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Thursday, August 8, 2019

#CryptoCorner: #Crypto Tax Amendment Bill Introduced Into US House of Representatives, Robinhood Scores UK Approval, Coinone Partners with Security Firms and Czech Crypto Regulations Exceed EU in Strictness


#CryptoCorner: #Crypto Tax Amendment Bill Introduced Into US House of Representatives, Robinhood Scores UK Approval, Coinone Partners with Security Firms and Czech Crypto Regulations Exceed EU in Strictness




Point Roberts WA, Delta BC, August 8, 2019 - Investorideas.com, a leader in crypto and blockchain investing news, in partnership with Fit Pay, Inc.’s  (subsidiary of NXT-ID (NASDAQ: NXTD) crypto payment tech, Flip bring you today’s edition of the Crypto Corner podcast and commentary on what’s driving the cryptocurrency market.




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August 8 Crypto Corner

A bill has been introduced into the U.S. House of Representatives by Representative Ted Budd (NC-R) that would change certain taxation on cryptocurrencies. The stated aim of the bill is to “amend the Internal Revenue Code of 1986 to allow exclusion of gain or loss on like-kind exchanges of virtual currency,'' which would ensure that “the exchange of virtual currency for virtual currency of like kind shall be treated in the same manner as the exchange of real property for real property of like kind”.

Robinhood International, Ltd., an investment app that includes cryptocurrencies, has been approved by the UK’s Financial Conduct Authority (FCA) to operate as a broker in the UK, according to a blog post yesterday. Leading the company’s UK business will be newly appointed president Warren Rutgers, who commented:

“Today marks the beginning of a new chapter for Robinhood, and we’re excited to take the first important step towards bringing our investing platform to customers in the U.K. I’m thrilled to be a part of Robinhood and our effort to expand into a new international market.”

South Korean crypto exchange Coinone has announced that it is partnering with security firms CertiK and Xangle to ensure better compliance with security regulations. A post on the company’s website reads:

In order to provide more transparent and useful information for investors, we announce a collaboration with technical audit specialists Xangle and CertiK.
In the future, the two partners will provide `` Project Disclosure Information '' and `` Smart Contract Audit Information '' for Coin-One listed cryptocurrencies, respectively.

and

CoinOne strives to establish a listing system and strengthen the public function of the exchange (market surveillance, disclosure, and internal listing) in order to harmonize the two goals of actively listing cryptocurrency and securing investor confidence.
We will do our best to protect investors and provide professional services.

The Czech Republic is imposing stricter regulations on the crypto space than is required by the European Union, according to local outlet Hospodářské Noviny (loosely translated as “Economic Newspaper”). A loose translation of the article indicates that the Czech regulation will “impact a larger group of companies and may jeopardize their competitiveness”. According to Cointelegraph, the article goes on to explain the penalties companies will face should they not comply with regulators:

As an indication of the stringent measures ahead, Hospodářské Noviny reveals that Czech regulators plan to impose a hefty fine — up to half a million koruna or roughly $20,000 — on cryptocurrency firms should they fail to register their operations with the national Trade Licensing Office.


Sam Mowers, Investorideas

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Flip™ is the creation of Fit Pay, Inc., a leading provider of cutting edge payment technology and a subsidiary of NXT-ID (NASDAQ: NXTD). By leveraging the FitPay Payment Platform™, Flip enables cryptocurrency holders to seamlessly exchange their cryptocurrency for US dollars and store that value on a contactless payment device that can be used to make purchases at millions of retail locations.  https://www.fliptopay.com/

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