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British Government Says Crypto Is Not Money

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The United Kingdom’s tax, payments, and customs authority, Her Majesty’s Revenue and Customs (HMRC), has updated its cryptocurrency taxation guidelines for businesses and individuals. On Nov. 1, the U.K. government tax agency, which manages taxes alongside other financial policies, released tax guidance updates that further clarify its stance on how businesses and individuals involved with cryptocurrency will be taxed.

The guidelines set out HMRC’s view on cryptocurrency transactions, which taxes apply, how to file tax returns and accounting practices, among others. It also considers the taxation of exchange tokens, while stating that rules for utility or security tokens will be added in the future. Companies that buy or sell tokens, mine, exchange tokens for other assets or provide goods or services in return for tokens are liable to pay for one or more different types of tax. Those taxes include income tax, corporation tax, capital gains tax, stamp taxes, and National Insurance contributions. 

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The tax authority explicitly stated that it does not consider any of the current types of cryptocurrencies to be money or currency. HMRC further recognized that the cryptocurrency sector is a fast-moving one and it will, therefore, look at the facts of each case separately and apply the relevant tax provisions according to what has taken place, rather than by relying on theory alone. HMRC had previously considered cryptocurrency trading to be the same as gambling. However, the latest tax guidance update states that the agency does not consider the buying and selling of cryptocurrencies as such.

In August, HMRC requested that cryptocurrency exchanges provide it with records of customers’ identities and transaction histories. The agency aimed to address the perceived problem of tax evasion on digital asset trading platforms. At the time, sources familiar with the matter said that HMRC only requested records from the last two to three years, meaning that early investors in the cryptocurrency space would not be affected.

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Weiss Crypto Ratings Says Cardano Is ‘Vastly Superior’ to EOS

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Weiss Crypto Ratings Says Cardano Is 'Vastly Superior' to EOS

Weiss Crypto Ratings has put its weight behind Cardano, saying that the project is superior to other network-based competitors.

According to a tweet published Nov. 13 on its official Twitter account, Weiss Crypto Ratings claimed that Cardano is “clearly superior” to EOS. EOS holds a market capitalization of $3.2 billion compared to Cardano’s $1.1 billion.

The rating agency explained that while EOS may have been first to market, it’s becoming “increasingly clear” that Cardano has pulled ahead in the competition for best crypto-based technology.

Weiss Ratings also provided the update that Cardano has completed the first snapshot and balance check for its Shelly testnet. The agency calls this the first step towards staking, which will allow investors to begin earning dividends on their ADA.

Weiss Ratings took to Twitter last week to argue that Cardano and Algorand had already solved most of the issues addressed by the CBC Casper Protocol, while saying that Ethereum was wasting time on the project.

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VeChain Brings Out Food Tracing Platform At China Expo

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VeChain Brings Out Food Tracing Platform At China Expo
VeChain Brings Out Food Tracing Platform At China Expo

Singapore-based blockchain application platform VeChain has unveiled a new blockchain tracking system for the food and beverage industry. In a blog post on Nov. 7, the company confirmed it was working with food certification group DNV GL and supply chain specialist ASI Group on the project, known as Foodgates.

The original announcement came at this year’s China International Import Expo (CIIE), being held from 5-10 Nov. in Shanghai. “The immutability of public blockchain coupled with verifiable information makes this solution really unique,” VeChain COO Kevin Feng commented. VeChain revealed Foodgates had already been put to work, importing French beef to China for an event attended by French President Emmanuel Macron and China’s Xi Jinping, who also spoke at CIIE.Image result for ve chain

China recently unleashed huge official support of blockchain technology, with Xi himself urging its use in a speech in late October. The surprising development accompanied the news that China could become the first country in the world to release its own central bank digital currency (CBDC). Following Xi’s words, local media began warning citizens about the legal implications of criticizing blockchain or calling the technology a scam. “VeChain, being a global blockchain technology platform provider with significant resources in China and Europe will be a direct beneficiary of this bullish shift by the second-largest economy in the world,” the blog post added.

Blockchain has made significant inroads into the food industry in recent years. Businesses have devoted energy to tracking everything from coffee to lettuce, arguing immutable ledgers save time, money and add security to supply chains. Nonetheless, criticism has come from experts who have identified shortcomings in potential new systems. “The weakest link in the chain is not blockchain or any technology, the weakest link is the piece of sticky tape that puts the label on the package,” PwC analyst explained in an interview on Thursday.

Additionally, VeChain’s announcement saw instant benefits for investors in its native VET token, which rose around 40% this week after an initial dip.

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Zcash Creator Provides Company Trademark To The Zcash Foundation

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Zcash Creator Provides Company Trademark To The Zcash Foundation
Zcash Creator Provides Company Trademark To The Zcash Foundation

Electric Coin Company (ECC) has donated the Zcash trademark to the Zcash Foundation. ECC created and launched the privacy-focused cryptocurrency Zcash (ZEC) in 2016, and will now own the trademark bilaterally with the corresponding foundation.

Upon an agreement signed on Nov. 6, the Zcash Foundation will be financially responsible for costs associated with assigning and protecting the trademark. Announcing the news, the Zcash Foundation mentioned the existing disagreement with ECC over the trademark’s future. The foundation noted that it returned to negotiations with ECC after failing to reach an agreement in late August 2019, during the Zcash Community Forum.Image result for zcash foundation

ECC explained that the trademark agreement is important because it protects the reputation and separates one product from another. The firm said Zcash’s trademark protects the community from scams and brings legal power to Zcash’s blockchain governance. According to ECC, the donation lets them solve two basic problems — to honor and support the Zcash community’s feedback and to further decentralize the organization. 

The Zcash Foundation noted that the agreement maintains interoperability with standard legal and business frameworks. In October this year, it came out that a potentially malicious counterfeit version of Zcash Foundation’s native ZecWallet. The agreement by ECC and the Zcash Foundation demonstrate their commitment to preventing such cases.

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