#186 news. 21.01.2018

photo bitcoinist.com

From random events: Vulnerability in British law, could cost the government millions of pounds; Reports positively about Bitcoinie; India will not be bans of all exchanges; Bitcoin down, violas down.

• Vulnerability in the British law, could cost the government millions of pounds:

Each country has its own system of assessment and collection of taxes, and some are more strict than others. One of the main concerns of the government related to kryptowalutami, difficulty in the taxation of profits derived from trading. HMRC in the UK (the Ministry of Revenues and Customs duties of Her Majesty) discovered this the hard way.

Experts in Finance have warned that the vulnerability, which reduces the profit, cryptographic to zero, can be used for tax returns in the UK. It is reported that this could potentially deprive the government of millions in lost revenues.

NTS will find a large number of the Declaration on the profits tax returns after the capacity of the crypto market has grown by almost 2000% in the past year. However, the taxpayer can see much less than expected, through the vulnerability that currently allows the recognition of profit for cryptographic winnings are not taxable.

A press-the Secretary of HMRC said:

As a rule, then we will charge tax betting and gambling, because they don’t klasyfikowand as income from commercial activities. However, there may be circumstances in which such factors as the degree of skill and organization contribute to the fact that the activity will be subject to income from commercial activities. Each case will depend on its facts.

Barrister Etienne Wong noted that the laws in force in the UK to confuse fans and investors, because they are not sure who qualifies as a gambler and which refers to categories of investors subject to taxation.

The current rules have not been updated since 2014, when Bitcoin was worth about $ 500. If buying and selling on the crypto currency is considered as an investment, the parties should levy a tax on income from capital. Rates are 18% tax on all money above 11.300 euros (approx. 15,600 USD), if they pay tax basic and 28% if a high rate taxpayer.

Chartered accountant Robert Langston with Saffery Champness said:

It is difficult to see how profit from home on crypto currencies such as Bitcoin, can be considered as profit from gambling. There may be some kryptowaluty where the markets are random and, therefore, profit can be regarded as gambling.
Obviously, these recommendations will soon be changed after the next attempts to limit cryptography through France and Germany. If uznalibyśmy year 2017 boom in the world of crypto, 2018 will be the year of regulation.

Reports positively about Bitcoinie:

A recent report from the ensemble of analytical Bitcoin FDD and Ellicit indicates that less than one percent of all Bitcoin transactions related to money laundering.

The report, written in order to help analyze cash flow and risk associated with money laundering, indicates that it is not a big problem, as some critics on crypto currency. The report States:

The scale of the observed washing using Bitcoins is small and markets » darknet, such as the Silk Road, and then AlphaBay is the source of almost all illegal transactions.

The report also shows that the vast majority of such transactions using Bitcoin, was finished in Europe, finding out more than five times more than in North America. The report suggests that the best way of combating illegal activities is the application of more stringent measures to counteract money laundering (AML).

• India will not be bans all exchanges:

Some portals kryptowalutowe, published an article about the alleged position of the end of the Metropolian through the Indian Bank with the national stock exchange. According to the statement, the issued Capital there were no changes in his policy, and reported through the media information was incorrect.

Exchange for crypto currency under fire in India because many of the largest banks in the country have stopped or significantly expanded functionality on the exchanges. State Bank of India (SBI), Axis Bank, HDFC Bank, ICICI Bank and Yes Bank have taken decisive steps in this direction by closing the account or significantly limiting their functionality.

Lawyer Bivas Chatterjee, who recently filed a dispute over public interest (PIL) in Calcutta, put immediate regulations on Bitcoin and other crypto currency. In addition, the Ministry of Finance disposed of BTC before the end of last year, as the system is Ponzi.

• Bitcoin down, violas down:

Another day in which Bitcoin entails the violas. This time in the opposite direction – the correction has affected the whole market. Bitcoin, Ethereum and Ripple, three of the largest currently kryptowaluty for Coinmarketcap showed a decrease, respectively, 10.6%, 8.8% and 14.2 percent. At the same level, got about 95% of the currency. The total capitalization of the market last night dropped to $ 78 billion and is currently 555 billion.

source: bitcoinist.com, cointelegraph.com, coinmarketcap.com.

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