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Here Are The Best US States For Crypto Taxes, And The Worst

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  • Here is a list of the best and worst states for crypto taxes in the US. 
  • A recent report highlights Florida, Wyoming and New Hampshire as highly tax-friendly for crypto-related businesses.


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The Coin Ledger report ranks Florida, Wyoming and New Hampshire as the best states for crypto taxes and businesses in the US, thanks to exemptions from money transmission licenses.

Florida and Wyoming, as a result, have become centers for crypto investors and crypto businesses. Both states have no state income tax.

New York, California and Hawaii rank at the bottom when it comes to cryptocurrency-friendliness. 

See Also: Thailand Cryptocurrency Exchanges Getting Ready Ahead Of Crypto Tax Changes

Crypto businesses are required to register for a BitLicense to operate in New York. Recall how the rule drove Kraken, a cryptocurrency exchange, out of New York. 

Hawaii has some of the highest state taxes in the country and requires companies dealing in virtual assets to acquire a Money Transmitter License and have traditional reserves backing digital assets.

Florida has gone a step further in allowing businesses to pay for state fees in cryptocurrency. 

Last August, Miami Mayor Francis Suarez announced that he would accept Bitcoin as part of salary if he is elected as President. 

He had also said earlier that he would accept Bitcoin as part of his campaign contributions.

Governor Ron DeSantis was also the first to ban CBDCs at a state level. Unsurprisingly, Florida also tops the list for net income migration, ahead of Texas and Arizona.

Background: All U.S. states have a different approach to regulating the cryptocurrency industry, with some offering tax relief and regulation and others being stringent towards the sector. 

See Also: Indonesia’s Crypto Tax Revenue Falls 63% in 2023 Despite Bitcoin’s Surge

While Wyoming has introduced crypto banks to serve companies in the crypto sector, Texas is also seen as a crypto-friendly state in the country as it also allows state-chartered banks to offer cryptocurrency custody services. 

The state has also created a policy-friendly framework for miners.



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Press Release

Pudgy Penguins Expands Partnership With Walmart Selling Toys

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Walmart is doubling down on their partnership with Pudgy Penguins, the Ethereum NFT collection, expanding the availability of Pudgy Toys to 1,100 new stores across the US. 

This brings the total to 3,100 locations, marking a significant step in bringing Web3 intellectual property to the masses.

The plush toys, action figures, and mystery “igloo” collectibles were already a hit with Walmart shoppers, generating $10 million in sales and over 750,000 toys sold in less than a year. 

See Also: Wormhole Partners With Chipmaker AMD To Improve Their Speed And Scalability

“This expansion underscores the enduring appeal of Pudgy Penguins characters,” says CEO Luca Netz, highlighting the success of the partnership.

Beyond Walmart, Pudgy Toys are also available at Five Below and online through Amazon. 

But the dedicated displays in some Walmart stores solidify their presence in the mainstream consciousness.

Pudgy Penguins offer more than just cuddly companions. Each toy comes with a hidden QR code that unlocks exclusive NFT items and customizations for the upcoming Pudgy World game on the zkSync network. 

CEO Netz is working on increasing user engagement by making it even more enticing to claim these free NFTs.

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Nigeria Blocks Access Coinbase, Binance And Kraken

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Nigeria has taken drastic measures in an attempt to stabilize its plummeting national currency, the naira, by blocking access to major cryptocurrency exchanges like Coinbase, Binance, and Kraken.

This move comes as the Nigerian government attempts to crack down on currency speculation amid record lows for the naira.

See Also: Nigerian Currency Depreciation: Central Bank Of Nigeria (CBN) Head Reaffirms Commitment to Reviving Confidence in the Economy

The Nigerian Communications Commission (NCC) issued orders to telecoms companies late on Wednesday to restrict consumer access to websites of major cryptocurrency platforms like Binance, Coinbase, and Kraken. 

As a result, consumers experienced only intermittent access to these sites on Thursday.

Bayo Onanuga, Special Adviser Information and Strategy to the President of Nigeria, took to X to say a local report of the government blocking access to the exchanges was correct.

Cryptocurrency exchanges have played a big role in establishing unofficial market prices for the naira, with platforms like Binance often serving as benchmarks for local foreign currency exchange rates. 

