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Indonesian Regulators Aim To Impose Tax On Crypto Transactions

The Indonesian regulators consider imposing a tax on crypto transactions according to the reports by the Indonesia Commodity Futures Trade Regulatory Agency known as Bappebti so let’s read further in our latest cryptocurrency news today. Bappebti is considering levying a tax on crypto transactions that are taking place on regulated exchanges in the country. Right […]

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The Indonesian regulators consider imposing a tax on crypto transactions according to the reports by the Indonesia Commodity Futures Trade Regulatory Agency known as Bappebti so let’s read further in our latest cryptocurrency news today.

Bappebti is considering levying a tax on crypto transactions that are taking place on regulated exchanges in the country. Right now, 13 cryptocurrency exchanges fall under the Indonesian CFTR and the tax would be automatically applied by these platforms if approved as per the reports:

“It is currently [undergoing] internal review at Bappebti, then we will coordinate with the BKF.”

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Sidharta Utama who is the head of the Bappebti added that the actual tax hadn’t been decided yet, while the BKF refers to the Indonesia Fiscal Policy Agency. The regulatory activity in Indonesia surged in the past six months as BTC and the rest of the market soared to new highs. In December 2020, the Indonesian Regulators issued a regulation recognizing 229 cryptocurrencies as legally tradeable commodities while still leaving an open door for other traders to suggest adding other coins to the list. The agency identified 13 trading platforms which are recognized as licensed entities.

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The country originally warned against the use of crypto as means of payment in 2014 but by 2017 it introduced legislation that demanded the fintech companies register with the Bank of Indonesia to ensure that they aren’t using crypto in payment systems. The Chairman of the Indonesian Crypto Asset Traders Association, Teguh Kurniawan noted that the group he represented proposed a tax rate of 0.05% adding that the high tax rate could push people towards illegal channels when purchasing crypto. Kurniawan said:

“To date, there has been no feedback on the type of tax. We hope the tax rate will not be too high, [or] we fear that investors may turn to investing in crypto [assets] through illegal channels, which would be harmful.”

bitcoin transactions

As recently reported, The South Korean Tax officers discovered digital assets belonging to 1566 users and heads of companies even those which were referred to as top tax delinquents across three crypto exchanges. The authorities seized $22 million in total from 676 of them in order to compensate unpaid taxes. About 118 people already paid $1.12 million in order to get their crypto back.

DC Forecasts is a leader in many crypto news categories, striving for the highest journalistic standards and abiding by a strict set of editorial policies. If you are interested to offer your expertise or contribute to our news website, feel free to contact us at [email protected]

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Source: https://www.dcforecasts.com/altcoin-news/indonesian-regulators-aim-to-impose-tax-on-crypto-transactions/

Blockchain

Gemini Now Allows Users to Earn up to 2.25% Interest on Dogecoin

Dogecoin (DOGE) becomes the 32nd cryptocurrency on Gemini Earn’s portfolio as users can earn up to 2.25% interest on it.

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The US-based cryptocurrency exchange Gemini announced it will grant its customers the opportunity to earn interest on Dogecoin. They can realize as much as 2.25% annual percentage yield (APY) on the meme coin. With this innovation, Gemini Earn now accounts for more than $2 billion in loans for its customers.

DOGE Coming to Gemini

The massive craze around the meme coin keeps its invasion and reached the US trading venue Gemini. The official website of the crypto exchange founded by the Winklevoss brothers announced to its users that they can start earning interest on DOGE with Gemini Earn.

The company revealed its custody support to the meme coin and affirmed that Gemini is the only regulated platform in the US where trading and earning interest on DOGE is allowed in all 50 states. Furthermore, Gemini’s officials opined that Dogecoin is a true successor of Bitcoin:

”We listed Dogecoin because we believe it is the people’s money and continues Bitcoin’s tradition of giving the control of money back to the people.”

The Gemini team also confirmed that clients may begin earning interest on SushiSwap (SUSHI), Injective (INJ), and Polygon (MATIC).

Gemini Earn stated that users can earn up to 7.4% APY on their crypto held on the exchange. Additionally, interest is earned and aggregated daily and customers can claim their digital assets at any time. Another main advantage of the service is that there are no minimum balances and fees to transfer into or redeem from it.


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Gemini Earn is accessible for every customer in the US and Singapore. With the addition of Dogecoin, there are now 32 digital assets that the service supports.

