Crypto Corner - May 23, 2018
Huobi Announces Market Index, India Could Slap 18 Percent Tax on Crypto Trading, Circle Introduces New App Feature and Crypto Market Drops
Huobi, the world’s third largest cryptocurrency exchange, has announced the launch of ‘HUOBI 10′, a new market index.’HUOBI 10’ tracks the ten most traded digital assets on the platform against tether (USDT), a cryptocurrency that is “tethered” to the U.S. dollar. According to the press release:
“The digital assets are classified into four categories: Coins, Platforms, Applications and Utility Asset tokens. The number of constituents selected in these four categories depends on their transaction volume of last quarter. After deciding the allocation of constituents into each of the four categories, the average daily trading volume in the previous quarter is used to decide the weight of the constituent in the index.”
Cryptocurrency trading in India may be subject to an 18 percent tax, according to a report in Bloomberg today. Discussion around such taxation indicates that crypto may be “classified as intangible goods on a par with software”. Bloomberg outlines the proposal:
- Purchase or sale of cryptocurrencies should be considered as supply of goods, and those facilitating transactions like supply, transfer, storage, accounting, among others, will be treated as services.
- Value of a cryptocurrency may be determined based on the transaction value in rupees or the equivalent of any freely convertible foreign currency.
- If buyers and sellers are in India, the transaction would be treated as a supply of software and the buyer’s location will be the place of supply.
- For transfer and sale, the location of the registered person will be the place of supply. However, for sale to non-registered persons, location of the supplier would be considered as the place of supply.
- Transactions beyond the Indian territory will be liable for integrated GST, and would be considered as import or export of goods. IGST will be levied on cross-border supplies.
The Goldman Sachs-backed Circle Internet Financial Ltd. has launched a feature to help users who may be new to investing in crypto. Circle Invest, an app that offers seven different coins for purchase, introduced a feature called “Buy the Market” yesterday which allows users to buy all coins at once. Bloomberg reports:
“Customers can invest as little as $1, and their funds will automatically be spread across the tokens, weighted by market value. Circle builds in a 1 percent spread between the buy and sell prices, which is how it generates revenue, Chief Executive Officer Jeremy Allaire said. The coins are Bitcoin, Bitcoin Cash, Ethereum, Ethereum Classic, Litecoin, Zcash and Monero.”
The crypto market has dropped roughly $40 billion USD in the past 24 hours, going from around $372 billion USD to $334 billion USD at press time, according to data from CoinMarketCap. With the exception of Tether (USDT) and Bitcoin Private (BTCP), all of the top 50 coins have shown are trading lower in than a day ago.
Sam Mowers, Investorideas.com
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