Spanish authorities will oblige investors to declare cryptocurrency
Government spokeswoman Maria Jesus Montero said the authorities are preparing a package of laws to regulate digital assets. The initiative aims to combat tax fraud
The Spanish government is preparing a bill that will oblige cryptocurrency owners to disclose data on their investments and the profits received from such assets. This was stated by the press secretary of the government, Maria Jesus Montero. She noted that the new requirements will be included in a package of laws aimed at combating tax fraud, reports Reuters.
Since the beginning of 2020, the European Union has been tightening the regulation of cryptocurrencies. In January, the fifth EU Anti-Money Laundering Directive (5 AMLD) came into force. Including, it obliges companies working with digital assets to identify customers.
In early September, the European Commission introduced the rules for regulating cryptocurrencies and stablecoins. Its vice-chairman Valdis Dombrovskis said then that digital assets are widespread, so it is important to reduce risks for investors and maintain the stability of the financial system.
Spanish law prohibits the use of digital assets as legal tender. In addition, holders of virtual money must pay capital gains tax. Depending on the amount of income, the rate is 19-23%. For companies it is fixed - 25%.
Government spokeswoman Maria Jesus Montero said the authorities are preparing a package of laws to regulate digital assets. The initiative aims to combat tax fraud
The Spanish government is preparing a bill that will oblige cryptocurrency owners to disclose data on their investments and the profits received from such assets. This was stated by the press secretary of the government, Maria Jesus Montero. She noted that the new requirements will be included in a package of laws aimed at combating tax fraud, reports Reuters.
Since the beginning of 2020, the European Union has been tightening the regulation of cryptocurrencies. In January, the fifth EU Anti-Money Laundering Directive (5 AMLD) came into force. Including, it obliges companies working with digital assets to identify customers.
In early September, the European Commission introduced the rules for regulating cryptocurrencies and stablecoins. Its vice-chairman Valdis Dombrovskis said then that digital assets are widespread, so it is important to reduce risks for investors and maintain the stability of the financial system.
Spanish law prohibits the use of digital assets as legal tender. In addition, holders of virtual money must pay capital gains tax. Depending on the amount of income, the rate is 19-23%. For companies it is fixed - 25%.
Glassnode: "more than half of ETH coins have been idle for over a year"
Glassnode: “More than half of ETH coins have been idle for over a year” Cryptocurrency investors continue to accumulate ETH - more than 50% of coins have been idle in wallets for over a year. However, with the introduction of staking, the situation could change dramatically.
According to a graph presented by market research firm Glassnode, reflecting data on Ethereum on-chain transactions, approximately 28% of ETH moved between 12 and 24 months ago. The total number of coins lying idle for more than a year is almost 60%.
Analysts believe that large investors are accumulating ETH ahead of the launch of Ethereum 2.0, with which staking will appear on the network. The zero phase of Ethereum 2.0 should be launched in the coming months, and this is also reflected in the activity of the second cryptocurrency on the network.
If at the beginning of the year about 0.5% of ETH moved between wallets per day, now this figure has doubled. The volume of coin movements increased similarly over the week - from 1.5% to 5%.
Interestingly, the opposite situation is observed in the Bitcoin network. If in February about 6% of coins moved between wallets in a week, then by September this figure dropped to 3.5% -4%.
Recently, it was reported that the Ethereum 2.0 developers successfully launched the Zinken testnet and tested the creation of the ETH 2.0 genesis block.
Glassnode: “More than half of ETH coins have been idle for over a year” Cryptocurrency investors continue to accumulate ETH - more than 50% of coins have been idle in wallets for over a year. However, with the introduction of staking, the situation could change dramatically.
According to a graph presented by market research firm Glassnode, reflecting data on Ethereum on-chain transactions, approximately 28% of ETH moved between 12 and 24 months ago. The total number of coins lying idle for more than a year is almost 60%.
Analysts believe that large investors are accumulating ETH ahead of the launch of Ethereum 2.0, with which staking will appear on the network. The zero phase of Ethereum 2.0 should be launched in the coming months, and this is also reflected in the activity of the second cryptocurrency on the network.
