Ex BlackRock Analysts to Open Blockchain Investment Fund

Eterna Capital will operate $20 000 000; it aims to attract institutional investors and will operate under the direction of Andrea Bonaceto
03 May 2018   672

Three analysts left their positions in the investment giant BlackRock, managing assets of $ 6.3 trillion, to found venture capital fund Eterna Capital with a capital of $ 20 million, which will invest in blockchain projects. This is reported by Financial News.

The company intends to attract institutional investors and will operate under the leadership of Andrea Bonaceto, who founded the HR platform HiredGrad. Bonaceto launched the fund in collaboration with Nassim Oliv, Asim Ahmad and Matthew Mvroshevichem, who previously worked for BlackRock.

Eterna Capital will invest in blockchain projects that develop solutions for the UN's Sustainable Development Goals, including hunger, drinking water and access to renewable energy.

One example is the disintermediation of banks in under-banked third-world countries, so people don’t need banks to get a loan, as the money can be held on the blockchain. Or selling solar power between neighbors, rather than relying on an energy firm, is another example of how blockchain can be used for social impact.
 

Andrea Bonaceto

Eterna Capital

Olive claims that his experience at Blackrock made him believe that institutional investors are also interested in blockchain technology.

2017 was the year of Bitcoin and [initial coin offerings] (ICOs), but we’re convinced 2018 will be when blockchain and cryptos will rise as an asset class, and when institutional money moves into this market.  No way they [large institutions] will risk the reputation risk by launching a $20-100 mln blockchain or crypto fund. This is why more people with an institutional track record are launching their own ventures.
 

Nassim Olive

Eterna Capital

Nevertheless, large investors avoid direct investments in such instruments because of the size of the market.

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   124

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.