JPMorgan Blockchain Payments Network Eyes January Japan Launch

JPMorgan Blockchain Payments Network Eyes January Japan Launch

Built on Quorum, a permissioned blockchain based on ethereum and developed by JPMorgan, IIN is designed to enable member banks to exchange information in real time, allowing them to verify a payment has been approved. This, the bank says, helps reduce friction in international payments and ultimately leads to faster processing times.

The Coolest Jobs in Crypto

The Coolest Jobs in Crypto

Meme Lord. Street artist. Unique startup founder. Feeder of the hungry. There’s no end to the amount of cool jobs in crypto, and new uses for decentralized, peer-to-peer cash are limited only by the bounds of one’s imagination. Whether finding new and innovative solutions for longstanding societal or technological problems, just having fun, or both, those receiving a paycheck in digital currencies aren’t always day traders or suits doing desk work at a big firm. Also Read: Street Artist Pascal Boyart Helps Venezuelan Creators Earn Crypto Cool Money Crypto is cool money. Peer-to-peer, decentralized and permissionless cash like bitcoin opens all sorts of opportunities for entrepreneurs, employers and employees alike. Without cumbersome banks, excessive fees and regulations standing in the way, sending and receiving payments for services is easier than ever. So is giving. While most everyone knows about the more conventional jobs in the space, this article aims to focus on the decentralized heart of crypto, where creatives and everyday individuals are leveraging the power of internet money for an unorthodox living or lifestyle. Cool Crypto Gigs Meme Lord “So what do you do?” “Oh, me? I’m a crypto meme lord.” It’s no joke. If your dream job is to spend your days doing exactly what you do now — fighting the great meme wars of the 2010s and soon 20s — crypto makes that possible. In August, crypto swapping application Sideshift.ai was on the lookout for a “Meme Lord/Specialist.” The now expired (and ostensibly filled) job listing states the applicant would be responsible for “meme creation and related activities. If you have a ‘no idea is too spicy’ approach to memes and know how to push buttons, this may be the role for you.” The posting goes on to note that his or her highness would be paid in a “cryptocurrency of [their] choice” and that hours are flexible as “Sideshift AI is focused on output.” The posting requires no resume, just the submission of a couple memes and desired hourly rate, plus a spicy meme idea for consideration. Crypto Artist Art and bitcoin go together like bread and butter, thanks to the openness and innovation both areas of free and permissionless human activity share. However, the pay the bills aspect when it…

Report: Denmark’s Tax Agency Is Sending Tax Compliance Letters to Crypto Users

Report: Denmark’s Tax Agency Is Sending Tax Compliance Letters to Crypto Users

Denmark-based cryptocurrency users have begun receiving letters from the Danish tax agency, Skattestyrelsen (Skat), requesting that traders provide a full background of all their cryptocurrency transactions, sources informed Cointelegraph on Dec. 10. In its letters, Skat specifically asked crypto users to provide information about profits and losses for fiscal years 2016 to 2018, according to FIFO (First In First Out) principles. These principles represent a method of inventory valuation assuming that all goods are sold or used in the same chronological order in which consumers purchased them. Furthermore, the tax agency asked for the rates used for each transaction, information on the purpose of acquiring digital currencies, and documentation regarding the creation of a cryptocurrency wallet. Disclosure of crypto exchange services used In terms of crypto exchange services, Skat requested that crypto consumers revealed the confirmation of their trading activity in the form of a screenshot featuring the individual’s name and an agreement on the creation of an account. In addition to that, Skat wants to examine crypto consumers’ account statements from their bank accounts for the aforementioned period. Robin Singh, founder of cryptocurrency tax startup Koinly, provided Cointelegraph with the letter. Singh commented: “Many of our Danish users have received these letters, Skat is asking for a full breakdown of all their transactions and asking them to fix all past reports as well. Filing tax on cryptocurrency trades is a difficult task as crypto traders usually hold several exchange accounts & wallets and freely transfer crypto between them, so there’s no easy way to figure out what the capital gains are for any particular trade.” Skat’s first steps towards crypto user taxation Skat turned its focus to crypto consumers late last year when it confirmed that it was “identifying” 2,700 individuals it said owed taxes on Bitcoin (BTC) gains. The agency intended to go after each individual with an eye to determining their payment obligations. Skat said at the time: “If something does not match, we will contact them and ask for more information. However, how many people it is and what it may mean, it is still too early to say.” In January 2019, the country’s Tax Council authorized Skat to obtain information on all trades of cryptocurrencies across three domestic crypto exchanges.…

