France Releases A More Cryptocurrency-Friendly Tax Reform Plan
The French Council of State has released a tax reform plan that would reduce the tax rates on gains from cryptocurrency transactions. According to Finance Magnates, the plan would also reduce the high-band rate from 45 percent to 19 percent. This tax proposal follows France’s reclassification of cryptocurrencies as “movable property” instead of “industrial and commercial profits.”
Taiwan To Introduce New AML Rules To Strengthen Regulation of Cryptocurrencies
Taiwan will release new cryptocurrency regulations to combat money laundering. According to the Bitcoinist, Qiu Taisan, Taiwan’s Justice Minister, claims the new rules will be in place by November 2018. The new rules focus on money laundering prevention, but the country has no immediate plans to ban cryptocurrencies.
Delaware Senate Introduces Legislation Allowing Small Businesses to Use Blockchain For Record Keeping
The Delaware Senate has introduced two bills that would allow limited partnerships and limited liability companies (LLCs) to use blockchain technology. According to ETHNews, the bills would enable small businesses to use blockchain for official record keeping, record management, and electronic transmissions. Both bills are now assigned to the state’s Banking, Business, and Insurance Committee for comment before the state’s Senate votes on the bills.
Student-Run VC Firm in San Diego Invests $1 Million In Blockchain-Based Platform Allowing People To Own Stake In Local Economy
A venture capital fund run by a group of UC San Diego students announced it has invested USD 1 million in a blockchain platform designed to let people own “shares” in their cities’ local economies. According to StateScoop, the student-run VC firm, called Triton Funds, is investing in CityShares, a product that allows people to buy financial stakes in local economies via an online portals. DigitalTown, the company who created CityShares, already has portals in other large cities — such as London, Miami, Austin, and Nashville.