Bitcoin Tax Reporting Software Developer Node40 Acquired for $8m
A publicly traded Canadian crypto miner has just made a $8 million bet that all bitcoin users around the world will eventually be compelled to report their transactions to the taxman, and that they will help handling this oftentimes complex process.
Also Read: Vegetables on a Blockchain ICO Exit Scams After Paying People to Write On Their Bodies
Bitcoin ‘Turbo Tax’
Node40 develops a cryptocurrency reporting software that integrates directly with a few major bitcoin exchanges. It thus can help American bitcoin users, traders and miners disclose their transactions to the IRS for tax liability purposes. As we reported at the time, prior to the release of this “IRS-friendly” crypto software, there were very few options for US bitcoiners to easily submit their taxes.
“Cryptocurrency mining remains an important focus for Hashchain, as we continue to acquire more Rigs and generate revenue on a large scale. The acquisition of the Node40 Business is an important next step of creating a global blockchain technology company,” said Patrick Gray, CEO and Founder of Hashchain. “Cryptocurrency accounting and reporting for tax purposes is a major concern in the industry at the moment. The recent Coinbase subpoena from the IRS highlights the significant need for the software developed by Node40.”
Beyond the IRS
Node40 also provides masternode hosting services for the dash cryptocurrency. As part of the acquisition of the Node40 business, Node40 will pay to Hashchain certain masternode rewards earned over the 26 months following the closing.
As part of the deal, Perry Woodin, co-founder of Node40, is now Hashchain’s new Chief Strategy Officer (CSO). “The acquisition of Node40 by Hashchain means we can rapidly grow our Blockchain service offerings,” said Perry Woodin. “We will be able to accelerate the integration of additional incentivized Blockchain applications into our hosting service. We expect to expand the Node40 Balance accounting service to support additional transparent blockchains and integrate with many more exchanges.”
How do you report your bitcoin transactions to taxman? Tell us in the comments section below.
Images courtesy of Shutterstock.
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Search the Blockchain With Bitcoin.com’s New Block Explorer
This week the team at Bitcoin.com, the internet’s premier bitcoin portal, launched its block explorer enabling cryptocurrency enthusiasts to search the bitcoin cash (BCH) and bitcoin core networks for activities like transactions, addresses, and information about particular blocks.
Also read: Bitcoin Cash Games Arrives — Play Your Favorites Faster With BCH
Bitcoin.com’s Web Portal Adds a Simple to Use Blockchain Explorer
Blockchains record all types of activity that’s taking place within a cryptocurrency’s network such as transaction times and confirmations, information about processed blocks, and the amount of funds contained in a specific address. A block explorer is a great tool to help people find information about these subjects and Bitcoin.com has launched an easy-to-use block explorer for all of our visitors. Bitcoin.com’s block explorer is basically like a search engine that can locate various activities that are recorded on the bitcoin cash and core public blockchains.
Various Features with More Support Rolling Out Soon
Looking at the bitcoin cash block explorer’s front page shows the latest blocks processed and the latest transactions. Moreover, there’s a search bar where users can fill in a BCH address, transaction and even block hashes. The interface also includes a QR scanner so QR codes can be read alongside the ability to change the national currency and language. Bitcoin.com’s BCH explorer also features a Cash address switch, adding more depth to the search parameters. While using the BCH block explorer users can also toggle to Bitcoin.com’s BTC block explorer to search for data on the core network.
Bitcoin.com’s CEO, Roger Ver, is thrilled to see the new block explorer in action and believes it’s a great addition to the website’s wide variety of cryptocurrency tools and educational resources.
“The new Bitcoin.com Block Explorer is a robust tool to analyze transactions, blocks, and addresses on both the Bitcoin Cash (BCH) and Bitcoin Core (BTC) chains,” explains Ver.
This product adds another awesome tool to the Bitcoin.com portfolio and the Bitcoin Cash community — Future plans include rolling out support for the growing ecosystem of colored coins built on top of the Bitcoin Cash protocol.
Bitcoin.com: Providing the Resources & Tools for the Growing Cryptocurrency Environment
The new block explorer gives bitcoiners a glimpse at where a transaction derives from and when the transaction gets confirmed. Additionally, users can dig further and find other details like inputs, outputs, byte size, scripts, and OPcodes.
Bitcoin.com continues to add many features to our web portal and we’re just getting started. We’ve recently launched our Bitcoin Cash Games portal and have many more additions coming to Bitcoin.com in the future. We’re proud to provide the resources and tools dedicated to these emerging technologies that continue to be at the forefront of innovation. So if you need information about your recent transaction or need information on recently mined blocks, check out our block explorer today.
Have you tried our blockchain explorer yet? Let us know your thoughts in the comments below. We’d love to hear your feedback.
Images via Shutterstock, and Bitcoin.com
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Coinshares Group Plans to Launch New Crypto-Investment Funds
This week the firm Coinshares Group has announced two new investment vehicles tethered to cryptocurrencies. Coinshares was the first organization to launch publicly traded bitcoin and ethereum-based exchange-traded-notes (ETN), and the firm’s new funds will offer retail investors more “familiar channels” to invest in the growing digital asset economy.
