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Ignore those stories that say the Transportation Security Administration plans to end screenings at the nation’s smaller airports.
That was the message from TSA Administrator David Pekoske, who promised that the federal security agency will continue to staff or oversee security screenings at all…
NASA on Friday announced the crews of the first spaceflights to be launched from U.S. soil since the space shuttle retired in 2011, an elite group of astronauts that the agency hopes will help open a new era of space travel.
The crews would fly on spacecraft developed not by NASA but by two corporations,…
Cryptolinc Co. Ltd, which develops and provides cryptocurrency management and calculation systems, and Miroku Information Service Co. Ltd, a financial and accounting system management and information service, have jointly created a crypto corporate accounting tool for corporate cryptocurrency accounting.
Cryptolinc Corporate Accounting Shares Data in Collaboration with Accounting Firm
Through a collaboration, cryptocurrency transaction data will be incorporated into the financial and accounting system of Miroku Information Service, enabling an appropriate and complicated accounting process to be carried out smoothly, the companies explained in a statement.
By realizing a seamless data linkage with an API connection to Cryptolinc Corporate Accounting, the software should drastically help accounting companies to process corporate tax returns for cryptocurrency transactions, which are expected to increase in the near future.
Transaction Data to Be Collected From Each Exchange
“Cryptolinc Corporate Accounting beta version can prepare an income and expense calculation after uploading transaction data from each cryptocurrency exchanges,” the companies said in a joint statement. “[It] can capture data and insert it into an accounting software, such as the one Miroku Information Service provides. This is the first tool for corporate cryptocurrency accounting in Japan.”
With the crypto market having expanded rapidly in Japan, by March of this year the ASBJ, (Accounting Standards Board of Japan) issued the Practical Solution on the Accounting for Virtual Currencies under the Payment Services Act, which attracted everyone’s attention to accounting issues for crypto. However, calculating expenses and losses in virtual currencies is extremely complicated and takes a lot of time. Many accounting firms and corporate accountants are struggling to respond to such demand.
“We focus on accounting of cryptocurrency transactions and we publicize them. When calculating income and expenses in crypto, it is difficult to calculate the difference between profit and loss, many accountants are struggling to respond to that,” Cryptolinc said.
What the software offers is management of transaction data collected through multiple crypto exchanges in a centralized way, and easy calculation of income and expense. Accounting data and results are collected by Cryptolinc Corporate Accounting, and in accordance with Japanese accounting standards, the data will be incorporated into the financial and accounting system of Miroku Information Service in a way that will allegedly satisfy tax compliance, enabling appropriate accounting and tax filing.
What do you think of corporate accounting firms using data shared by crypto exchanges? Share your thoughts in the comments section below.
Images courtesy of Shutterstock and CryptoLinc Ltd. Co.
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Following several announcements of plans for global expansion, this week crypto exchange Huobi has reportedly informed Indian users of its intentions to present them with a P2P platform that allows trading in Indian rupee. The email notice published by local media promises zero transaction fees for exchanging BTC, ETH, and USDT.
Reports: Huobi to Launch P2P Platform for Indians
Cryptocurrency exchange Huobi has announced in an email to Indian users its decision to offer peer-to-peer trading services in their country, local crypto media reported. The notice states that they will be entitled to zero transaction fees for trades in bitcoin core (BTC), ethereum (ETH), and tether (USDT). Users will be able to buy and sell these cryptocurrencies with support for transactions in Indian rupees (INR), according to a copy of the correspondence published by Crypto News, India.
The exchange says that “[…] we do think it’s time that we provide a solution of buying/selling digital assets with INR for all Indian users: Huobi OTC – a proprietary peer-to-peer (P2P) platform that allow[s] users and merchants to trade digital assets with your local currencies.” The crypto company also notes that “every registered Indian user of Huobi can log in to https://otc.huobi.com to trade digital assets with INR.” Customers are also advised to transfer to Huobi Global if they want to trade more cryptocurrencies with high liquidity.
