IRS claims less than 100 people have claimed their cryptocurrency holdings on their taxes so far, top 5 cryptocurrency price changes, and more!
Less than 0.05 Percent Of U.S. Tax Filers Have Claimed Cryptocurrencies on Their 2017 Taxes
The U.S. Internal Revenue Service, the regulatory body responsible for enforcing tax laws, has claimed that as of April 13, 2018, less than 100 individuals have reported capital gains from cryptocurrency holdings. According to Investopedia, that figure is equivalent to only 0.04 percent of tax filers. Credit Karma Tax general manager Jagjit Chawla suggests that “the perceived complexities of reporting cryptocurrency gains are pushing filers to wait until the very last minute.”
Malta Releases Draft of Financial Instrument Test to Assess Legal Status of Blockchain-based Companies, Assets, and Services
The Malta Financial Services Authority has officially proposed a mandatory test to determine the legal status of a distributed ledger technology-related (DLT-related) company, asset, or service. According to Financial Magnates, the regulatory body suggests that the test, referred to as the Financial Instrument Test, should be used to assess if the DLT-related company, asset, or service “is encompassed under (i) the existing EU legislation and the corresponding national legislation, (ii) the proposed Virtual Financial Assets Act, or (iii) is otherwise exempt.” The test currently includes 19 questions and will be critiqued by industry experts May 4, 2018.
ETHLand Applying To Add Fiat As Collateral On Its Platform
ETHLand, a cryptocurrency lending platform, has started a campaign to be allowed to accept fiat money as collateral in over 30 countries across Europe. According to Financial Magnates, ETHLend is also planning to apply for licensing in some U.S. states and Asian countries. ETHLend claims its purpose is to remove financial institutions from the process of financial loaning between businesses and people with the use of smart contracts.
DNAtix Claims It Has Complete First Successful Test Of Transferring DNA Sequences Via Blockchain
DNAtix has claimed it has completed the first successful proof of concept test for transferring DNA sequences on the Ethereum blockchain. According to a press release, the company transferred the complete genome sequence of a virus called Enterobacteria phage phiX174 sensu lato. The company claims that the test is a key milestone its research and development efforts.