• A study by Recap placed Dubai as the second most crypto-ready city globally.
• The report had London in the first position due to its thriving startup landscape and financial systems.
• Major crypto companies and exchanges have already established themselves in UAE.

A report released by Recap, a crypto tax software, and portfolio tracking company, ranked Dubai as the second most crypto-ready city in the world on account of its zero percent crypto tax and high quality of life. The study ranked London as the number-one crypto hub globally due to its financial infrastructure and growing startup culture.

New York, Singapore, Los Angeles, Zug, Hong Kong, Paris, Vancouver, Bangkok, Chicago, Berlin, Sapporo, Lagos, Lisbon, Kuwait City, Tehran, Sydney, Osaka, and Kuala Lumpur are the other cities on the top 20 list. Recap placed Jeddah and Riyadh 22nd and 25th, respectively.

To ascertain if the world’s most populous cities are crypto-ready, the study looks at eight crucial factors. This comprises the quality of life score, cryptocurrency-specific events, individuals working in cryptocurrency-related fields, cryptocurrency businesses, R&D spending as a proportion of GDP, the number of cryptocurrency ATMs, the capital gains tax rate, and cryptocurrency ownership in each nation.

The Recap team stated that,

The post Dubai Second Most Crypto-Ready City In The World: Ranked By Recap appeared first on Coin Edition.

See original on CoinEdition

After watching local exchange Atom Asset Management put a freeze on withdrawals following the fiasco, Hong Kong Finance Secretary Paul Chan Mo-po announced that “insiders can no longer claim they are above regulation or that governments just don’t ‘get it’. The hype has turned out to be just like any other financial manias of the past”.

Similarly, Mark Branson of Germany’s biggest regulating body BaFin said we should abandon our present tolerant approach to crypto, which “just let the industry grow as a playground for adults. We’ve seen the self-regulated world. It will not work.”

FTX seemed to be the straw that broke the camel’s back because officials are fed up with the present state of regulation in the industry. At the same time, Paul Chan Mo-po conceded that crypto is “unstoppable”, and Andrew Griffith of the UK Treasury mentioned that “we’d be foolish to ignore the potential of the underlying technology”.

Regulation, then, should not only function to deal out slaps on the wrist. It should foster an environment in which crypto assets can safely and effectively flourish. Julia Leung, the next chief of Hong Kong’s Securities and Futures Commission (SFC), likens proper regulation to a cocoon. “Some say the cocoon is limiting innovation and development,” she explains, “but like all good regulation, it will help fintech firms and their services to incubate”.

CFD online trading with cryptocurrencies has been directly impacted by not only the FTX collapse but also the bankruptcies of big crypto firms earlier in the year. Join us for a taste of some of the most current attitudes on the issue. 

The Senate Hearing

Recently the US senate’s banking committee met to discuss the extent to which lack of regulation was responsible for the FTX crisis. Senator Elizabeth Warren insisted strongly that new legislation was needed to combat money…

Filing taxes for cryptocurrency can be a confusing and daunting task for many individuals. The United States Internal Revenue Service (IRS) treats cryptocurrency as property subject to capital gains taxes. Knowing this appears to make filing crypto taxes simple, but crypto’s unique nature means there are many unanswered questions.

Accurately reporting gains and losses can be a nightmare. While everyone concerned about tax season knows that keeping accurate records of every crypto transaction is a must, there are other things to keep in mind.

There is a difference between short-term and long-term capital gains taxes, with tax rates varying depending on multiple factors. These capital gains tax rates are available online and are beyond the scope of this article, which will focus on avoiding potential issues with the IRS while filing taxes on crypto.

How to report crypto taxes

Filing cryptocurrency taxes isn’t a choice; it’s an obligation that every individual and business has. Those who keep track of their transactions — including the prices of the cryptocurrencies they transact — will have an easier time reporting their activities.

Even those who haven’t received any tax documents associated with their cryptocurrency movements may have taxable events to report. Speaking to Cointelegraph, Lawrence Zlatkin, vice president of tax at Nasdaq-listed cryptocurrency exchange Coinbase, said:

“Crypto assets are treated as property for U.S. tax purposes, and taxpayers should report gains and losses when there is a sale, exchange, or change in ownership (other than a gift). Merely HODLing or transfers of crypto between a taxpayer’s wallets are not taxable events.”

Zlatkin added that more advanced trading “where there is a change in economic ownership, literally or substantively, may be taxable,” even if the taxpayer doesn’t receive an IRS Form 1099, which refers to miscellaneous income.

Meanwhile, Danny Talwar, head of tax at crypto tax calculator Koinly, told…