The lowdown this week...
- The Parliament of Georgia will vote on crypto legislation in the upcoming months
- Above Phone is a "de-Googled" phone that comes with a decentralized search engine
- Indonesia plans to launch a crypto stock exchange by the end of 2022
- Japan finally eases tax burdens on crypto
Georgia is striving to be the latest crypto hub in Europe
A legislative package expanding the regulatory framework for companies operating with crypto assets - has been passed to the Georgian government. This recent move is in alignment with the Georgian law and European provisions. The draft is meant to achieve union with three important directives of the European Union. The three directives consist of the Payment Services Directive (PSD 2), Capital Requirements Directive (CRD), and the Virtual Asset Service Providers Directive (VASPs).
We expect that in the fall, Georgia will have updated legislation that will significantly develop the financial sector.
Levan Davitashvili, Minister of Economy and Sustainable Development
The draft will also grant legal status to entities involved in crypto asset trading, and definitions of rights and obligations. This is deemed one of the most important moves, in the sustainable regulation of the Georgian crypto industry. The economy minister of Georgia has deemed this a vital step towards turning the country into a crypto hub. The new legal framework will help encourage other countries in the global industry to build a presence in Georgia.
Order in The Court!
The Financial Services Agency of Japan proposes to ease tax burdens on crypto
Japan's Financial Services Agency has finally agreed to ease corporate crypto tax burdens on crypto assets. A few weeks ago, they were simply considering the idea, but Prime Minister Fumio has persistently been planning the next steps. As per the current tax laws, all crypto-related income will be labelled as miscellaneous income on tax declarations.
"As we enter the Web3 era, I feel strongly that we must resolutely promote this environment from a political standpoint.”
Prime Minister Fumio Kishida
The main goal for this move is to encourage individual investors to direct their efforts towards the crypto space. Japanese citizens hold around $14 trillion in digital assets and deposits, and the number is set to rise to a whopping $70 billion. Japan's repeated desire for tax reforms is finally being heard, after multiple Japanese start ups have planned on moving abroad for better crypto opportunities.
Talk of The Town
Indonesia launches a crypto exchange by the end of 2022
Indonesia is stepping into the crypto space with their recent acquisition of local exchange - Kripto Maksima Koin. GoTo Gojek Tokopedia (GOTO), Indonesia's biggest tech company purchased the exchange for $8.38 million. They believe that this massive investment will result in a high ROI for them. Blockchain tech is quickly growing in Indonesia and it's trying to accomplish their larger objective of being a "diverse money management hub." Additionally, Indonesia's Commodity Futures Trading Regulatory Agency, known as Bappebti "banned" any marketing, advertising and promotion or issuance of unregulated crypto assets. All crypto assets from this point forward must comply with the regulatory approval from the local Financial Services Authority. They also ceased issuing registration certificates for crypto asset traders earlier this month according to a TechinAsia report.
Above Phone is powered by blockchain technology and will safeguard your crypto
A new phone is making waves in the market for being powered by blockchain technology. Above Phone is marketing a "de-Googled" phone that comes complete with a decentralized search engine. It's designed to be an ultra-private phone, that will help users to completely ditch big tech tracking. “Are you Degoogled?” is a new trend that draws power back to the consumers and away from big tech giants.
Above Phone promises to ensure privacy for its users while fully securing their digital assets. They aim to provide an open-source, privacy-focused software, coupled with their own fully designed applications. Above Phone has partnered up with Presearch, and they currently have 4 million registered users. Above Phone plans to be the phone of the future, ensuring their users' privacy will be protected at all costs - paired with the latest cutting-edge technology.
Food for thought:
- What are the cons to Above Phone's features?
- What EU countries do you think will follow suit to Georgia?
- Do you think that Above Phone will have the power to control your information?
- Will Japan be the next crypto hub in East Asia?
This content is provided for informational purposes only, and should not be relied upon as legal, business, investment, or tax advice. You should consult your own advisers as to those matters. Charts, graphs and references to any digital assets are for informational and illustrative purposes only.
Finblox Blog is associated with Finblox - a next-generation crypto ecosystem where you can buy and earn amazing rewards on your digital assets.