Guide Highlights Patchwork of Crypto Tax Laws in Latin America

Research from Latin American crypto exchange Buda has highlighted a patchwork of laws, confused regulations and unusual concepts governing crypto taxation in the region. Buda has provided a series of tax guidelines outlining measures crypto traders should take into consideration when looking to comply with the authorities in Chile, Colombia, Peru, and Argentina. In various countries in the region, there are different interpretations and concepts regarding what type of good or asset is considered to be a cryptocurrency. Crypto legal definitions in Latin America Chile, for example, considers any crypto…

Bitcoin Price Knocks Out Key Resistance Level as Bulls Target $9,500

After spending the last few days battling to hold prices above the $9,000 resistance, Bitcoin (BTC) price made a strong move by surging to $9,395. The 3.65% move took place on a high volume surge but the price quickly pulled back to $9,126 before recovering to 9,370 at the time of writing.  With just 4 days and 16 hours left before the Bitcoin halving, investors will be closely watching to see if the top ranked crypto-asset on CoinMarketCap can push above the $9,500 resistance to reach $10,000.  Crypto market daily…

Bitcoin Is a Digital Asset Says Intermediate People’s Court in China

The Shanghai No. 1 Intermediate People’s Court publicly announced an appeal for a Bitcoin foreign property damage compensation dispute on May 6, according to Baidu news.  The second Court trial’s findings indicated that Bitcoin is a digital asset and should be protected by the law. All Bitcoin obtained through illegal means should be returned or compensated at a discount, says the local news.   All started with a robbery According to the report, an international married couple in Shanghai, Pete and Xiaoli Wang, were robbed at their apartment by four people…

New Bill Would Presume Digital Assets Not to Be Securities in California

Per new updates to a bill to amend California’s securities law introduced in the state’s legislative body on May 5, the largest economy in the United States and the world’s tech hub may be providing new clarity to crypto owners. Formalizing the Howey Test for crypto? Updates to the definition of what constitutes a security include: “Investment contract, except any digital asset that meets one of the following criteria is presumptively not an investment contract.” The criteria named are more or less a line-reading of the Howey Test — the…

Most of Cash App’s $528M Revenue in Q1 Came From Bitcoin

On May 6, Square released its filings for the first quarter of 2020. The filings publicized revenue for Square’s Cash App, a majority of which came from Bitcoin. The numbers for Q1 and Bitcoin’s role $306 million of Cash App’s $528 million revenue for the first quarter of the year came from Bitcoin.  Despite those numbers, Bitcoin composed a small fraction of Cash App’s profit, only $7 million of $183 million total profit. The company explained why it separated Bitcoin revenue as being more of a core mission: “We deduct…

Novogratz Alludes Stimulus Causing Recent Bitcoin Uptrend

Multi-millionaire and former hedge fund manager, Mike Novogratz, recently posited government spending around coronavirus efforts may be the cause of recent mainstream and crypto market rallies. “Household Income in the USA could actually be up this year even though we could have 25% unemployment,” Novogratz said in a May 6 tweet, adding:   “That is unprecedented.Thanks Uncle Sam and Chairman Powell. Helps with social unrest, might explain the retail bid to the stock market, and certainly helps make the BTC case.” It is unclear exactly what Novogratz meant in his tweet,…

Anonymous Crypto Payments Cause Problems for South Korean Child Porn Case

South Korean IT experts claim that investigators in the Telegram Nth room case could have trouble identifying users who used crypto payments to access illicit videos via the chat platform.  Overseas exchanges’ transactions could be an issue According to local media, Maeil Kyungjae, it is more difficult to trace payments made via international crypto exchanges versus local exchanges. A police officer involved in the investigation told Maeil Kyungjae: “It is complicated to realistically track the money that criminals have exchanged in foreign exchanges into Korean Won through illegal exchange offices.”…

Abra Garners $5 Million from Stellar Development Foundation

The Stellar Development Foundation, or SDF, has allocated $5 million to crypto investment app Abra. The company now looks to incorporate the Stellar blockchain into its platform, as well as develop Stellar-based products.     “We believe Stellar’s platform is one of the most scalable and versatile cryptocurrency platforms available today,” Abra CEO and founder Bill Barhydt told Cointelegraph in an email, adding: “That combined with a similar shared mission of democratizing access to financial services means that our companies are strongly aligned in our services roadmap going forward.” Abra gives mainstream…

Telegram’s TON OS to Go Open Source on GitHub Tomorrow

Telegram recently delayed their open network, TON, and their cryptocurrency, GRAM, once again. There is one related project that has not experienced these setbacks, however. TON OS, an operating system for the TON blockchain, will soon get an open source release. The project’s core infrastructure developers, TON Labs, are planning to open source the main components of the TON OS on GitHub tomorrow. Mitja Goroshevsky, CTO at TON Labs, confirmed the news to Cointelegraph on May 6. TON Labs to issue a token known as TON Cash within a month…

ICE Paid Loeffler $9 Million Bonus Right Before She Entered the Senate

Recent financial statement analysis from the New York Times showed Georgia Senator, Kelly Loeffler, received a hefty sum after she departed her post as Bakkt’s CEO.  ICE gave Loeffler a reported $9 million in financial assets and “other rewards,” the New York Times said in a recent report. According to the numbers, not including her base salary, Loeffler received $12.5 million total last year in rewards and bonuses. “Kelly left millions in equity compensation behind to serve in public office to protect freedom, conservative values and economic opportunity for all…