If at the beginning of the year about 0.5% of ETH moved between wallets per day, now this figure has doubled. The volume of coin movements increased similarly over the week - from 1.5% to 5%.
Interestingly, the opposite situation is observed in the Bitcoin network. If in February about 6% of coins moved between wallets in a week, then by September this figure dropped to 3.5% -4%.
Recently, it was reported that the Ethereum 2.0 developers successfully launched the Zinken testnet and tested the creation of the ETH 2.0 genesis block.
🔥 Hasu has drawn (https://insights.deribit.com/market-research/is-yearn-finance-safe-to-use) attention to the security of DeFi protocols. The blogger analyzed the source code of the popular platforms Yarn and Compound and confirmed that they are custodian:
📍 At the time of launching yearn.finance, developer Andre Cronje controlled $ 40M of customer funds.
📍August 6, while discussing the article with the developer, control was transferred to the 6-of-9 wallet to stakeholders, which also controls the emission of the YFI token.
📍 Most users of yearn.finance, Compound or Aave don't know that these DeFi platforms are more or less custodian.
📍 At the time of launching yearn.finance, developer Andre Cronje controlled $ 40M of customer funds.
📍August 6, while discussing the article with the developer, control was transferred to the 6-of-9 wallet to stakeholders, which also controls the emission of the YFI token.
📍 Most users of yearn.finance, Compound or Aave don't know that these DeFi platforms are more or less custodian.
Deribit
Deribit Insights is under construction
The best resource for Crypto Derivatives trading
The more time passes, the higher the APY, this is crazy! There’ll be a period of 14 days in which stakers will be able to earn rewards. The earlier you participate, the higher your earned rewards will be. Do NOT miss out on this opportunity!
Very interesting experiment
https://yield-global.medium.com/yield-claim-yield-farming-program-of-yield-global-9f6646b5e0f7
Very interesting experiment
https://yield-global.medium.com/yield-claim-yield-farming-program-of-yield-global-9f6646b5e0f7
Binance Launches CertiK Pharming On Launchpool Ahead Of Mainnet Launch
Cryptocurrency exchange Binance has announced the inclusion of CertiK (CTK) as a sixth project on the Binance Launchpool platform.
Clients are encouraged to stake BNB, BUSD and CTK tokens in separate CTK farming pools for 12-16 days starting from October 23rd. Binance Launchpool users are rewarded with CTK 1.5 million. Of these, 1.05 million CTK are allocated to the BNB pool and 225,000 CTK each of the other two.
CertiK is engaged in the creation of a cross-chain protocol with a focus on the security of decentralized applications and blockchains. To do this, they use their own blockchain based on the Delegated Proof-of-Stake (DPoS) consensus mechanism and the Cosmos SDK. Its mainnet launch is scheduled for October 24th.
To date, the project has raised nearly $ 40 million in funding through two closed token sales. CertiK's investors include Binance Labs, NEO Global Capital, XRP Capital and others.
Also on October 27, CTK will be listed on Binance. It will be available for trading in pairs with Bitcoin, BNB, BUSD and USDT.
Cryptocurrency exchange Binance has announced the inclusion of CertiK (CTK) as a sixth project on the Binance Launchpool platform.
Clients are encouraged to stake BNB, BUSD and CTK tokens in separate CTK farming pools for 12-16 days starting from October 23rd. Binance Launchpool users are rewarded with CTK 1.5 million. Of these, 1.05 million CTK are allocated to the BNB pool and 225,000 CTK each of the other two.
CertiK is engaged in the creation of a cross-chain protocol with a focus on the security of decentralized applications and blockchains. To do this, they use their own blockchain based on the Delegated Proof-of-Stake (DPoS) consensus mechanism and the Cosmos SDK. Its mainnet launch is scheduled for October 24th.
To date, the project has raised nearly $ 40 million in funding through two closed token sales. CertiK's investors include Binance Labs, NEO Global Capital, XRP Capital and others.
Also on October 27, CTK will be listed on Binance. It will be available for trading in pairs with Bitcoin, BNB, BUSD and USDT.
