Daily Archives: July 4, 2017

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The South Korean government is expected to consider legislation that is intended to increase consumer trust in cryptocurrencies.

South Korean lawmakers will be presenting several bills that will affect the legal status of cryptocurrencies. According to the Korea Herald, Rep. Park Yong-jin of the Democratic Party stated on July 3, 2017, that he will introduce three revisions in July that will build a set of regulatory frameworks for digital currencies. According to Park, the legislation is intended to fill the void of a state-led protection that guarantees digital currencys value, and eradicate the possibility of wreaking havoc on national economy from digital currency bubble burst.

One bill aims to revise the Electronic Financial Transactions Act. If approved, the bill will require traders, brokers, and other businesses involved in cryptocurrency transactions to get regulatory approval from the Financial Services Commission, maintain data processing facilities, and have at least 500 million won ($436,300) in capital.

Tax laws will also be revised to allow Korean financial authorities to pursue tax evaders who do not pay income or corporate tax from digital currency transactions. According to Park and the Financial Supervisory Service, although virtual currency exchanges hold a large amount of market power in the countrys cryptocurrency space, there is no legal ground for their business.

The move for more robust regulation comes after a mishap with South Korean exchange Yapizon, when it fell victim to a massive bitcoin heist in April. In the incident, a hacker swiped four hot wallets and made off with 3831 bitcoin, which at the time totaled to about $5 million. To resolve the problem, Yapizon implemented a clever accounting scheme in which it essentially provided users with IOUs. At the time of the occurrence, the South Korean government authorities lacked regulation to handle such calamities. Parks proposals lookto fill this void and increase trust in one of South Koreas emerging markets.

Cryptocurrency investments have also been on the rise in East Asian markets. To promote growth and innovation in FinTech companies operating in foreign exchange markets, the South Korean Ministry of Strategy and Finance in May decided to revamp capital requirements, which will go into effect July 18.

Dan is a US Army veteran and Los Angeles-based writer passionate about science and technology, current events, human rights, economic impacts, and strategic calculus. Dan is a full time staff writer for ETHNews and holds value in Ether.

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South Korea Will Introduce Legislation To Legalize Cryptocurrencies - ETHNews

News world

Japans end on consumption tax furthers the countrys overall agenda.

As of July 1, 2017, Japanese cryptocurrency holders are now exempt from the eight percent Japanese Consumption Tax (JCT). The exemption is the result of 2017 tax reform revisions which were proposed by the Japanese Liberal Democratic Party and Komeito Party in December. As per the KPMG Japan Tax Newsletter from December 14, 2016:

It is proposed that transfers of virtual currencies will be treated as non-taxable transactions, since virtual currencies were officially defined as a means of payment by virtue of the amendment to the Payment Services Act which was passed in May this year. The document continues, This amendment will be applied to transactions carried out on or after 1 July 2017.

The proposed amendment was passed by the Japanese National Diet on March 27, 2017. Days later, Japans Financial Services Agency authorized cryptocurrencies to be used as a form of payment. As a result, the country has experienced increased cryptocurrency related activity. Further, the country has also taken steps to capitalize upon this action by securing likeminded partnerships with progressive countries like Australia.

The government of Australia also revealed in its 2018 Budget that cryptocurrencies will be exempt from double Goods and Services taxation after July 1, 2017.

On June 23, both countries announced the co-operative framework that would create opportunities and facilitate innovation within the financial service industries of both jurisdictions. The partnership encourages both parties to share with each other vital information on Innovation Functions like cryptocurrencies. As per The Financial Services Agency of Japan:

The Authorities share a mutual desire to promote innovation in financial services in their respective markets. Both Authorities have established Innovation Functions in order to do so. The Authorities believe that through co-operation with each other, they will be able to further the promotion of innovation in their respective markets.

Dan is a US Army veteran and Los Angeles-based writer passionate about science and technology, current events, human rights, economic impacts, and strategic calculus. Dan is a full time staff writer for ETHNews and holds value in Ether.

