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How does Crypto Get Taxed Around the World?: Digital Asset Digest Volume #56

Welcome to the 56th edition of ‘The Digital Asset Digest’. Today, we discuss the most well-funded crypto startups and inspect how different countries tax cryptocurrencies.

SNIPPETS

Vitalik Buterin On How The World’s Second-Largest Cryptocurrency Was Named

Source: ZyCrypto

“A now-abandoned scientific theory about matter, light, space, and electromagnetism has been discovered to be Vitalik Buterin’s muse in the naming of Ethereum eight years ago.”

This NFT protocol is going to change everything for NFTs

Source: CryptoSlate

“The NFT market is mostly limited to buying and selling digital collectibles. But a new protocol aims to bring new use cases to the burgeoning sector.”

Bitcoin ETP Launching on London Exchange

Source: BeInCrypto

“Crypto product provider ETC Group is launching its bitcoin-backed exchange-traded product (ETP) on a UK exchange using Swiss trading rules. “

Crypto exchange Korbit launches NFT marketplace in South Korea

Source: The Block

“South Korean crypto exchange Korbit has launched a non-fungible token (NFT) marketplace, enabling NFT creators and investors in the region to participate in the NFT ecosystem. Korbit claims this will be the first NFT marketplace in South Korea.”

Central Bank Governor Says Crypto Regulation is Likely

Source: Crypto Briefing

“The governor of Sweden’s central bank thinks that “there’s good reason to believe” that crypto will be regulated, Bloomberg has reported.”

TOP GAINERS

TOP LOSERS

INDUSTRY WIDE SNAPSHOT

MARKET OUTLOOK

Most Well-Funded Crypto Startups

At the time of writing, the cryptocurrency sector is collectively worth $1.6 trillion. However, that figure represents the aggregate value of all digital assets. The companies building these assets or new tools on existing blockchains have been raising capital too. In fact, venture capitalists and angel investors have poured billions into crypto startups over the past decade. 

Here are some of the most well-funded crypto startups in 2021.

Coinbase

Nine-year-old cryptocurrency exchange Coinbase earns the distinction as the most well-funded crypto company in the industry and the only one to be publicly listed thus far. At the time of writing, the company’s market capitalization is $49.4 billion, which puts it on par with household names such as eBay and HP Inc. 

Kraken

Rival cryptocurrency exchange Kraken could join the public markets soon. The San Francisco-based company has raised $118.5 million through 12 investors over 9 funding rounds. Now, the team has filed to go public at a potential $4 billion valuation.  

Circle

Boston-based Circle was created to deploy an Ethereum-based stablecoin called USDC. The company has partnered with Coinbase and several other major crypto institutions to govern the USDC protocol through a membership-based consortium called Centre. Meanwhile, Circle allows users in the U.S. to use mainstream credit or debit cards to buy USDC, earn a yield on the digital assets and deploy crypto-based payment solutions. 

Circle has raised $711 million over four funding rounds that have included major investors such as Fidelity, a16z, and Goldman Sachs. 

Compound

San Francisco-based Compound allows developers to “unlock a universe of open financial applications.” In other words, it lets devs build applications on smart contracts that offer interest on digital assets – otherwise known as decentralized finance or DeFi.

Founded in 2017, the company has already attracted $33.2 million in total funding from heavyweight investors such as Bain Capital and a16z. That makes it one of the most well-funded projects in the DeFi space.  

Chia Network

The Chia Network is a new blockchain and smart transaction platform built to be more user-friendly than traditional platforms. Created by Bram Cohen, the inventor of BitTorrent, the network uses a unique programming language called Chialisp. It also replaces the traditional Proof-of-Work and Proof-of-Stake consensus models for less energy-intensive Proofs of Space and Time frameworks.

Chia is, perhaps, the youngest startup on this list. It was launched in 2017 but its platform went live this year. The team has raised $69.7 million in funding from investors including Naval Ravikant and TrueVentures. 

Open Sea

The boom in digital asset valuations last year was led by the introduction of a new asset type: non-fungible tokens or NFTs. OpenSea is one of the first NFT marketplaces to emerge from the boom. However, the company’s most well-known projects, including  CryptoKitties and Decentraland, date back to the crypto boom of 2017. The company has raised $27 million from investors including a16z, Naval Ravikant, Mark Cuban, Alexis Ohanian, Dylan Field and Linda Xie.

