They say journalists never truly clock out. But for Christian, that’s not just a metaphor, it’s a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.
Christian’s journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).
Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling – right up his alley!
So, he landed a killer gig at NewsBTC, where he’s one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).
Think Christian’s all work and no play? Not a chance! When he’s not at his computer, you’ll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.
Speaking of chill, Christian’s got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.
Here’s the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day – and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.
Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors – and bosses – he deeply respects.
So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.
Disclosure: The views and opinions expressed here belong solely to the author and do not represent the views and opinions of crypto.news’ editorial.
A bull market for digital assets is on the horizon for 2024. With abundant investment opportunities abound digital asset investors should be aware that the IRS announced that during 2024, it would focus on compliance initiatives associated with digital assets, FBAR, high-income and high-wealth taxpayers.
The veil on the identity of Satoshi Nakamoto, the author of Bitcoin’s White Paper that proposed the blockchain-based decentralized cryptocurrency, still has not been lifted. This “‘identity issue,’ namely whether Dr. Craig Wright is the pseudonymous ‘Satoshi Nakamoto,’ i.e., the person who created Bitcoin in 2009” or not, according to High Court Judge John Mellor, is still being litigated in the United Kingdom with the support of Bitcoin Legal Defense Fund set up by Block CEO Jack Dorsey. As Jack explained:
“The Bitcoin Legal Defense Fund is a nonprofit entity that aims to minimize legal headaches that discourage software developers from actively developing Bitcoin and related projects such as the Lightning Network, Bitcoin privacy protocols, and the like.”
Unfortunately, the self-proclaimed inventor of Bitcoin, Dr. Craig Wright, is only one of many to claim to be Satoshi Nakamoto, according to the article “The Faketoshi,” authored by Arthur van Pelt.
Adding layers to Satoshi’s identity mystery is a Binance wallet sending approximately $1.2 million worth of Bitcoin (BTC) to Satoshi’s Genesis wallet on January 5, 2024, which coincided with Judge Mellor’s order to Dr. Craig to pay over $1M to the court and was two days after BTC’s 15th birthday.
The mist around Dr. Craig’s ‘identity issue’ is expected to lift Judge Mellor said, “By 4 pm on January 18, 2024, [when] Dr. Wright and COPA [Crypto Open Patent Alliance] shall exchange and shall serve on the Developer Defendants expert reports on (a) forensic document analysis in respect of the Additional Documents,—[95 documents dating back to 2007]—stored on the Samsung Drive, and the BDO Drive; and (b) LaTeX software.”
Once the identity of Satoshi is known, if this person is a US person with an estimated BTC wealth of $40 billion, the US taxpayer is expected to file Form 8300 with the IRS by January 20, 2024, for the $1.2M in BTC received since effective January 1, 2024, any crypto transaction over $10,000 must be electronically (if they are required to file certain other information returns electronically) reported. Noncompliance with Form 8300 results in subjecting taxpayers to civil and criminal penalties.
While the “real” author of the Bitcoin White Paper continues to be debated in the United Kingdom’s court system, the digital asset industry went through a cleansing of bad actors in the US during 2023. The world’s largest crypto exchange, Binance, and its CEO pleaded guilty to federal charges. They agreed to pay over $4B to resolve the Justice Department’s investigation into the Bank Secrecy Act violations, failure to register as a money-transmitting business, and the International Emergency Economic Powers Act (IEEPA).
Binance, Coinbase, Terraform Labs, and others also faced action by the SEC for operating unregistered securities exchanges, which are still ongoing. As Sergiu Hamza, CEO of Coincub, a company that has prepared reports on the US money services business (MSB) and global Virtual or Digital Asset Service Providers (VASPs), explained to me in a private interview:
“In 2023, the US experienced significant regulatory shifts, particularly in response to the FTX collapse, which was followed by five crypto-friendly bank failures. The Biden administration’s ‘regulation by enforcement’ strategy shaped the federal landscape, spearheaded by Gary Gensler and the SEC. Amidst this, states like Colorado stood out as beacons for the crypto industry, accounting for 33% of all U.S. crypto businesses. This success is primarily attributed to forward-thinking measures such as Colorado’s ‘Digital Token Act’ and key initiatives like ETH Denver, all nurtured under Governor Jared Polis’ vision.”