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Japan Ends Consumption Tax On Cryptocurrencies - ETHNews

Summary

Nicehash is an excellent platform for people looking for multipool mining or a way to buy and sell hashpower. The platform is very transparent about its business and has built up a solid reputation over the past three years.

It is not all that easy to find a legitimate cryptocurrency cloud mining service. Nicehash is one of the few companies people can trust these days. The platform specializes in cloud mining, hash rental services, and multipool mining. It is refreshing to see legitimate companies pop up now and the in the landscape filled with Ponzi Schemes. Now is a good time to look at what Nicehash offers to its customers and why they are so successful.

Most cryptocurrency cloud mining scams ask users to make a Bitcoin investment, so they can earn a passive income. Unfortunately, a lot of those are Ponzi schemes. However, Nicehash is doing things in a professional manner and without putting users at risk of losing any funds. In fact, they are one of a handful of legitimate companies in the world of cryptocurrency cloud mining.

Nicehash first came to the market in April of 2014 and has quickly grown to be one of the most reliable online mining hashrate marketplaces in the world. The company specializes in added-value services for miners, traders, and investors alike. Providing customer support services helped Nicehash achieve success. So far, the team is doing an outstanding job in this regard, as they have no negative reviews.

What makes NiceHash so unique is how they let users buy and sell hashing power on demand. Contracts can run for as little as one hour, and the maximum duration can be agreed upon by the buyer and seller. The platforms marketplace is filled with available orders, which can be filtered based on mining algorithm, and geographical locations. Reducing latency between the miner and the mining pool is of the utmost importance to maximize potential earnings.

It is worth mentioning Nicehash is not the only company providing a cryptocurrency mining hashrate marketplace. Mining Rig Rentals is one of their main competitors in this space, as they provide a powerful service as well. It is good to see competing peer-to-peer mining hashpower rental marketplaces. Competitionallows for far more flexibility than one would get through traditional cloud mining.

Nicehash also provides users with their own mining software clients, which is a nice addition. Plus, their own multipool servers allow miners to point their eligible hardware to the pool and earn mining revenue in the process. Nicehash supports a few dozen mining algorithms, including X11, Scrypt, Keccak, Decred, Cryptonight, and Pascal. Pointing aminer at this pool allows users to earn revenue without having to worry about anything, as earnings are calculated and paid out automatically.

The main question is whether or not miners should sell their hashpower or point it to the multipool. It heavily depends on how much risk one is willing to take. Using the multipool means investing in the mined coins, which can be a financial risk.One could always rent out the hashpower and keep mining the multipool as long as the contract is not picked up by a buyer. That way, users can get the best of both worlds.

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Cryptocurrency Hash Rental Service Review Nicehash - The Merkle

Tel Aviv-basedPanda Trading Systems, known for its binary options, FX and CFDbrokerage solutions, hasannounced that it has now started offering trading on cryptocurrencies on all of its platforms, as well as a complete cryptocurrency brokerage solution.

The London Summit 2017 is coming, get involved!

Panda has added support for trading CFDs on sevencryptocurrencies on its existing brokerage packages and platforms Bitcoin, Ethereum, Litecoin, Peercoin, Dash, Namecoin and Novacoin. Brokers can now add these cryptocurrencies to their existing offerings.

Panda has also added a new Brokerage in a Box solution, allowing its customers to set up their own cryptocurrency brokerage entirely from scratch, complete with trading platforms, CRM, client area, PAMM facility and more. End users are currently able to make deposits, withdrawals and have accounts with a base currency in Bitcoin, with Panda promising that additionalcryptocurrency support is currently in the works.

Ori Hazan, Panda TS VP Business Development, commented: Were very pleased to be a part of this exciting new direction the online trading industry is taking. Cryptocurrencies have been on our radar for quite a few years now, but they finally seem to be moving into mainstream adoption and were ready for this change with a complete suite of solutions that have been in development for some time.

At Panda weve always been instrument agnostic, our commitment is to make trading easier and more accessible for all, regardless of what products the market favors. We regard this as an exciting time for traders and are delighted to be at the forefront of this new movement.

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Panda Trading Systems Launches Cryptocurrency 'Brokerage in a Box' - Finance Magnates