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Coinbase reveals European expansion plan: Seek licenses in Spain, Italy, France and the Netherlands

Cryptocurrency exchange Coinbase has revealed its expansion plan to several European markets. The company is in the process of registering a cryptocurrency exchange in Spain, France, Italy and the Netherlands.

Coinbase expands in Europe

Coinbase Global Inc. (Nasdaq: COIN) is planning to expand its operations in Europe, Bloomberg reported on Wednesday, citing an interview with Nana Murugesan, vice president of International and Commercial Development at Coinbase.

Noting that Coinbase is focused on increasing its presence in Europe, the executive revealed that the exchange is in the process of applying for a license in several European markets, including Italy, Spain, France, and the Netherlands.

The Nasdaq-listed company is currently registered in the UK, Ireland and Germany, Murugesan confirmed, noting that Coinbase also recently hired its first employee in Switzerland.

“In all these markets, our intention is to have retail and institutional products”, emphasized the executive, specifying:

It's almost like an existential priority for us to make sure we can fulfill our mission by accelerating our expansion efforts.

Coinbase is also open to acquisitions that will accelerate its expansion abroad, Murugesan noted.

However, the crypto exchange is shrinking. Earlier this month, CEO Brian Armstrong announced his company’s plan to lay off 1,100 employees, or 18% of its workforce.

Murugesan said Coinbase’s goal is for the international segment to become a “significant” part of its business. He opined:

That's our goal, but just when we get there, all of that, it's a lot of dependencies.

On Monday, global investment bank Goldman Sachs downgraded Coinbase to a “sell” rating. COIN is down more than 85% since it started trading on Nasdaq. At the time of writing, Coinbase Global is trading at $49.75, down over 36% over the past month.

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Cryptocurrency and digital asset issuers are now VAT exempt in Russia

Russia has passed a bill exempting cryptocurrency issuers from Value Added Tax (VAT). This move is to further strengthen its pro-crypto stance through its legislation. The lower house of the Russian legislature, the State Duma, passed this bill.

Allegedly, some other services related to cryptocurrency exchanges will also be exempt. The current tax rate for cryptocurrency companies participating in these digital asset related businesses is 20%. Continued sanction from the West wreaked havoc in Russia following the invasion of Ukraine.

Russia has been experiencing a financial crisis and this, in turn, has made it difficult for Russia to carry out international transactions. To boost its economy, Russia has taken a positive stance towards cryptocurrencies to facilitate the growth of the sector.

Crypto VAT exemption details

In addition to the VAT exemption, this bill that has passed states that the income tax rate will be 13% for cryptocurrency exchanges on the first 5 million rubles, currently valued at $93,000 tax base annually, 15% at values ​​that cross the aforementioned level and 15% in general for currency traders.

However, the Central Bank of Russia is on the opposite side of cryptocurrencies, as are other central banks around the world. Despite opposition to cryptocurrencies, the state authorized the first local digital asset platform, Atomyze Russia. After licensing Atomyze Russia, the main lender Sberbank received a license.

Members of the State Duma approved the drafting of the tax law. The bill aims to reduce taxes for cryptocurrency issuers and also helps set tax rates on income received from the sale of the assets. Now, for this bill to become law, the signature of President Vladimir Putin is required.

Once the bill is passed, the details of how digital assets will be managed will be defined. Taxation of digital assets under the bill is analogous to securities taxes at the current time, once the bill is passed some light will be shed on such a position.

Russian banks blocked from the SWIFT system

Russia’s banks have been blocked from the SWIFT system and the G7 Group of Seven countries have recently stopped buying freshly mined and refined Russian gold. This added more pressure on Russia’s financial situation.

In addition, there are other sanctions that have led Russia to default on servicing its external debt. Anti-crypto leaders in the US have the idea that Russia might turn to cryptocurrencies to avoid sanctions, so they insist on a crackdown.

Russia for the first time since 1917 defaulted on its foreign debt. The year 1917 is historic, because in that year the Bolshevik Revolution took place. Russia was given a 30-day grace period but paid no interest on two different bonds.

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Switzerland-based cryptocurrency mining company expands operations to Texas

The company said its US operations will have an initial capacity of 3 megawatts, with the company’s total hashrate targeting more than 1.6 EH/s.

White Rock Management, a Swiss-based cryptocurrency mining company, said it will expand its operations to the United States, starting with Texas.

In an announcement from Mars, White Rock said that it will partner with Natural Gas Onsite Neutralization, the NGON, a company that captures natural gas that would otherwise burn and convert it into energy for use in Bitcoin (BTC) mining operations. the company. White Rock said it will operate from the NGO’s facilities in the Vale do Brazos region, mining BTC using “environmentally responsible” methods.

