed that “Kakao” is concentrating on assimilating cryptocurrencies for its 100 million users. Kakao is basically the largest internet firm of South Korea, and there’ve been many reports that it’s planning to integrate cryptocurrencies on its each and every application, which will let the users to utilize KakaoPay for both sending and receiving cryptocurrencies.

Kakao is also planning to conduct an ICO and issue its own token. However, it’s been also reported that due to the present regulations on local ICOs, Kakao is preparing to conduct its ICO outside of the country, South Korea. If ICO of Kakao is conducted somewhere else, it may lead to an extensive loss for the economy of South Korea, particularly in the Blockchain sector.

It’s expected that the government of South Korean is on its way to legalize ICOs in order to prevent the leading conglomerates of South Korea from leaving the country to conduct ICOs, as it might also have a bad impact on the cryptocurrency industry as well as local Blockchain sector.

Apprehension about ICO protection 

Financial Services Commission chairman, Choi Jong-Ku has recently shown his concerns to the local ICOs, mentioning that high risks are involved for investors inside the crypto-market.

However, even with the concern of investor’s protection by the FSC, there are still many sources inside the government that explain how local financial authorities are trying to allow local ICOs by enabling strict AML (Anti-Money Laundering), KYC (Know Your Customer), and taxation policy for investors.

 

Is South Korea and U.S. SEC on the same line?

The government of South Korea is willing to let companies conduct ICOs on condition that the token sales are registered with the government, which is on the other hand similar to the stance of the U.S. SEC Securities and Exchange Commission.

At this time, the South Korean government is on the same line with the U.S. SEC and is ready to allow only those ICOs that are registered with local financial authorities. Kang Young-soo (FSC cryptocurrency trading policies director) has confirmed that there are rumours about the legalization of ICOs, as he stated:

“There are many speculating about the possibility of allowing ICOs. The FSC has acknowledged a third-party view regarding the issue, but there’s nothing that we can say officially at the moment.”

Did you find apk for android? You can find new Free Android Games and apps.

Leave a Reply

Type Comments Here

Your email address will not be published.

Share Your Toughts

View: 499

It’s Confirmed! Twitter Is Going to Ban ICO Ads

Want create site? Find Free WordPress Themes and plugins.

On Monday, the social media giant Twitter confirmed the rumours that it is going to follow Google and Facebook by banning cryptocurrency advertisements from the website.

According to the announcement, ICO ads, as well as advertisements related to exchanges, token sales, and wallet services (apart from public companies that are registered on the prime stock markets) will be removed from the site. A spokesperson said that the aim of this move is to make sure the safety of Twitter’s community.

twitter ico news

New Twitter Policy

This Twitter ICO news went viral as the social media giant clarified:

“We have added a new policy for Twitter Ads relating to a cryptocurrency. Under this new policy, the advertisement of ICOs (Initial Coin Offerings) and token sales will be prohibited globally.”

This latest twitter policy will be introduced within the next 30 days. But on the other hand, Twitter will be limiting advertisement for cryptocurrency exchanges in Japan to those, who are under the observation of the national financial regulator.

There were many rumours before that Twitter would ban advertisements related to cryptocurrency especially, when it was first reported by Sky News that such content would be banned from the Twitter’s platform within the next two weeks.

What Jack Dorsey has to say about it?

CEO of Twitter, Jack Dorsey, has conceded the proliferation of cryptocurrency scam accounts earlier, and pledged to crack down on bot accounts in search of cryptocurrencies from others.

Though, some of the site’s response exertions have led to account issues for standard users. According to Twitter, safety for users is the main motivator behind this ban. Few actions were also taken by Twitter in order to prevent accounts related to cryptocurrencies from engaging with others in an illusory manner, but then again it met calls to ratify more actions, subsequent to the bans from Google and Facebook.

Impact of Twitter’s Announcement on Crypto-Market

Cryptocurrency markets were already going through a slump, but after the announcement of Twitter banning cryptocurrency advertisements, the market fell even more.

While talking to Reuters, Kapronasia’s director of financial consultancy, Zennon Kapron mentioned the perils to Twitter itself and said:

“With the increasing number of ICOs coming to market, it is an impossible task for anyone, much fewer platforms like Twitter or Facebook, to keep on top of which ICOs and cryptocurrencies are genuine versus frauds… Although certainly, ICO advertising must have been a significant source of revenue for Twitter, the repercussions of fraudulent activities just weren’t worth the risk.”

In January 2018, Facebook restricted cryptocurrency advertising while the ban from Google was announced at the beginning of this month.