EXPLORING NEW IDEAS

Crypto Taxes Across the World

The emergence of a new asset class is an unusual phenomenon. This is why regulators and governments struggle to grapple with the emergence of Bitcoin and digital assets in recent years. While some countries have clamped down on this industry before it blossoms, others have embraced it and made it part of the tax code. This cements its position as a legitimate asset class for investors. 

Here are the many ways crypto-friendly countries across the world tax Bitcoin transactions and digital assets. 

Canada

For tax purposes, the Canada Revenue Agency treats cryptocurrency as a commodity. That means transactions with digital assets are considered either business income or as a capital gain depending on the circumstances. If cryptocurrencies are used to purchase goods or services, the CRA considers it a “barter transaction,” which involves its own set of tax implications. 

It’s worth noting that Canada’s stock market is one of the few major exchanges in the world with publicly-listed Bitcoin and Ethereum ETFs. These ETFs may qualify for investors’ tax-free savings accounts. 

United States

The IRS proactively collects information regarding crypto transactions. Every American taxpayer must answer the question “At any time during 2020, did you receive, sell, send, exchange, or otherwise acquire any financial interest in any virtual currency?” in their annual tax return. Virtual currencies are taxed as property, or as an investment, in the U.S.

Tax-free jurisdictions

Other parts of the world are arguably more lenient with taxes on digital assets. Nearly seven countries do not tax crypto transactions. 

The German government, for instance, doesn’t consider digital assets “currency.” As such, these transactions are exempt from Value-Added Tax, and investments in Bitcoin held for more than a year qualify for the capital gains tax exemption. Similarly, Singapore considers short-term crypto transactions as business income and taxes it accordingly. However, if the digital assets are held for a longer duration they can be sold without tax implications because Singapore doesn’t have capital gains taxes

Malta’s efforts to brand itself as “Blockchain Island” have helped it deliver some of the most investor-friendly taxes in the world. Crypto transactions are not taxed on this island. However, if the transaction occurs within a single day, it is considered as business income from day trading, which has some tax implications. 

Other countries with low or minimal crypto taxes include Portugal, Belarus, Malaysia, and Switzerland. These lenient tax rules have helped these nations attract crypto talent, wealthy migrants, entrepreneurs, and capital from across the world. 

Summary

Tax authorities may have been unprepared for the emergence of a new digital asset class. This is why crypto transactions are classified and taxed differently across the world. As the industry matures, these tax rules could potentially be more aligned. However, the current disparity pushed talent and capital to crypto-friendly jurisdictions for now. 

TOKEN OF THE WEEK

Maker

The decentralization of finance should, theoretically, also lead to the decentralization of organizations. The first experiment in this was the Maker Decentralized Autonomous Organization (DAO) and its associated token – MKR. This project paved the way for a completely reimagined governance framework for crypto projects. 

Here’s a closer look at this token’s impact on the digital assets sector and its implications for the future of the global economy. 

Background

Developed in 2015 by Denmark-based programmer Rune Christensen, Maker was one of the earliest Decentralized Finance (DeFi) projects. The platform’s core product is a stablecoin – Dai – which uses smart contracts to maintain its peg to the U.S. dollar instead of relying on banks and auditors. 

Instead of relying on monthly statements and auditors to prove reserves, the Maker project uses smart contracts built on the Ethereum network to maintain its stablecoin. MKR token is used to maintain the Dai-to-USD peg. So MKR is issued or burned to sustain the DAI peg. MKR is also used to pay fees on the network and as a governance token for holders who want to vote on the operational issues for the project. 

Use Cases

Like any other stablecoin, Dai is used by traders and investors as a safe haven asset that isn’t as volatile as traditional digital assets. These stablecoins can be held in reserve or used for transactions. 

What separates Dai from other stablecoins is that it’s maintained by a DAO rather than a traditional organization. The holders of MKR tokens are the investors or shareholders that help maintain the supply of Dai and keep the project running. This makes the project open and transparent as anyone can simply check the blockchain to verify transactions, reserves, and governance decisions. 

Tokenomics

Maker’s underlying framework is a little complicated, but investors must make an attempt at understanding how it all works. 

The key to this protocol is a smart contract known as the Collateralized Debt Position (CDP). Anyone can deposit any Ether or ERC-20 token to this smart contract and get DAI in exchange as a loan. As long as the value of the Ether held in deposit is greater than the Dai outstanding, the value of Dai will remain stable at $1. 

