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Cryptocurrencies fall lower, Japan floats crypto tax overhaul

Dec 11, 2018

 

 

Top 5 Cryptocurrencies sorted by 24 hour Volume

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Name Ticker Price 1H %Chg 24H %Chg 7D %Chg Market Cap Volume
Bitcoin BTC USD$3412.59 -0.01% -3.91% -14.7% USD$59,438,867,833 USD$4,802,728,830
Ethereum ETH USD$88.59 0.24% -4.45% -20.65% USD$9,189,761,809 USD$1,699,603,514
EOS EOS USD$1.86 0.37% -7.47% -26.71% USD$1,681,271,203 USD$815,509,469
XRP XRP USD$0.3 -0.21% -2.09% -16.0% USD$12,251,417,285 USD$413,579,334
Litecoin LTC USD$23.81 -0.29% -5.15% -25.11% USD$1,416,965,257 USD$401,807,026

Top 5 Cryptocurrencies sorted by 24 hour Price Percent Change

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Name Ticker Price 1H %Chg 24H %Chg 7D %Chg Market Cap Volume
Qtum QTUM USD$1.68 0.33% 3.11% -15.27% USD$149,501,816 USD$108,457,579
Ethereum Classic ETC USD$3.9 -0.25% 0.04% -16.42% USD$415,921,405 USD$112,573,382
IOTA MIOTA USD$0.24 -0.13% -1.17% -15.75% USD$663,164,672 USD$6,807,707
TRON TRX USD$0.01 -0.0% -1.28% -9.76% USD$872,497,381 USD$55,637,232
XRP XRP USD$0.3 -0.21% -2.09% -16.0% USD$12,251,417,285 USD$413,579,334

 

Crypto Market Recap

  • Cryptocurrencies continued to fall overnight as the price of Bitcoin (BTC) is down 4.15% in the last 24 hours to USD$3,416.26. Total cryptocurrency market capitalization now sits at just USD$108bn, its lowest level since August 2017. Among major cryptocurrencies, Bitcoin SV (BSV) is the worst performer, down 9.19% in the last 24 hours to USD$89.15. EOS (EOS) closely follows BSV, down 8.97% in the last 24 hours to USD$1.85. Ethereum Classic (ETC) is the only major cryptocurrency in the green, although ever so slightly, up 0.05% in the last 24 hours to USD$3.92.

Crypto Developments in Financial Services

  • A report published last week by global anti-money laundering policymaker, the Financial Action Task Force (FATF), indicates that cryptocurrency exchanges in the United Kingdom pose a, “low risk,” for money laundering and terrorist financing activities. The report, however, does highlight that such activities on UK cryptocurrency exchanges are an, “emerging risk,” although there is not yet enough evidence to suggest that these activities are occurring through cryptocurrency exchanges. In its report, the FATF urged UK regulators to, “Continue to develop an understanding of emerging risks (such as virtual currencies) and intelligence gaps, and take appropriate action.” 
  • Good Money, a US neo-banking platform, has closed its Series A investment round that generated USD$30mm led by cryptocurrency-focused merchant bank Galaxy Digital and the founder of EOS (EOS) Block.one. Good Money aims to provide a variety of banking service and certain financial instruments to US account holders while exploring innovative changes to traditional banking practices. “Modern banking is a primary driver of so many issues we as a society face – from economic inequality, institutional racism, environmental destruction to political corruption,” said Good Money founder Gunnar Lovelace. Specifically, Good Money eliminates ATM fees while offering each bank user equity in the company.  
  • PayPal, an online payments portal, has launched its own internal private blockchain platform that will allow staff to trade and exchange tokens while generating ideas and participating in programs to foster innovation, as per a report by news outlet Cheddar. The private blockchain network, which was built by 25 PayPal employees in just 6 months, will allow employees to earn more for enrolling in learning and development programs. The PayPal tokens are not tradeable, or worth anything for that matter, outside PayPal’s blockchain. 

Crypto Regulatory Environment

  • Japan’s government is considering plans to ease cryptocurrency taxes in an effort to revitalize the domestic cryptocurrency and blockchain industry. This week, Japanese Congressman Takeshi Fujimaki proposed four significant changes to taxation requirements pertaining to digital assets, which include: a reduction on the cryptocurrency gains tax from 55% to 20%; elimination of taxes on crypto-to-crypto payments; elimination of taxes on miniscule cryptocurrency payments; and an adjustment that would allow cryptocurrency investors to carry forward losses across quarters and years, effectively until cryptocurrencies are ‘cashed’ out.
  • South Korea’s representative body, the National Assembly, held its first official meeting with seven of the country’s largest cryptocurrency exchanges on Monday. The purpose of the meeting was to debate cryptocurrency regulation between stakeholders of South Korea’s cryptocurrency industry. Cryptocurrency exchanges Bithumb, CobitCoin, Coinone, Upbit, Gopax, Coinplug, and Hanbitco were among the attendees of the debate, which reportedly focused on Anti-Money Laundering (AML) customer protections and Know Your Customer (KYC) procedures.

General Crypto News

  • “The long-term value of Bitcoin (BTC) is more likely to be USD$100 than USD$100,000,” says Kenneth Rogoff, a former Chief Economist for the International Monetary Fund (IMF) and the current Harvard University Professor of Economics and Public Policy. While writing an article for major UK news outlet The Guardian, Rogoff highlighted that, because BTC’s use is limited to transactions, it makes the digital asset more vulnerable to a bubble-like collapse. Rogoff also cited that BTC’s energy-intensive verification processes is, “vastly less efficient,” than systems that leverage, “a trusted central authority like a central bank.”

 

 

*Data in Price Return and Updated Real-Time (with a delay), Source: StockDio

Sources:

https://coinmarketcap.com/ 
https://coin360.io/ 
https://www.ccn.com/japanese-regulator-aims-to-reduce-crypto-tax-to-revitalize-the-market/ 
https://www.ccn.com/331-japanese-cryptocurrency-investors-made-at-least-1-million-in-profit-last-year-tax-agency/ 
https://www.ccn.com/japanese-government-to-simplify-cryptocurrency-taxation-process/ 
https://www.fatf-gafi.org/media/fatf/documents/reports/mer4/MER-United-Kingdom-2018.pdf 
https://www.coindesk.com/uk-crypto-exchanges-pose-low-money-laundering-risk-says-global-watchdog 
https://cointelegraph.com/news/galaxy-digital-and-blockone-lead-30-million-funding-round-for-us-disruptor-bank 
https://www.prnewswire.com/news-releases/good-money-secures-30-million-series-a-financing-round-led-by-galaxy-digitals-eos-vc-fund-300761780.html 
https://www.coindesk.com/galaxy-digital-leads-crypto-banking-startups-30-million-fundraiser 
https://www.newsbtc.com/2018/12/11/paypal-delves-into-private-crypto-with-internal-token-platform/ 
https://cheddar.com/videos/paypal-launches-employee-experiment-into-blockchain 
https://cointelegraph.com/news/south-korean-national-assembly-holds-regulation-debate-with-local-crypto-exchanges 
http://www.zdnet.co.kr/news/news_view.asp?artice_id=20181210140558 
http://www.fnleaders.net/news/articleView.html?idxno=986#0ALS 
https://www.ccn.com/major-crypto-otc-exchange-in-korea-govt-should-acknowledge-fidelity-nasdaq/ 
https://cointelegraph.com/news/harvard-economist-bitcoins-future-value-more-likely-to-be-100-than-100k 
https://www.theguardian.com/business/2018/dec/10/cryptocurrencies-bitcoin-kenneth-rogoff