Another Innovation by Gemini

The founders of the cryptocurrency exchange – The Winklevoss twins – are well known for their support for the crypto industry and Bitcoin in particular. Their digital asset exchange is among the few regulated in the US and has made several notable partnerships as of late.

CryptoPotato reported recently that Gemini collaborated with Mastercard to launch a crypto credit card with rewards paid in the form of the primary cryptocurrency. According to the statement, the card will offer up to 3% of bitcoin cashback to users.

Many investors embraced the announcement and the waiting list quickly surged to 140,000. Gemini promised the card will come with no annual fees, combined with 24/7 live customer support, which should ”deliver a superior cardholder experience.”

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Source: https://cryptopotato.com/gemini-now-allows-users-to-earn-up-to-2-25-interest-on-dogecoin/

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Public Mint Partners with KIRA to Enable Cross-Chain Liquid Staking

[Press Release – San Francisco, California, 10th May, 2021] Public Mint and KIRA have announced a strategic partnership that would see Public Mint’s native tokens integrated in KIRA’s cross-chain liquid staking platform, enabling holders of Public Mint’s USD+ and MINT tokens to benefit from cross-chain DeFi opportunities while continuing to receive yield through Public Mint. […]

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[Press Release – San Francisco, California, 10th May, 2021]

Public Mint and KIRA have announced a strategic partnership that would see Public Mint’s native tokens integrated in KIRA’s cross-chain liquid staking platform, enabling holders of Public Mint’s USD+ and MINT tokens to benefit from cross-chain DeFi opportunities while continuing to receive yield through Public Mint.

KIRA is an interoperable blockchain hub that offers cross-chain liquid staking for a number of tokens. Liquid staking is an innovative DeFi primitive that tokenizes a user’s staked assets to enable seamless use in other environments. KIRA will allow users to deposit their Public Mint native assets, including the USD+ synthetic stablecoin and the MINT governance token, which will be seamlessly staked to continue to receive yield. In return, users will receive an IOU token that represents the funds locked in the platform and can be redeemed at any time for the underlying funds. Using a tokenized representation means that the underlying funds can be used seamlessly as if they were the original token, and can be put to work through other DeFi yield opportunities, effectively multiplying capital efficiency and yield.

Through the integration with KIRA, Public Mint assets can be connected to a number of other blockchains supported by the network thanks to its Interchain Exchange Protocol (IXP). This further enhances Public Mint’s vision of interoperability, adding to the existing native bridge with the Ethereum blockchain.

“We’re excited to be partnering with KIRA to further connect the Public Mint blockchain with the wider crypto ecosystem,” said Paulo Rodrigues, CEO of Public Mint. “KIRA’s liquid staking ability will vastly increase capital efficiency and attract more liquidity to Public Mint’s Earn program. We expect to see even more use cases for USD+ and MINT deriving from this integration in the future.”

“Building a truly inclusive and capable DeFi ecosystem is what KIRA stands for, which is why we designed our cross-chain liquid staking system,” said Milana Valmont, CEO of KIRA. “Partnering with Public Mint furthers that vision to bring KIRA to the widest audience possible, especially given their focus on users who are not too crypto-savvy.”

Public Mint is a complete platform for synthetic fiat that is fully collateralized, regulated and FDIC-insured, running on a fiat-native blockchain. The platform is designed to be fiat-friendly, allowing non-crypto users to earn significant yield on their assets without exposing themselves to the complexity and volatility of cryptocurrencies. The EARN program is Public Mint’s yield aggregation platform, containing strategies that combine yield opportunities from both DeFi and more traditional cryptocurrency lending, commonly referred to as “CeFi.” EARN will be available from Q3 through the Public Mint mobile wallet app, complete with a native fiat-to-crypto rail, as well as with USDC bridged from the Ethereum blockchain.

About Public Mint

Public Mint bridges the worlds of traditional fiat with the innovative world of crypto. It offers a complete platform for synthetic fiat, regulated and fully collateralized with funds held on deposit with FDIC-insured financial institutions.

Public Mint offers a fiat-native blockchain, APIs and web components, open and ready for anyone to build fiat-native applications and accept credit cards, ACH, wire transfers, and more — no bank accounts needed.

About KIRA

KIRA is the first decentralized network that enables market access to any digital asset in the crypto ecosystem. Users can earn block and fee rewards from staking any digital asset on multiple chains at the same time, while maintaining full liquidity and custody over their funds, whether trading on KIRA or using other DeFi apps simultaneously.

