Bitcoin’s (BTC) price slumps after four days of intense struggle to break above $39,000 overhead resistance. Today, the largest cryptocurrency has fallen to the low of $36,633 at the time of writing.

Her Majesty’s Revenue and Customs (HMRC), the U.K.’s tax agency announced a controversial set of recommendations on Wednesday that could harm Decentralized Finance (DeFi) innovation.  Ian Taylor, executive director of CryptoUK said:  “HMRC treats crypto assets as property for tax purposes. However, this is inconsistent with the approach currently being adopted by Government and other regulatory bodies in the UK.” The updated ruling focuses on how digital assets are treated in the UK for DeFi lending and staking, and whether the returns or incentives from these activities are taxed or not. Due to the cutting-edge nature of DeFi, tax specialists were confused about how the existing regulations apply to these services. HMRC stated: “The lending/staking of tokens through DeFi is a constantly evolving area, so it is not possible to set out all the circumstances in which a lender/liquidity provider earns a return from their activities and the nature of that return. Instead, some guiding principles are set out.” “HMRC has updated its guidance on the treatment of crypto and digital assets, specifically for DeFi lending and staking in the UK, significantly altering their classification and treatment.”  According to the guidance, returns from staking and lending DeFi assets will not be treated as ‘interest’, because digital assets aren’t considered currencies in the UK, but rather property for tax reasons.  However, the guidance suggests that in many circumstances, this technique will signal that beneficial ownership of those tokens has been moved to the platform, which could cause tax problems for stakeholders. This would imply that they were sold for tax purposes and would be subject to Capital Gains Tax.  According to Ian Taylor, executive director of CryptoUK, these new regulations will impose an unnecessary burden on crypto investors that is not imposed on stock market investors when lending shares: “HMRC treats crypto assets as property for tax purposes. However, this is inconsistent with the approach currently being adopted by Government and other regulatory bodies in the UK, including the Treasury and the FCA.” According to Taylor, the new regulations impose undue reporting obligations for consumers and cause tax compliance complexity because investors have to report hundreds or even thousands of transactions.  “This is out of step with the Government’s stated aim for the UK to be open and attractive as a destination for investment and innovation post Brexit,” he said.  Matt Hancock, the former Secretary of State for Health and Social Care and now a Member of Parliament (MP) in the United Kingdom, encouraged the House of Commons to pass a progressive crypto policy to make England the home of cryptocurrency last week. In November last year, HMRC issued regulations about the imposition of a digital services tax on crypto exchanges operating in the United Kingdom.

The post UK Tax Agency Released New Guidelines Around DeFi appeared first on Cryptoknowmics-Crypto News and Media Platform.

Data Science is a diverse field with an array of career and job options out there to pursue. The modern economy is dependent on data and data analysis so, naturally, data scientists are in high demand and enjoy good salary and job security prospects. With that in mind, below are 11 intriguing roles for data […]

The post 11 Intriguing Roles for Data Scientists in 2022 appeared first on DATAVERSITY.

Philadelphia is on the verge of following in the footsteps of Miami, Austin, and New York City by teaming with CityCoins to build crypto for the city of Brotherly Love. Mayor Jim Kenney of Philadelphia has welcomed the idea, told the government news site Statescoop that his office is ‘excited about the prospect of donations from a CityCoins program to target big problems in the city.’  On January 31, Philly’s Chief Information Officer and apparent Bitcoin (BTC) advocate Mark Wheeler stated that Philly is ready to cooperate with CityCoins. CityCoins is a software application on the Stacks (STX) blockchain that assists local administrations in creating their own coin. All the transactions on Stacks settle on the Bitcoin Network. CityCoins are already being used by New York City and Miami to expand their treasury reserves. Thirty percent of STX tokens mined are transmitted to the city’s wallet, where they are sold for USD and deposited into the city’s treasury.  On February 1, Wheeler said in an interview that the city would start formally assessing CityCoins to ensure that any potential partnership they build together conforms with existing cryptocurrency rules. Wheeler addressed the environmental issue of adopting a program that uses a Proof-of-Work blockchain, such as Bitcoin, as an environmental concern. He emphasized that CityCoins does not require customers to use any additional hardware, which could cause environmental damage. On February 1, he told Statescoop:  “I think we can simply say, This isn’t Bitcoin and it’s not requiring new servers to be set up and it’s not requiring intensive energy use. I think that’s a valid, verifiable statement.” Wheeler stated that the city of Philadelphia would attempt to incorporate blockchain technology into its government. He got the idea for the campaign from the city of Miami. Last August, Miami debuted its MiamiCoin with CityCoins to help the city raise revenue, which Mayor Francis Suarez stated could be used to cover all of the city’s residents’ tax burdens.  Last November, New York City partnered with CityCoins to establish the NYCCoin. NYCCoin miners, like MiamiCoin miners, get paid in STX and BTC for supplying the city with tokens. Austin, Texas, has also partnered with CityCoins, however, mining is yet to begin.

