eToro to Launch Regulated Crypto Platform

It has six cryptocurrencies and a lot of stablecoins, issued by the company itself, even precious metals based and it totals for 37 trading pairs
17 April 2019   269

The blockchain division of the social investment platform eToro launched a cryptocurrency exchange with the support of various stablebcoins.

The marketplace regulated by the Gibraltar Financial Services Commission is called eToroX. There are currently six crypto assets on the new exchange: Bitcoin, Bitcoin Cash, Ethereum, Ripple XRP token, Litecoin and DASH.

In addition, the company issued stablecoins based on various fiat currencies, including the American dollar (USDEX), the Japanese yen (JPYX), the euro (EURX), the Chinese yuan (CNYX), the Russian ruble (RUBX), the Canadian dollar (CADX), the Swiss franc (CHFX), pound sterling (GBPX), New Zealand dollar (NZDX) and Australian dollar (AUDX).

Also on eToroX there are two “stable coins” based on precious metals: gold (GOLDX) and silver (SLVRX). A total of 37 trading pairs are represented on the trading floor.

According to the company’s representatives, “in the coming weeks” other cryptocurrencies, tokens and stablecoins will be added to the platform. In addition, eToro will encourage listing of its stable coins by other trading platforms.

Last fall eToro introduced a Bitcoin-supported cryptocurrency wallet, Ethereum and Litecoin. A few months later, the platform acquired the Firmo blockchain-startup specializing in derivatives. According to Yoni Assia, the CEO and co-founder of eToro, the acquisition of Firmo will help the company to develop tokenized assets.

Brazil to Require Exchange to Report on User Transaction

It is reported new rules are aimed at countering tax evasion with cryptocurrency
20 June 2019   107

The Brazilian Federal Revenue Secretariat has obliged both local and international cryptocurrency exchanges to transfer data on user transactions to the agency, Cointelegraph reports.

New rules are aimed at countering tax evasion with cryptocurrency.

In particular, the Secretariat requires local trading platforms to provide information on all transactions of its users, and from global exchanges when the amount of the transaction exceeds 30,000 Brazilian reais (about $ 7,750).

In addition, the exchanges will have to inform the Office of the nationality, place of residence and user registration number, as well as the assets they use.

New rules will come into force in September 2019.

Earlier in June, it was reported that the J5 Group created by the tax authorities of the USA, Australia, the UK, Canada and the Netherlands is currently investigating 60 major international schemes for tax evasion using cryptocurrency.