Belgian tax authority investigates cryptocurrency operations

Following a 33% tax on virtual currency gains Belgian regulator tightens its grip on cryptocurrency
04 March 2018   1217

Special Tax Inspectorate has launched 3 distinct investigations that concern exchange operations with cryptocurrency. Several Belgian citizens have allegedly traded virtual currency at foreign exchanges and yet to file the gains made on the operations. STI received such information from foreign tax authorities. Now, the regulator will try to contact those tax offices directly with the intention to elaborate on the allegations.

To remind the readers, Belgian regulator has made a bold move last year with the introduction of 33% tax on any cryptocurrency income and instruction to refer to it as "Other income" in the tax filing form. But such measure turned out to be difficult to actually implement as most of the virtual asset are based on foreign platforms that are prone to be resistful to authority penetration.

At present, in Belgium cryptocurrencies are neither legal nor illegal. And despite the fact that Minister of Justice Koen Geens has proposed the implementation of a new legislation that is meant to control all of the digital currency transactions, and despite the fact the country's tax authority approved the suggestion still Brussels didn't announce any comprehensive policy. Belgium is in a standby mode for now waiting for a common European policy.

Crime prevention and regulations should evolve with new technologies. cryptocurrencies should be subject to stricter rules because of their growing popularity with cybercriminals and scammers, and crypto companies should be obliged to cooperate with authorities.


Koen Geens

Minister of Justice,  Belgium

tZERO to Launch Bitcoin Trading App

Application itself is being developed by Bitsy; it may also begin to support Ethereum in the future
22 March 2019   125

The security tokens platform tZERO announced plans to launch a mobile application for buying and selling bitcoin. In the future, the application may also begin to support Ethereum,  CoinDesk reports.

According to Saum Noursalehi, CEO of tZERO, applications for iOS and Android devices should be launched in June. Bitsy is developing it, a cryptocurrency start-up that is part of the portfolio of the Overstock venture division of Medici Ventures.

That’s part of the reason we acquired Bitsy — to accelerate time to market for our mobile app. They have an app for trading crypto, primarily bitcoin, in a beta-phase, they built a wallet and key recovery mechanism, and this will be the foundation of the mobile app for tZERO. They are also working on some cool stuff like biometric login. 

Saum Noursalehi

CEO, tZero

According to him, the application will allow you to store cryptocurrency without the need to trust third parties and it will be connected to the network of exchanges through the API. The implementation of this plan will occur through partner tZERO, the institutional trading platform SFox.

In the future, the head of tZERO added, the platform also intends to create its own cryptocurrency vault to meet the demand from users.

The public beta testing of Bitsy wallet started in November 2018. With his help, the Overstock retailer plans to launch Bitcoin sales on its website.