The announcement was made after Huobi recently sent a questionnaire to its Indian users. In another email, the exchange also invited them to become “Global Merchants”. The message read, “After becoming a global merchant of Huobi OTC, you will be entitled to: post-fiat-to-token advertisements to gain more earnings during “Buy & Sell” processes; enjoy zero transaction fee and obtain 24/7 customer support.”
The launch of the Indian P2P platform has yet to be officially announced by Huobi with a release expected on its social media channels. However, the authenticity of the emailed message has been confirmed already by a spokesperson reached by Crypto News: “For OTC supports INR currency. Yes. It’s legit,” the representative is quoted as saying.
Peer-To-Peer Trading Expands After Ban, Before Regulation
Huobi’s announcement comes in difficult times for the Indian crypto community. In recent months, Indian companies and individuals working with cryptocurrencies had to deal with a bank crackdown that followed a ban imposed by the Reserve Bank of India, the country’s central bank. The measure came into force on July 5, after the Supreme Court upheld it in a hearing on July 3, when it did not grant a stay before the compliance deadline, and then in another one on the 20th, when it did not overturn the ban. The final hearing on the matter was scheduled for September 11.
In April, the RBI ordered regulated financial institutions to quit providing services to entities and citizens dealing in cryptocurrency. The restrictions have since forced Indian crypto exchanges to suspend fiat transactions and offer crypto-to-crypto trading options. Comprehensive regulatory guidelines are expected in September, as news.Bitcoin.com reported earlier this week. A draft has been prepared already and consultations are underway to finalize the framework.
Until the important decisions are made this fall, P2P platforms are offering a viable option for Indian traders who want to exchange cryptos with rupees. Cryptocurrency exchanges, Koinex and Wazirx, are already offering peer-to-peer trading services.
If Huobi fulfills its promise to Indian users, the launch of its P2P platform will become the latest in a series of moves aimed at expanding its global reach. Huobi’s plans include Europe, Asia, America, and Australia. In June, the Singapore-based exchange confirmed its intentions to open an office in London. In early July, the third largest crypto trading platform launched a platform in Australia with 10 pairs against the AUD. Huobi is also eyeing opportunities in Toronto, San Francisco, and São Paulo.
Do you trade cryptocurrencies on P2P exchanges? Share your thoughts on the subject in the comments section below.
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The post Huobi Informs Users on Decision to Launch P2P Trading in India appeared first on Bitcoin News.
In recent news pertaining to cryptocurrency exchanges, the CEO of Chicago Mercantile Exchange (CME) has indicated that the company has no intentions of introducing derivative markets for alternative cryptocurrencies in the near futures; Waves’ decentralized exchange was hacked upon launch; and the founder Pakcoin has attributed Pakistan’s slow rate of cryptocurrency adoption to low literacy rates.
CME CEO Extinguishes Rumors of Altcoin Futures
The chief executive officer of CME, Terrence Duffy, has indicated that the company has no plans to introduce derivatives markets for additional cryptocurrencies.
Mr. Duffy stated that he “will take a wait and see approach with [BTC] for now, adding “I will not just put products up there to see where they’re going to go.” Mr. Duffy also emphasized that cryptocurrency futures contracts are “highly volatile and new.”
In an interview in March, Dennis O’Callahan, the director for product development of Chicago Board Options Exchange, responded to a question concerning whether CBOE was exploring listing derivative markets for other cryptocurrencies, stating: “Being in product development our task is to look for new products all the time, so we are constantly evaluating that market, and we are evaluating other cryptocurrencies too, among other items. But we have seen how Bitcoin has worked, so we are definitely monitoring other termarkets to make sure that the infrastructure and everything is in place in case we want to pursue other cryptocurrencies.”
Waves’ DEX Gets Hacked Upon Launch
Earlier this week, Waves officially launched its decentralized exchange following a year-and-a-half-long beta period. The Waves DEX reportedly facilitated $ 6 million worth of cryptocurrency transactions at the conclusion of its beta testing, surpassing the daily volume of many rival decentralized exchanges. The company claimed to be host to 330,000 wallets belonging to 90,000 traders.
