4C Newsflash of July 8

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Market Cap at 11:24 (UTC) – $335,536,161,042 billion 

Bitcoin dominance: 62.6% 

BTC $11,802.07 (+ 5.18%) 

ETH $292.42 (+7.49%) 

XRP $0.381443 (+1.25%) 

Bitcoin’s network reached a ATH in term of hash rate. 

On July 5th, Bitcoin hash rate has hit a new ATH at 74,548,543 TH/s. Some speculators believe that the Bitcoin hash rate and the rise of Bitcoin’s dominance are the early signs of a bull market. However, it is remains as a speculation. 

IRS will update its Bitcoin’s tax guidance within weeks

Wall Street Journal recently reported that IRS will soon release a new version of their Bitcoin’s tax guidance in the upcoming weeks. The article also states that U.S Congress is considering at least 3 bills to resolve the legal issues around crypto. 

SEC requests blockchain data. 

A recent requirements published SEC demands data of various blockchains such as XLM, BTC and ETH. The paper indicates: 

_The subscription shall source all blockchain data from hosted nodes, rather than providing this data as a secondary source (e.g., via blockchain explorers) _ The subscription shall include all derivative currencies (tokens) for all provided blockchains _ The subscription shall include the full blockchain ledgers, since inception (genesis block) or as available, to present, for all provided blockchains. 

Additionally, SEC also needs data of ticker symbol, addresses, transaction hash, etc. 

Further reading: HERE 

Singapore is about to remove crypto tax. 

Recently, Inland Revenue Authority of Singapore has released a draft about the good and service tax related to crypto. The draft asserts: 

In particular, IRAS recognises that taxing cryptocurrencies which function or are intended to function as medium of exchange (that is, digital payment tokens) results in two tax points — once on the purchase of the cryptocurrency and again on its use as payment for other goods and services subject to GST. To better reflect the characteristics of digital payment tokens, with effect from 1 Jan 2020, the supply of such tokens will no longer be subject to GST. The change in GST treatment does not represent IRAS’ endorsement of cryptocurrency investments.” 

The draft continues: 

“If you are paying digital payment tokens in return for goods and services, you need not account for output tax.If you are receiving digital payment tokens in return for your supply of goods or services and you are GST-registered, you would have to account for output tax on your supply of goods or services (unless the supply is an exempt or a zero- rated supply).” 

Further reading: HERE 

Binance Chain to upgrade mainnet. 

In the recent announcement, Binance Chain nodes have come to a consensus that an upgrade will be implemented at block height 20,300,000 and it is estimated that, the network will mine the blockchain at 7:00 AM (UTC), 15th July. The upgrade is called Galileo. In this upgrade, Binance Chain will receive new features: offline transaction, time locking of token assets, state sync enhancements, matching engine revision and delisting trading pairs. 

Further reading: HERE


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