Also Read：Chinese Investors Continue to Obtain Bitcoin Using Thriving OTC Platforms
Two New Coinshares Crypto-Investment Funds: The ‘Active’ and ‘Large Cap’
Coinshares Group is a well-known company that offers two globally traded ETNs based on the decentralized cryptocurrencies bitcoin (Bitcoin Tracker One and BTC Tracker Euro) and ethereum (Ether Tracker One and ETH Tracker Euro). The firm focuses its energy on providing investment vehicles tied to the emerging market of crypto-assets. The ETN provider is approved by the Swedish FSA (Finansinspektionen), and average retail investors can purchase the ETNs which are listed and sold on Nasdaq Nordic in Stockholm. Coinshares is now launching the ‘Active’ Fund and ‘Large Cap’ Fund which offer two types of digital asset fund investment.
The ‘Active’ Fund will follow an alpha-generating ongoing strategy with multiple crypto assets. The ‘Large Cap’ fund will be more a more passive and significant larger basket fund. The Chairman of Coinshares Group, Daniel Masters, believes the firm has a great experience with crypto-investment products and says the company looks forward to offering the new funds.
“As a group, we have developed a deep expertise in bringing new, fit-for-purpose crypto-investment products to market; products which offer traditional investors proper, familiar channels to access the crypto-asset ecosystem,” explains Coinshares chairman.
We are particularly excited for these two new funds as they represent the latest evolution of our expertise and are built on key learnings from the last three years of managing crypto-asset investments.
Investor Education, a New London Office, and Working With Regulators
“As one of the European leaders in crypto-finance, we have a responsibility to lead by example; and as a group, we believe that the crypto-finance community should seek more regulation, not run away from it; this London office is a proper step in upholding that belief,” Radloff details during the announcement.
There is still a lot of work to be done on regulation in crypto-finance and we look forward to working with regulators throughout the process.
Coinshare’s existing ETNs have had a very successful year much like the rest of the cryptocurrency economy. The product Bitcoin Tracker One (COINXBT:SS) is up 881.22 percent over the past year. The first Ethereum tracking ETN on Nasdaq Stockholm launched this past October hold an excess of $350Mn USD in just a few short months.
Images via Nasdaq OMX Stockholm, the Coin Rush broadcast, and Coinshares XBT.
Want to learn how to purchase and obtain the decentralized currency Bitcoin Cash (BCH)? Check out Bitcoin.com’s “Learn how to buy Bitcoin Cash with a credit card” Guide here.
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Ukraine’s Cyberpolice Supports Legalization of Cryptocurrencies
The cybercrime combating department of Ukrainian Police has voiced support for the legalization of cryptocurrencies despite sharing some concerns about them. The Cyberpolice unit also noted the need to regulate cryptos “as soon as possible”. Ukrainian parliament is yet to adopt new legislation amid mounting calls from other institutions to regulate cryptocurrencies.
Also read: Russia’s Longest-Serving Finance Minister Backs Crypto “Self-Regulation”
Legalize it or Ban it
If authorities are unable to regulate the status of cryptos in the near future the state should officially ban their circulation, the National Police representative said. Then “everyone will know that by buying and selling cryptocurrency in Ukraine they risk losing their financial investments irrevocably, in the absence of any protection or compensation”, Demedyuk warned.
The high-ranking police official noted, however, that Ukraine’s Cyberpolice force was supportive of efforts to legalize cryptocurrencies and crypto mining in the country, despite concerns that their circulation might be “based on the same foundations as financial pyramids”.
Mounting Calls to Regulate
Demedyuk’s remarks are part of a long list of calls to legalize cryptocurrencies in Ukraine. His comments came after a study revealed that dozens of Ukrainian officials possess a total of more than 21,000 bitcoins, as news.Bitcoin.com reported.
Earlier this month the status of cryptocurrencies was discussed during a meeting of the National Cybersecurity Coordination Center in Kiev. Representatives of the security services took a closer look at the “uncontrolled circulation” of cryptos in Ukraine. The cybersecurity body decided to set up a special working group to complete the legal framework. It should assist other authorities in building foundations for the crypto market, establishing procedures to monitor transactions and clarifying aspects of taxation.
The Secretary of the National Security Council of Ukraine Oleksandr Turchynov said that the development of the cryptocurrency market could not be left unattended. The Minister of Justice of Ukraine Pavel Petrenko stated that Bitcoin must be brought into the legal field adding that government institutions should respond to the phenomenon. A petition to the president to legalize cryptocurrencies was filed on January 12.
While The National Bank of Ukraine remains opposed to cryptocurrencies, legislators have introduced two bills to regulate their status. The drafts have been advancing through commissions in the Rada since October. One of them aims to regulate the circulation of cryptos, and the other is designed to stimulate the cryptocurrency market and the trade of crypto derivatives. Proposed amendments to the tax code cover taxation aspects, with possible incentives for mining companies. The legalization of bitcoin, however, can take many more months, as the government must prepare subordinate statutory instruments to implement the law.
