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UK should lower crypto tax rate to encourage growth – MP Matt Hancock

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UK should lower crypto tax rate to encourage growth – MP Matt Hancock

UK should lower crypto tax rate to encourage growth – MP Matt Hancock Liam ‘Akiba’ Wright · 2 hours ago · 2 min read

Matt Hancock announced during Zebu Live that HMRC needs to take a growth-maximizing mindset by lowering taxes to foster innovation within crypto

2 min read

Updated: September 23, 2022 at 9:50 am

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Cover art/illustration via CryptoSlate

Matt Hancock, former Secretary of State for Digital, culture, music, and sport, said the U.K. must take a long-term approach and lower crypto taxes to allow digital innovation to grow.

“HMRC has taken a revenue-maximizing approach…applying it in a sledgehammer way… what we need to do is take a growth-maximizing view where revenues in the future will be far greater.”

Hancock said during his keynote at Zebu Live in London on Sept. 22.

HMRC, the U.K. tax authority, was the subject of focus for Hancock during the Q&A section of his address. The U.K. tax laws treat crypto the same as other assets meaning that a 20% capital gain tax applies to all crypto trades.

Any time a digital asset is traded for another, it is a taxable event. Further, activities such as mining and yield farming are considered income and taxed at 40% for anyone earning over £50,271. However, people earning less than £12,570 annually pay 0% income tax.

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Capital gains tax in the U.K. is complicated to understand and involves calculating your income tax to establish if you are within the basic tax rate banding. Those within the ‘basic tax rate’ pay 10% capital gains tax, with others paying 20%.

Hancock, bullish on crypto and digital assets as a method for the U.K. to regain dominance in the global financial markets, now believes the U.K. tax rate for crypto does not best serve innovation within the country.

The MP also argued that some laws should be rewritten to accommodate innovations within the crypto industry. Further, Hancock asserted that:

“Within the existing framework, we need regulators to be front foot, positive, open, risk-on, instead of the opposite of all those things.

During the keynote, Hancock repeatedly asked for feedback from the British public on the issues they face working in crypto in the U.K. Any U.K. citizens wishing to contact Hancock can do so via the details listed on the Parliament website.

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Warner Music partners with OpenSea to give artists access to new Drops feature

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Warner Music partners with OpenSea to give artists access to new Drops feature

Warner Music partners with OpenSea to give artists access to new Drops feature Liam ‘Akiba’ Wright · 33 mins ago · 2 min read

WMG artists are being given access to new features on OpenSea before they are released to the public in landmark collaboration

2 min read

Updated: September 29, 2022 at 6:03 pm

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Cover art/illustration via CryptoSlate

Warner Music Group will be partnering with OpenSea to allow artists to engage with their fanbase through NFTs.

According to a Sept. 29 announcement, “select WMG artists” would be able to “build and extend their fan communities in web3.”

The selected artists will be given access to a new “drops product,” receive increased visibility, as well as personalized landing pages on the OpenSea website. OpenSea is also offering “dedicated support” for WMG artists, something that is not available to all content creators on the platform.

Artists selected by WMG will be given a “dedicated drop page to host limited-edition projects,” giving fans greater opportunities to engage with their favorite musicians.

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Oana Ruxandra, Chief Digital Officer of WMG said,

“Fundamental to music’s DNA, is community – it’s artists and fans coming together to celebrate the music that they love. Our collaboration with OpenSea helps to facilitate these communities by unlocking Web3 tools and resources to build opportunities for artists to establish deeper engagement, access, and ownership.”

The first collection expected to be released by WMG on the OpenSea platform is in development through the UK arm of Warner Records in collaboration with Probably Nothing.

Warner Music is not a newcomer to web3 and stated that the OpenSea “collaboration marks the latest in a series of efforts to build out the music company’s expertise in the space. ”

Adam Levy from The Mint Podcast exclusively told CryptoSlate,

“From a macro perspective, this collaboration is a win simply because more capital and music will enter web3… A web3 “fan” is different from a web2 “fan” – It’s not about selling out a drop and making a buck, rather it’s about building a sustainable long-term relationship with collectors and ingraining them into the artist’s success.”

