Led 22

Avoid These Exchanges If You Want to Keep Your Bitcoins

Hackers stole over $1.8 billion in 2018 from crypto exchanges. So, if you’re still trusting one with your private keys, you really ought to know better. But if you’re too busy or too lazy to set up a hardware wallet for your funds, at least you should know where exchanges rank when it comes to cybersecurity. According to a report by CER and Hacken, not very well.


Top 100 Crypto Exchanges by Cybersecurity Score

CER and Hacken evaluated the state of the cybersecurity in the top 100 crypto exchanges by volume on CoinMarketCap as of January 1. What they found was a little disturbing.

Without getting overly technical, for the sake of this study, cybersecurity means all the processes and technologies an exchange has in place to deter hackers from entering its system. An effective system, says CER, is one that reduces a hacker’s chances of breaching it.

Since crypto exchanges must be responsible for users’ money and personal data, strong cybersecurity is imperative.

Cyber Security Score (CSS) Methodology

To measure cybersecurity at the top 100 exchanges, the companies checked whether they had sufficient user security in place, server security, and some kind of Ongoing Crowdsource Security Assessment (OCSA).

When it comes to server security, factors cush as SSL/TLS certificates, secure cookies, and open ports come into play. If a hacker uncovers just one vulnerability in a server it is enough to compromise all the components and cause huge monetary losses.

The user security level takes into account all the elements that exchanges can add to make it easier and safer for users entering and transacting on their exchange. These include things like 2FA, captcha, and strict password requirements.

Data Breach Exposes Thousands of Investors in a John McAfee-backed Cryptocurrency

If there is no captcha, for example, hackers can easily uncover a user’s password. 2FA significantly decreases the chances of an account being compromised since a telephone is needed as well as simply entering through one device. And when it comes to passwords they can simply be cracked with “brute force” if they are too weak.

Ongoing Crowdsource Security Assessment (OCSA) refers to whether an exchange has any processes in place to improve and develop their cybersecurity. This could be a Bug Bounty program that looks for white hat hackers to find vulnerabilities with the system, either in-house, or through a special platform like Hacken.

Avoid These Exchanges If You Want to Keep Your Funds

According to the research, the least safe of all the exchanges are:

These three exchanges all scored less than 5 out of a possible 10 points, based on the factors mentioned above. The safest exchanges are:

  • Kraken
  • Coinbase Pro
  • Binance and BitMEX

Only Kraken managed to achieve a score of above 9 out of 10, while Coinbase Pro racked up 8.74, and Binance and BitMEX achieved 8.50 each.

Almost Zero Ongoing Programs Throughout

Only 13 percent of all exchanges have ongoing Bug Bounty programs in place to improve their security. Another major weak point for these top exchanges is their  HTTP Security Headers with some 59 percent of exchanges missing 6-7 of the 7 headers required.

According to Ledger CEO Eric Larcheveque, crypto is the easiest asset in the world to steal. So keeping your funds in an exchange is really not advisable.

And as per the findings of this study, the top exchanges are among the lowest scoring when it comes to CSS, with Bithumb number 1 on CMC, and 98th in the CER top 100 crypto exchanges.

Do you agree with the study’s conclusions? Share your thoughts below!


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Led 18

ShapeShift Aided 60 Law Enforcement Inquiries in 2018, Erik Voorhees Reveals

It seems like ShapeShift has done exactly as its name suggests, changing form almost beyond recognition. Founder, CEO, and no fan of the SEC, Erik Voorhees’ exchange once existed without accounts. Now they have full KYC and hand over customer data upon request.


ShapeShift Shocked Crypto World With KYC

In what can only be described as a seismic shift in ethos, ShapeShift started implementing KYC in September 2018. They first sugarcoated it as a “membership program,” for which users would have to provide “basic personal details.” This would allow the exchange to reward them in the form of higher trading limits, cheaper fees, and the like.

Whichever way you spin it, however, the company was paving the way for full KYC/AML. And all customers would have to undergo it by the end of the year. Voorhees later admitted the decision was largely due to “regulatory hurdles.” It also stung the company financially, forcing them to lay off some 37 employees.

ShapeShift made a name for itself as a frictionless way to move crypto funds. But if the company was to compete in a regulatory environment that’s increasingly heating up, it would have to get compliant. Plain and simple.

