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Switzerland’s existing tax law is applicable to developments in the blockchain industry, the Swiss Federal Council said. According to the federal authority, Switzerland does not need to amend its existing tax legislation in regard to blockchain and distributed ledger technology . In a June 19 meeting, the Federal Council addressed a report on the need to amend Switzerland’s tax law in response to DLT and blockchain developments. According to the official statement , the existing legislation including income, profit, wealth, capital gains taxes, as well as VAT, “has proved its worth” regarding arrangements based on DLT and blockchain.“Therefore, no legislative action is necessary as regards special tax provisions for the new instruments,” the Federal Council wrote. Additionally, the authority recommended that withholding tax coverage should not be expanded in terms of income from equity and participation tokens. Cointelegraph reached out to the Federal Tax Administration of Switzerland with additional queries on the matter. This article will be updated if new comments come in. The Federal Council’s latest decision follows the authority’s initial call to evaluate the need for blockchain-related amendments to Swiss tax law back in 2018. In December 2018, the authority said Switzerland’s legal framework was well suited to dealing with new technologies such as blockchain. The Federal Council of Switzerland — the country’s executive governing body — has been paying a lot of attention to blockchain development, initiating multiple measures to increase legal certainty around blockchain use in the country. In March 2019, the Federal Council launched a consultation on the adaptation of federal law for blockchain development. In November 2019, the Council called for a better regulatory framework for blockchain. Switzerland has emerged as one of the most crypto-friendly countries and is often referred to as a “crypto nation.”  As reported by Cointelegraph , major crypto-related practices such as trading and mining are subject to federal taxes in Switzerland. As such, individuals paid in crypto need to declare their assets for income tax purposes.

All data is taken from the source: https://cointelegraph.com/
Article Link: https://cointelegraph.com/news/switzerland-wont-amend-tax-law-in-regard-to-blockchain-in-near-future

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KuCoin, the leading global cryptocurrency exchange backed by IDG Capital has now launched its Instant Exchange service that allows users to exchange some of the top crypto assets like BTC, ETH, LTC, XRP, BCHABC and USDT within seconds. Created by KuCoin in collaboration with a top quantitative market maker of the Chicago Mercantile Exchange (CME),  the Instant Exchange service offers a huge advantage over traditional crypto-to-crypto trading solutions when it comes to order completion and settlement. Whenever users submit an order on Instant Exchange, KuCoin and its partner will find the optimal exchange rate in the global market and execute immediate settlement. The transaction on the platform will be completed in as less as one second. The Instant Exchange feature is designed to support orders of any size, and the rate of order execution ensures that there is no large price fluctuation in KuCoin’s spot market due to huge, partially executed orders. Also, the final transaction price for any order will be the same as what’s shown on the service page at the time of placing the order as the platform doesn’t charge any transaction fees. It will greatly reduce transaction costs while improving transaction efficiency. Johnny Lyu, the co-founder of KuCoin, said: “As ‘The People’s Exchange’, KuCoin has been committed to providing users with secure, simple and convenient trading experience, so that more people can embrace the blockchain and crypto world. The Instant Exchange service is a bold attempt for KuCoin, which can help users complete the optimal transaction in the shortest time”. Since its launch in 2017, KuCoin has grown into one of the most popular crypto exchanges, and it currently provides a series of financial services like fiat-to-crypto, crypto-to-crypto, futures, staking, borrowing, token launch and more to its 5 million users spread across 207 countries and regions around the world. One out of four crypto holders worldwide is with KuCoin.

All data is taken from the source: https://www.newsbtc.com/
Article Link: https://www.newsbtc.com/2020/02/28/kucoins-new-instant-exchange-service-supports-near-instant-crypto-transactions/

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KuCoin’s New Instant Exchange Service Supports Near Instant Crypto: https://www.youtube.com/watch?v=n8W190oOv4Q

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Quick market update for Bitcoin Litecoin and Ethereum. Technical Analysis from an Elliott Wave Theory Perspective.

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BREAKING NEWS: Facebook is launching Libra Cryptocurrency and Calibra wallet which will introduce billions to cryptocurrency. This is a big move and hopefully Facebook will do this right!
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References:

#Facebook Launches #Libra Cryptocurrency
https://www.coindesk.com/facebook-launches-subsidiary-to-support-new-libra-crypto

https://www.forbes.com/sites/michaeldelcastillo/2019/06/18/facebook-cryptocurrency-everything-every-business-leader-needs-to-know/#487bf0667a31

https://calibra.com/ #Calibra

https://libra.org/en-US/

http://www.engadget.com/amp/2019/06/18/facebook-calibra-libra-cryptocurrency-digital-wallet/
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This video is about Capitulation and why everyone is talking about it. CNBC’s Brian Kelly who has always been a Bitcoin bull has started shorted and has capitulated. Even projects like Justin Tabb from Substratum has also. What does this mean and is the mythical bottom for Bitcoin near?

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#bitcoin #altcoins #crypto