Luxury carmaker Groupe Renault tested its blockchain project aimed to ease compliance certification of vehicle components. The project, Extended Compliance End-to-End Distributed, or better known as XCEED, grew out of Renault’s partnership with other companies to develop a blockchain supply-chain solution by sharing data. It’s built on the Hyperledger Fabric network and deployed in collaboration with IBM. XCEED tracks and certifies regulatory compliance of vehicle components. Renault tested XCEED in its Douai plant and processed over a million documents with 500 transactions processed per second. XCEED shares compliance Information between parts manufacturers and those who make the cars. Renault said the platform speeds up information sharing, bringing it to real-time delivery. XCEED, the carmaker explained, creates a trusted network to share data with confidentiality. Renault’s partners for the project include Continental, Faurecia, Plastic Omnium and Saint-Gobain. It was first announced in 2019. The carmaker said the need for a better compliance solution arose as new market surveillance regulations were implemented Sept. 1. The European Union’s Directive 2007/46/EC , revised in 2020, establishes better monitoring of new vehicles and parts to meet safety and environmental standards. Renault said its entire production chain “has to adjust its structure” to respond to shorter timeframes set in the policy. Odile Panciatici, blockchain vice president at Groupe Renault, said:“The XCEED project we initiated is a powerful illustration of Groupe Renault’s capacity to innovate. We are convinced that blockchain is a vector for transforming the automotive industry. Blockchain technology really comes into its own in a vast ecosystem involving a number of different companies, providing a link between the partners’ various processes, computer systems and databases. There are multiple uses for this type of technology in the automotive industry, where we have exchanges with countless actors from outside the company, such as suppliers, clients and independent distributors.”This is not Renault’s first foray into blockchain technology. Renault, along with other automotive giants BMW, GM, and Ford and technology companies IBM, Hyperledger, Bosch and IOTA, worked on the Mobility Open Blockchain Initiative (MOBI) . It created a database of Vehicle Identity Numbers on the blockchain. BMW also made a blockchain-based supply chain solution.

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Compliance to international regulatory standards is becoming standard for cryptocurrency-related startups seeking to legitimize their business. Global blockchain security organization CoolBitX’s founder and CEO Michael Ou sat down with Forkast.News Editor-in-Chief Angie Lau to discuss how compliance with the Financial Action Task Force on Money Laundering (FATF) is increasingly important in the cryptocurrency sector.

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Forkast.News is a digital media company covering blockchain, DLT, cryptocurrency and other emerging technologies at the intersection of business, economy and politics in a way that anyone can understand. At Forkast.News, we bridge the gap between the blockchain industry and the mainstream.

Angie Lau is editor-in-chief, CEO and founder of Forkast.News. She is an award-winning veteran journalist, a respected thought leader in blockchain technology and a speaker at conferences around the world including the Forbes Summit, Binance Blockchain Week, Paris Blockchain Week Summit and the Asia Blockchain Summit.

Before founding Forkast in July 2018, Angie anchored Bloomberg TV’s flagship morning show “First Up with Angie Lau” broadcast globally into 350 million homes, offices and trading floors. Angie’s TED Talk “I Am Not Supposed to Be Here” is now a TED-Ed lesson for its global audience of 6.7 million followers.

Federico Winer Head Of EMEA for Entertainment at SAP speak on a panel covering regulation and compliance of bitcoin and cryptocurrencies for the gaming and forex industry. This will be on October 9, 2017 at the ASROC Conference in London.

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Dave Wiseman, Vice President at 4Stop will speak on a panel covering regulation and compliance of bitcoin and cryptocurrencies for the gaming and forex industry. This will be on October 9, 2017 at the ASROC Conference in London.

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Denmark-based cryptocurrency users have begun receiving letters from the Danish tax agency, Skattestyrelsen (Skat), requesting that traders provide a full background of all their cryptocurrency transactions, sources informed Cointelegraph on Dec. 10. In its letters, Skat specifically asked crypto users to provide information about profits and losses for fiscal years 2016 to 2018, according to FIFO (First In First Out) principles. These principles represent a method of inventory valuation assuming that all goods are sold or used in the same chronological order in which consumers purchased them. Furthermore, the tax agency asked for the rates used for each transaction, information on the purpose of acquiring digital currencies, and documentation regarding the creation of a cryptocurrency wallet. In terms of crypto exchange services, Skat requested that crypto consumers revealed the confirmation of their trading activity in the form of a screenshot featuring the individual’s name and an agreement on the creation of an account. In addition to that, Skat wants to examine crypto consumers’ account statements from their bank accounts for the aforementioned period. Robin Singh, founder of cryptocurrency tax startup Koinly, provided Cointelegraph with the letter. Singh commented:“Many of our Danish users have received these letters, Skat is asking for a full breakdown of all their transactions and asking them to fix all past reports as well. Filing tax on cryptocurrency trades is a difficult task as crypto traders usually hold several exchange accounts & wallets and freely transfer crypto between them, so there’s no easy way to figure out what the capital gains are for any particular trade.”Skat turned its focus to crypto consumers late last year when it confirmed that it was “identifying” 2,700 individuals it said owed taxes on Bitcoin (BTC) gains. The agency intended to go after each individual with an eye to determining their payment obligations. Skat said at the time:“If something does not match, we will contact them and ask for more information. However, how many people it is and what it may mean, it is still too early to say.”In January 2019, the country’s Tax Council authorized Skat to obtain information on all trades of cryptocurrencies across three domestic crypto exchanges. At the time, the tax agency planned to make the first adjustments to tax treatment for specific cases based on the newly-acquired information before summer 2019. The amendments were set to include whether individual traders’ or businesses’ trades need to be included in their declared taxable income. Skat thus might follow the United States Internal Revenue Service’s (IRS) lead. The IRS sent letters to 10,000 crypto investors to clarify crypto tax filing requirements and, in certain cases, compel them to pay back taxes. At the time, the IRS said that it asked some of the crypto investors to amend their tax filings, while compelling others to pay back taxes and/or interest and penalties. In October, the IRS added a question on crypto ownership to the standard 1040 income tax form for the coming tax season. IRS specifically asked: “At any time during 2019, did you receive, sell, send, exchange, or otherwise acquire any financial interest in any virtual currency?” The question expects a straightforward yes or no, with no additional details requested.

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Report Denmark’s Tax Agency Is Sending Tax Compliance Letters to Crypto:

Regulatory Panel: What are the compliance challenges raised by Crypto? What are the developments and the emerging solutions?
Zug, 26.June.2019

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