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Cryptocurrency End of Day Recap

Jun 25, 2018

  • Japan’s Finance Minister believes that the public would accept a change in the country’s cryptocurrency tax laws. Japan’s Upper House Budget Committee decided today that cryptocurrency transactions should be taxed as “separate self-assessment taxation” rather than “miscellaneous income”, the current classification. The current maximum tax for cryptocurrencies now is 55%, however the country is looking to issue a flat tax of 20%.            
  • Cryptocurrency protocol Tron, had its Independence Day today in which it removed itself from Ethereum’s platform. However, the full token migration has not been completed yet. The full migration was supposed to occur today, but Tron head, Justin Sun, said that the process is ongoing. The full completion is expected to be finished within the next few days. So far, Tron has “already served” one third of the exchanges supporting the swap, and the remaining two thirds is reported to be completed this week.
  • Andreessen Horowitz is launching a USD$300mm cryptocurrency fund and it has hired its first ever female partner, Katie Haun, to lead the fund. The cryptocurrency fund will be called a16z crypto and the fund plans to invest in cryptocurrency companies and protocols. The fund will invest in companies and protocols that are seed stage pre-launch up to fully developed protocols. The length of investment will be for over 10 years.
  • According to updated statistics, the Lightning Network (LN) now has 2,307 LN nodes and 5,036 open channels. Additionally, USD$142,000 worth of BTC is locked in channels or being used by the network currently. However, there have been some issues reported with operating on the LN network. One reddit user explained that the cost of running the transaction was the same amount as the amount in BTC he was ought to receive. Google searches on difficulties faced on the LN network show topology concerns, routing problems and more.