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AtoZ Crypto weekly overview: Tax-free digital assets in Singapore!

Redwan Eid | Jul. 13, 2019
AtoZ Crypto weekly overview: Tax-free digital assets in Singapore!

July 13, 2019 | AtoZ Markets - Tax-free digital assets in Singapore may see light soon, and Turkey eyes digital assets for improving its economy.

Cryptos bring back the US-Iranian accusations’ round to the arena, and yet, another forex trading scam weighs down on the EU.

The week started pregnant with news. Welcome to our renewed weekly overview of the forex, blockchain and cryptocurrency market news.

Before we take off with what we have today in our basket, we are going to touch upon what happened with the cryptocurrency exchange Bitmarket, which was in the headlines over the past few days, upon a surprising shutdown without any prior notice. The thing that brought the cryptocurrency community to call “an exit scam”.

The exchange, which was regarded to be the second-largest one in Poland, had published on June 8, “We regret to inform you that due to the loss of liquidity, from 08/07/2019, Bitmarket.pl/net was forced to cease its operations. We will inform you about further steps.”, which stormed another wave of comments and suspects by the exchange’s users  themselves, as AtoZ Markets reported.

Tron offices in Beijing raided!

Staying in the same context, AtoZ Markets also reported in the beginning of the week that the Chinese police in raided the offices of the cryptocurrency exchange Tron, over investigations that at the time identified Tron as scam.

The Journalist Hayden Otto posted a short video on his twitter account, which showed the Beijing police raiding TRON’s offices, upon public rage that the coin might have been a scam.

Market analyses associate the incident with why Coinbase did not fancy listing the coin on its platform.

Tax-free cryptocurrency may see light in Singapore in the future

The week also brought some fruits as for the cryptocurrency market, where AtoZ Markets reported that Singapore was studying the possibilities of exempting cryptocurrencies from the Value Added Tax, the term that is locally identified as “GST” there in the country.

Exempting cryptos from taxation, which the IRAS suggested to take effect on January 1, 2020, came in a draft that outlined new rules for overhauling the currently applied system, which dictates that digital payment tokens are regarded as taxable supply of services.

The newly suggested law especially target cryptocurrencies that are intended to function as a medium of exchange.

The cryptocurrency business may fold out in Turkey

The Turkish government published a new economic roadmap, under the Eleventh Development plan, which covers the period between 2019 and 2023.

The plan came to mention a point that presuppose that the country’s central bank will create its blockchain-based digital currency within the upcoming years.

The Turkish government is also planning to implement the necessary legal and technological infrastructure that will allow utilizing the capacities of blockchain to address the issues associated with transport and customs aspects.

A warning shout from Austria against a suspicious forex firm!

The Financial Market Supervision Department in Austria (FMA) issued, mid this week, a warning against the forex trading firm Universe Markets, for compliance issues.

In its warning, published July 9, the FMA said, “The Austrian Financial Market Authority (FMA) may inform the public in accordance with § 4 para 7 Banking Act (BWG) 1st sentence by announcement on the Internet, reprint in the "Official Gazette of the Wiener Zeitung" or in a newspaper with distribution throughout the Federal territory that a named natural or legal person (person) is not authorized to carry out certain banking transactions.

The regulator had issued a similar warning against the forex trading exchange Xtrader-FX GPay Ltd.

.... And U.S President sees cryptos "no money"!

The bomb that went off in the cryptocurrency medium recently was that the U.S president, Donald Trump, publically announced that he himself does not see any potential in digital assets, pointing out in particular, to the Facebook Coin Libra, prior to its scheduled congressional hearing.
The word went viral over the internet, as Trump tweeted about.

The latter put the Facebook coin on one scale with the U.S dollar, stressing that the dollar is “the only real currency in the U.S.A”

Here, we have come to an end in our weekly tour today, until we renew our appointment the next week, I give you the greetings of AtoZ Markets’ family.

Stay tuned on your website AtoZ Markets for the latest update in the cryptocurrency, blockchain and forex sphere.

Disclaimer: The views and opinions expressed in this article are solely those of the author and do not reflect the official policy or position of AtoZ Markets.com, nor should they be attributed to AtoZMarkets.