🔥DeFi Trading Battle on KickEX — UNI vs. COMP! $10,000 Prize Fund!🔥
To celebrate the recent listing of the new DeFi COMP (Compound) token, KickEX exchange holds a MASSIVE trading battle. Who's going to win — UNI or COMP? Choose your side and get ready for battle. Invite friends with your referral link to maximize your prize!
⚡️Register on KickEX
⚡️Choose your side — UNI or COMP
⚡️Deposit UNI or COMP — you can easily buy BTC for fiat on KickEX with a credit card & convert it into UNI/COMP
⚡️Invite friends or referrals to build a stronger team
⚡️Trade more to win more! Higher volumes = higher prizes
✅ Everybody's a winner in this battle, because every participant will get some $KEX tokens! It's a unique semi-stablecoin that you mine while trading on KickEX.
Dates: from October 22, 2020, 12:00 (UTС) to November 15, 2020, 12:00 (UTC). The larger your team’s trading volume, the closer you are to the prize!
Join the battle and win with KickEX!
To celebrate the recent listing of the new DeFi COMP (Compound) token, KickEX exchange holds a MASSIVE trading battle. Who's going to win — UNI or COMP? Choose your side and get ready for battle. Invite friends with your referral link to maximize your prize!
⚡️Register on KickEX
⚡️Choose your side — UNI or COMP
⚡️Deposit UNI or COMP — you can easily buy BTC for fiat on KickEX with a credit card & convert it into UNI/COMP
⚡️Invite friends or referrals to build a stronger team
⚡️Trade more to win more! Higher volumes = higher prizes
✅ Everybody's a winner in this battle, because every participant will get some $KEX tokens! It's a unique semi-stablecoin that you mine while trading on KickEX.
Dates: from October 22, 2020, 12:00 (UTС) to November 15, 2020, 12:00 (UTC). The larger your team’s trading volume, the closer you are to the prize!
Join the battle and win with KickEX!
US Consortium of Crypto Companies Submits Closed Network Whitepaper for FATF Compliance
The US Travel Rule Working Group (USTRWG), a consortium of 25 cryptocurrency companies, has published a whitepaper describing how its members will comply with the Travel Rule when making cryptocurrency transactions. ). Last June, the Financial Action Task Force on Money Laundering (FATF) recommended that member countries ensure that cryptocurrency service providers comply with this rule.
The solution proposed by the USTRWG could create difficulties when dealing with cryptocurrencies for companies from other jurisdictions that must also comply with the TR.
TR requires financial institutions to exchange information with other companies when making transactions. In particular, in any transfers for an amount of at least $ 3000, it is necessary to indicate the names of the sender and recipient, account number, address, names of financial institutions that make the transfer, as well as the date and amount.
This rule existed even before the advent of cryptocurrencies, but the United States Financial Crimes Enforcement Network (FinCEN) and the FATF believe that cryptocurrency companies can also comply with the TR.
The USTRWG solution offers a phased approach to TR implementation. At the first stage, a reliable data exchange network must be created within the consortium. Phase 1.5 will expand to non-USTRWG members, while Phase 2+ will “expand mechanisms for verifying address holders in different cryptoasset use cases”.
However, the USTRWG is a "closed network", which means that "only those services that meet the specified criteria will be allowed access to the network."
Tiana Baker-Taylor, a former executive director of Global Digital Finance (GDF), which is part of the USTRWG, said in a comment to Decrypt that it would be a major obstacle to linking US industry representatives with non-US companies that also comply with FATF rules but operate in various government jurisdictions.
John Jeffreys, chief financial analyst at blockchain analyst firm CipherTrace, said: “The approach proposed by the USTRWG does not scale globally and does not have a security and privacy model. This is a good way to show regulators, in this case FinCEN, that cryptocurrency companies are taking their requirements seriously. But this is not a scalable global solution. ”
“The USTRWG's work is focused on the United States and represents a typical regional solution to specific problems in its jurisdiction,” he added.
