An announcement made on the 15th of January revealed that access to the Binance website will be restricted to the residents of Japan at a later date.
Binance which formerly had its headquarters in Japan relocated its operations to Malta in March 2018 after it was issued a warning for not having a national exchange license.
Details of the restrictions are said to be revealed subsequently. Presently, residents of Japan can still make use of Binance as restrictions are set to be gradually implemented.
Evaluation: Good
Source: Theblockcrypto
2. The South Korean Government is Planning on Charging 20% Tax on Crypto Profits
For over a month now, the government of South Korea has been considering levying 20% tax on profits made from cryptocurrency. The tax plans have not been concluded yet, and could still be modified or even tossed out by the Ministry of Economy and Finance.
The ministry is trying to re-categorize crypto gains as a form of ‘other income’ similar to the profit made from lotteries instead of it being a type of capital gain.
South Korea is however not alone in this. The internal revenue service of the United States already issued a regulation that classified cryptocurrency as a form of property even when it is accepted as an income and taxes liable if kept for less than a year can exceed 39%.
Evaluation: Bad
Source: Coindesk
3. CEO of Square, Jack Dorsey has been awarded Patent for Real-time Fiat to Crypto Swaps
On the 21st of January, the mobile payment and financial services company, Square was awarded a patent by the US patent office for a technology that can carry out real-time swap from fiat into crypto.
Assume you purchase a cup of coffee. With the use of a privacy coin, this tech would accept your payment for the coffee in your currency of choice and then confirms for the seller to get their payment also in the currency of choice. All of these happens in real-time.
Evaluation: Good
Source: Cointelegraph
4. A crypto startup in Venezuela is the process of Developing Mesh Network to Enable Bitcoin Exchange Without Internet
A Venezuelan startup called Locha Mesh is working on a Mesh network to enable the conduction of Bitcoin transactions even without the availability of the internet. This technology called Locha was born as a result of the lack of continuous electricity in Venezuela.
The Locha Mesh team are developing devices that would enable users to connect to the blockchain with the use of long-range radio waves. These devices are best suited for countries with frequent internet outages such as Iran and Venezuela.
Evaluation: Good
Source: Coinspace
5. Swiss Banks Open up to Cryptocurrency
Some swiss bankers see bitcoin as a natural fit for Switzerland’s financial sector since the nation’s banking industry is reputable for its capabilities in safeguarding wealth.
The recently opened SEBA bank which is based in Zurich now offers a range of services including crypto custody, fiat storage, crypto-trading feature on the mobile app and crypto-connected card (useful for daily shopping) that automatically swaps to fiat on the backend.
The new bank is however not the first Swiss bank to adopt cryptocurrency. The Falcon Group, a private bank became the first crypto-friendly bank when it began its Bitcoin management services in 2017.
Evaluation: Good
Source: Coindesk