The post Philadelphia is Teaming with CityCoins to Target Urgent Problems in the City appeared first on Cryptoknowmics-Crypto News and Media Platform.

Palo Alto, CA, Feb 3, 2022 - (ACN Newswire) - Bitcoin Latinum (LTNM), the next generation, insured, asset-backed cryptocurrency poised to revolutionize digital transactions is announcing it has officially been pre-listed on Binance.com for live, up to the minute market research, trading data, and token performance. Binance is one of the world's largest exchanges for buying, selling, and trading cryptocurrencies. It boasts 28.6 million users, with its 2021 exchange volume skyrocketing to $7.7 trillion.

Bitcoin Latinum's profile on Binance can be viewed at: https://www.binance.com/en/price/bitcoin-latinum

Bitcoin Latinum trades publicly on HitBTC ($6.2 billion in daily volume), FMFW.com ($4.5 billion daily volume), Changelly ($2.71 billion in daily volume), Changelly Pro, LBank ($1.1 billion in daily volume), DigiFinex, Hotbit, AAX, and XT.com exchanges under the ticker LTNM. Monsoon Blockchain, Bitcoin Latinum's lead developer, has announced LTNM will also list on Bitmart ($1.6 billion in daily volume), and 10 additional global exchanges by the end of 2022. Bitcoin Latinum can be researched on Binance, CoinBase, Coin Market Cap, and Coin Gecko.

As a cornerstone of Monsoon Blockchain's strategic plans to further the mass adoption of Bitcoin Latinum, the company has been forging global partnerships with corporations and influencers. Bitcoin Latinum recently announced a partnership with A-list music artist Quavo of the world-renowned group Migos, to launch Cyber Yachts NFT's.

For more information about Cyber Yachts, please visit https://cyberyachts.com/

Unico, in partnership with Bitcoin Latinum, launched an NFT marketplace called UnicoNFT that features thousands of digital artworks and will include the new collections of Quavo-branded Cyber Yachts. In addition, OSO ATM will launch 100,000 Bitcoin Latinum ATMs across the United States, and The h.wood Group will accept LTNM across the company's diversified portfolio of upscale nightlife and restaurant venues.

Bitcoin Latinum was built as an open-architecture cryptocurrency technology, capable of handling large transaction volume, cybersecurity, and digital asset management. Based on the Bitcoin ecosystem, Bitcoin Latinum was developed by Monsoon Blockchain Corporation on behalf of the Bitcoin Latinum Foundation. LTNM is a greener, faster, and more secure version of Bitcoin, and is poised to revolutionize digital transactions.

Unlike other crypto assets, LTNM is insured, and backed by real-world and digital assets. Its asset backing is held in a fund model, so that base asset value increases over time. It accelerates this asset-backed funds growth by depositing 80% of the transaction fee back into the asset fund that backs the currency. Thus, the more Bitcoin Latinum is adopted, the faster its asset funds grow, creating a self-inflating currency. This highlights Bitcoin Latinum Foundation's commitment to supporting the growth of a sustainable crypto ecosystem.

For more information about Bitcoin Latinum, please visit https://bitcoinlatinum.com

FOR EDUCATIONAL AND INFORMATION PURPOSES ONLY; NOT INVESTMENT ADVICE. Any Bitcoin Latinum offered is for educational and informational purposes only and should NOT be construed as a securities-related offer or solicitation or be relied upon as personalized investment advice. Bitcoin Latinum strongly recommends you consult a licensed or registered professional before making any investment decision.

Media contact
Brand: Bitcoin Latinum
Contact: Kai Okada, Director of Communications
E-mail: [email protected]
Website: https://bitcoinlatinum.com/
Address: 2100 Geng Road, Palo Alto, California 94303, USA
Telephone: +1 800-528-0985

SOURCE: Bitcoin Latinum Foundation

Copyright 2022 ACN Newswire. All rights reserved. www.acnnewswire.com

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The post Shiba Inu (SHIB) the Dogecoin Killer Now Powers Welly’s The Clown Killer appeared first on CoinGape.

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The post Just In: Big Relief for Crypto Stakers and Miners, IRS Won’t Tax Unsold Crypto Tokens appeared first on CoinGape.

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The post Breaking: Ethereum-Solana Bridge Warmhole Exploited In A Massive $300 Million Hack appeared first on CoinGape.

Indonesia’s banking industry is on the verge of a revolution as a new breed of digital banks looks to capitalize on the country’s large population of unbanked and underbanked, and

The post Indonesian Lenders Ride the Digital Banking Momentum appeared first on Fintech Singapore.