OK Group to Invest $140M in Chinese DLT Development

The group will open an Asia-Pacific Innovation Development Center in Hainan, and will partner with local authorities for DLT ecosystem development
03 December 2019   107

The OKCoin cryptocurrency exchange operator, OK Group, intends to invest $ 140 million in the distribution of the blockchain in China, The Block writes.

The group will open an Asia-Pacific Innovation Development Center, which will be located in the Chinese province of Hainan, and will partner with local authorities to support the blockchain ecosystem.

Hainan has established the solid foundation for innovation industries, and with the [accelerated] development of blockchain technology, OK Group is really glad to achieve this cooperation. OK Group will make full use of the Asia Pacific Innovation Center to support the innovation and entrepreneurship in the blockchain industry via selecting the potential projects, cultivating industry talents, and incubating the blockchain star-ups.

Star Xu

Founder, OK Group

The innovation center will include a unit for researching data on the blockchain and an international database of entrepreneurs in the field of distributed registry technology, the group said. She also promised that she would focus on the development of practical solutions on the blockchain in order to accelerate their distribution. The main areas of work were named education, employment, healthcare and food safety.

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.