According to reports, cryptocurrency lobbying organizations in Japan plan to push lawmakers to lower the tax rates on the local digital asset sector. As a result, professionals in the field are more likely to remain in their own country over seeking their fortunes in a country with laxer tax laws.
The Financial Services Agency (FSA) will receive a proposal from two of the leading organizations, the Japan Crypto-asset Business Association (JCBA) and the Japan Virtual and Crypto assets Exchange Association (JVCEA). They will ask it to reduce the cost for businesses to issue and hold cryptocurrency tokens, according to Bloomberg.
No more taxes on paper gains in crypto?
If approved, local businesses won’t be required to pay taxes on the paper gains they make on Bitcoin investments if they hold them for reasons other than short-term trading. Currently, a 30% annual tax rate is imposed on such income.
Many local businesses have relocated to Singapore and other nations as a result of these unfavourable conditions.
As a result, holding onto digital coins after they are created can become expensive for businesses. This raises the bar for starting crypto-enterprises. The tax is also levied on so-called governance tokens, which give holders the ability to vote in corporate decisions.
An initiative to grow the Web3 sector in the nation, including the usage of digital assets, non-fungible tokens (NFTs), and decentralized autonomous organizations, was approved by the government earlier this summer (DAOs).
The plan is anticipated to get before the financial watchdogs as soon as this week. However, it is important to keep in mind that Japan’s government typically debates tax modifications around the start of the summer and makes final decisions by the end of the year. Ergo, lobby organizations will have to wait a while to see if their suggestion will go into effect.
How devoted Prime Minister Fumio Kishida is to advancing Japan’s so-called Web3 business as part of a plan unveiled last month will be determined by the calls from the crypto-industry.
The need to cut down on tax
The FSA has been talking about the necessity for a corporate tax adjustment for the cryptocurrency industry, according to a representative. However, the regulator hasn’t decided whether to include this plan in its yearly suggested adjustments, which are due to be presented to the tax authorities in August.
According to the email, the lobby groups also intend to persuade the government to impose a flat 20% income tax on individual investors’ cryptocurrency gains. This, rather than subjecting them to rates that can go as high as 55%.
Politicians have previously emphasized the necessity for digital technologies to spur national progress. Masaaki Taira has pushed fellow MPs and the Finance Ministry for adjustments to stop the exodus of digital talent. Taira is an enthusiastic proponent of Bitcoin technology within the governing Liberal Democratic Party.
Binance’s CZ clarifies position after ‘incorrect reports’ on WazirX ‘acquisition’
Binance CEO Changpeng Zhao has claimed that the company “does not own any equity” in Zanmai Labs, the parent company of Indian crypto-exchange WazirX. This, a day after India’s Enforcement Directorate (ED) froze WazirX’s bank balances worth $8 million earlier.
According to a statement, ED has been investigating WazirX since last year for its alleged role in a money laundering scheme. On 5 August, ED conducted searches on WazirX Co-founder and CTO Sameer Mhatre after suspicions emerged about links to Chinese loans apps.
Floodgates are wide open
Binance has been called into question since the legal probe began after CZ denied the acquisition of WazirX. In fact, CZ claimed on Twitter that the acquisition of WazirX “was never completed.”
Worth pointing out, however, that this acquisition was announced way back in November 2019. A later tweet from CZ confirmed the purchase, with the exec distinctly stating “Binance-owned Indian crypto exchange WazirX…”
» Binance-owned Indian crypto exchange WazirX crosses $200m in daily trading volume; eyes $1b in 2021 – The Financial Express https://t.co/t3GD7UwvYt
— CZ 🔶 Binance (@cz_binance) April 5, 2021
On the contrary, his latest four-part post denied this, with CZ arguing that Binance is a target of “incorrect reporting.”
“On 21 Nov 2019, Binance published a blog post that it had “acquired” WazirX. This transaction was never completed. Binance has never – at any point – owned any shares of Zanmai Labs, the entity operating WazirX,” said Changpeng Zhao.
On the other hand, WazirX founder Nischal Shetty has refuted CZ’s claims in his own posts on Twitter. Shetty alleged,
“1/ FACTS about WazirX & Binance: WazirX was acquired by Binance Zanmai Labs is an India entity owned by me & my co-founders Zanmai Labs has license frm Binance to operate INR-Crypto pairs in WazirX Binance operates crypto to crypto pairs, processes crypto withdrawal…”
Not the first legal battle
Binance is no stranger to legal battles as it has been accused of legal wrongdoing multiple times. As per Bloomberg, investigations into Binance have broadened to look at potential insider trading and market manipulation.