Do you think Ukrainian deputies will speed up the process of adopting cryptocurrency regulations after multiple calls by other Ukrainian institutions? Tell us in the comments section below.
Images courtesy of Cyberpolice Ukraine, Verkhovna Rada.
Express yourself freely at Bitcoin.com’s user forums. We don’t censor on political grounds. Check forum.Bitcoin.com.
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Hawaii’s New Money Transmitters Act Will Require Virtual Currency Licenses
The state of Hawaii is planning to regulate the use of bitcoin and digital currencies that would require licensure to transmit cryptocurrency-based funds. Two bills introduced by a group of partisan Hawaiian lawmakers are focused on digital currencies as a monetary instrument under the state’s Money Transmitters Act.
Also read: Coinbase Exits as Hawaii Requires Bitcoin Companies to Hold Fiat Reserves
New Definitions Applied to the Hawaiian Money Transmission Act
Hawaii’s Virtual Currency Transmission Requirements
Last year Coinbase left the state of Hawaii due to the state’s proposed laws which would require licensed virtual currency transmitters to hold USD reserves. The recently submitted SB3082 has changed this requirement for specific qualified trading platforms. Applicants who want to apply for virtual currency transmission will be required to reveal a lot of information like the applicant’s name and principal address, prior criminal convictions, a description of the business activities, sample of the virtual currency instruments or products, and the name and address of the clearing banks involved. Further, for each virtual currency sale, exchanges must provide its customers with some form of a receipt.
“Each licensee who receives money or monetary value for transmission and the licensee’s authorized delegates shall provide a receipt to the customer that clearly states the amount of money or equivalent value presented for transmission and the total of the fees charged by the licensee,” explains the proposed bill.
Hawaii’s SB3082: “These Currencies Are Not Backed”
One notable section describes virtual currencies as based upon computational cryptography and derive their value “solely from the market’s perception of their value.” Hawaii’s SB3082 states:
[Virtual Currencies] can experience great swings — These currencies are not backed by any physical commodity, such as gold or silver; not backed by the United States or any other national government; not legal tender for debts; and are not insured by the Federal Deposit Insurance Corporation or any government.
The bill further details that consumers can lose all their cryptocurrencies through many attack vectors. “Computer failure; malicious software attack; an attack, closure, or disappearance of a virtual currency exchange company; lack of security; loss of your private key; or a sudden or dramatic change in value” are just a few examples explains the SB3082 text. The bill further notes:
Some virtual currency users have been unable to access their legitimate virtual currency account because of heavy traffic by other users or a prevalence of criminal activity in virtual currency use — To protect yourself, become educated as to the potential risks before deciding whether you want to transact in virtual currency.
Hawaiian officials will have a public hearing on SB3082 on February 2, 2018, at 9 am. The newly reformed money transmission act passed its first reading on January 26.
What do you think about the new virtual currency definitions that aim to be applied to Hawaii’s money transmission act? Let us know your thoughts in the comments below.
Images via Pixabay, Hawaii’s Senate, and state logo.
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South Korean Court Rules Bitcoin Has Economic Value
A South Korean court has ruled that bitcoin has an economic value for the first time. This overturned an earlier court ruling which did not recognize the digital currency. The case involves the confiscation of 191 bitcoins.
Also read: Japan’s DMM Bitcoin Exchange Opens for Business With 7 Cryptocurrencies
Bitcoin’s Status Re-Examined
The Suwon District Court in South Korea has, for the first time, recognized that bitcoin has an economic value and can be confiscated, local media reported on Tuesday.
In September of last year, the court did not recognize bitcoin and ruled that it could not be confiscated, as news.Bitcoin.com previously reported. An official from the court explained that they did not judge bitcoin to have any economic value because it is “in the form of electronic files without physical entities, unlike cash.”
Landmark Court Ruling on Bitcoin
In the second hearing, the court found that “The crime profit concealment law does not restrict the criminal income to the goods but the cash, the deposit, the stock, and other property with economic value,” Chosun reported and further quoted the court explaining:
Bitcoin can be changed into money through an exchange. It can be used as a means of payment through merchants, so it should be regarded as having economic value.
The court subsequently ruled that “Among the 216 bitcoins confiscated by the prosecution, Ahn’s 191 bitcoins” were traced to email addresses of the pornography site members, so they are “recognized as criminal proceeds from the operation of the site.”
Since Ahn’s arrest in April, the price of bitcoin has risen significantly. The 191 bitcoins are worth approximately 2.13 billion won (~$2 million) at the time of this writing based on bitcoin’s price on Bithumb, one of the country’s largest cryptocurrency exchanges.
Maekyung quoted a lawyer explaining:
The recognition of virtual currency as an object of forfeiture means that it will be transferred to the national treasury and used as a national budget.
What do you think of the new court’s ruling? Let us know in the comments section below.
Images courtesy of Shutterstock and Bithumb.
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Source: https://news.bitcoin.com/