The US Travel Rule Working Group (USTRWG), a consortium of 25 cryptocurrency companies, has published a whitepaper describing how its members will comply with the Travel Rule when making cryptocurrency transactions. ). Last June, the Financial Action Task Force on Money Laundering (FATF) recommended that member countries ensure that cryptocurrency service providers comply with this rule.
The solution proposed by the USTRWG could create difficulties when dealing with cryptocurrencies for companies from other jurisdictions that must also comply with the TR.
TR requires financial institutions to exchange information with other companies when making transactions. In particular, in any transfers for an amount of at least $ 3000, it is necessary to indicate the names of the sender and recipient, account number, address, names of financial institutions that make the transfer, as well as the date and amount.
This rule existed even before the advent of cryptocurrencies, but the United States Financial Crimes Enforcement Network (FinCEN) and the FATF believe that cryptocurrency companies can also comply with the TR.
The USTRWG solution offers a phased approach to TR implementation. At the first stage, a reliable data exchange network must be created within the consortium. Phase 1.5 will expand to non-USTRWG members, while Phase 2+ will “expand mechanisms for verifying address holders in different cryptoasset use cases”.
However, the USTRWG is a "closed network", which means that "only those services that meet the specified criteria will be allowed access to the network."
Tiana Baker-Taylor, a former executive director of Global Digital Finance (GDF), which is part of the USTRWG, said in a comment to Decrypt that it would be a major obstacle to linking US industry representatives with non-US companies that also comply with FATF rules but operate in various government jurisdictions.
John Jeffreys, chief financial analyst at blockchain analyst firm CipherTrace, said: “The approach proposed by the USTRWG does not scale globally and does not have a security and privacy model. This is a good way to show regulators, in this case FinCEN, that cryptocurrency companies are taking their requirements seriously. But this is not a scalable global solution. ”
“The USTRWG's work is focused on the United States and represents a typical regional solution to specific problems in its jurisdiction,” he added.
🔥Dabby Finance reports an 18% weekly interest rate🔥
Dabby Finance is offering users and community members the chance to earn on the growing market.
Dabby Finance is a fully automated solution in the DeFi Lend space built on the basis of DeFi lending rates across multiple platforms and does not require KYC, accounts, and has no trading restrictions.
The current total value locked in Dabby is more than $13,000,000!
Fully automated solution combining several DefI projects at once 🤖
Dabby searches for the best deals on the market and gives its users up to 18% income per week 💰
Join our group and channel to stay up to date
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Dabby Finance is offering users and community members the chance to earn on the growing market.
Dabby Finance is a fully automated solution in the DeFi Lend space built on the basis of DeFi lending rates across multiple platforms and does not require KYC, accounts, and has no trading restrictions.
The current total value locked in Dabby is more than $13,000,000!
Fully automated solution combining several DefI projects at once 🤖
Dabby searches for the best deals on the market and gives its users up to 18% income per week 💰
Join our group and channel to stay up to date
⚡️ TELEGRAM CHAT
⚡️ TELEGRAM CHANNEL
Start a Debby bot @DabbyFinanceBot to get up to $70 bounty bonus and $10 per referral
🚀Hurry up and join the growing market! 🚀
Ripple Invests In Japanese MoneyTap Payment System
Ripple announced an investment in the MoneyTap payment system, which was launched in 2018 by Ripple in partnership with the Japanese financial conglomerate SBI Holdings.
The MoneyTap payment system was launched in 2018 and allows you to send money by phone number or using QR codes. To create the system, the RippleNet payment network was used. MoneyTap is backed by many Japanese financial institutions, including Sumitomo SBI Net Bank, Daiwa Securities Group, Ashikaga Bank, Ogaki Kyoritsu Bank, and Seven Bank.
"High fees for interbank transfers in Japan have not changed for 40 years, and this is an international problem," - said the representatives of SBI.
MoneyTap offers much more favorable conditions for transfers, and thanks to the blockchain, money transfers are made almost instantly.
The volume of investments in the MoneyTap system has not yet been announced. However, recently, the management of the Ripple company talked about the possible transfer of the Ripple headquarters to another country. And Japan was called a very likely choice. Perhaps the investment in MoneyTap was a preliminary step before Ripple's change of jurisdiction.
