Crypto Market to Grow, Ex JPMorgan Banker Believes

Daniel Masters, who previously led JPMorgan’s global energy trading desk, says cryptocurrencies are fueling a global financial revolution
23 April 2018   433

Daniel Masters, who previously headed the JPMorgan department for energy trading, said that the cryptocurrencies lead to a financial revolution. This is reported by CCN.

Masters is the head of the investment digital bank Coinshares.

He said that distributed ledger technology ensures the democracy of transactions: "That’s at the core of what makes this a revolution" Masters said.

He also believes that cryptocurrencies are not a significant channel for "drainage" of resources from the traditional monetary system. At least for now.

Masters believes that a cryptocurrency ecosystem with a size of 1 to 10 billion dollars, is practically an experiment within the main financial system.

However, when cryptocurrency marked reaches a volume of about $ 1 trillion, it becomes something that central banks and authorities can not ignore.

I don’t think there’s any concern from that community at the moment that there’s leakage .. but I think they’re beginning to realize that there is potential for that in the future.
 

Daniel Masters

Former head, JPMorgan department for energy trading

Masters manages more than 800 million dollars in cryptocurrency assets in Bitcoin, Ethereum, Zcash and Monero. At the same time, Masters owns Bitcoin since 2012.

Bithumb Filed Appeal Against Korean Tax Office

Looks like the korean exchange doesn't really want to pay an additional tax worth $67 000 000
16 January 2020   90

The South Korean cryptocurrency exchange Bithumb has filed a complaint against the National Tax Service (NTS) because of the requirement to pay additional taxes for the transactions of its foreign customers.

The company claims that cryptocurrencies do not have an official status in the territory of South Korea, which is why the authorities cannot have sufficient reasons to levy any taxes.

The tax court will have to decide within 90 days whether to retain or withdraw from Bithumb the obligation to pay the $ 69.1 million tax that was assigned to it by NTS in November. The Office declares that the withdrawal of income from accounts in Korean won by foreign residents is a taxable event. It is assumed that the exchange itself had to withhold tax from its foreign customers.

We paid the full amount and have since been preparing for arguments. We believe we will be given a chance to clarify our stance in court.

 

Bithumb

 The ministry has its own position on this issue.

Bitcoin under the current law is not an asset. It is clear and simple. The Ministry of Economy and Finance already made that clear. The NTS pushing ahead with the tax imposition is baseless and groundless, especially since it is still awaiting the ministry opinion on the same matter it sought again.

 

Choi Hwoa-in

Adviser to Financial Supervisory Service

According to the expert, the NTS maneuver is well thought out and aimed at starting to levy a tax on income that is currently not taxable.

We cannot comment on the ongoing matter. We will await the judgment from the Tax Tribunal.

 

NTS

Earlier, Bithumb was ordered to pay an additional $ 67 million in tax.