Despite the company’s confidence heading into the launch, Waves’ exchange and main company websites were seized by hackers seeking to phish for users’ information pertaining to wallets. After several hours, Waves was able to restore access to its DNS server and return its platforms online.
The chief executive officer of Waves, Sasha Ivanov, discussed the incident with media, stating: “Someone just faked my passport and gave it to support [staff] at the domain company and they changed the password at his request. Then the attacker was able to change the main website.”
In response to the attack, Mr. Ivanov stated: “We and the whole industry need to work on decentralized domain name systems.” A spokeswoman for Waves added that “the DNS servers of the Waves website are maintained by the registrar, and in this case, their security is beyond our control. Nevertheless, the security levels of the registrar are, indeed, in question, and so we are currently considering further action … to make sure that this one-time breach will never occur again.”
Pakcoin Founder: Slow Rate of Cryptocurrency Adoption in Pakistan to Low Literacy
Abu Shaheer, the founder of Pakistan-based altcoin Pakcoin, has indicated that the number of Pakistanis investing in cryptocurrencies is increasing slowly, attributing the slow speed of uptake the low rates of literacy in Pakistan.
“People are turning to cryptocurrency as an investment, but slower than the western world as the literacy rate is lower here and its a totally new phenomenon for them,” Mr. Shaheer said. “Some are using it as alternative means of payments. Most people using cryptocurrencies are day or short-term traders finding investment opportunities in crypto and are growing in number.”
According to the United States Central Intelligence Agency, approximately 57.9% of Pakistani citizens over the age of 15 are literate.
When do you think we will see mainstream financial institutions offer derivative products for a wide range of cryptocurrencies? Join the discussion in the comments section below!
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Two extremely conservative House lawmakers are leading a bid to impeach Deputy Attorney General Rod Rosenstein, who oversees Robert Mueller. Reps. Mark Meadows and Jim Jordan are among 11 Republican lawmakers who filed a resolution Wednesday calling for Rosenstein to be impeached, the Washington Post reports. The men, allies of…
An inquiry by leading United States-based cryptocurrency exchange, Coinbase, has found that no improper trading took place last December surrounding the launch of its Bitcoin Cash pairings.
Coinbase Inquiry Finds No Insider Trading on BCH Markets
A Coinbase spokesperson has confirmed that the investigations into potential insider trading conducted by “two well-known national law firms” have come to a close, asserting that no improper trading took place.
“We can report that the voluntary, independent internal investigation has come to a close, and we have determined to take no disciplinary action,” the spokesperson said. “We would not hesitate to terminate an employee or contractor and/or take appropriate legal action if evidence showed our policies were violated.”
According to an anonymous source, the findings of the inquiry were discussed with Coinbase employees during a company-wide meeting in recent days.
Suspicions Emerge Following BCH Price Spike
After initially scheduling the launch of BCH pairings by the 1st of January, 2018, Coinbase’s Bitcoin Cash markets abruptly went live during mid-December, 2017.
The altered date for the introduction of Coinbase’s Bitcoin Cash pairings aroused suspicions that employees of the exchange who were privy to the launch date may have been responsible for the significant BCH price rise during the hours preceding to the announcement of the Coinbase’s mid-December launch.
In a blog post published on the 20th of December, 2017, Coinbase co-founder and Chief Executive Officer, Brian Armstrong, revealed that the exchange would be launching a legal inquiry into the matter, stating: ”Given the price increase in the hours leading up the announcement, we will be conducting an investigation into this matter. If we find evidence of any employee or contractor violating our policies — directly or indirectly — I will not hesitate to terminate the employee immediately and take appropriate legal action.” The post also emphasized that “All Coinbase employees and contractors were explicitly prohibited from trading Bitcoin Cash and from disclosing our launch plans.”
A class-action lawsuit pertaining to improper BCH trading that was filed against Coinbase is still ongoing.
