Digital Assets
IRS introduces broader ‘Digital Assets’ category ahead of 2022 tax year
American taxpayers will find a broader, more defined category encompassing cryptocurrencies and nonfungible tokens (NFTs) in their 2022 IRS tax forms. The draft bill released by the Internal Revenue Service features a well-defined Digital Assets section that outlines if and how taxpayers will account for the use of cryptocurrencies, stablecoins and NFTs. Page 16 of the draft defines Digital Assets as any digital representations of the value recorded on a ‘cryptographically secured distributed ledger or any similar technology.’ 2021’s tax form required taxpayers to indicate whether they had received, sold or exchanged in ‘virtual currency’ – with this term changing in the yet-to-issued 1040 tax form for 2022. Taxpayers are required to answer the Digital Assets s...
Japanese banking giant Nomura launches digital ecosystem VC arm
Nomura, one of the largest investment banks in Japan, has established a venture capital arm aimed at investing in companies focusing on crypto and blockchain. In a Wednesday announcement, Nomura said the business, named Laser Digital, will “provide new value in the area of digital assets” for clients under the Switzerland-based holding company Laser Digital Holdings AG. The investment bank said it chose Switzerland based on its “robust regulatory regime for digital assets and blockchain projects” in addition to potentially recruiting talent. “Staying at the forefront of digital innovation is a key priority for Nomura,” said president and group CEO of Nomura Holdings Kentaro Okuda. Laser Digital’s venture capital product, Laser Venture Capital, will focus on investments including centralize...
Canadia’s new opposition leader is a Bitcoiner
Canadian politician and noted crypto advocate Pierre Poilievre has taken the helm of Canada’s Conservative Party, which looks set to give the current administration a run for its money in the next federal election. The pro-crypto politician reportedly won the leadership of the Conservative Party of Canada in a landslide victory on Sept. 10, securing 68.15% of the electoral points up for grabs, and far outpacing his nearest opponent Jean Charest who received just 16.07% of the vote. Poilievre has been a member of the Conservative Party since 2003, first winning office in the 2004 election. He has since served as a Member of Parliament for seven terms and held various roles including Shadow Minister for Finance and Minister of Employment and Social Development. Poilievre has been known...
UK Treasury Committee opens inquiry into crypto industry
The Treasury Committee of the United Kingdom’s House of Commons has called on the public to submit evidence related to the role of crypto’s risks and opportunities. In a Tuesday notice, the committee said it had opened an inquiry allowing people to write in about the role of crypto assets in the United Kingdom. The Treasury Committee said it would be exploring how the U.K. government, the Financial Conduct Authority, or FCA, and the Bank of England could balance regulation “to provide adequate protection for consumers and businesses without stifling innovation” as well how cryptocurrencies and distributed ledger technology could impact individuals, businesses and financial institutions. The British public has until Sept. 12 to submit evidence, which the committee may use in its report to P...
US Treasury calls for public comment on digital asset policy, following Biden’s executive order
The United State Department of the Treasury has requested comments from the public on the potential opportunities and risks of digital assets in compliance with President Joe Biden’s executive order from March. In a Tuesday announcement, the U.S. Treasury said it was asking for input from the public that will “inform its work” in reporting to the president the possible implications of digital assets on the financial markets and payment infrastructures. Biden’s executive order directed the Treasury Department to take the lead among other government agencies in developing policy recommendations aimed at mitigating both systemic and consumer risks around cryptocurrencies. “For consumers, digital assets may present potential benefits, such as faster payments, as well as potential risks, includ...
Nonfungible airdrops: Could NFA become the next big acronym in the crypto space?
Airdrops have become the bread and butter of the crypto world — for good reason. They’re an indispensable marketing tool for up-and-coming projects that want to create a buzz around their ecosystems. Done right, distributing free tokens to the public can help elevate demand — and unlock big benefits for recipients. After all, if these altcoins end up being listed on major exchanges at a later date, their value could explode. Unfortunately though, downsides have started to emerge. These campaigns aren’t just reaching enthusiasts who passionately believe in what a project has to offer, but “airdrop hunters” who are merely scouring for ways to turn a quick profit. Airdrop hunters typically want to sell off the tokens they’ve received for free — as soon as they ca...
The End of the Digital Gold Rush: How to Make Money on Bitcoin’s Collapse?
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HSBC and IBM create successful multi-ledger CBDC demo
On Thursday, HSBC and IBM announced the successful test of an advanced token and digital wallet settlement between two central bank digital currencies, or CBDCs, in a cloud environment. The experiment consisted of transactions between CBDCs, eBonds, and forex. IBM’s Hyperledger Fabric and enterprise technology provider R3’s Corda served as the basis of the distributed ledger facilitating the transactions. The project was overseen by central bank Banque de France as part of a series of tranche projects to implement a digital Euro. Previously the French and Swiss central banks reported positive results on a pilot run of the digital Swiss Franc and Euro. Nevertheless, the two financial institutions issued caution on the subject, citing regulatory concerns. Mark Williamson, managin...
