Blog

24 Jan

McAfee Study Shows Increased Prevalence of Crypto Mining Malware

By Daniel Zo McAfee, Crypto, Malware Read Comments

Since the dawn of the internet, people throughout the world have been dealing with computer malware. With time, viruses have become more advanced, and the emergence of digital currencies brought along a new trend – crypto malware.

According to a research study carried out by McAfee, in the year of 2018, instances of mining malware have increased by approximately 4,000%. To put things better into perspective, in the third quarter of 2018, a total of four million mining malware threats have been discovered, which is a significantly higher number when compared to 2017 and 2016, when no more than 500,000 threats were discovered.


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21 Dec

The United Kingdom Published The Taxation Framework for Cryptocurrency Users

By Daniel Zo Cryptocurrency, UK, Tax Read Comments

Throughout 2018, most cryptocurrencies were affected by strong volatility, thus leading to reduced investor interest and lower prices. However, the crypto sector is far from being dead, and governments are well-aware of this aspect.

With this in mind, numerous countries have stepped up their regulatory and taxation frameworks for the digital currency market. Recent reports indicate that following public consultation, the U.K Tax Collection Service published their crypto taxation legislation, applicable to private digital asset holders.


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29 Oct

Is the Majority of the Cryptocurrency Market Centralised? A Research Study Thinks So!

By Daniel Zo SEC, Fiat, ICO, Ethereum, Ripple, CryptoCompare Read Comments

One of the biggest advantages that cryptocurrencies have over their fiat counterparts is the decentralized status, which provides higher security, reduces attack risks, and ensures that coins are not controlled by a central entity. Despite this aspect, recent research has concluded that the majority of digital assets available on the market are centralized.

To put things better into perspective, CryptoCompare, which is a market data aggregator, has recently published a digital asset analysis for over 200 coins. The authors analysed the digital assets from a variety of different perspectives, and using more than 30 attributes. When doing the analysis, researchers considered the supply concentration, distribution, market cap, governance, volume data, regulatory classification, and decentralized status of the coins.


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23 Oct

The Japanese Tax Commission is Lobbying for Better Crypto Taxation Policies

By Daniel Zo Japan, Tax, Crypto Read Comments

As Bitcoin and other digital currencies became more relevant for the world’s financial system, numerous countries have started regulating the cryptocurrency market. One of the most important efforts was focused towards crypto taxation policies.

Now, recent reports indicate that the Japanese Tax Commission is unsatisfied with Japan’s current crypto taxation system, and is urging the country’s National Assembly to introduce new guidelines. This is great news for the Japanese crypto community, granted that until now, reporting crypto gains and investment profits was a confusing and exhausting experience. This aspect discouraged crypto users from disclosing their taxes, and put them at risk.


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20 Sep

Ukrainian Parliament Bill to Introduce Crypto Profit Taxing

By Daniel Zo Ukraine, Cryptocurrency, Tax Read Comments

Despite the fluctuating crypto price drops present during the last few months, governments are still interested in regulating and profiting off the digital currency revolution.

With this in mind, recent reports indicate that the Ukrainian Parliament is interested in imposing a tax on digital currency-related profits of its citizens. To put things better into perspective, the country’s legislative body has proposed a bill that would impose a 5% tax on all crypto profits attained by both commercial entities and individuals.


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07 Sep

AT&T Being Sued for $224 Million After Attackers Steal Crypto from Investor’s Phone

By Daniel Zo AT&T, Scam, Cryptocurrency Read Comments

According to recent reports, AT&T might be responsible for the loss of $24 million in cryptocurrency, after the cell phone of a digital currency investor was hacked. With this in mind, Michael Turpin is suing the telecom firm for $224 million, after the company reportedly failed to protect his smartphone data.

As part of his lawsuit, the investor claims that AT&T employees are complicit in a SIM swap scam, where hackers attempt to gain access to phone data via social engineering. In other words, for this scam to work, criminals are known to pose as the owner of a victims’ phone number, hence convincing the customer support teams of telecom providers to grant access to the phone in question. By doing this, attackers get access to a variety of accounts, including digital currency wallets.


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23 Jul

State Bank of Vietnam Decides to Temporarily Ban Crypto Mining Hardware Imports

By Daniel Zo Crypto, Cryptcurrency, Mining, Vietnam Read Comments

According to recent reports, the State Bank of Vietnam, which is also the country’s central bank, announced that it will ban the import of digital currency mining hardware for individuals and companies.

The decision represents the bank’s response to a request filed by the Ministry of Industry and Trade (MoIT). To put things better into perspective, the MoIT has recently suggested a temporary ban that would affect the import of mining hardware. The reasoning behind this is based on the issues concerning the management of currency flows in the region. According to the ministry, the use of mining equipment and cryptocurrencies is making financial management more difficult for the government. So far, mining has not been forbidden, and it is unknown whether the government is considering such a move.


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20 Jul

UK Barclays Corporate Bank Files Two Crypto Patents

By Daniel Zo Barclays, Blockchain, Crypto, Patent Read Comments

According to recent reports, the U.K Barclays bank, which is likely the biggest international corporate bank, has filed two crypto-related patents with the United States Patent and Trademark Office. The decision showcases the existence of a trend among companies, which are actively trying to gain exclusivity over future crypto market technologies.

With this in mind, the first patent is related to ‘a system for transferring cryptocurrency from a payer to a recipient, comprising receiving an identifier of data describing the first entity’. On the other hand, the second patent represents a method and system that ‘records data describing a first entity, the data endorsed by a second entity comprising the second entity validating data describing the first entity, wherein an identifier is associated with the data, the identifier being generated from a public key of the first entity.’


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17 Jun

State of New York Proposes Launch of Digital Currency Task Force

By Daniel Zo NY, New York, USA, Task Force, Cryptocurrency Read Comments

The State of New York has actively pursued cryptocurrency regulation, especially since exchanges operating in the region need to register and be licensed by the city’s financial regulator. Despite this aspect, the New York State Assembly has recently proposed the idea of creating a digital currency task force, meant to examine the crypto and blockchain markets operating locally.

According to a summary of the meeting, if approval is received, the task force will consist of 9 persons, who will write out a report of their findings by December 2019.


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02 May

European Parliament Votes for Stricter Regulation for Cryptocurrency Market

By Daniel Zo EU, EP, Cryptocurrency, Regulation Read Comments

During the last couple of months, the European Parliament (EP) and Commission (EC) have been actively involved in discussion of appropriate regulation for the digital currency market. Now, recent reports indicate that the EP has voted for a stricter array of regulations for the crypto market.

With this in mind, once the legislation is applied at the European Union level, crypto exchanges alongside wallet providers will be required to introduce specific due diligence procedures for their customers. In other words, wallets and exchanges may soon have to begin verifying user identity. Additionally, the measures also point out that crypto wallets and exchanges will need to register before being allowed to offer their service.


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