NYSE Operator May Trade Bitcoin

Intercontinental Exchange, the parent company of the New York Stock Exchange, is developing a platform that will allow Big investors to buy and hold bitcoin
08 May 2018   1324

Plans to support bitcoin by the main US stock exchange and the world's largest turnover have become known shortly after the release of information about the upcoming launch of the department for trading crypto-currencies on the basis of the investment bank Goldman Sachs. This is written by The New York Times.

What distinguishes the ICE tool being developed from the existing CBOE and CME bitcoin futures is the opportunity for investors to directly purchase cryptocurrency. Calculations for Bitcoin futures are conducted in Fiat. ICE will offer the banks contracts known as swaps that will allow the client to receive the acquired crypto currency the next day, while taking advantage of the guarantees of the exchange itself, the source explained.

The swap is a more complicated scheme for buying crypto currency than direct exchange of dollars for bitcoins, but this step will allow investors in traditional markets to gain access to the digital asset itself, rather than its equivalent, and the exchange to not violate the requirements of the Commodity Futures Trading Commission.

Details of the upcoming launch have not yet been approved, and it may not take place, given the ambiguous attitude to the crypto-currency on Wall Street.

Israeli BTC Investors to Face Catch 22

They need to pay taxes from Bitcoin investing in order to avoid their property arrest, but banks don't take their money due to AML issues
06 August 2019   132

Bitcoin investors in Israel are faced with the impossibility of paying taxes, as local banks refuse to accept funds received from the sale of cryptocurrencies because of the risks of money laundering and terrorist financing. About this writes the local edition of Haaretz on August 6.

Bitcoin is not recognized as a currency in Israel, therefore, individuals must pay 25% of the income from cryptocurrency trading to the treasury, and legal entities - 47%.

Investor Ron Gross told the publication that he acquired bitcoins in 2011 and reported his income to the tax office. In 2017, the bank that served Gross began to refuse to accept funds received from the sale of bitcoins. The investor met with representatives of the bank to demonstrate to them a 70-page history of bitcoin transactions as confirmation of the origin of the funds, but failed to convince them.

The tax authority is aware of the problem, but they say the ball isn’t in their courts. I’ve tried working with almost all the banks, but the minute they hear the word ‘Bitcoin’ they freeze up.
 

Ron Gross

Bitcoin investor from Israel

 

Since Gross was unable to pay taxes on time, his bank account, home, and even scooters were arrested. According to the investor, the tax authorities know about the problem, but can do nothing.

According to Haaretz, the tax office is aware of $ 86 million in unpaid taxes on income from cryptocurrency trading. It is possible that the real amount may be significantly higher.

Roy Arav, another Bitcoin investor, kept the proceeds from trading Bitcoin in an account with Israeli bank Discount under the control of the Bit2C exchange. The bank refuses to transfer money to Arava’s personal account under the pretext that its politicians forbid it to transfer funds related to virtual assets to client accounts due to the risks of money laundering and terrorist financing.

Arav also could not pay taxes and was forced to sue the bank. According to the investor, the authorities entered his position and granted him a deferral of time for the consideration of the claim.