21/09/2018: Biggest Stories in the Cryptosphere
1. Switzerland Fights Blockchain Exodus by Increasing Bank Access
In July, we discussed crypto projects choosing other countries over Switzerland. The new preferred destinations include Liechtenstein, Gibraltar and the Cayman Islands. The reason at the time was a more friendly banking system. Well, it has now been reported that Switzerland is fighting the exodus by increasing access to its banks. For blockchain companies, it will soon be easier to open corporate bank accounts. The Swiss Bankers Association (SBA) has published guidelines that banks interested in dealing with crypto can follow. The news will benefit the 530 blockchain companies already operating in the country as well as those contemplating the move. SBA Deputy Chief Executive August Benz affirmed that banks have been positive so far. Anti-money laundering checks were the main concern but in the document, recommendations on the matter are provided.
2. Largest Dutch Supermarket To Bring Transparency With Blockchain
Albert Heijn, the largest Dutch supermarket, has announced that it will employ blockchain to bring transparency to its orange juice. The products will feature a QR code which customers will be able to scan with the help of an app. The information provided will cover the origin and supply chain. Sourcing, production, and distribution facts will all be registered on a distributed ledger. The decision was due to a growing desire by the public to know more about the products they are purchasing. Especially, where the ingredients are originally from and how they were produced. The supermarket giant noted that for certain products it was easier to assess than for others. For example, vegetables and fruits produced in the country are easier than products with a longer supply chain which hinders the process.
3. US Lawmakers Call For IRS To Provide Crypto Tax Guidance
Five lawmakers are calling for the US Internal Revenue Service (IRS) to provide better crypto tax guidance and have written an open letter to the IRS commissioner David Kautter. The five representatives are Kevin Brady, Lynn Jenkins, David Schweikert, Darin LaHood and Brad Wenstrup. In the letter, they mentioned that the IRS had enough time to issue guidelines in regards to how profits generated from crypto should be taxed. They went on to say that instead, the IRS focused on “enforcement actions around preliminary rules released in 2014”. They are now asking for a change on behalf of taxpayers dealing with cryptocurrencies so that they can be in the position to comply with the agency. Furthermore, the House Committee on Ways and Means, which is chaired by Brady, will ask the Government Accountability Office to carry out an audit on the topic.
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Sources:
- https://hackernoon.com/19-07-2018-biggest-stories-in-the-cryptosphere-5c66ec60b123
- https://www.reuters.com/article/us-crypto-currencies-switzerland/switzerland-tries-to-stem-blockchain-exodus-by-improving-access-to-banks-idUSKCN1M11H3
- https://thenextweb.com/hardfork/2018/09/21/albert-heijn-juicy-blockchain/
- https://www.coindesk.com/us-lawmakers-strongly-urge-irs-to-update-crypto-tax-guidance/
- https://waysandmeansforms.house.gov/uploadedfiles/letter_irs_virtual_currencies.pdf