ShapeShift and Law Enforcement

A blog post tweeted out by Voorhees yesterday may shock its users who thought they had complete anonymity before Q3. Making a reference to Kraken and how their transparency with law enforcement inspired ShapeShift to also help, they say that in 2018, the exchange aided in 60 law enforcement requests.

The below charts depict the various types of law enforcement requests that come in different forms from governments around the world.

ShapeShift Law Enforcement Requests

The company says:

In the United States, they often take the form of subpoenas… What probably won’t come as a surprise is that the United States makes up the largest number of these requests.

A subpoena is a court-ordered request that essentially forces a person or entity to take an action. This could either be to testify before a court or hand over documents. Voorhees is no stranger to these.

What’s interesting is that there was an influx of requests towards the end of quarter three and moving into quarter four. The company says that this is congruous with other crypto companies in the industry, citing Market Watch.

ShapeShift No Longer Anonymous in Anyway

For users who thought that moving crypto through ShapeShift was a viable way of facilitating criminal activity, KYC clipped their wings. And if they had any notion that their transactions were anonymous on ShapeShift at any point last year, they just go a wakeup call.

There’s a lot of scrutiny on cryptocurrencies as the technology and use evolves. ShapeShift has always held financial transparency as a core principle, and for this reason, we felt the world should know that these types of law enforcement requests happen – almost continuously.

What do you think about Shapeshift aiding law enforcement? Share your thoughts below!


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Led 15

XRP Overtakes Ethereum Despite Looming ‘Constantinople’ Upgrade

XRP has reclaimed the position of the second largest cryptocurrency by market cap from ETH just days before Ethereum’s ‘Constantinople’ hard-fork upgrade. 


Pre-Fork Drop

On January 16th, Ethereum is scheduled to undergo a network-wide system update called ‘Constantinople’. Among other things, the implementation of the upgrade will reduce the block reward from 3 ETH/block to 2 ETH/block.

Days before the event, however, Ethereum’s (ETH) 00 price experienced a notable decline.

In a matter of minutes, ETH price dropped by about 8 percent.

The movement caused ETH to fall behind Ripple (XRP), which reclaimed its spot as the second largest cryptocurrency by means of market capitalization, less than two weeks after Ethereum regained the number two spot from XRP.

In fact, the two have been neck and neck over the past few months in cryptocurrency market cap rankings.

XRP 00 also experienced a decrease around the same time, but the cryptocurrency experienced a relatively smaller loss of 2.5 percent against the USD.

Ethereum’s ‘Constantinople’

Constantinople is a system upgrade scheduled for implementation at block 7,080,000. Given the current average block time, the event should take place on January 16th, 2019.

One of the most discussed changes that the upgrade will cause is the reduction of block reward from the current 3 ETH/block to 2 ETH/block. This is also referred to as the “thirdening.” It’s the second time Ethereum’s block rewards have been reduced.

The first one was called “Byzantium” and it took place on October 16th, 2017. Back then, ETH surged by about 6 percent during the day, followed by the cryptocurrency’s late 2017 rally to an all-time high of about $1,400.

In total, the upgrade will integrate 5 Ethereum Improvement Proposals (EIPs), which are geared toward tackling cost, speed, functionality, and mining issues.

Support For ‘Constantinople’

Several cryptocurrency exchanges have announced their support for the upcoming network upgrade.

Binance, HitBTC, Huobi, Bittrex, OKEx, CEX.IO, Cryptopia, and Poloniex, have all announced that they will support the Constantinople hard-fork.

Most of them advise users to give sufficient time for their deposits to be processed prior to the upgrade.

At the time of writing this, Gemini, Coinbase, and Bitfinex, haven’t yet declared their support for the upgrade.

What do you think about Constantinople and its impact on Ethereum? Don’t hesitate to let us know in the comments below!


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Led 13

Our Man At CES 2019 – Part One: Finding Crypto

Where better to check out all the latest crypto-tech than the Consumer Electronics Show in Las Vegas. Actually, as it turned out, finding crypto at CES wasn’t as easy as first expected.


Technology Unveiled at CES 2019

The Sunday before the show hosts a media event called CES Unveiled, featuring the Best of Innovation awards.

After three hours feigning interested in a whole range of tech startups latest offerings, I was beginning to lose hope. The closest I’d come to anything blockchain related was a point-of-sale device, which the exhibitor said: “could develop to include cryptocurrency payments in the future.”

