The Internal Revenue Service (IRS) and the U.S. Department of the Treasury (USDT) have proposed new tax reporting regulations for digital assets. With these rules on the verge of implementation, many investors are already preparing.
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Digital Assets News
What is a Digital Asset?
A Digital asset is a non-tangible asset that is created, traded, and stored in a digital format. In the context of blockchain, digital assets include cryptocurrency and crypto tokens.
Cryptocurrency and tokens are unique subclasses of digital assets that utilize cryptography, an advanced encryption technique that assures the authenticity of crypto assets by eradicating the possibility of counterfeiting or double-spending.
The key differentiation between the two classes of digital asset is that cryptocurrencies are the native asset of a blockchain — like BTC or ETH — whereas tokens are created as part of a platform that is built on an existing blockchain, like the many ERC-20 tokens that make up the Ethereum ecosystem.
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Powered by FinMason’s cloud-based calculation engine, this report offers a methodical approach to discern how cryptocurrencies, particularly Bitcoin, mesh within traditional portfolios concerning risk, diversification, and returns.
The International Monetary Fund (IMF) and the Financial Stability Board (FSB) have jointly released a synthesis paper laying down the foundation for this comprehensive framework. Subsequently, discussions on this vital initiative will be a prominent agenda item during the upcoming leaders’ summit.
By combining N Suite’s prowess in private key management and approval workflow solutions with Bitwave’s comprehensive finance platform, businesses gain an unprecedented advantage in the world of digital assets.
“By 2025, our ultimate ambition is to cement our status as the primary entry point for digital assets, catering to millions of users worldwide, and becoming the premier global platform in emerging markets.” states Coinstore Co-Founder, Jennifer Lu.
This infusion of capital has propelled BitGo’s valuation to a formidable $1.75 billion.
The platform provides a seamless interface through which to buy, sell, swap, and earn across digital assets — including Bitcoin (BTC), Ethereum (ETH), USD Coin (USDC), USD Tether (USDT), PAX Gold (PAXG) and Tether Gold (XAUT), and will soon offer other novel asset classes such as tokenized real estate, sukuk and global stocks.
“While there may be more chop in the market, we are confident that the worst has been priced in and that this will be looked back on as an exceptional time to be planting seeds in this space,” states Druid Ventures founding partner, Chris Pizzo.
The fully integrated platform provided by Dinara now offers clients a convenient way to send, receive, convert, and manage both crypto assets and fiat currencies.
SEC Chairman Gary Gensler seeks tens of millions in additional funding for the agency’s multi-billion budget, aiming to expand and protect investors from noncompliance risks in the thriving crypto industry.