Ripple announced an investment in the MoneyTap payment system, which was launched in 2018 by Ripple in partnership with the Japanese financial conglomerate SBI Holdings.
The MoneyTap payment system was launched in 2018 and allows you to send money by phone number or using QR codes. To create the system, the RippleNet payment network was used. MoneyTap is backed by many Japanese financial institutions, including Sumitomo SBI Net Bank, Daiwa Securities Group, Ashikaga Bank, Ogaki Kyoritsu Bank, and Seven Bank.
"High fees for interbank transfers in Japan have not changed for 40 years, and this is an international problem," - said the representatives of SBI.
MoneyTap offers much more favorable conditions for transfers, and thanks to the blockchain, money transfers are made almost instantly.
The volume of investments in the MoneyTap system has not yet been announced. However, recently, the management of the Ripple company talked about the possible transfer of the Ripple headquarters to another country. And Japan was called a very likely choice. Perhaps the investment in MoneyTap was a preliminary step before Ripple's change of jurisdiction.
WBTC breaks into the top three largest DeFi tokens
The capitalization of WBTC, the tokenized version of Bitcoin deployed on Ethereum, has skyrocketed to a new high this week.
This token has already climbed to the third line in the ranking of the largest digital currencies launched in the DeFi decentralized finance market. At the time of publication of this material, the capitalization of WBTC exceeded $ 1.57 billion, as evidenced by data from the DeFiPulse service. com.
Currently, 116,885 WBTC are backed by real bitcoins. This week, the token was able to bypass Synthetix, Curve, Aave and Compound in terms of capitalization.
The closest competitor to WBTC is the Maker token, whose capitalization is $ 1.99 billion.The first place is held by the UniSwap project, the cost of which now exceeds 2.67 billion.
WBTC is an ERC-20 token backed by Bitcoin at a 1: 1 ratio. In mid-September, the DeFi market had 80,000 WBTC, the total capitalization of which was about $ 1 billion. In total, more than 164,000 BTC are blocked in the DeFi protocols, which is about 0.85% of the total supply of the largest cryptocurrency.
The first WBTC token was issued back in January 2019. Until the end of July, the daily trading volume did not exceed $ 1 million, now this figure exceeds $ 50 million.
The capitalization of WBTC, the tokenized version of Bitcoin deployed on Ethereum, has skyrocketed to a new high this week.
This token has already climbed to the third line in the ranking of the largest digital currencies launched in the DeFi decentralized finance market. At the time of publication of this material, the capitalization of WBTC exceeded $ 1.57 billion, as evidenced by data from the DeFiPulse service. com.
Currently, 116,885 WBTC are backed by real bitcoins. This week, the token was able to bypass Synthetix, Curve, Aave and Compound in terms of capitalization.
The closest competitor to WBTC is the Maker token, whose capitalization is $ 1.99 billion.The first place is held by the UniSwap project, the cost of which now exceeds 2.67 billion.
WBTC is an ERC-20 token backed by Bitcoin at a 1: 1 ratio. In mid-September, the DeFi market had 80,000 WBTC, the total capitalization of which was about $ 1 billion. In total, more than 164,000 BTC are blocked in the DeFi protocols, which is about 0.85% of the total supply of the largest cryptocurrency.
The first WBTC token was issued back in January 2019. Until the end of July, the daily trading volume did not exceed $ 1 million, now this figure exceeds $ 50 million.
Facebook took over the old - started banning the #bitcoin hashtag. They say this topic violates the standards of the social networking community.
The predictions turned out to be correct: Bitcoin mining difficulty has just dropped by 16 percent. According to Glassnode, this drawdown is the second largest in cryptocurrency history.
Recall that the largest decline in the indicator - by 18 percent - took place in October 2011. Well, after the market crash in March this year, the difficulty dropped by 15.9 percent.
Recall that the largest decline in the indicator - by 18 percent - took place in October 2011. Well, after the market crash in March this year, the difficulty dropped by 15.9 percent.