CES

Just as the event was finishing I stumbled across the Archos booth, where they were showing a new hardware wallet, the Safe-T touch. I arranged to meet them again during the show proper, with the possibility that they might be able to source a review model.

On exiting the hall I was sequestered by a youth holding a sign saying CoinAgenda. Apparently there was a crypto-afterparty a short bus ride away. A quick straw poll of the guests suggested that nobody really knew what the party had to do with crypto. But there was an open bar, so nobody seemed overly concerned.

Conference Tracks

Monday was spent exploring Vegas, but I did chance upon this Bitcoin ATM in a Love Boutique.

Then Tuesday saw a full day of hosted panel-type discussions in the ‘Digital Money’ conference track. Access to these conference tracks required the purchase of an additional pass over and above the registration for the main event. Whilst I hadn’t found much to report from the Unveiled show, there was a rich vein of cryptocurrency and blockchain, playing a prominent part in events.

A diverse range of speakers and panel guests included Brock Pierce, Tim Draper, Michael Terpin of Transform group, and the Prince of the Netherlands. Sessions covered topics such as security, blockchain in the entertainment industry, regulation, and decentralization.

Last on the schedule was ‘The Second Annual Token Slugfest’, in which six companies gave four-minute pitches for their ICOs. This concluded with a clap-o-meter type judging of the pitches, and the crowning of an eventual winner.

Having spent the day bathed in the warm fuzzy glow of all things crypto, my spirits were rejuvenated. I planned to hit the show floor the next day to continue my search. Actually the (many) show floors. I hadn’t realized quite how big this CES thing was.


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Led 08

BIS Reports 70% of Central Banks Are Studying Cryptocurrencies

A new report published by the Bank of International Settlements (BIS) shows that the majority of central banks are studying central bank digital currencies (CBDC). However, most of them are unlikely to issue any type of digital currency in the near future. 


CBDC ‘Unlikely’ in The Short Term

BIS published the results of a new survey on central banks studying the technology behind Bitcoin and cryptocurrencies. A total of 63 banks have responded. They represent jurisdictions, which cover about 80 percent of the population of the world and more than 90 percent of its entire economic output.

The intention of the survey was to find out whether central banks currently are developing their own central bank digital currencies (CBDC) and how likely they are to issue them.

Of the 63 banks, 70 percent said that they are either currently working or will soon be engaged in work on CBDC.

However, this includes conducting conceptual research on the matter, sharing studies and views of developing a “common understanding of this new field of study.” According to the report, half of the respondents have moved to a more “hands-on” proof-of-concept activities in order to test new technologies.

The report reveals that 85 percent of the central banks are unlikely or very unlikely to issue any type of CBDC in the short term (1-3 years).

Back and Forth

In September, Bitcoinist reported that the European Central Bank (ECB) has no intentions of issuing a central bank digital currency.

ECB

It’s also arguable whether a central bank issued digital currency will even fit the mold of decentralized cryptocurrencies. In December, a couple of researches at the St. Louis Fed, outlined that:

Once you add a central bank and remove the “permissionless” network—with nodes that can leave and join as they wish, there isn’t much left to the cryptocurrency you started with.

Nevertheless, some central banks remain open to the idea of CBDC. The BIS report outlines that the Central Bank of Uruguay has completed a pilot programme on a general purpose CBDC.

At the same time, the governor of UK’s central bank Mark Carney has previously said that the Bank of England is open to the idea of a central bank issued digital currency.

What do you think of CBDCs? Don’t hesitate to let us know in the comments below!


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Led 06

Seized Monero Up For Auction In UK First

An auction house in Northern Ireland is holding the UK’s first live online auction of seized cryptocurrency. The sale, of 167.69 monero coins will start at midday tomorrow (GMT).


First Sale Through Private Auction House

Wilsons Auctions, of Newtownabbey, have arranged the sale, which will allow participants to view the live price and place bids online. While governments across the world have held similar sales, this is the first by an independent auction house. A UK law enforcement agency seized the coins under the Proceeds of Crime Act.

The monero (XMR) 00 in the auction comes in 10 lots of 16.769 XMR, which each have a market value of around £670 (US$850). However the first lot also comes with a private key to claim various fork coins. These include 167 Monero Classic, 167 Monero Original, 167 Monero O, and 1670 Monero V

Each Lot will time out in 2-minute intervals with the first lot ending at 12 noon.

