Saturday, March 24, 2018

JPMorgan Reportedly Mulls Spinning Off Quorum Blockchain Project

JPMorgan Chase & Co. is considering spinning off Quorum, its blockchain project, to improve the platform's appeal as an independent entity, according to Reuters. The open source platform's code is free and can be redistributed and modified. The plans, first reported by the Financial Times, are still in ...

from Google Alert - Blockchain

Binance Announces Expansion to Europe's 'Blockchain Island'

After reviewing a proposal bill, we are convinced that Malta will be the next hotbed for innovative blockchain companies, and a centre of the blockchain ecosystem in Europe. Binance is committed to lending our expertise to help shape a healthy regulatory framework as well as providing funds for other ...

from Google Alert - Blockchain

A Public Blockchain Aims to Secure Big Data Sharing

The rise of the Ethereum blockchain has resulted in the creation of thousands of DApps – decentralized applications – that connect users and developers directly, without the need for a middleman to host and manage the code and user data. And as more DApps are created each day, a growing number ...

from Google Alert - Blockchain

5 of the Most Promising DApps Running on the Ethereum Blockchain

While much of the crypto world remains a speculative market for investments, exciting DApps are emerging on the Ethereum platform. Here are five DApps showing Ethereum is used for more than just investment purposes. 5. Augur – The Predictive Markets Dapp. Augur leverages the hive mind of ...

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Transparent Blockchain iGaming Platform, TrueGame is Ahead of The Coming Market Boom

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Tax Filing Platform Teams with Zebpay to Help Crypto Taxpayers in India

Tax Filing Platform Teams with Zebpay to Help Crypto Taxpayers in India

The largest tax filing platform in India, Cleartax, together with Zebpay, one of the leading Indian cryptocurrency exchanges, is uniting efforts to help Indians with their crypto taxes. The partnership aims to educate bitcoin investors and traders about the current tax laws and how they apply to reporting cryptocurrency incomes and profits.

Also read: 0 to 50% – Time to Pay Crypto Taxes in the European “Union”

Helping Taxpayers Understand the Law

Tax Filing Platform Teams with Zebpay to Help Crypto Taxpayers in IndiaIndian regulators are still struggling to find the best approach to cryptocurrencies like bitcoin. Statements by officials that new rules will be implemented soon have not been followed by actions. On the contrary, attempts to impose oversight on the crypto ecosphere have led to conclusions that this isn’t going to be an easy task. According to media reports from last month, new regulations were expected by the end of March.

Despite failing to introduce comprehensive regulations, authorities in India are eager to tap into crypto earnings, like many other governments around world. Last month the Income Tax Department issued notices to thousands of cryptocurrency investors, as reported. Questions followed. If cryptocurrencies are neither legalized nor regulated, how are taxpayers expected to report their crypto incomes and profits?

A new initiative called the Cryptocurrency Advisory Plan will support Indian bitcoin traders and investors in this year’s tax campaign, according to the Business Standard. Joining hands in the effort are the largest tax filing platform in the country, Cleartax, and one of India’s biggest bitcoin exchanges and wallet providers, Zebpay. The partnership is intended to help taxpayers understand and abide by the law regarding taxation of cryptocurrency transactions.

Clearing the Air Around Cryptocurrencies

Cleartax claims it has the technological and tax expertise “to help people understand how bitcoin works”. In addition to the advisory plan, the platform has launched crypto tax filing services for investors who have earned capital gains from the sale of cryptocurrencies. “With our expert-assisted plans, created in partnership with Zebpay, we want to clear the air around digital currencies. We’ve always aimed to simplify taxes for Indians. This latest offering is another step in the same direction,” said CEO and founder Archit Gupta.

Nischint Sanghavi, head of exchange at Zebpay, added that his company has been looking for a “like-minded partner” to address queries related to cryptocurrency taxation. Sanghavi believes the partnership with Cleartax will make tax planning simpler for Zebpay’s customers.

Tax Filing Platform Teams with Zebpay to Help Crypto Taxpayers in India

In February, India’s Income Tax Department sent tax notices to about 100,000 cryptocurrency investors, after monitoring the operations of leading trading platforms in the country. Suspecting dubious transactions, authorities investigated some of the largest cryptocurrency exchanges, and banks have suspended many of their accounts. The institutional pressure and the bank clampdown have led to significant drop in trading volumes on local platforms. Some of them have reported a 10-fold decrease in the last two months.

Cryptocurrencies are not considered legal tender in India and authorities in Delhi have issued multiple warnings against investing in bitcoin. At the same time, the largest Indian commercial banks have limited severely the operations of local crypto exchanges and individual traders, even before any legislation mandating such policies is adopted.

Do you know the requirements of tax laws in your country in regards to reporting crypto incomes and gains? Tell us in the comments section below.

Images courtesy of Shutterstock.

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The post Tax Filing Platform Teams with Zebpay to Help Crypto Taxpayers in India appeared first on Bitcoin News.

from Bitcoin News

Goodbye Fungibility: OFAC's Bitcoin Blacklist Could Remake Crypto

Joe Ciccolo is the president of BitAML, Inc., a compliance service provider. Andrew Hinkes is an adjunct professor at the NYU Stern School of Business and NYU School of Law. This article is not intended to provide, and should not be taken as, legal advice.

from Google Alert - Bitcoin

Making Sense of Sensor Data: Blockchain Startup DataBroker DAO Updates IoT Marketplace Platform to V2 and Begins Token Pre-Sale

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HIMSS Work Group Contributes to the Inaugural Issue of Blockchain in Healthcare Today

Published March 23, 2018, the latest edition of Blockchain in Healthcare Today features contributions from the HIMSS Blockchain Work Group. Titled “Pragmatic, Interdisciplinary Perspectives on Blockchain and Distributed Ledger Technology: Paving the Future for Healthcare,” the latest edition of the ...

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Lloyds Register Foundation Funds Maritime Blockchain Labs Project with BLOC

According to a press release, the Foundation, the lead funder of the initiative, will provide resources over the next 18 months for Maritime Blockchain Labs to pursue three demonstrator projects focused on aspects of risk and safety where distributed systems can enable breakthrough solutions. The three ...

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