#CryptoCorner; #Huobi Announces Market Index, India Could Slap 18 Percent Tax on #Crypto Trading, Circle Introduces New App Feature and Crypto Market Drops
#CryptoCorner; #Huobi Announces Market
Index, India Could Slap 18 Percent Tax on #Crypto Trading, Circle Introduces
New App Feature and Crypto Market Drops
Point Roberts, WA, Delta BC – May 23, 2018 - Investorideas.com, a leader in crypto and
blockchain investing news reports on what’s driving the cryptocurrency markets
with today’s edition of Crypto Corner.
Read this in full at http://www.investorideas.com/news/2018/crypto-corner/05231HoubiIndiaCircleNewApp.asp
Huobi Announces
Market Index, India Could Slap 18 Percent Tax on Crypto Trading, Circle
Introduces New App Feature and Crypto Market Drops
Huobi,
the world’s third
largest cryptocurrency exchange, has announced the
launch of ‘HUOBI 10’, a new market index.‘HUOBI 10’ tracks the ten most traded
digital assets on the platform against tether (USDT), a cryptocurrency that is
“tethered” to the U.S. dollar. According to the press release:
“The digital assets are classified into
four categories: Coins, Platforms, Applications and Utility Asset tokens. The
number of constituents selected in these four categories depends on their
transaction volume of last quarter. After deciding the allocation of
constituents into each of the four categories, the average daily trading volume
in the previous quarter is used to decide the weight of the constituent in the
index.”
Cryptocurrency trading in India may be
subject to an 18 percent tax, according to a report in Bloomberg today. Discussion around such taxation
indicates that crypto may be “classified as intangible goods on a par with
software”. Bloomberg outlines the proposal:
●
Purchase or sale of cryptocurrencies
should be considered as supply of goods, and those facilitating transactions
like supply, transfer, storage, accounting, among others, will be treated as
services.
●
Value of a cryptocurrency may be
determined based on the transaction value in rupees or the equivalent of any
freely convertible foreign currency.
●
If buyers and sellers are in India, the
transaction would be treated as a supply of software and the buyer’s location
will be the place of supply.
●
For transfer and sale, the location of
the registered person will be the place of supply. However, for sale to
non-registered persons, location of the supplier would be considered as the
place of supply.
●
Transactions beyond the Indian territory
will be liable for integrated GST, and would be considered as import or export
of goods. IGST will be levied on cross-border supplies.
The Goldman Sachs-backed Circle Internet
Financial Ltd. has launched a feature to help users who may be new to investing
in crypto. Circle Invest, an app that offers seven different coins for
purchase, introduced a feature called “Buy the Market” yesterday which allows
users to buy all coins at once. Bloomberg reports:
“Customers can invest as little as $1,
and their funds will automatically be spread across the tokens, weighted by
market value. Circle builds in a 1 percent spread between the buy and sell
prices, which is how it generates revenue, Chief Executive Officer Jeremy
Allaire said. The coins are Bitcoin, Bitcoin Cash, Ethereum, Ethereum Classic,
Litecoin, Zcash and Monero.”
The crypto market has dropped roughly $40
billion USD in the past 24 hours, going from around $372 billion USD to $334
billion USD at press time, according to data from CoinMarketCap. With
the exception of Tether (USDT) and Bitcoin Private (BTCP), all of the top 50
coins have shown are trading lower in than a day ago.
Sam Mowers, Investorideas.com
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