Huobi to Join China Supported Blockchain Alliance

In addition to Huobi, BSN includes UnionPay, China Mobile and China Telecom, as well as China Merchants Bank International and WeBank
02 December 2019   169

The Chinese division of the Huobi cryptocurrency exchange is among the first members of the Blockchain Services Network (BSN), organized by the State Information Center (SIC) to unite industry representatives, The Block writes with reference to local media.

Information about the members of the new association was disclosed at the conference on December 1. In addition to Huobi, it includes China UnionPay, a Chinese payment system, supported by the authorities of the telecommunications giants China Mobile and China Telecom, as well as China Merchants Bank International and WeBank.

According to the Xinhua News Agency, BSN aims to provide infrastructure platforms in the field of blockchain services that will bring together different networks, regions and institutions. According to the publication, the platform developed by China UnionPay and China Mobile has already been “successfully deployed.”

Recently, Huobi opened an official unit in the Chinese province of Hainan, writes The Block. On Sunday, President of the Hainan Financial Supervision Authority Yang Chen said that a regulatory sandbox model was being introduced in the region to test financial technologies and blockchain.

Danish Tax Agency to Require BTC Traders to Report

In addition to info on profit and loss from 2016 to 2018, users must provide a lot of different date including info on created wallets
11 December 2019   109

The Danish Tax Administration has begun sending out letters to local traders asking them to provide comprehensive information about cryptocurrency transactions over the past few years. It is reported by Cointelegraph, citing its own sources.

In addition to information on profit and loss from 2016 to 2018, users must provide data on asset prices at the time of the transaction, the purpose of acquiring digital currency, as well as information about the created wallets.

In addition, users need to take a screenshot to confirm trading activity, on which should be the name of the trader and information about creating an account. The agency also intends to obtain bank statements from traders for the above period.

Many of our Danish users have received these letters, Skat is asking for a full breakdown of all their transactions and asking them to fix all past reports as well. Filing tax on cryptocurrency trades is a difficult task as crypto traders usually hold several exchange accounts & wallets and freely transfer crypto between them, so there’s no easy way to figure out what the capital gains are for any particular trade.

Robin Singh

Founder, cryptocurrency tax startup Koinly

The journalists was contacted by the founder of crypto tax startup with appropriate comment, which you can check above.