However, since Ether and ERC-20 tokens are volatile there is a chance that the value of this collateral falls dramatically. If the value falls below a certain threshold, MKR tokens are issued to fill the gap. In this way, MKR tokens stabilize the protocol and help sustain Dai’s peg to the U.S. dollar.

At the time of writing, the total value locked in the CDP is $7.6 billion, while there are 991,501 MKR tokens in circulation and each Dai is worth $1.0003. 

Recent developments

The Maker project has maintained its position on the bleeding edge of DeFi. This month, the project issued its first “real world” loan. MKR holders voted to issue $38,000 of dai stablecoins to finance a mortgage loan. This opens the gate for Maker’s smart contract to accept real estate as collateral for its smart contract. It also marks the first time a DeFi project has been used to finance the purchase of a real-world asset such as property

GETTING TECHNICAL

BTC/USD

This week, the Bitcoin price has consolidated with a trading range of $9,430 and the price opened the week at a low of $31,327, which reached a local high of $40,757 shortly before falling to the mid-range of $30,000 USD.

Bitcoin spot price is $37,038.12 as of this writing with a 24-hour trading volume of $37,028,243,571 USD and 24-hour price change of +3.29%.

Bitcoin Market cap represents 42.39% of cryptocurrency traded –the most popular cryptocurrency traded with a circulating supply of 18,722,937 coins.

ETH/USD

Ethereumspot price as of this writing is $2,631.17with a 24-hour trading volume of $29,706,075USD.

Ethereum is up 10.63% in the last 24 hours and traded in the range of 24L $2,279.51to 24H $2,675.25, the 30-day volatility is 1.66. As of this writing, ETH market dominance is 18.82% representing the second-largest cryptocurrency traded and has a circulating supply of 116,101,049 coins.

WEEKEND READ

What’s up with Taproot, the biggest proposed change to Bitcoin since 2017?

Source: Forkast

“Bitcoin’s proposed Taproot update for smart contracts and privacy has wide verbal support from miners, but will they put their crypto where their mouth is?”.

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The content on our Website is provided for general information purposes only. It is not intended to amount to advice on which you should rely. You must obtain more specific or professional advice before taking, or refraining from, any action or inaction on the basis of the content on our site.

Although we make reasonable efforts to update the information on our Website, we make no representations, warranties, or guarantees, whether express or implied, that the content on our Website is accurate, complete, or up to date. Your use of the Website is at your own risk and neither the Company nor its parent, subsidiaries, affiliates, and their respective directors, officers, employees, agents, service providers, contractors, licensors, licensees, suppliers, or successors have any responsibility or liability whatsoever for your use of this Website.

This Website may include content provided by third parties, including from other users and third-party licensors. All statements and/or opinions expressed in any such third-party content, other than the content provided by the Company, are solely the opinions and the responsibility of the person or entity providing those materials. Such materials do not necessarily reflect the opinion of the Company. Neither the Company nor its parent, subsidiaries, affiliates, and their respective directors, officers, employees, agents, service providers, contractors, licensors, licensees, suppliers, or successors have any responsibility or liability whatsoever to you, or any third party, for the content or accuracy of any third-party materials.

Privacy

By submitting your personal information and using our Website, you consent to the collection, use, reproduction, hosting, transmission, and disclosure of any such user content submissions in compliance with our Privacy Policy, as we deem necessary for use of the Website and provision of services.

By using this Website you are consenting to the use of cookies which allow a server to recall previous requests or registration and/or IP addresses to analyze website use patterns. You can set your browser to notify you before you receive a cookie, giving you the chance to decide whether to accept it. You can also set your browser to turn off cookies. If you do, however, some areas of the Website may not function adequately.

Third-Party Websites

For your convenience, this Website may provide links or pointers to third-party sites. We make no representations about any other websites that may be accessed from this Website. If you choose to access any such sites, you do so at your own risk. We have no control over the contents of any such third-party sites and accept no responsibility for such sites or for any loss or damage that may arise from your use of them. You are subject to any terms and conditions of such third-party sites.

Such links to third-party sites from the Website may include links to certain social media features that enable you to link or transmit on your own or using certain third-party websites, certain content from this Website. You may only use these features when they are provided by us and solely with respect to the content identified.