Best states for crypto businesses | Source: Coincub
North American investors, money managers, and even CBOE Digital president John Palmer are confident that a new wave of institutional and pension fund investment will follow spot Bitcoin ETF approvals. Already, several spot BTC exchange-traded fund (ETF) applicants—such as Vaneck, Valkyrie, Grayscale Investments, Fidelity, BlackRock, and Bitwise—filed to register their funds as securities with the US Securities and Exchange Commission with an approval deadline of January 10, 2024. The first spot BTC ETF application was made by Cameron and Tyler Winklevoss, filed on July 1, 2013, with the SEC a decade ago. As Sergiu Hamza commented in a private interview:
“As we move into 2024, the launch of Bitcoin ETFs marks a significant milestone, particularly for Wall Street. This development enhances Bitcoin’s appeal and credibility, heralding a market ripe for expanded investment and engagement from political and financial sectors, potentially catalyzing the next chapter in Bitcoin’s growth.”
After a bear market in 2022, Bitcoin’s value surged 160% during 2023 and continues on an upward trend. William Quigley, co-founder of Tether and WAX Blockchain, said to me, “Unlike previous crypto bull market years, crypto-focused investment funds have large reserves of investable cash. This is a positive factor in driving a crypto bull market.” He continues:
“There are many more investment funds operating in 2024, with much more crypto investing experience. ETFs are a mixed bag for crypto enthusiasts. While they provide a new way for institutional investors to acquire Bitcoin, they also provide an easy way for those investors to short Bitcoin. This might cancel out any sustained buying support for bitcoin in 2024.”
In 2018, Russia took the lead in proposing a multinational stablecoin backed by commodities with the Eurasian Economic Union, or EAEU, and BRICS countries. At the beginning of 2024, five more countries joined BRICS, including Saudi Arabia, the United Arab Emirates (with a joint coin initiative, Aber), Iran, Egypt, and Ethiopia. At the beginning of the year, Russia was passed the baton of the BRICS chairmanship.
BRICS member countries plan to launch a common currency for their organization that could be a multinational digital currency backed by a basket of assets or gold. BricsTether has already launched a stablecoin backed by a basket of assets, providing greater stability and predictability than traditional cryptocurrencies.
However, China’s top legal watchdog recently clamped down on Tether’s use by declaring that exchanging local currency for foreign ones using Tether-USDT stablecoin or providing technical support for exchange services for such transactions is unlawful.
Furthermore, an order from Judge Jed Rakoff in the US District Court for the Southern District of New York, who granted summary judgment for the SEC, stated that stablecoinsLUNA, UST, and MIR are securities.
Accordingly, BricsThether or BRICS-issued multinational stablecoin could be subject to SEC oversight as a security. US BricsTether or BRICS stablecoin holders may be subject to FBAR and Form 8938 Foreign Account Tax Compliance Act (FATCA) reporting requirements.
With abundant investment opportunities abound digital asset investors should be aware that the IRS announced that in 2024, it would focus on compliance initiatives associated with digital assets, FBAR, high-income and high-wealth taxpayers. Noncompliance with FBAR FinCen Form 114 and Form 8938 subject taxpayers to severe civil and criminal penalties, potentially in excess of the unreported foreign assets. For institutions, noncompliance can result in exclusion from access to US markets.
Tax filing platform Cleartax has forayed into the crypto tax segment with the launch of crypto tax calculation and filing products. It aims to provide an end-to-end solution to tax filers.
Clear is looking to simplify the legal obligations of investors in digital assets by streamlining and enabling an accurate taxation process for investors and businesses.
As per the rules, users cannot offset crypto losses across different crypto tokens, making it difficult to track net profit/loss. The platform enables users to optimize crypto taxes to offset losses and manage GST and TDS on crypto transactions. It also offers DIY taxation management solutions for retail investors.