The First Of Many

This will be the first in a series of auctions over the coming weeks. It is unclear how the privacy-focused coin was seized by the authorities but Wilsons recently won a contract with the Belgium Federal Government’s Asset Management Office. Under the contract, Wilsons will support investigators in Belgium and facilitate the secure seizure and storage of cryptocurrencies.

In addition, Wilsons claim to be working with over 40 government and law enforcement agencies, both nationally and internationally. Aidan Larkin, head of asset recovery at the company, told the Belfast Telegraph:

Following huge investment into our systems and infrastructure, we are able to offer government and law enforcement agencies throughout the UK, Ireland and internationally a secure solution so that the ever-increasing problem of seized cryptocurrencies can be managed by an auction company with significant experience dealing with seized assets.

Will the winning bid be above or below market spot price? Share your thoughts below!


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Led 05

Weiss Ratings 2019 Prediction: Bitcoin Will Reach a New All-Time High

A new year means more speculative cryptocurrency predictions. Many predictions last year didn’t envisage the enormous bear market that characterized the year, with Bitcoin dropping more than 80 percent. Weiss Ratings has published its outlook for Bitcoin and other cryptocurrencies in 2019.


Increased Adoption and New ATH for Bitcoin

According to Weiss Ratings, 2019 will herald increased adoption for Bitcoin. The international rating agency expects more people to consider the top-ranked cryptocurrency as a store of value. The expected result is BTC firmly establishing its status as digital gold.

The forecast report also suggested that BTC price 00 could reach a new all-time high (ATH) in 2019. This prediction comes from the apparent cyclical nature of Bitcoin price action with major bear market declines followed by new ATH.

Back in December, Bitcoinist reported on the call by Weiss Ratings that prices reached a low enough level for investors to load up on BTC.

2019: Year of the XRP Flippening?

Weiss Ratings also predicts a significant year for XRP 00 especially in its pursuit of cornering the global payment ecosystem. While identifying the progress made by XRP and Stellar, the rating agency highlighted XRP as having the potential to compete with SWIFT.

Ripple spent most of 2018 extending its network of applications related to the banking sector, inking partnerships along with way.

For Weiss Ratings, XRP could on the back of increased utility displace BTC from its perch at the top of the cryptocurrency market capitalization chart. For a brief period in 2018, XRP overtook Ethereum as the second largest cryptocurrency by market capitalization.

This forecast represents a shift for Weiss Ratings given that in 2018, the agency said BTC would lose 50 percent of its market share to Ethereum. Indeed, most of the talk about the “flippening” has almost always been about Ethereum upstaging Bitcoin. However, the decline in the ICO arena seems to have negatively impacted such a possibility.

Mixed Bag for Altcoins in 2019

As far as the rest of the altcoin market goes, Weiss Ratings predicts a mixed bag of fortune with some rising to prominence and others fade into obscurity. The rating agency says “BTC-like” coins like Bitcoin Cash and Litecoin are destined to fail due to the absence of innovative use-cases for such cryptocurrencies.

On the other hand, projects like EOS and Cardano will usher in a paradigm shift in Internet technology, giving birth to Web 3.0. Also, Weiss envisages a shakeup in the top ten rankings with new entrants such as Holochain and Hedera Hashgraph.

Do you agree with the predictions mentioned above? What are your cryptocurrency forecasts for the new year? Let us know your thoughts in the comments below.


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Pro 30

New Survey Finds 40% of Chinese Want To Invest In Bitcoin

A new survey asked nearly 5000 Chinese people about their familiarity and interest in cryptocurrency. The results of the survey show that two in five or 40 percent wanting to invest in bitcoin, despite the current bear market.


Subject Knowledge

The survey found that 98 percent of the respondents had heard of at least one concept related to cryptocurrency or blockchain.

Although, only 50 percent said they had heard of cryptocurrency, digital currency or bitcoin, and 42% had heard of blockchain. One would imagine a very high level of crossover in these two groups, so it is unclear what the other 48 percent had heard of.

Only 20% of those who have heard of blockchain claim to have an understanding of the technology. Half of these were millennials, suggesting a greater level of crypto-interest amongst this group.

Indeed, the affinity for digital payments among the millennial generation alongside a deep distrust in banks following the ’08 financial crisis may be setting the stage for Bitcoin adoption to happen naturally.

