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#CryptoCorner: Market Sees Green with #XRP Surge, Japanese Exchange Zaif Hacked for $60 Million, Australian Watchdog Cracks Down, Brazil Antitrust Body Investigates Banks and U.S. Lawmakers Urge IRS to Clarify #Crypto Tax Strategy

September 20th #CryptoCorner and Podcast sponsored by Crypto payment tech, #Flip @FlipToPay ($NXTD) and Genesis Exchange and Wallet App

 

Point Roberts, WA and Delta, BC - September 20, 2018 (Investorideas.com Newswire) Investorideas.com, a leader in crypto and blockchain investing news reports on what's driving the cryptocurrency markets with today's edition of Crypto Corner, now available in podcast.

Listen to today's Crypto Corner Podcast:

https://www.investorideas.com/Audio/Podcasts/2018/092018-CryptoMarket.mp3

#CryptoCorner: Market Sees Green with #XRP Surge, Japanese Exchange Zaif Hacked for $60 Million, Australian Watchdog Cracks Down, Brazil Antitrust Body Investigates Banks and U.S. Lawmakers Urge IRS to Clarify #Crypto Tax Strategy

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Crypto Corner

Market Sees Green with XRP Surge, Japanese Exchange Zaif Hacked for $60 Million, Australian Watchdog Cracks Down, Brazil Antitrust Body Investigates Banks and U.S. Lawmakers Urge IRS to Clarify Crypto Tax Strategy

The market is looking rather green today, with only a handful of the top 50 listed coins on CoinMarketCap in the red for the past 24 hours. Total market capitalization has broken the $200 billion USD barrier, currently at $203 billion USD. Bitcoin (BTC) is trading at $6436 USD, up from its low of just $6200 USD yesterday. XRP has exhibited very impressive growth at 13 percent in the last day.

Japanese crypto exchange Zaif, operated by company Tech Bureau, was hacked for some ¥6.7 billion yen ($60 million USD) on September 14 according to a report in Nikkei Asian Review. Of the ¥6.7 billion yen stolen, ¥4.5 billion was from customers of the exchange in Bitcoin (BTC), Bitcoin Cash (BCH) and Monacoin (MONA). According to a press release from Tech Bureau, the company intends to compensate customers for the theft by selling a majority of its shares to a subsidiary of financial services firm Fisco. Interestingly, Tech Bureau is one of 16 crypto exchanges licensed by Japan's Financial Services Agency (FSA), but was given a business improvement notice back in March.

Australia's financial watchdog and regulator, the Australian Securities and Investments Commission (ASIC), has reported a crackdown on 'misleading' ICOs. Since April ASIC has taken actions against five different ICOs who lacked appropriate investor protections. ASIC identifies consistent problems with ICOs that put investors at risk as the use of deceptive materials in sales and marketing, illegal management investment scheme (MIS) and not having an Australian financial services license. The report quotes ASIC Commissioner John Price:

"If you raise money from the public, you have important legal obligations. It is the legal substance of your offer - not what it is called - that matters. You should not simply assume that using an ICO structure allows you to ignore key protections there for the investing public and you should always ensure disclosure about your offer is complete and accurate."

CADE, Brazil's antitrust watchdog, has launched an investigation into the country's banks and financial institutions to determine if they have undermined the performance of crypto-related business, according to a report from Reuters. The investigation was launched at the behest of the Brazilian Association for Cryptocurrency and Blockchain (ABCB) and will specifically look at the actions of Banco do Brasil, Bradesco, Itaú Unibanco, Santander Brasil, Banco Inter and Sicredi. The chief complaint of crypto and blockchain businesses is the closing of their accounts by the banks.

Members of Congress in the U.S. and other lawmakers have urged the Internal Revenue Service (IRS) to clarify its guidelines and strategy when it comes to taxing 'virtual currencies' in an open letter yesterday. While the letter is sympathetic to the task of the IRS due to crypto's ongoing evolution, it is critical of the body's ambiguity on the issue.

"...the IRS continues to expand its enforcement activities without issuing any further guidance for taxpayers. We therefore write again today to strongly urge the IRS to issue updated guidance, providing additional clarity for taxpayers seeking to better understand and comply with their tax obligations when using virtual currencies."

Sam Mowers, Investorideas

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