IDEG, Coinbase Custody Launch Bitcoin Trusts in Apparent First for Asia

IDEG, Coinbase Custody Launch Bitcoin Trusts in Apparent First for Asia

Digital asset manager IDEG is launching what it claims are Asia’s first Bitcoin (BTC) trusts. The two new funds — Asia Bitcoin Trust I and Atlas Mining Trust I —  were officially announced in a press release on Dec. 8, confirming an earlier disclosure from the firm in Hong Kong in late November.  Coinbase Custody will act as custodian for both trusts, with Asia-based Profound Trust Company acting as trustee. The combined size of the two trusts is $200 million. Bringing old money to a new sector The first of the two funds, Asia Bitcoin Trust I, is an actively managed investment vehicle and as such, is being pitched by the firm as a contrast to Grayscale’s flagship Bitcoin Trust , which has seen consistent year-on-year appreciation, outstripping many traditional investments. Whereas Grayscale’s trust is passively managed, IDEG is setting its approach apart from that of  its predecessor, as the firm’s CEO Kevin Yang states: “As the investment manager of the Trust, IDEG will apply a range of hedging and arbitrage strategies in order to gain more Bitcoin for the investors and meanwhile effectively control the risk of drawdowns.” IDEG is aiming to further drive traditional investors to include crypto in their allocation strategies by offering a second trust that enables investors to share in the profits generated from IDEG’s mining business. In his statement, IDEG founder Raymond Yuan claimed that the firm is seeing solid return ratios on its mining activities because of its focus on capex, opex, operational and risk management strategies, as well its capacity to invest in hardware and infrastructure. “Individual miners are dropping out because institutional miners like us can improve in almost every aspect,” he claimed. U.S. precedents As reported, Grayscale’s highly-successful Bitcoin Trust (GBTC) has recently filed a Form 10 with the United States Securities and Exchange Commission (SEC) in a bid to become the first crypto fund to report to the regulator. If approved, this would designate the fund as an SEC reporting company and require it to register its shares under the country’s Exchange Act. Ostensibly, given that many institutions hinder investors from considering trusts that lack SEC-approval, Grayscale’s eligible investor base could widen considerably should the filing be successful. As Cointelegraph reported in September, another…

2019 in Review: Nic Carter on Quadriga, Libra and Other Suspect Projects

2019 in Review: Nic Carter on Quadriga, Libra and Other Suspect Projects

Yeah, it seems that is the number one story of the year. What’s really interesting to me is that, Congress got so upset about it, I think mostly to score political points. But I think Facebook miscalculated, because they thought their messaging was about creating a global currency. We’re gonna have this reserve, and we’re gonna fill it with all these foreign currencies, and a little bit of dollars. Obviously, that’s going to offend Congress. Because the dollar is like 70 percent of all international trade. So they’re going to want the reserve full of dollars. Facebook could have gone the patriotic route, and said the Libra Reserve will be full of dollars and maybe 10 percent Swiss francs. So we’d basically export dollars abroad, which helps finance the government. It’d be good for the U.S., good for the treasury. It’d be a new vector for the dollar’s rise around the world. You could keep selling cheap Treasury bills and so on. 

Danish Tax Agency Sends Warning Letters to Suspected Crypto Tax Evaders

Danish Tax Agency Sends Warning Letters to Suspected Crypto Tax Evaders

In the letters, crypto users are asked to provide information such as profits and losses for the 2016-2018 income period, including for crypto-to-crypto trades. Respondents must further provide the rates at the time of the trades and the purpose of the transactions. Other required information includes proof of wallets created, bank statements and a statement of current crypto holdings.

Saga Stablecoin Goes Live Backed by Basket of Fiat Currencies

Saga Stablecoin Goes Live Backed by Basket of Fiat Currencies

Its value will rely solely on the “basket of national currencies” whose collective worth backs up SGA’s list price. Meant to mimic the International Monetary Fund’s Special Drawing Rights, a currency-like reserve asset pegged to the dollar, euro, renminbi, pound sterling and yen, this “basket” will ensure SGA’s stable price.

Bakkt Launches Bitcoin Options in US, Futures in Asia

Bakkt Launches Bitcoin Options in US, Futures in Asia

Bakkt has launched two new regulated bitcoin derivatives products. Within hours of launch, Bakkt announced that over 1,000 futures contracts had been traded in Asia. The platform now offers four types of regulated bitcoin derivatives products: monthly and daily physically delivered bitcoin futures, cash settled bitcoin futures, and options on monthly bitcoin futures. Also read: SEC Approves Bitcoin Futures Fund 2 New Regulated Products Bakkt, a digital asset platform powered by Intercontinental Exchange Inc. (ICE), the parent company of the New York Stock Exchange (NYSE), announced Monday that its two new bitcoin derivatives products are now live. They leverage the platform’s benchmark contract, the physically delivered bitcoin monthly futures, which was launched in September. The first of the two new products is Bakkt Bitcoin (USD) Monthly Options, which settles into the underlying futures contract two days prior to expiry on ICE Futures U.S. The second is Bakkt Bitcoin (USD) Cash Settled Futures, which is available on ICE Futures Singapore. “We’re live with two new bitcoin contracts — a cash settled future and options on futures — both fully regulated and leveraging our benchmark,” COO Adam White remarked Monday. After about five hours following its launch announcement, Bakkt tweeted: Over 1,000 Bakkt Bitcoin (USD) Cash Settled Futures contracts have been traded on ICE Futures Singapore since launching earlier today. ICE unveiled its plans to launch the cash-settled futures in Singapore on Nov. 21. The contracts are listed on ICE Futures Singapore and cleared by ICE Clear Singapore, both of which are regulated by the Monetary Authority of Singapore (MAS). “Our new cash settled futures contract will offer investors in Asia and around the world a convenient, capital efficient way to gain or hedge exposure in bitcoin markets,” commented Lucas Schmeddes, President and COO of both ICE Futures and Clear Singapore. Rising Interest and Growing Volumes The two newly launched products join the platform’s two existing offerings: the Bitcoin (USD) Monthly Futures and the Bitcoin (USD) Daily Futures. Both are supposed to be physically settled, with the underlying bitcoins held in the Bakkt Warehouse. Bakkt Trust Company Llc is licensed by the New York State Department of Financial Services (DFS) to provide custody of bitcoin. The “DFS has authorized Bakkt to provide custody services for bitcoin in…