#CryptoCorner: Token Taxonomy Initiative Introduces Standardization Framework, UK Tax Agency Issues #Crypto Guidelines, Binance.US Debuts Debit Card Payments
Stocks discussed: (NasdaqGS: $MSFT) (NasdaqGS: $INTC) (NYSE: $IBM) (NYSE: $JPM)
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The Token Taxonomy Initiative (TTI), a consortium comprising major tech and finance companies including Microsoft (NasdaqGS:MSFT), Intel (NasdaqGS:INTC), IBM (NYSE:IBM), ConsenSys, EY, R3 and JPMorgan (NYSE:JPM), has introduced a framework for standardizing the construction of tokens, according to a report from Cointelegraph. Microsoft's principal architect for Azure blockchain engineering and the chair of the TTI, Marley Gray, said:
“Whether it's a ticket, supply chain documents, stocks, property titles, loyalty points, or other as-yet unthought-of blockchain-based products and services, token use should be able to flow across platforms. If we want to take full advantage of what collaborative platforms have to offer, cross-platform transactions have to be able to communicate with one another. Standards are where that starts.”
The UK’s tax agency, HM Revenue & Customs, has issued tax guidelines for cryptoassets. One thing revealed in the document is that mining from a personal computer is exempt from the type of taxation which applies to commercial mining.
“…using a home computer while it has spare capacity to mine tokens would not normally amount to a trade. However, purchasing a bank of dedicated computers to mine tokens for an expected net profit (taking account the cost of equipment and electricity) would probably constitute trading activity.”
CCN reports that French high school students will learn about cryptocurrency after an amendment to the country’s syllabus by the Ministry of National Education. The course that deals with it will not be specifically centred on crypto, but will rather feature crypto as part of a lesson on what currencies are and how are they created.
The U.S. branch of crypto exchange giant Binance, Binance.US, has launched debit card payments for crypto trading, according to a company blog post. This comes after the company achieved $15 million USD in trading volume after its first 30 days of operations. Catherine Coley, CEO of Binance.US, commented:
“This is just the beginning. We want our marketplace to stand out as an easily accessible, educational platform for anyone looking to participate in this global movement.”
Sam Mowers, Investorideas
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