High Taxation in Japan is Driving Crypto Businesses Away, Entrepreneur Says

To prevent entrepreneurs from leaving the nation, Japan should minimize corporate taxes on crypto businesses, according to Sota Watanabe, the CEO of Stake Technologies Pte.

Dozen Crypto Companies Await Portugal License Despite Bank Account Closures

The central bank of Portugal is now reviewing 12 requests from businesses that want to provide crypto-related services in the country.

Enterprise crypto custody firm Fireblocks integrates Tokeny for token minting

The integration allows institutional-grade users to mint and manage their tokens along with managing their conventional cryptocurrency portfolios. Enterprise cryptocurrency custody firm Fireblocks is set to offer token minting services through a new integration with Ethereum- and Polygon-friendly platform Tokeny.The new feature allows businesses and retail customers to mint and manage permissioned tokens, digital securities, stablecoins and loyalty programs across various trading applications, payment networks and digital banks.

‘Bitcoin Valley’ Launches in Honduras — 60 Businesses Accept BTC to Boost Crypto-Tourism

Bitcoin Valley, the first bitcoin city in Honduras, has launched in Santa Lucia.

Honduras attracts crypto investor tourists with Bitcoin Valley

Several businesses in the tourist town of Santa Lucia are now accepting Bitcoin payments in the hopes it can spur tourism spending. A small tourist town in Honduras has begun accepting Bitcoin payments as part of the “Bitcoin Valley” initiative designed to increase tourism revenue across 60 local businesses.Some locals of Santa Lucia, like shopping mall owner Cesar Andino, expect the initiative to open up more opportunities for shops in the area and “attract more people who want to use this currency,” according to a report from Honduran news outlet La Prensa.

6 Questions for Kim Hamilton Duffy of Centre

We ask the buidlers in the blockchain and cryptocurrency sector for their thoughts on the industry… and throw in a few random zingers to keep them on their toes! This week, our 6 Questions go to Kim Hamilton Duffy, director of identity and standards at Centre Consortium an open-source technology project designed to create a more inclusive global economy.Kim is a leader in the emerging decentralized identity field and has architected successful open-source projects such as Verite, Blockcerts and the Digital Credential Consortium toolkit.1 Which countries are doing the most to support blockchain, and which ones will be left behind?Rather than assessing this through the narrow lens of whether certain crypto transactions are taxed, I think about whether countries are supporting innovation in blockchain and, more broadly, decentralized architectures in a collaborative, responsible, sustainable way that can benefit individuals and businesses.A repeated theme: Regulatory clarity is key for individuals and businesses to build and innovate confidently.

US Senators Send Letter to Fidelity Over ‘Ill-Advised’ Bitcoin (BTC) Retirement Plan

Three US Senators are writing to Fidelity’s chief executive over concerns about the banking giant’s ‘troubling’ plan to allow businesses to offer Bitcoin (BTC) as a retirement option.

Japan’s crypto groups call for end of taxing paper gains

Danny Talwar from crypto tax platform Koinly said Japan's regulatory environment makes it difficult for businesses and individual investors to hold digital assets in Japan. Japan’s leading crypto lobby groups plan to submit a proposal to Japan’s financial regulatory body to address its high crypto taxes, which experts warn make Japan less competitive as a crypto hub. According to an internal memo seen by Bloomberg, the proposal will be submitted to Japan’s Financial Services Agency (FSA) this week, asking them to put an end to taxing unrealized gains on crypto holdings “if the firm owns them for purposes other than short-term trades.” The proposal also asks for the financial regulator to lower income tax rates on crypto earnings for individual investors to 20%, which is far less than the current rates that see some investors being taxed as high as 55%.Head of Tax (APAC region) Danny Talwar from crypto tax platform Koinly told Cointelegraph that the current regulatory environment makes it difficult for businesses and individual investors to hold digital assets in Japan compared to more crypto-friendly nations:“The high crypto tax rates make Japan less competitive on the international front compared to countries like Singapore and Dubai, which are increasingly becoming digital asset hubs for business.”Talwar also said that the taxation of unrealized capital gains could lead to situations where taxes paid are not commensurate with the asset value on realization, and this is particularly common for volatile asset classes.

Japanese Bank SMBC to Foray Into NFT and Web3 Markets

The Sumitomo Mitsui Banking Corporation (SMBC), the second largest of the three biggest banks in Japan, has announced it is planning to expand into digital asset businesses, including non-fungible tokens (NFTs) and Web3 platforms.

Elon Musk Selling or Buying Bitcoin Doen’t Mean Much, Says Binance CEO

CZ Zhao joked that he was not smart enough to get into businesses directly linked to bankrupted lending firms like Celsius and Voyager.

The opportunities and risks of Metaverse for small businesses

The benefits outweigh the risks when it comes to the adoption of Metaverse for small businesses.

South Korean authorities raid 15 entities linked to Terra collapse: Report

The Seoul Southern District Prosecutors Office reportedly raided the offices of crypto exchanges Upbit, Bithumb, Coinone, Korbit and Copax, among others on Wednesday. Prosecutors in South Korea behind the investigation of Terraform Labs have reportedly executed a search and seizure in 15 firms, including seven crypto exchanges.According to a Wednesday report from News1 Korea, the Joint Financial and Securities Crime Investigation Team of the Seoul Southern District Prosecutors Office raided the offices of Upbit, Bithumb, Coinone, Korbit and Copax as well as other businesses connected to the collapse of Terra.

Paraguay’s crypto framework one step away from becoming law

Paraguayan lawmakers have deliberated for a year on a comprehensive crypto regulatory framework that includes considerations for businesses and traders. The Paraguayan Senate passed a bill on July 14 establishing a tax and regulatory framework for businesses operating in the cryptocurrency and the crypto mining sectors.The bill, introduced last July by Senator Fernando Silva Facetti and passed in Congress in May before reaching the Senate, calls for the formation of the Ministry of Industry and Commerce (MIC) to oversee crypto industry service providers.

Bitfinex to Donate $1.3 Million Worth of BTC and USDT to Communities in El Salvador

The crypto exchange Bitfinex announced on Thursday that the trading platform plans to donate 36 bitcoin and $600K worth of tether tokens to help bolster communities and small businesses located in El Salvador.

Bitfinex donates 36 BTC to Salvadoran businesses to support economic development

The Bitcoin-friendly Latin American country has put BTC at the center of its economic revitalization strategy.

Crypto winter presents an opportunity amid chaos, says asset group exec

Alex Tapscott told Cointelegraph that bear markets lead to great ideas being formed and new businesses being built.

Bitcoin miners push the pause button in Texas as power issues loom

As businesses prepare for a heat wave that is anticipated to strain the electricity grid, nearly all industrial-scale Bitcoin miners in Texas have turned off their equipments. Due to Texas's affordThe post Bitcoin miners push the pause button in Texas as power issues loom appeared first on AMBCrypto.