The Swiss National Bank (SNB) has teamed up with the Bank for International Settlements (BIS) and exchange platform SIX Digital Exchange (SDX) to develop a Blockchain-backed digital currency. In a recent press release dated 8th October 2019, Switzerland’s central bank revealed that it had signed a deal with BIS to start an innovation center for…

The Internal Revenue Service (IRS) recently released instructions for computing taxes involving crypto assets. The digital market has been waiting for this report since May 2019 after the Revenue’s chief Chuck Rettig hinted at an update to the existing regulations. In April 2019, some members of Congress wrote to Rettig seeking clarification regarding crypto reporting…

The Swiss Financial Market Supervisory Authority (FINMA) has certified two Blockchain institutions. This makes SEBA and Sygnum the first crypto banks to be licensed by the Swiss regulator. Thanks to the banking and securities trader approvals, the firms can now sell their services to both corporate and professional users. The news release dated 26th August 2019…

Recent events have proven that the crypto industry is maturing. The digital market has been rocked by a myriad of scams in the past. According to Ciphertrace, a cryptocurrency intelligence firm, crypto scams and theft could amount to $4.3 billion in 2019. Despite these scams and thefts, the crypto industry is maturing due to a…

The Internal Revenue Service (IRS) has sent communication to several market participants discussing backdated tax settlements in the digital asset trade. The IRS posted on its website that investors' federal returns differ from the information provided by cryptocurrency exchanges. As such, the agency is seeking traders' contribution on amended tax returns using profits from digital…

Ted Budd, the representative of North Carolina's (NC) 13th congressional district has submitted a tax proposal to the United States House of Representatives. This bill focuses on enhancing how the Internal Revenue Service (IRS) handles cryptocurrencies in order to eliminate the profits and losses surrounding like-kind exchanges. No More Double Taxation Budd seeks to revise the 1986…

ICO Rating has been fined $268,998 by the US Securities & Exchange Commission (SEC). This was after the Russian based analytics company hid information about the earnings it received from advertising digital offerings. According to a Press release by the SEC dated August 20, 2019, the Initial Coin Offering (ICO) center generated reports of virtual assets,…

Blockchain application research is set to premier in New Jersey. This was after Governor Phil Murphy assented to the S2297 bill. The law’s mandate is to create a commission that will explore blockchain options for the state. This news was published at New Jersey’s website in late August. According to the site, the Governor made this…

The Central Bank of China has indicated plans to establish a digital coin. Already supported by the cabinet, this coin will come in handy in positioning China in the crypto sphere. Speaking at a past forum at Peking University, Wang Xin, the Research Bureau chairperson of the People's Bank of China (PBOC) mentioned that the…

UnionBank has released a digital currency dubbed PHX. According to the Philippine Star, the Bank will use the Stable coin to carry out transactions via blockchain. Aside from being the biggest bank in the Philippines, the financial establishment is now the first in the archipelagic country to develop a cryptocurrency. The bank joins other top financial…