In November, Bitcoinist noted:

[I]n 8 years, there will be no person under 18 years old who have lived in a world without Bitcoin, which has been working flawlessly their whole lives. This will be the reality for everyone born in 2009 and beyond.

Their trust in bitcoin will be as profound as their trust in gravity.

Invested In Crypto

14 percent of survey respondents had invested in cryptocurrency. Of these, one in five have little knowledge and only know about Bitcoin, two in five know about mainstream cryptocurrencies like Ethereum and EOS, and two in five have knowledge of other altcoins.

China’s First Bitcoin Documentary Premiere

Influencers play an important role in the spread of cryptocurrency awareness. Nearly 40% of those polled had discovered crypto through online celebrities. 25 percent learned about crypto through friends and relatives, whilst 20 percent became aware through media coverage.

Age Appropriate

60 percent of those who had invested in cryptocurrency was in the 19-28 age range, with most having invested between 10,000 and 100,000 yuan ($1450 – $14,500). Most of this group invested after the 2017 bull-run, so will likely be nursing some major losses.

Despite this, 40 percent of the survey respondents said that they would invest any spare funds in cryptocurrency in the future.

Barriers To Entry

However, almost 60 percent of respondents said they were scared off by complicated procedures when using wallets or exchanges. A similar number believe that they don’t need crypto as a means of payment, due to existing mobile payment options being pervasive in the country.

Despite these misgivings and the ongoing legality issues, the survey claimed to be the largest of its kind, seems to indicate a bright future for crypto in China.

What do you think of the survey’s findings? Share your thoughts below! 


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Pro 28

The Federal Reserve Could Launch a ‘FedCoin’- But There’s Really No Point

It seems as if the Federal Reserve really understands the core values of Bitcoin and that launching a national cryptocurrency is pointless.


Director of the IMF Christine Lagarde spoke out about the benefits of central bank digital currencies (CBDCs) this November. She said that they could improve security, accelerate financial inclusion, reduce poverty, and afford greater privacy. She even made a reference to cryptocurrencies as a “contender” in our cashless society.

And many crypto enthusiasts took heart. It seemed that finally, aging institutions were coming around to the technology and understanding its value. After all, cryptocurrencies can already achieve most of the things that Lagarde suggested. They can lower the cost of international remittances, streamline efficiencies, and protect the identity of their users.

But It’s Not Interesting to The Federal Reserve

At the height of bitcoin’s price explosion last year, when crypto entered the mainstream, many people called it the future of money. In fact, a former governor at the Federal Reserve Kevin Walsh, who was among the candidates to become chairman, said that if he were elected he would allocate resources to explore the creation of Fedcoin–a national cryptocurrency.

St. Louis Federal Reserve Bank: 3 Qualities Bitcoin and Cash Share

Why? Because it could improve transparency, increase efficiency, and allow the Fed to access negative interest rates and other financial tools.

But when you get down to the nitty-gritty, none of these things are of interest to the Fed, the banks, or national governments.

Sorry, No National Cryptocurrency for Now

The IMF is famous for imposing loans on struggling countries and crippling them with exorbitant interest rates. So it seems unlikely that such an institution would race to adopt a technology that would unchain the downtrodden from their shackles.

Moreover, researchers at the St. Louis Fed, Fabian Schar and Aleksander Berentsen, noted that a central bank “could easily” create its own crypto:

However, the key characteristics of cryptocurrencies are a red flag for central banks.

The red flags, they argued, were that law enforcers must be able to monitor who is using a currency at all times, which means that they would need strict identification requirements to eliminate fraudsters and money launderers.

They fail to mention that some two-thirds of all $100 US dollar bills are outside of the United States–and that no one has any idea who is using them.

They do make some very valid points, however, that underpin the reason there may never be a Fedcoin or any other national cryptocurrency:

Once you add a central bank and remove the “permissionless” network—with nodes that can leave and join as they wish, there isn’t much left to the cryptocurrency you started with.

In fact, a centralized cryptocurrency isn’t really a ‘cryptocurrency’ at all. It’s just centralized electronic money, which they’ve already got bucketloads of.

The two St. Louis branch of the Federal Reserve researchers further pointed out that this kind of centralized electronic money doesn’t even need a blockchain to work, in fact:

The technology for issuing virtual money in a centralized way existed long before the invention of the blockchain.