Traditional music companies making a more public move into the web3 arena could be viewed as a milestone for NFT adoption and offers a way for artists to receive direct royalties from their creations.

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Updated Sept. 29, 6 pm BST to add commentary from Adam Levy.

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Facebook, Instagram open NFT feature to all US-based users

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Facebook, Instagram open NFT feature to all US-based users

Facebook, Instagram open NFT feature to all US-based users Christian Nwobodo · 2 hours ago · 1 min read

NFT creators and collectors in the US can share their collectibles across Facebook and Instagram, while users in other supported countries can only access the feature via Instagram. 

1 min read

Updated: September 29, 2022 at 5:33 pm

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Cover art/illustration via CryptoSlate

NFT creators and collectors in the US can now connect their wallets to post the digital collectibles they own across Facebook and Instagram.

Meta announced on Sept. 29 that the digital collectible feature is open to all US-based users. Other users in 100 countries across Africa, Asia-Pacific, and the Middle East can only access the feature via Instagram.

The user interface shows how to cross-post a digital collectible on Facebook and Instagram.

Users can post the digital collectibles they bought or created by connecting their digital wallet to either Facebook or Instagram. The collection will be shared on both platforms based on users’ privacy settings.

There will be no fees associated with cross-posting or sharing the digital collectibles across Facebook and Instagram.

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The feature also allows for automatic tagging of both the NFT creator and collector to the post, leveraging data from supported open blockchains.

Supported blockchains include  Ethereum, Polygon, and Flow. To access the blockchains, users need to connect with third-party wallets, including MetaMask, Trust Wallet, Rainbow, and Coinbase Wallet.

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Chainlink launches Economics 2.0 staking programs

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Chainlink launches Economics 2.0 staking programs

Chainlink launches Economics 2.0 staking programs Christian Nwobodo · 6 hours ago · 1 min read

The SCALE and BUILD programs are part of the Economics 2.0 plan to secure the network and reward participants by introducing staking.  

1 min read

Updated: September 28, 2022 at 8:24 pm

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Cover art/illustration via CryptoSlate

Decentralized oracle protocol Chainlink has announced the launch of its long-awaited staking reward programs- the SCALE and BUILD.

The programs are part of the Economics 2.0 plan to secure the network and reward participants by introducing staking.

Chainlink SCALE Program

The Sustainable Chainlink Access for Layer 1 and 2 Enablement (SCALE) program is part of Chainlink’s Economics 2.0 initiatives designed to enhance the long-term utility and sustainability of its oracle services.

Chainlink SCALE was designed to reduce the operational cost of running oracle data by splitting costs among project node operators and dApp users.

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The participating projects will offer a portion of their revenue in LINK to cover transaction fees of Chainlink oracle networks.

In exchange, Chainlink will unlock advanced oracle features and solutions for the projects. Developers can get access to tweak the configurations to suit their ecosystem needs, such as Data Feed for higher update frequencies.

Chainlink will work with Avalanche, Metis, Moonbeam, and Moonriver networks on the first iteration of the SCALE program.

The BUILD program

The BUILD program was launched as part of Chainlink staking targeted at early-stage and established projects.

Leveraging the Chainlink effect, new projects can get access to Chainlink’s services, technical support, and growing community to accelerate their growth.

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Participating projects stake their network fees in Chainlink’s native LINK token to provide incentives for network participants like stakers.

To kickstart the program, Space and Time, Truflation, and bitsCrunch—have confirmed their participation.

The initial staking pool has been capped at 25 million LINK tokens with plans to expand it to 75 million in the next iteration.

Projects on the BUILD program will be able to deploy custom Data Feed DONs, get priority access to Chainlink upgrades, and bolster the cryptoeconomic security of the network.

As of press time, Chainlink’s native LINK token is up 0.74% since the announcement went live.

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