According to White Rock CEO Andy Long, the move to Texas was just the first in the company’s plans to expand its BTC mining operations into areas capable of providing power from natural gas outside the reach of the electrical grid. from the USA. The company started mining cryptocurrencies in data centers in Sweden in November 2021 and reported that its operations in the United States will have an initial capacity of 3 megawatts, aiming to have the company’s total hashrate greater than 1.6 EH./s.

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Crypto.com will now allow users to buy crypto with Apple Pay

Crypto.com recently announced the integration of Apple Pay into its app and website. Apple does not support crypto payments directly, but Crypto.com users will have the option to make in-app purchases.

These purchases can be made with the help of credit and debit cards through Apple Pay. Through this new development, the exchange should improve and boost the user experience.

Apple Pay will help facilitate a simple and secure payment method that can be used on the exchange to buy cryptocurrencies.

The exchange specifically agreed with the decision to incorporate this feature for its clients, as it could make transactions convenient but also ensure that security is not compromised. In addition, users who have Apple Card as a payment method when buying cryptocurrencies will be entitled to receive 2% Daily Cash on their purchases.

Apple Pay on Crypto.com is only available in the US now

Crypto.com wants its users to be able to easily deposit their funds using Apple Pay. Exchanges are also always on the lookout to make it easy for their users to deposit funds. This specific service must be available through the Crypto.com app itself.

However, this new feature is only available to US users, excluding residents living in New York State and US Territories. Territories include Puerto Rico, Guam, American Samoa, Mariana Islands of the North and also Virgin Islands.

While the feature is only available in the US, the platform has plans to roll it out to other countries on an ongoing basis in the near future. The new feature or functionality will include ongoing debit and credit charges that will be billed to the protocol.

In this new service offered by the exchange, trading limits for cryptocurrency purchases also apply. Apple Pay on iOS devices helps make payments easier for iPhone users.

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Albania will start taxing cryptocurrency-related income from 2023

Albanian authorities are finalizing regulations that will allow income and profits from cryptocurrency investments to be taxed. The government intends to start enforcing the tax in 2023, following the adoption of the necessary legislation that has been proposed for public consultation.

Albania prepares to impose taxes on cryptocurrencies as early as next year

The Albanian state is set to start collecting taxes on crypto asset income from 2023, according to a new income tax bill, local English-language portal Exit News reported on Friday. The government also expects to pass a number of other laws and statutes this year to comprehensively regulate the issue.

The special tax legislation is currently open for public consultation. It introduces the concept of taxing cryptocurrency holdings and income derived from virtual assets. The latter have been defined as “a digital representation of a security that can be deposited, traded or transferred in digital form, and that can be used for payment or investment purposes or as a medium of exchange, including, but not limited to, cryptocurrencies” .

However, the definition does not cover central bank digital currencies (CBDCs), the report notes. This is despite the fact that a growing number of monetary authorities around the world are developing a digital version of their national decrees. The list includes major powers such as the United States, the European Union, China and the Russian Federation.

Albanian law also defines cryptocurrency mining as an activity that uses computing power to confirm transactions and obtain virtual assets in exchange. Cryptocurrency mining has long been a gray area, although law enforcement is pursuing illegal mining facilities in the country and has brought charges against some of its operators.

Under the new legislation, any income from cryptocurrency transactions or mining will be classified as corporate income when received as a result of commercial activity. And when the beneficiaries are individuals, they will have to pay the 15% tax on capital gains.

The financial watchdog is tasked with expanding the regulatory framework for cryptocurrencies

Earlier this month, the Albanian parliament ordered the Financial Supervisory Authority (AFSA) to prepare and adopt new regulations on cryptocurrencies by the end of 2022. Albanian law allows cryptocurrency trading platforms to operate legally in the country, but there is currently no authorized entities operating in Albania. Exit News commented.

Two years ago, Albania also adopted a law entitled “Financial Markets Based on Distributed Ledger Technology”. While many welcomed the legislation, critics questioned whether the small southeastern European nation, which still aspires to join the EU, is able to properly regulate its cryptocurrency sector to prevent it from being used for money laundering. , something he is struggling to achieve. get in fiat. space.

The legislature referenced a recent report by the Council of Europe Expert Committee on the Assessment of Measures to Combat Money Laundering and the Financing of Terrorism (Moneyval), which recommended additional measures regarding the risks associated with cryptocurrency. In November 2021, the AFSA passed its first two regulations implementing the cryptocurrency markets law, which introduced capital and license requirements for entities dealing with digital assets.