Did you find apk for android? You can find new Free Android Games and apps.
View: 576

Best Place to Buy Bitcoins Online is Btcwonder.com

Want create site? Find Free WordPress Themes and plugins.

Are you inspired by those amazing tales where someone bought bitcoin and turned millionaire in no time? Are you planning to start your own Bitcoin venture but don’t know about the best place to buy Bitcoin? Here are few exchanges which offer Bitcoin both in bulk and minority.

CoinBase:

Coinbase is one of the world’s biggest Bitcoin exchanges. Clients in the United States, Canada, the vast majority of Europe, and Singapore can purchase bitcoins with an associated bank account or SEPA exchange.

European clients can buy bitcoins with 3D secure credit/debit cards.

CoinMama:

CoinMama is a bitcoin exchange that offers bitcoins with credit or debit cards. The fee is around 10% with the limit of about $5,000/day and $20,000 every month. After verification, bitcoins are transferred inside a couple of minutes. CoinMama is accessible only in some US states.

BitPanda:

BitPanda is an Austrian Bitcoin exchange that offers bitcoins with credit and debit cards. Charges are low; around 3-4% but not shown separately.

Many individuals ask: is it conceivable to purchase bitcoins with PayPal? Since PayPal bans its dealers from accepting PayPal payments for bitcoins, it is impractical to purchase bitcoins with PayPal directly.

So, these three are the top three exchanges which sell bitcoins. Next time someone asks about the best place to buy bitcoins, you know what to tell them.

Did you find apk for android? You can find new Free Android Games and apps.
View: 528

Token Tax 2018: Here’s what ICO Investors and Issuers must know about it!

Want create site? Find Free WordPress Themes and plugins.

ICOs (Initial Coin Offerings) have skyrocketed in the past few years. A lot of attention has been given to regulatory matters than the potential tax issues that may soon arise for both investors as well as issuers. The IRS (Internal Revenue Service) didn’t issue any guidance related to the tax treatment of token issuances. Taxpayers are mostly left to apply existing-tax-rules, depending on regulations and models that offer flawed analogies to token issuances.

cryptocurrency and taxes

Cryptocurrency and Taxes

Overall, the facts of a certain token issuance, which includes the rights related to tokens must be scrutinized to regulate the proper characterization of the tokens for tax-related matters. A token has to be considered as an equity interest in the issuing entity, however, the tax consequences to the holders and issuers will rely on the buckets that token falls into.

The rules can be way too much complex if the equity interest is in a partnership, and if the taxable income partnership will surge over to the investors, so they may have a constant tax liability. Furthermore, if an investor uses “appreciated cryptocurrency” to get the tokens, it will end up in current-tax to the investor on the appreciated cryptocurrency, however, considering other facts, the investor may have the ability to claim that the cryptocurrency exchange for tokens was “tax-deferred.”

There are few token issuers that issue some of their tokens for free through an “airdrop.” Receivers usually sign up for airdropped-tokens through the website of the issuer, and sometimes they have to use social media platforms to disseminate information about tokens in order to receive them. For the receiver, the value of tokens that he/she receives in an airdrop is a taxable income.

Token issuers usually pre-sell some tokens via SAFT or SAFE-T. The holder, under a SAFT usually pays a fixed-amount for getting the right to collect a determinable number of tokens. SAFT often provide that the envisioned SAFT’s tax treatment is as a “forward contract.” If this treatment is appreciated, then the tax on the purchase amount must be delayed ’til the tokens get delivered to the SAFT holder.

Though, SAFT as a forward contract won’t necessarily be appreciated by the Internal Revenue Service, as the agency may pursue to re-characterize SAFT to extricate it from a traditional prepaid “forward contract.”

Based on SAFE (Simple Agreement for Future Equity), SAFE-T is planned to be considered as an equity instead of alterable debt. SAFE-T’s tax treatment is ambiguous; however, it comprises the elements of both SAFE and SAFT.

It’s quite clear from that there’s only a little guidance from the IRS about how token offering is treated for tax purposes. Determining how to describe these tools for tax-purposes is an exhaustive procedure. Issuers must look up for a tax adviser to get some help in organizing their token offerings.

Did you find apk for android? You can find new Free Android Games and apps.
View: 501

A case of brilliant burglary – Alphabay makes $1million in 14 months

Want create site? Find Free WordPress Themes and plugins.

17 July 2017, Phishkingz details the method of the stealing Bitcoin in his recent interview. He has generated $1 million during the time period of 14 months.

