Income in Bitcoin is Now Legal in New Zealand!!! – Crypto Daily News
For today’s news segment, I am going to discuss with you four very appealing pieces of news I’ve found. Let me show you a bit about what they are. First up, the government of New Zealand has rules that income in cryptocurrencies are now legal and has given their citizens more information and guidance on how they should be taxed. In another thread, the Kakao Corp launched a teaser page for its upcoming cryptocurrency wallet, the Klip. Furthermore, Justin Sun declared in his tweet that TRON being listed on the US exchange is of the utmost highest priority for his team at the moment. And for the last piece of news, Coinbase in the UK is reportedly not longer supporting the Zcash cryptocurrency token.
If you want to know all about the news, then please stay with me right until the very end of this video.
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The Market Today
Now, let’s have a look at the crypto map on Coin360. Today we have a mixture of greens and reds on the map. Bitcoin is currently losing 0.05% but on the other hand, the second and the third largest coins Ethereum and XRP are both gaining by 0.92% and 1.22% respectively.
Crypto-related income is legal and taxable in New Zealand
Now, let’s jump onto our first news segment for the day. In a tax bulletin, the New Zealand Inland Revenue Department revealed that they have added income from cryptocurrencies into their tax-collection list. To be more specific, the new income tax regulation levies lax on payments in crypto that is a part of the employees’ regular salary and is fixed at a predetermined amount or rate. In more detail, only those who are employees or salary and wage earners accepting cryptocurrencies are subject to the new law, which covers both remunerations for services and bonuses, commissions and gratuities. The authority then commented on the topic:
“In the current environment where crypto-assets are not readily accepted as payment for goods and services, the Commissioner’s view is that crypto-assets that cannot be converted directly into fiat currency on an exchange […] are not sufficiently “money-like” to be considered salary or wages.”
So, what is exactly “money-like”? According to the government, it is defined as those that provide a general peer-to-peer payment system, rather than assets that function in a similar way to vouchers, shares, or debt securities.
Kakao talk will release Klip crypto wallet
Moving on to the second news item for today. Per a report on Cointelegraph, the South Korean tech giant Kakao Corp has published a teaser page to promote its coming cryptocurrency wallet, named Klip. Now, according to a local newspaper, New1 Korea, Kakao has made the wallet teaser page available as part of the “More” tab on KakaoTalk, a messaging platform that will later integrate with Klip. For those who aren’t aware, GroundX, the blockchain subsidiary of Kakao, is the developer of Klip wallet, which will enable the users to keep their Klaytn online. The team also focuses on the purpose of supporting applications such as finance, content creation, and blockchain-powered games. The wallet will also be supporting non-fungible tokens. According to an official in Kakao Corp, the Klip wallet will go live in the second half of this year in 2019. With more than 50 million users globally on Kakao talk, GroundX CEO Han Jae-Sun believes that the integration will maximize cryptocurrency accessibility for many.
TRON desires to be on major US exchange
And now we come to the third piece of information. In a recent tweet, the CEO of Tron, Justin Sun revealed that the top priority of the TRON Foundation is to be listed on the American version of Binance or Coinbase. More specifically, in a series of tweets between TRON and its enthusiasts, some of them claimed that United States citizens will be unable to trade TRX on Binance. In the list of 30 digital assets being explored for the upcoming launch of Binance’s U.S. marketplace, there is no TRX. Regarding this situation, TronSpark, a digital online content platform on TRON, tweeted:
“#Tron better get on this list or on #Coinbase ASAP. We all love Tron but we also need a place for US citizens to trade #trx. @justinsuntron This is the Tron community’s #1 priority right now. Based on feedback, big investors are very concerned. Don’t want to lose them.”
Quick enough, Sun replied after 2 hours:
“Yes. It is our #1 priority now. We will have a full team including me dedicated to this matter. We will get all these things done with #TRON speed! #TRX $TRX.”
Coinbase UK will not support Zcash
Moving onto the last news item for today guys. Coindesk reported that Coinbase in the UK is going to shut down Zcash on its platform soon. In a letter sent to its customers, Zcash informed the Zcash holders about the new changes, saying:
“From Monday 26th August 2019, Coinbase customers in the UK will no longer be able to hold a Zcash balance with us”
They also suggest some solutions including converting to another cryptocurrency or sending their coins to a hardware wallet or another exchange. Unfortunately, the announcement really confused the customers as they Coinbase gave no reason for the removal of Zcash. Later, the Electric Coin Company, the developer of Zcash, appeared to confirm the news, saying in a tweet on Friday:
“Those affected by @coinbase UK issues: this is limited to Coinbase UK only. UK residents can still buy/sell Zcash through @cex_io. No other exchanges in the UK affected.”
So what are your thoughts regarding all the news?
Are you excited about how New Zealand provides a guideline on how crypto income should be taxed?
How about the new Klip wallet of Kakao Corp?
Do you think that Justin Sun can bring his coin to the US?
Why do you think that Coinbase is no longer support Zcash?
Please share your thoughts with me just down below! And guys, please don’t forget to like and subscribe to go into the draw to win $70 worth of Bitcoin. It’s your girl Cindy with CryptoPig, I’ll see you guys tomorrow.
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Disclaimer: Cryptopig content is written by a team of blockchain passionate people. We are not registered as investment advisors. Don’t take the information in this post as investment advice and make sure you do your own research before investing. Cryptocurrencies are a very risky investment, never invest more money than you can afford to lose.