Our Website must not be framed on any other site, nor may you create a link to any part of our Website other than the homepage. We reserve the right to withdraw linking permission without notice. The website in which you are linking must comply in all respects with these Terms and Conditions. You agree to cooperate with us in causing any unauthorized framing or linking to immediately stop.

Disclaimer of Warranties

YOU UNDERSTAND AND AGREE THAT YOUR USE OF THE WEBSITE, ITS CONTENT, AND ANY SERVICES OR ITEMS FOUND OR ATTAINED THROUGH THE WEBSITE IS AT YOUR OWN RISK. THE WEBSITE, ITS CONTENT, AND ANY SERVICES OR ITEMS FOUND OR ATTAINED THROUGH THE WEBSITE ARE PROVIDED ON AN “AS IS” AND “AS AVAILABLE” BASIS, WITHOUT ANY WARRANTIES OR CONDITIONS OF ANY KIND, EITHER EXPRESS OR IMPLIED INCLUDING, BUT NOT LIMITED TO, THE IMPLIED WARRANTIES OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, OR NON-INFRINGEMENT. THE FOREGOING DOES NOT AFFECT ANY WARRANTIES THAT CANNOT BE EXCLUDED OR LIMITED UNDER APPLICABLE LAW.

NEITHER THE COMPANY NOR ITS PARENT, SUBSIDIARIES, AFFILIATES, OR THEIR RESPECTIVE DIRECTORS, OFFICERS, EMPLOYEES, AGENTS, SERVICE PROVIDERS, CONTRACTORS, LICENSORS, LICENSEES, SUPPLIERS, OR SUCCESSORS MAKE ANY WARRANTY, REPRESENTATION, OR ENDORSEMENT WITH RESPECT TO THE COMPLETENESS, SECURITY, RELIABILITY, SUITABILITY, ACCURACY, CURRENCY, OR AVAILABILITY OF THE WEBSITE OR ITS CONTENTS. WITHOUT LIMITING THE FOREGOING, NEITHER THE COMPANY NOR ITS PARENT, SUBSIDIARIES, AFFILIATES OR THEIR RESPECTIVE DIRECTORS, OFFICERS, EMPLOYEES, AGENTS, SERVICE PROVIDERS, CONTRACTORS, LICENSORS, LICENSEES, SUPPLIERS, OR SUCCESSORS REPRESENT OR WARRANT THAT THE WEBSITE, ITS CONTENT, OR ANY SERVICES OR ITEMS FOUND OR ATTAINED THROUGH THE WEBSITE WILL BE ACCURATE, RELIABLE, ERROR-FREE, OR UNINTERRUPTED, THAT DEFECTS WILL BE CORRECTED, THAT OUR WEBSITE OR THE SERVER THAT MAKES IT AVAILABLE ARE FREE OF VIRUSES OR OTHER HARMFUL COMPONENTS.

WE CANNOT AND DO NOT GUARANTEE OR WARRANT THAT FILES OR DATA AVAILABLE FOR DOWNLOADING FROM THE INTERNET OR THE WEBSITE WILL BE FREE OF VIRUSES OR OTHER DESTRUCTIVE CODE. YOU ARE SOLELY AND ENTIRELY RESPONSIBLE FOR YOUR USE OF THE WEBSITE AND YOUR COMPUTER, INTERNET, AND DATA SECURITY. TO THE FULLEST EXTENT PROVIDED BY LAW, WE WILL NOT BE LIABLE FOR ANY LOSS OR DAMAGE CAUSED BY DENIAL-OF-SERVICE ATTACK, DISTRIBUTED DENIAL-OF-SERVICE ATTACK, OVERLOADING, FLOODING, MAILBOMBING, OR CRASHING, VIRUSES, TROJAN HORSES, WORMS, LOGIC BOMBS, OR OTHER TECHNOLOGICALLY HARMFUL MATERIAL THAT MAY INFECT YOUR COMPUTER EQUIPMENT, COMPUTER PROGRAMS, DATA, OR OTHER PROPRIETARY MATERIAL DUE TO YOUR USE OF THE WEBSITE OR ANY SERVICES OR ITEMS FOUND OR ATTAINED THROUGH THE WEBSITE OR TO YOUR DOWNLOADING OF ANY MATERIAL POSTED ON IT, OR ON ANY WEBSITE LINKED TO IT.