What is your response to the inquiry’s findings? Share your thoughts in the comments section below!
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The post Coinbase Inquiry Finds No Improper BCH Trading Took Place Prior to Launch appeared first on Bitcoin News.
The number of airlines has been shrinking in the last decade as airlines merge and acquire rivals, cutting competition and reducing choices for air travelers.
Now David Neeleman, founder of JetBlue and a major investor in the Portuguese airline TAP and Brazilian carrier Azul, says he is leading…
Kylie Jenner had a master plan to launch a makeup empire when she was 17 years old, and took charge to turn it into the booming biz it is now … this according to her proud mama. Kris Jenner sat down with Harvey about the early days of Kylie…
Crypto exchange Binance is working on a project to launch a decentralized bank bridging the crypto industry with conventional banking. The financial institution will be based in Malta and fundraising will be conducted under German law. Authorities in Valletta have welcomed the initiative that is expected to win support from other crypto investors as well.
Decentralized, Community-Owned Bank
Binance, the world’s largest cryptocurrency exchange by trade volume, is exploring opportunities to launch a bank. The project, expecting support from other crypto investors, is centered on the idea to create a decentralized, community-owned financial institution, according to the trading platform.
The future Founders Bank will be based in Malta, the island nation that has established itself as a crypto-friendly destination. Binance told Bloomberg it has taken a 5 percent stake at a 133 million-euro ($ 155 million) pre-money valuation, alongside other anchor investors.
In essence, the new bank represents an effort to bridge the crypto industry with conventional banking. To do that, Binance and its partners need to obtain the necessary permits in Malta, where authorities have already welcomed the initiative. Moreover, the bank’s board will include the government’s blockchain advisor Abdalla Kablan, Malta Daily reported. According to the outlet, the board will be chaired by entrepreneur Michael Bianchi.
“We are honored to be chosen as the location of the first global community-owned bank,” said Silvio Schembri, junior minister for financial services, digital economy and innovation within the Office of the Prime Minister of Malta. He was quoted in a statement released by Binance on Thursday. To operate in the EU, the bank will have to acquire a license from Maltese regulators and an approval from the European Central Bank.
Founders Bank will conduct its offering through the blockchain-based equity fundraising platform Neufund and will issue its own legally-binding equity tokens. The token sale will be conducted under German regulations in collaboration with one of Europe’s major stock exchanges later this year, Binance said, without identifying the exchange.
Part of a Wider Expansion
The news about the project comes after the Binance CEO, Changpeng Zhao, revealed that the trading platform expects to accumulate a net profit of between $ 500 million and $ 1 billion USD this year. The exchange that was launched last year currently reports an average daily turnover of $ 1.5 billion and has about 10 million users.
As a result of increasing regulatory pressures in Japan and Hong Kong, Binance decided to relocate to Malta, where it intends to set up a fiat-crypto exchange with support for fiat deposits and withdrawals as well as EUR and GBP trading pairs. The exchange is not the only crypto company moving from Asia to the island. Okex, another Chinese exchange, announced in April it is setting foot in the country, and in May, the Polish Bitbay revealed its plans to move to Malta.
The small island nation, member of the European Union, is competing with destinations like Gibraltar and Switzerland for the attention of crypto businesses from around the world. Recently, the parliament in Valletta adopted new laws designed to introduce clear regulations for the country’s growing crypto industry.
The expansion of Binance includes other markets, too. Earlier in July, the company announced it is launching a fiat-crypto trading platform in Uganda. The exchange also reached an agreement with the government of Bermuda, where it wants to set up a global compliance center.
Do you expect Binance to receive approval for the project to launch a bank in Malta? Let us know in the comments section below.
Images courtesy of Shutterstock.
Verify and track bitcoin cash transactions on our BCH Block Explorer, the best of its kind anywhere in the world. Also, keep up with your holdings, BCH, and other coins, on our market charts at Satoshi’s Pulse, another original and free service from Bitcoin.com
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