The Old Money Laundering Argument Again

A Federal Reserve Board governor Lael Brainard tore the concept of CBDCs apart at San Francisco’s Decoding Digital Currency Conference. While praising blockchain’s innovation, she went on to note that crypto’s volatility made it unsuitable as a unit of currency or store of value and that it was susceptible to hacks and money laundering.

She repeated Schar and Berentsen’s red flag of identity management and noted how a national digital currency would affect banks–again, pointing out that we do, indeed, already have electronic money.

So, while its certainly true that the Fed could digitize the US dollar and turn it into a cryptocurrency, it would only work against the interests of existing institutions and essentially be totally pointless.

Could There Be a Middle Ground?

It’s interesting to note that while adding centralized authorities to crypto does, in fact, seem to be missing the point, that doesn’t render crypto entirely useless for national purposes. Neither does it make fiat any more suitable. Cryptographer Peter Todd noted that:

It’s fashionable to criticise all blockchain stuff when applied to centralized systems as nonsense, because most of the solutions peddled have been nonsense. But the truth is somewhere in between.

Which means there may be some middle ground. But perhaps the main takeaway is this:

That the Federal Reserve wants nothing to do with a national cryptocurrency should be about as surprising as the Vatican failing to embrace gay marriage or abortion. Or if you want a further comparison, asking Jamie Dimon about bitcoin is like asking a taxi driver about Uber.

It’s still a young technology, and we’ve got a long way to go. So for now, it’s really no shocker that the old institutions aren’t diving in to expose their ills and remove their controls.

Do you agree with the Fed’s position on national cryptocurrencies? Share below!


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Pro 20

UK Gov’t Unveils Cryptocurrency Tax Guidelines For Individuals

Her Majesty’s Revenue and Customs (HMRC) yesterday released a policy paper, detailing cryptocurrency tax guidelines for individuals. The good news is that no new punitive tax measures apply to crypto, which essentially falls under existing taxation schemes.


Which Tax Applies?

After defining what a crypto-asset is, the paper notes that the nature of the industry requires a continually developing tax perspective. It breaks down the difference between exchange, utility, and security tokens, although the guidance within applies specifically to exchange tokens.

The tax treatment, however, is not dependent on the definition of the token, but on its nature and use. In simple terms, crypto-assets received as a form of payment will be liable for income tax. Those held as a personal investment will be subject to capital gains tax, but only on disposal.

Cryptocurrency Tax Liabilities

Income Tax and National Insurance contributions are liable on crypto-assets received in the following circumstances:

  • Non-cash payment for employment or services rendered
  • Mining fees or awards – where the mining activity is not at the degree where it would amount to a taxable trade.
  • Financial trading in cryptocurrency – where the level of organization and frequency amounts to financial trade.

As crypto-assets gained through these activities count towards total earned income, the level of tax payable depends on tax bracket.

Capital Gains Tax

In most cases, HMRC expects that the buying and selling of crypto-assets by an individual will amount to investment activity. As with any other asset, this requires payment of tax on any gains realized at the point of disposal.

For the purposes of crypto-assets, disposal may include:

  • Selling for money
  • Exchanging for other types of crypto-asset
  • Using as payment for goods or services
  • Giving away to another person – who is not a spouse or partner

Charity donations are not usually subject to capital gains tax. Special rules apply to pooled assets (those which a person acquires over time and at different prices), regarding initial purchase cost.

Rates of capital gains tax are 20% for higher or additional rate taxpayers, and 10% for basic rate taxpayers. If your gains plus your income fall within your personal allowance then zero tax is due.

The Bottom Line

This is a very clear and well-written paper, and it is refreshing to see the British government eschew the “Crypto bad!” mentality, favored by some. By treating crypto-assets as regular income and/or investments, dealing with them should be made easier, as most taxpayers (and all tax professionals) will already be familiar with these processes.

Interestingly, the Bank of England posted a Twitter poll this week, asking for respondents preferred way to receive Christmas money. No prizes for guessing what’s coming top. Although perhaps somebody should tell the BoE that ‘bank transfers’ are ‘digital currency.’

Additionally, acceptance of bitcoin and other cryptocurrencies by the government for tax payment could also be on the horizon. Earlier this month, Bitcoinist reported that UK Member of Parliament, Eddie Hughes, has called for local authorities to take a lead, and accept Bitcoin payments.

Do the cryptocurrency tax guidelines help mainstream adoption? Let us know in the comments below!


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