Limitation on Liability

EXCEPT WHERE SUCH EXCLUSIONS ARE PROHIBITED BY LAW, UNDER NO CIRCUMSTANCE WILL THE COMPANY NOR ITS PARENT, SUBSIDIARIES, AFFILIATES OR THEIR RESPECTIVE DIRECTORS, OFFICERS, EMPLOYEES, AGENTS, SERVICE PROVIDERS, CONTRACTORS, LICENSORS, LICENSEES, SUPPLIERS, OR SUCCESSORS BE LIABLE FOR NEGLIGENCE, GROSS NEGLIGENCE, NEGLIGENT MISREPRESENTATION, FUNDAMENTAL BREACH, DAMAGES OF ANY KIND, UNDER ANY LEGAL THEORY, INCLUDING ANY DIRECT, INDIRECT, SPECIAL, INCIDENTAL, CONSEQUENTIAL, OR PUNITIVE DAMAGES, INCLUDING, BUT NOT LIMITED TO, PERSONAL INJURY, PAIN AND SUFFERING, EMOTIONAL DISTRESS, LOSS OF REVENUE, LOSS OF PROFITS, LOSS OF BUSINESS OR ANTICIPATED SAVINGS, LOSS OF USE, LOSS OF GOODWILL, LOSS OF DATA, AND WHETHER CAUSED BY TORT (INCLUDING NEGLIGENCE), BREACH OF CONTRACT, BREACH OF PRIVACY, OR OTHERWISE, EVEN IF THE PARTY WAS ALLEGEDLY ADVISED OR HAD REASON TO KNOW, ARISING OUT OF OR IN CONNECTION WITH YOUR USE, OR INABILITY TO USE, OR RELIANCE ON, THE WEBSITE, ANY LINKED WEBSITES OR SUCH OTHER THIRD-PARTY WEBSITES, NOR ANY WEBSITE CONTENT, MATERIALS, POSTING, OR INFORMATION THEREON EVEN IF THE PARTY WAS ALLEGEDLY ADVISED OR HAD REASON TO KNOW.

 

Indemnification

To the maximum extent permitted by applicable law, you agree to defend, indemnify, and hold harmless the Company, its parent, subsidiaries, affiliates, and their respective directors, officers, employees, agents, service providers, contractors, licensors, suppliers, successors, and assigns from and against any claims, liabilities, damages, judgments, awards, losses, costs, expenses, or fees (including reasonable attorneys’ fees) arising out of or relating to your breach of these Terms and Conditions or your use of the Website, including, but not limited to, your User Submissions, third-party sites, any use of the Website’s content, services, and products other than as expressly authorized in these Terms and Conditions.

Governing Law and Choice of Forum

The Website and these Terms and Conditions will be governed by and construed in accordance with the laws of Seychelles, without giving effect to any choice or conflict of law provision, principle, or rule (whether of the laws of Seychelles or any other jurisdiction) and notwithstanding your domicile, residence, or physical location. 

Any action or proceeding arising out of or relating to this Website and under these Terms and Conditions will be instituted in the courts of Seychelles, and each party irrevocably submits to the exclusive jurisdiction of such courts in any such action or proceeding. You waive any and all objections to the exercise of jurisdiction over you by such courts and to the venue of such courts.

Waiver

No failure to exercise, or delay in exercising, any right, remedy, power, or privilege arising from these Terms and Conditions operates, or may be construed, as a waiver thereof. No single or partial exercise of any right, remedy, power, or privilege hereunder precludes any other or further exercise thereof or the exercise of any other right, remedy, power, or privilege.

Severability

If any term or provision of these Terms and Conditions is invalid, illegal, or unenforceable in any jurisdiction, such invalidity, illegality, or unenforceability shall not affect any other term or provision of these Terms and Conditions or invalidate or render unenforceable such term or provision in any other jurisdiction.

Entire Agreement

The Terms and Conditions and our Privacy Policy constitute the sole and entire agreement between you and the Company regarding the Website and supersedes all prior and contemporaneous understandings, agreements, representations and warranties, both written and oral, regarding such subject matter.

Should you become aware of misuse of the website including libelous or defamatory conduct, you must report it to the Company at info@gda.capital.

All other feedback, comments, requests for technical support, and other communications relating to the Website should be directed to info@gda.capital.