Avinash Polepally, Senior Director-Crypto Business Head, Cleartax, told businessline, “We see a huge market opportunity with 25 lakh people estimated to be filing taxes this year. The market is anywhere around Rs100-120 crore and we expect to get 50 per cent of the market share. The new offering is expected to bring in revenues in the range of Rs40 – 50 crore. The platform will leverage crypto communities and influencers to inform users about the product.”
The platform has integrated with over 100 exchanges, including Coinbase, CoinDCX, Binance, WazirX, and many others. Apart from this, the platform also enables Taxation and management services for Airdrops and staking in cryptos. The amalgamation of various exchanges and offerings enhances user experience with a single view of all their investments.
The platform leverages advanced algorithms and historical market data to ensure accurate tax calculations, while automatic API integration with several popular exchanges makes it easy to sync transactions in real time, said the company.
SYDNEY, September 27, 2022 (Newswire.com)
– Crypto tax software Koinly has announced extended NFT support, with both ERC1155 and Solana NFTs now integrated, embracing the popularity of Non-Fungible Tokens (NFTs) after their incredible rise to prominence within the crypto space in 2021.
With estimates from the Financial Times and Chainalysis that over 300,000 people now own an NFT, many are in the dark about their tax obligations with such a large influx of new participants into the crypto and NFT spaces.
Australia’s local tax office, the ATO, recently reminded crypto investors who may have been swept away by the mania that NFTs are taxable in the same way that cryptocurrencies are.
Danny Talwar, the Australian Head of Tax at crypto tax platform Koinly, warns that crypto investors who bought and sold NFTs over the past financial year may be surprised to find out the ATO is looking for their slice of investors’ gains.
“NFTs are relatively new, so many tax offices around the globe are yet to issue guidance on how NFTs are taxed. In Australia, the ATO is one of the few tax offices that has clarified their treatment of NFT taxes and stated they view NFTs the same way they view cryptocurrencies,” Talwar said.
For those who have actively traded NFTs, bought them because they like the art, or received one as an airdrop, Koinly is here to help break it down and make sense of NFT and crypto taxes.
Is buying an NFT taxable?
Maybe. If fiat currency (like AUD) was used to purchase an NFT, this isn’t taxable. But with the bulk of NFT purchases done via cryptocurrencies such as ETH or SOL, this means there is a taxable event when swapping cryptocurrency for the NFT.
“From a tax perspective, spending crypto is a disposal of an asset. The ATO sees swapping, selling, or even gifting crypto as a disposal. The profit from any disposal of a digital asset is subject to Capital Gains Tax, so it’s important to declare all NFT transactions,” Talwar warned.
Is selling an NFT taxable?
Yes. This is clearer, as selling a digital asset means Capital Gains Tax (CGT) is owed on any profit made. This also means that if an NFT is sold for a loss, this could be claimed as a capital loss for taxation purposes.
Similarly, swapping one NFT for another using an NFT trading platform is also subject to CGT, as the digital asset is disposed of when swapping.
How can I do NFT taxes easily?
Koinly is a crypto tax platform that helps simplify the process.
Koinly calculates capital gains, losses, income and expenses, generating a report consistent with ATO guidelines. Koinly supports NFTs across most blockchains (including Ethereum, Solana, Polygon, and Binance Smart Chain) and is always adding support for more platforms.
“The ATO allows the use of tax software tools to help calculate and prepare crypto taxes. This ensures the correct amount of tax is paid and ensures records are kept for the ATO – should they ever request them,” Danny Talwar stated.
About Koinly: Koinly calculates your crypto taxes for you, catering to investors and traders at all levels. Whether it’s crypto, DeFi or NFTs, the platform helps you save valuable time by reconciling your holdings to generate a crypto tax report in minutes. Sign up today.
Disclaimer: Koinly is not a financial adviser. You should consider seeking independent legal, financial, taxation or other advice to check how this information relates to your unique circumstances.
