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Cryptocurrency End of Day Recap

May 24, 2018

  • Ireland has clarified taxation on the cryptocurrency space. In terms of direct taxes: corporation tax, income tax and capital gains tax are all applicable, but each case should be reviewed separately. Ireland’s Tax Consolidation Act from 1997 recognizes that some businesses operate outside the EUR€. Tax officials have said that gains or losses on cryptocurrencies are chargeable or allowable for capital gains tax if they accrue to an individual
  • Barcelona will create a blockchain center in the city’s tech hub. The location will be next to Barcelona Tech City which opened in the Summer of 2016 and will most likely be occupied by Spanish blockchain network Alastria. SAP announced it will join Alastria’s blockchain consortium which contains more than 150-member organizations, including Spanish banks, telecommunications networks, and universities
  • Bitfury-backed Hut 8 Mining Group mined more than 800 bitcoins in the first quarter of 2018. The company raised CAD$70mm to continue investing in hardware and generated nearly CAD$11mm in revenue. The firm is one step closer to opening another facility in Canada. The company currently has a reserve of 1,300 bitcoins its new facility may triple the company’s mining capacity
  • Commerzbank and multinational conglomerate Thyssenkrupp have successfully conducted an FX transaction on a blockchain platform. Thyssenkrupp transferred 500,000 euros in an exchange rate between the euro and the Polish zloty at some point in future. Because the transaction is stored as a single immutable record, neither the corporation nor Commerzbank need to worry about transaction reconciliation