#CryptoCorner: Token Taxonomy Initiative Introduces Standardization Framework, UK Tax Agency Issues #Crypto Guidelines, Binance.US Debuts Debit Card Payments
#CryptoCorner: Token Taxonomy Initiative Introduces
Standardization Framework, UK Tax Agency Issues #Crypto Guidelines, Binance.US
Debuts Debit Card Payments
Stocks discussed:
(NasdaqGS: $MSFT) (NasdaqGS: $INTC) (NYSE: $IBM) (NYSE: $JPM)
Point Roberts, WA, Delta BC November 4,
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The Token Taxonomy
Initiative (TTI), a consortium comprising major tech and finance companies
including Microsoft (NasdaqGS:MSFT), Intel (NasdaqGS:INTC), IBM (NYSE:IBM), ConsenSys, EY,
R3 and JPMorgan (NYSE:JPM), has introduced a
framework for standardizing the construction of tokens, according to a report
from Cointelegraph. Microsoft's
principal architect for Azure blockchain engineering and the chair of the TTI,
Marley Gray, said:
“Whether it's a ticket, supply chain documents, stocks,
property titles, loyalty points, or other as-yet unthought-of blockchain-based
products and services, token use should be able to flow across platforms. If we
want to take full advantage of what collaborative platforms have to offer,
cross-platform transactions have to be able to communicate with one another.
Standards are where that starts.”
The UK’s tax
agency, HM Revenue & Customs, has issued tax guidelines for
cryptoassets. One thing revealed in the document is that mining from a personal
computer is exempt from the type of taxation which applies to commercial
mining.
“…using a home computer while it has spare capacity to
mine tokens would not normally amount to a trade. However, purchasing a bank of
dedicated computers to mine tokens for an expected net profit (taking account
the cost of equipment and electricity) would probably constitute trading
activity.”
CCN reports that
French high school students will learn about cryptocurrency after an amendment
to the country’s syllabus by the Ministry of National Education. The course
that deals with it will not be specifically centred on crypto, but will rather
feature crypto as part of a lesson on what currencies are and how are they
created.
The U.S. branch of
crypto exchange giant Binance, Binance.US, has launched debit card payments for
crypto trading, according to a company blog
post.
This comes after the company achieved $15 million USD in trading volume after
its first 30 days of operations. Catherine Coley, CEO of Binance.US, commented:
“This is just the beginning. We want our marketplace to
stand out as an easily accessible, educational platform for anyone looking to
participate in this global movement.”
Sam
Mowers, Investorideas
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investors following the sector Investor Ideas has a comprehensive Bitcoin, Blockchain
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