By stealing bitcoins Phishkingz generates $1 million during a year. Phishkingz claims that he has traded almost 500 bitcoins on Localbitcoin in last 14 months. Accordingly, most of them were generated through the process of phishing.

Phishkingz is the vendor of the dark market and his decision to start phishing was made the discovery of an error on Alphabay’s forum. In addition, that error is “that allowed [Phishkingz] to see new members the second they joined.” The hacker has the ability to make direct contact with new members of the platform, “send [ing[ them to my link with a verification process.” Then, “able to obtain the login details syncing, and the mnemonic phrases, as well as any PGP private key and password and pin code.”

Accordingly, “save a bookmark using blockchain.info… [and] highlight 50 [addresses] at a time every 20 minutes checking for deposits.” A huge number of extractions would be treated manually, despite initial experimentation with bots.

Are admins really caring about their customers?

In his interview, Phishkingz describes that Alphabay’s moderators are providing little support to his victims. “The admins didn’t really care about their customers, and it only took opening a support ticket with a problem to learn this. BM (Big Muscles – an Alphabay moderator) especially is a stupid one. He would let me into accounts for 50% if I provided mnemonic phrase knowing I had phished the account in the first place.”

He also claims to, “have moved to Dream Market and already made 4 BTC since yesterday launching the new site.”

The phisher’s number of hacking Bitcoin is increasing rapidly. Tezos ICO attracts the phisher’s attention. While other hackers are creating websites with fake ICOs, victim’s computers through downloading nasty software masked as project white paper. In addition, Bitcoin and other cryptocurrencies seeing unprecedented media exposure. While increasing numbers of the hackers and scammers indicate an unfortunate and predictable consequence of digital currencies’ acceptance.

Did you find apk for android? You can find new Free Android Games and apps.
View: 854

Risks involved in Bitcoin Mining

Want create site? Find Free WordPress Themes and plugins.

Risks involved in Bitcoin Mining

Bitcoin mining is a multi-billion industry, but with increasing number of blocks, the difficulty to mine bitcoins is growing as well.

The question that arises is whether one should invest in such phenomena or avoid it.

In this post, we’ll give you a few pointers on what are the risks involved in this particular venture.

Bitcoin Mining

Bitcoin mining risk secures transactions that are recorded in the Bitcoin’s public ledger the blockchain. The blockchain confirms these transactions to the rest of the network while they’re taking place.

Miners

Miners play a vital role in the Bitcoin ecosystem by keeping the Bitcoin community in check. They perform complicated mathematical tasks with specialized mining hardware, in order to mine new bitcoins but bitcoin’s system adds a new block to the blockchain every 10 minutes to ensure the verification and security of unprocessed transactions so that there is no double spending. Miners earn bitcoins investment, as rewards for their effort and often even paid transaction fees by buyers.

Possible risks follow:

  • Susceptible to High Price Volatility:

The main issue that comes with bitcoin mining is the fluctuation of the virtual currency. The cryptocurrency tends to swing over short periods of time. Also, the price depends on the demand and supply, since there are only 21 million Bitcoins available and with two-thirds of it to be already mined, the demand of bitcoins increases with each passing day.

  • Competition due to the introduction of Ethereum:

The reward for mining bitcoins about every four years and its current value is at 12.5 bitcoins, with average block time as 10 minutes. Whereas Ethereum’s block time is 12 seconds. Faster block time means quicker confirmation of transactions. Ethereum reward miners work to earn Ethers, which is a kind of token that fuels the network. You earn 5 ethers given for each block. You can also use it to pay for transaction fee and services on the Ethereum network. Also, Ethereum has over 89,752,192 coins currently existing, unlike Bitcoin, if it reaches its limit, more investors would switch to Ethereum or other cryptocurrencies thus, leading to lesser or no transactions for miners to confirm and earn rewards.

  • The “hard fork” scenario: 

Bitcoin has become so popular that it isn’t able to manage the weight of all the transactions. With the currency growing exponentially along with the number of transactions, the 1MB block size limit is starting to be an issue thus, leading to delays in payment processing. This hard fork is splitting the network into two i.e. Bitcoin Unlimited (BU) and Segregated Witness (SegWit). Miners are in favor of BU as it gives them more control of the BTC network but BTC developers and enthusiasts choose to side with SegWit since they’re not in favor of letting miners be more in control of the network than they already are. The two obviously can’t co-exist side by side so they have to compete for legitimacy and users in order to function.

To conclude, bitcoin mining does have its pros and cons. Surely, as people become more aware of this cryptocurrency they would show more interest but for now, no one can predict the future of it.

Happy mining!

 

Did you find apk for android? You can find new Free Android Games and apps.