In fact, a Philippines-based think tank claimed that Binance is a “risk to the public” earlier in July. A new lawsuit has been filed against the organization for allegedly misrepresenting TerraUSD, a stablecoin. Earlier in July, developer “CryptoFelon” claimed that Binance CEO Changpeng Zhao is attempting to “rob him of his domain.”
Meta’s attempts to mould the Metaverse will ‘misfire:’ Ethereum’s Buterin
According to Ethereum’s Vitalik Buterin, Meta’s attempt to monopolize the metaverse would “misfire.” How so? Well, partly because no one has been able to define what the phrase means.
He claimed that ongoing business efforts don’t seem promising in a Twitter conversation about the potential design of the metaverse. He specifically targeted Meta, the internet giant created and led by Mark Zuckerberg, citing the company’s previous moniker. He said,
My critique is deeper than “Metaverse Wikipedia will beat Metaverse Encyclopedia Britannica”. It’s that we don’t really know the definition of “the metaverse” yet, it’s far too early to know what people actually want. So anything Facebook creates now will misfire.
— vitalik.eth (@VitalikButerin) July 31, 2022
An immersive computer software called a Metaverse, which may also incorporate some aspects of virtual or augmented reality, allows users to interact with the environment and one another.
Metaverse is progress…?
Buterin described the creation of the metaverse as a relatively inevitable stage in the development of current technology, even though he isn’t quite sold on how companies see it.
While the use of non-fungible tokens (NFTs) or blockchain technology in Meta’s metaverse is unlikely, several decentralized metaverse programs have sprung up recently that do.
The centralized control of companies and decentralized forms of ownership that blockchain technology enables are at odds over how the metaverse will be shaped. Recently, a group of Web3 businesses launched a separate partnership, with the support of Microsoft, Meta, and Sony, intending to create standards for the metaverse.
Interestingly, Facebook Reality Labs (FRL), Meta’s metaverse-focused company, reported losses of $2.81 billion for the second quarter. In addition, the company lost $10.2 billion while developing software, hardware, and content for the metaverse.
As Ethereum and his public profile have grown over time, Buterin has developed a reputation for speaking out. This, even though he frequently uses his blog and Twitter account to discuss Ethereum’s technology and how decentralization may change the world.
Although he has previously made lengthy remarks regarding NFTs, expressing wonder at the 2021 surge and taking subtle shots at the speculative side of the sector, he has rarely brought up the metaverse.
Metaverse is the next big thing on the Internet
Although it is still a rather fuzzy concept, the word “Metaverse” is widely used to describe a next-generation Internet. In the same, users will be able to work, play, and connect within realistic virtual worlds. It is projected that elements of blockchain technology, virtual reality, and augmented reality will be present.
Back in 2021, when the bull run hit its zenith, several important companies started working on Metaverse projects. Coca-Cola and Adidas, among others, purchased virtual properties, gave up on NFTs, and held their virtual events.
Security firm warns against phishing campaign targeting MetaMask
A cybersecurity company has issued alerts regarding a fresh phishing campaign. One that is going after users of the well-known cryptocurrency wallet – MetaMask.
The ongoing phishing campaign used emails to target MetaMask users and deceived them into disclosing their passphrase. This, according to a blog post by Halborn’s Technical Education Specialist Luis Lubeck.
To alert users to the new fraud, the company examined phishing emails it had received in late July. Halborn claimed that the email appears legitimate at first glance thanks to a MetaMask header and logo and instructions instructing users on how to comply with Know Your Customer (KYC) rules.
How to understand the red flags?
Halborn also pointed out that the letter contains several warning signs. The two most noticeable ones were misspellings and an email address that was not the sender’s. Furthermore, the phishing emails were sent through a phony domain called the meta mask auction.
Phishing attacks are social engineering attempts to steal cryptocurrencies using targeted emails. These entice victims into disclosing more personal information or clicking links to nefarious websites.
The company also pointed out that the message lacked customization – Another red flag. The malicious link to a bogus website that requests users to enter their seed phrases before forwarding to MetaMask to empty their cryptocurrency wallets is shown when the call to action button is hovered over.
Researchers from Halborn noted a situation in which a user’s private keys may be located unencrypted on a drive in a compromised computer in June. Following the discovery, MetaMask modified version 10.11.3 and later, its extension too.
Following the disclosure of client emails by a third-party vendor employee last week, Celsius users were also alerted to a phishing danger.
Cybercriminals target Metaverse with phishing scams
According to CNBC, investors from all around the U.S told CNBC that hackers misled them into visiting websites they thought were trustworthy entrances to the virtual world. These, alas, turned out to be phishing sites intended to steal user information.
As a result, the hackers took control of their metaverse property. They genuinely wanted a piece of the metaverse, a new blockchain-based virtual network of platforms that have recently become well-known thanks to significant investments from investors, fashion shows, and celebrities.
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