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Indian Crypto Tax, Listed VR Company Diversifies Into Bitcoin + More News

Tim Alper
Last updated: | 3 min read

Get your daily, bite-sized digest of cryptoasset and blockchain-related news – investigating the stories flying under the radar of today’s crypto news.

Source: Adobe/Damir Khabirov

Tax news

  • The Indian government could become the latest to impose a tax on crypto trading. In a report, the Times of India stated that politicians are mulling the imposition of a flat 18% rate of goods and services tax (GST) on bitcoin (BTC), although altcoin trading would likely be covered by the same rules. The media outlet quoted “finance ministry sources” as stating that the ruling could be legalized by a move to legally classify BTC and (presumably) other tokens as “intangible assets,” allowing GST-responsible officials to charge tax on crypto trading profits.

Investments news

  • NexTech AR Solutions, a listed provider of virtual and augmented reality solutions, said that it plans to make an initial investment of USD 2m in BTC and may add more in 2021. “Our investment in bitcoin is part of our new capital diversification and allocation strategy with the intent to maximize long-term value for our shareholders,” NexTech CEO, Evan Gappelberg was quoted as saying in a press release.

Exchanges news

  • OKEx announced the launch of real-time settlement for all perpetual swaps, futures and options contracts that is coming to the platform. This is beneficial to traders carrying out cross-exchange arbitrage, as they need to settle their profit in real-time across exchanges, the company said.

Mining news

  • BitRiver, a major provider of colocation services for crypto mining in Russia and CIS countries, said it has appointed Compass, a BTC mining marketplace, backed by BTC mining and media company HASHR8, as its exclusive representative across North America. This partnership allows American investors to access BitRiver’s mining facilities in Russia by signing a contract with US-based Compass, the company said in a press release.

Blockchain news

  • The South Korean National Pensions Service (NPS) has launched a blockchain-powered service that it claims will help prevent forgery and reduce the need to submit paper documents in-person at banks an other financial services providers. Per EBN, the NPS has launched what it calls a “national pension certificate,” which users can access using smartphone-based e-document wallet services, submit it to banks and other institutions in real-time using blockchain technology. The NPS also claimed that it would seek to make other social security-related documentation available on the same platform, including pension claims forms.

Adoption news

  • Bitcoin proponent Russell Okung, a Pro Bowl tackle for the Carolina Panthers, said he’s become the first National Football League player to collect 50% of his USD 13m salary in BTC using Zap’s Strike product, Coindesk reported. Strike facilitates payments that are translated from ordinary currency into BTC.
  • The local authorities in the city of Lebrija, in Sevilla, Spain, has created a new cryptoasset to help it distribute financial aid to families in the region that have been worst hit by the coronavirus pandemic. Media outlet Diario de Sevilla reported that the city council has selected around 600 families that will receive its new token, named the Elio, with a large number or merchants in the region allowed to receive the token as a form of payment. Handouts of up to USD 245 worth of the Elio have been distributed to households, and residents have until March next year to spend their tokens.
  • Fiat-to-crypto payment gateway Simplex said it has become a principal member of the Visa network. This allows the company to issue Visa debit cards.
  • The US Securities and Exchange Commission (SEC) said it had filed an emergency action and obtained an order “imposing an asset freeze” on Virgil Capital, the operator of the Virgil Sigma trading fund. The regulator said that it believes the operator has been defrauding its investors since at least 2018. The scheme, it announced was likely masterminded by Virgil Capital owner Stefan Qin, a man the regulator described as an “Australian citizen and part-time resident of New York.”