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Source: https://cryptopotato.com/public-mint-partners-with-kira-to-enable-cross-chain-liquid-staking/

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Rari Capital Will Reimburse Hack Victims with $26 Million From Developer Fund

After suffering pool exploit, core developers of Rari Capital will reimburse hack victims with up to $26 million worth of RGT.

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DeFi protocol Rari Capital plans to reimburse its affected users after a hacker managed to exploit its liquidity pool, draining 10 million worth of Ethereum (ETH) – around 60% of users’ funds.

Jai Bhavnani, Rari Capital CEO, said the protocols’ core contributors have agreed to return 2 million of their $RGT —which was initially allocated for developers as an incentive— back to the DAO and reimburse impacted users.

According to a postmortem, the attacker drained the pool by taking a flash loan from the exchange dYdX to deposit ETH and make repeated withdrawals. The protocol will prevent deposits and withdrawals in the same block to avoid these flash loan attacks.

ETH Pool Exploited

The Rari Capital Ethereum Pool transfers ETH into Alpha Finance’s ibETH token. However, developers were not aware of a function in the ibETH token that could artificially inflate its value. The attacker took advantage of that function, manipulating the contract to withdraw more funds than deposited. He stole 2600 ETH of the Ethereum Pool, according to David Lucid, Rari Capital’s lead developer.

Rari Capital is still discussing proposals via community calls. The first security measure is to require all upcoming protocols the company integrates with to review their integrations, stating that protocols “know the code they wrote better than anyone else.”


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As for auditing, the company is waiting for an audit with OpenZeppelin and plans to enlist other auditing firms rather than Quantstamp.

DeFi Hacks on the Rise

Rari Capital is the latest DeFi hack. The Rari Governance Token (RGT) tumbled 50% following the news, going from $18 to $8. However, the coin managed to recover to $12 at the time of writing.

There have been numerous attacks in the DeFi space recently. As reported by CryptoPotato, at least $50 million disappeared from Uranium finance in an apparent hack. However, most users in the crypto community speculate of a possible rug pull.

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Source: https://cryptopotato.com/rari-capital-will-reimburse-hack-victims-with-26-million-from-developer-fund/

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Blockchain

Indonesia Plans to Tax Crypto Trading

Following the growing adoption of digital assets in the country, Indonesia’s officials consider a plan to start taxing cryptocurrency trading.

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The Southeast Asian country of Indonesia considers a plan to tax trading with digital assets. However, a spokesman from the tax office revealed that the proposed scheme was still at the discussion stage, and no changes have yet been applied.

The Crypto Environment in Indonesia

The biggest economy in Southeast Asia – Indonesia – saw a massive increase in crypto users in the past months. Following the recent rally of most digital assets, local residents of the country turned their sight to them. According to a report, Indodax – the largest crypto exchange platform in Indonesia – registered more than 700 000 new members only for the first four months of 2021 as the total number rose to three million people.

However, Reuters reported that the country’s officials are contemplating a plan to tax trading with Bitcoin and all altcoins. Neilmaldrin Noor, a spokesman at Indonesia’s tax office, asserted that the future implementations were still at the discussion phase, and no changes have yet been administered. Additionally, he explained that taxation is vital for the economy:

”It is important to know that… if there is a profit or capital gain generated from a transaction, the profit is an object of income tax. So the tax payer who receives capital gain has to pay the tax and report it.”

Indonesia has a very controversial relationship with cryptocurrencies. The authorities of the country banned the use of digital assets as a payment instrument, but on the other hand, residents are allowed to trade with them as a commodity.

Following the Asian Wave

Indonesia’s tax reforms regarding cryptocurrencies are not pioneering. As CryptoPotato reported, another Asian country – South Korea – revealed its intentions to start taxing digital assets.


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The authorities are reportedly looking to place a 20% tax on profits made from cryptocurrency trading at the start of next year. The Finance Minister of the East Asian country asserted that such rules are ”inevitable” to start from 2022.

Somewhat surprisingly, most residents of South Korea approved the incoming implementations. A survey revealed that around 54% of the poll participants backed the country’s tax addition. Moreover, older Koreans were significantly more open to the idea comparing to the younger generation.

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Source: https://cryptopotato.com/indonesia-plans-to-tax-crypto-trading/

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