#CryptoCorner: British Tax Authority Wants Exchange User Info, Global Data Protection Community Concerned Over Privacy in Libra and BlockFi Raises $18.3 Billion in Funding Round
#CryptoCorner:
British Tax Authority Wants Exchange User Info, Global Data Protection
Community Concerned Over Privacy in Libra and BlockFi Raises $18.3 Billion in
Funding Round
Point Roberts, WA, Delta BC August 6, 2019
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August
6 Crypto Corner
Stocks discussed: (NasdaqGS:FB)
CoinDesk reports that
Britain’s tax authority, Her Majesty’s Revenue & Customs (HMRC), is urging
cryptocurrency exchanges to relinquish user’s names and transaction data to
ensure proper tax collection. Sources told CoinDesk that the exchanges
Coinbase, eToro and CEX.IO were contacted by the tax authority, though none
have commented as of yet. An industry insider told the publication:
“HMRC is looking to work with exchanges when it comes
to finding information on people who have been buying and selling crypto. I
think they will only go back a couple of years, two or three years.”
“If they [HMRC] do only go back two or three years, I
think the interesting thing here is, that the individuals who went into crypto
very early on in 2012-13 will not be affected. The ones who probably made the
largest gains won’t be affected, it will be the people who came in around the
time crypto peaked.”
The UK’s
Information Commissioner’s Office (ICO) released a joint
statement
on global privacy expectations of the Libra network addressed to Facebook (NasdaqGS:FB) and 28 other organizations
involved in the project. Signed by a “cross section of the data protection
regulation community”, the statement highlights a concern over the lack of
specificity shared by Libra regarding privacy concerns:
To date, while Facebook and Calibra have made broad
public statements about privacy, they have failed to specifically address the
information handling practices that will be in place to secure and protect
personal information.
Additionally, given the current plans for a rapid
implementation of Libra and Calibra, we are surprised and concerned that this
further detail is not yet available.
Reuters reports that the
North Korean regime has amassed some $2 billion USD through cyberattacks on
banks and crypto exchanges, which it intends to put toward weapons of mass
destruction. The article is based on a confidential report from the United
Nations seen by Reuters. According to the report:
The experts said they are investigating “at least 35
reported instances of DPRK actors attacking financial institutions,
cryptocurrency exchanges and mining activity designed to earn foreign currency”
in some 17 countries.
Crypto lending firm
BlockFi has raised $18.3 million in a funding round, according to a press
release
today. The round was led by U.S.-based venture capital fund Valar Ventures,
which was co-founded by Peter Thiel. BlockFi CEO & Founder Zac Prince,
said:
"We're excited to continue development at BlockFi
that will bring us closer to our vision of a world where access to
wealth-building financial products and services are not limited by geography or
an individual's net worth. Our talented team and strategic backers will
continue to drive the crypto financial services infrastructure forward to
facilitate adoption and value creation in the crypto ecosystem.”
Sam Mowers,
Investorideas
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