Portugal’s New Crypto Law
The Portuguese Tax & Customs Authority (PTA) has come clear that Crypto trading transactions are exempt from Capital Gains and Value Added Taxes. This is a unique position given that Crypto trading is increasingly considered as commodity trading where the main motive of the sellers is to get positive returns on investments. In this perspective, Portugal officially holds the position that Cryptos are currencies like traditional Fiat money like the Euro. The basis of the law is that no value is added during exchange transactions. However, employees in Crypto firms, merchants accepting Tokens, and employees being paid in Digital Coins will be required to remit relevant taxes.
Firms Are Jostling For A Share Of Crypto Custody Services Market
Established firms such as Wells Fargo, Intercontinental Exchange Inc, and others are competing with Crypto-focused firms such as Gemini, Paxos, Anchorage Trust Co, Coinbase, BitGo Inc., etc. to control the ballooning market. Some of the factors fueling the increasing demand include recent laws that require Crypto venture firms, Crypto assets managers, and Crypto exchange platforms to deposit their Tokens with a third-party custodian. Additionally, retail hodlers of Virtual assets are turning to custody services as security threats loom.
Verizon’s’ Blockchain SIM Card Technology Acquires A Patent
The U.S Patent and Trademark Office has issued a patent to the Verizon Blockchain SIM Card technology popularly known as virtual subscriber identity modules (vSIMs). This innovation, if it becomes successful will revolutionize the telecommunications industry especially in the US where Verizon is the largest industry player after AT&T. The technology will consequently lead to the phasing out of physical SIM Cards where clients will only be relying on radio or internet accounts to access call or data services.