The government’s move to block access to these platforms is an effort to regain control over the currency valuation of the naira.

“Binance, facing regulatory showdown in many countries, and causing disruptions in the currency market, should not be allowed to dictate the value of the naira, not on its crypto exchange platform,” Onanuga further stated. 

See Also: Binance Adopts USDT Price Cap To Align With Local Rules In Nigeria

“Crypto should be banned in our country or else this bleeding of our currency will continue unabated.”

Nigeria’s adoption of rash methods to defend its currency, including shutting down price-setting websites and declaring certain cryptocurrency entities illegal, highlights the challenges the country faces in managing its economic stability. 

Nigeria’s national currency has lost over 70% of its value since their central bank lifted its dollar peg in June.

Disclaimer: The information provided is not trading advice. Bitcoinworld.co.in holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

 

#Binance #WRITE2EARN



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Bitcoin Target $63,000 By March 2024, Is This Achievable: Matrixport Report

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A new report from Matrixport predicts that Bitcoin (BTC) could reach a target of $63,000 by March 2024. 

In its report, Matrixport identified four key catalysts that could propel Bitcoin to new heights, including the recent approval of spot Bitcoin ETFs, the upcoming halving event, and interest rate cuts. 

Since the SEC greenlighted spot Bitcoin ETFs on January 10, there has been a growing demand for these products. 

Earlier this week, daily spot Bitcoin ETF trading volume amounted to nearly $2 billion, the highest level since the first day of trading on January 11.

As reported earlier, spot Bitcoin ETFs witnessed a substantial influx of approximately $2.3 billion last week, nearly doubling the previous week’s inflow of $1.2 billion.

These inflows accounted for almost half of the total net inflow since the inception of BTC ETFs, which currently stand at approximately $5 billion.

See Also: There Is No Reason to Sell Bitcoin Anytime Soon: Michael Saylor

Bitcoin Halving To Further Drive Bitcoin Price Higher

The Matrixport report noted that the Bitcoin Halving event, slated for 2024, will further drive the price of BTC higher by reducing supply. 

The Bitcoin halving is a pre-scheduled event that reduces the reward for mining new blocks by half, effectively slowing the rate at which new bitcoins are created. 

Historically, halving events have been precursors to substantial price rallies, attributed to the reduced supply of new Bitcoins entering the market.

The report also mentioned that expectations of interest rate cuts following the Federal Reserve’s Federal Open Market Committee (FOMC) meetings could tilt the scales in favor of riskier assets like Bitcoin. 

Lower interest rates typically reduce the appeal of yield-generating investments, making growth-oriented assets more attractive.

Furthermore, the upcoming US presidential elections and policy uncertainty could also affect Bitcoin prices. 

Such periods have often seen investors flocking to alternative assets like Bitcoin as a hedge against potential economic policy shifts.

However, the impact of such political events on cryptocurrency markets is quite complex, making it challenging to make a clear prediction.

Bitwise CIO Sees Bitcoin Surpassing $80,000

Bitwise Chief Investment Officer Matt Hougan also expects Bitcoin to soar beyond $80,000 this year thanks to the recent success of spot ETFs.

In a recent interview, Hougan highlighted the sustained demand for ETFs, which has exceeded his expectations.

He said that this wave of interest from traditional finance, akin to Bitcoin’s IPO in the US market, will lead to further institutional investment and drive up prices.

“Think of the ETF launch as Bitcoin’s IPO in the U.S. market. It has just unleashed a huge wave of interest from traditional finance, and it has exceeded my expectations.” 

Likewise, analysts at investment firm Bernstein expect Bitcoin to resume its upward trajectory, surpassing its previous all-time high of $69,000 and potentially reaching $70,000 this year.

See Also: Bitcoin Exchange OKX Announced The Listing Of Smart Layer (SLN) On Its Spot Trading Platform

The analysts have expressed confidence in the cryptocurrency’s risk-reward profile, stating that no significant challenges are anticipated to impede its ascent.

Meanwhile, Anthony Scaramucci, the founder and managing partner of hedge fund SkyBridge, has suggested that the price of Bitcoin could potentially reach $170,000 in the coming year.

Disclaimer: The information provided is not trading advice. Bitcoinworld.co.in holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

#Binance #WRITE2EARN





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