South Korea’s legal system is set to include crypto holdings as part of a bankrupt person’s assets
Five licensed exchanges who offer crypto trading have agreed on the terms on a deal, including the popular Upbit.
They will work with the Seoul Bankruptcy Court on specific cases.
Courts had previously struggled to recognise crypto as an authentic asset class.
Some courts believe individuals filing for bankruptcy have attempted to ‘conceal’ their financial holdings by purchasing crypto-assets.
But one judge recently decided an individual’s Bitcoin wallet was part of their property in a landmark case last year.
No crypto firms have signed an agreement with a domestic legal body in the nation of around 52 million people.
Courts are investigating a national framework to determine the price of crypto-assets at specific times.
There are hopes the landmark deal will also change the public’s perception of crypto.
Meanwhile, crypto has been trading at the bottom of a year-long price range, down 6 per cent in the past 24 hours.
Robinhood launches second crypto wallet
A little over a month after Robinhood released its first crypto wallet, the company says it’s already working on a second
Robinhood’s new wallet will give users sole custody over the keys needed to control their money on the blockchain.
It means users won’t depend on Robinhood if the system fails.
But there are some risks of losing the funds altogether, especially if they lose their private key.
The company says the wallet will be offered as a standalone app and says it will have an accessible and simple design.
Crypto has quickly become part of Robinhood’s business strategy.
The company recently said Bitcoin was the number one recurring asset its users have been buying this year.
MiamiCoin lost 88 per cent of its value in less than a year
MiamiCoin crypto lost 88 percent of its value in less than a year
The CityCoin initiative requires miners to gain tokens on the Stacks Blockchain to then be used to bid for Miami-Coin
Allegedly the winning bidder receives 70 per cent of their investment in MiamiCoin, while the U.S. city receives the other 30 per cent in tokens.
The coin has enjoyed the support of the city’s Mayor Francis X. Suarez, who once said it could lead to a government running the city without citizens paying taxes.
When the project first launched, it was projected to succeed as the city’s mayor received a grant for over $5 million.
This is a historic moment for our city to collaborate with an innovative project that creates resources for our city through innovation not taxation.
— Mayor Francis Suarez (@FrancisSuarez) February 2, 2022
“I don’t know whether it’s going to work,” he says as the coin’s value dropped to around four-tenths of a cent.
Now it sits at $0.0044, down more than 88 per cent as reported by OkCoin–the only exchange that supports trading for the coin.
In November, the Mayor of New York City, Eric Adams also offered to take three paychecks in Bitcoin.
He also launched the N.Y.C. Coin project, which has already shed around 98 per cent of its value.
Amanda Gunn contributed to this post.
When Crypto could come under a major tax crunch
Cryptocurrencies may soon be subject to taxation requirements in Portugal following recent comments made in the nation’s parliament
The Portuguese Minister of Finance says the move would be in line with many other countries who already have such regulations in place.
Portugal was previously considered a tax haven for crypto investors, with the nation boasting an effective capital gains rate of zero.
Experts are now convinced the government will move forward with the taxation changes, and believe the new policy will include a capital gains tax.
It remains unclear how the practices of staking or yield farming will be affected.
It follows the Australian government warning investors need to report capital gains and losses on crypto each year.
The UK and the U.S. have also recently introduced similar tax requirements for digital currencies.
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