Globally, we expected a powerful uptrend for bitcoin after consolidating above 10,000, and today the price has already touched 15,000. But the fact that this happens without corrections and ignoring all bearish signs is still surprising. The elections in the USA played a role here, the markets are very stormy today. Fixation above 14000 theoretically opens the way to the next (last) resistance range, which starts at 16500. But at the same time, new bearish diversions are forming, etc., you need to be more careful. We are waiting for the development of events.
Derivatives Exchanges Prepare to Start Trading ETH from Ethereum 2.0 Deposit Contract
The FTX cryptocurrency derivatives exchange has expressed its willingness to place tokenized ETH based on the Beacon Chain (BETH) signal chain blocked in the Ethereum 2.0 deposit contract.
On November 4, the developers of Ethereum 2.0 introduced a tool for creating an ETH 2.0 deposit contract, which will allow sending Ether from Ethereum 1.0 to Ethereum 2.0. According to Etherscan, to date, the contract already contains more than 19,600 ETH worth $ 7.9 million. The launch of the derivatives market for BETH will provide access to liquidity for investors who cannot use the coins from the deposit contract until the first phase of the renewal.
However, Ethereum Foundation researcher Justin Drake said that the deposit contract was specifically designed to prevent another type of ETH from becoming available for trading. Ethereum co-founder Vitalik Buterin doubts that anyone would want to provide liquidity for the second version of Ether, sent to staking, as moving ETH to Ethereum 2.0 without a validator status will not bring profit.
At the same time, Coin Metrics co-founder Jacob Franek (Jacob Franek) believes that this will not stop exchanges from listing such assets, performing the function of "debt" coins. Their price may depend not only on the reward for staking ethers in the Beacon Сhain. The cost can also be influenced by the risks associated with trading products based on the blockchain, which is still in development. For example, penalties for failing to validate a new chain can negatively impact deposits. In turn, this will affect BETH trading as well.
Hasu, an anonymous cryptocurrency researcher, believes intermediaries should be concerned about security first. People who take on financial risks will no longer just issue blocks, and block validators will only bear indirect financial risks. Hasu proposed to tie the BETHs available for trading to the amount of Ether allocated for staking on centralized exchanges.
The FTX cryptocurrency derivatives exchange has expressed its willingness to place tokenized ETH based on the Beacon Chain (BETH) signal chain blocked in the Ethereum 2.0 deposit contract.
On November 4, the developers of Ethereum 2.0 introduced a tool for creating an ETH 2.0 deposit contract, which will allow sending Ether from Ethereum 1.0 to Ethereum 2.0. According to Etherscan, to date, the contract already contains more than 19,600 ETH worth $ 7.9 million. The launch of the derivatives market for BETH will provide access to liquidity for investors who cannot use the coins from the deposit contract until the first phase of the renewal.
However, Ethereum Foundation researcher Justin Drake said that the deposit contract was specifically designed to prevent another type of ETH from becoming available for trading. Ethereum co-founder Vitalik Buterin doubts that anyone would want to provide liquidity for the second version of Ether, sent to staking, as moving ETH to Ethereum 2.0 without a validator status will not bring profit.
At the same time, Coin Metrics co-founder Jacob Franek (Jacob Franek) believes that this will not stop exchanges from listing such assets, performing the function of "debt" coins. Their price may depend not only on the reward for staking ethers in the Beacon Сhain. The cost can also be influenced by the risks associated with trading products based on the blockchain, which is still in development. For example, penalties for failing to validate a new chain can negatively impact deposits. In turn, this will affect BETH trading as well.
Hasu, an anonymous cryptocurrency researcher, believes intermediaries should be concerned about security first. People who take on financial risks will no longer just issue blocks, and block validators will only bear indirect financial risks. Hasu proposed to tie the BETHs available for trading to the amount of Ether allocated for staking on centralized exchanges.
🔑 Blockstream has embarked on a new scheme to improve the existing multisignature mechanism for Bitcoin transactions. MuSig2 combines the advantages of the two main multisig models and reduces the technical complexity of creating transactions without sacrificing user privacy.