Blockchain Press Releases
Bitrue First Exchange to Support Blast Network With Pacmoon ($PAC) Listing
![bitrue-first-exchange-to-support-blast-network-with-pacmoon-($pac)-listing](https://theblockchainexaminer.com/wp-content/uploads/2024/06/51082-bitrue-first-exchange-to-support-blast-network-with-pacmoon-pac-listing.jpg)
VICTORIA, Seychelles, June 7, 2024 /PRNewswire/ — Bitrue exchange, a leading cryptocurrency exchange noted for its innovation in the web3 space, has today announced that they have completed integration for the Blast layer 2 network, and have resultantly become the first exchange in the world to list the Pacmoon community token.
The exchange has already opened deposits for Pacmoon, with spot trading on the PAC/USDT pair also commencing today at 10:00 UTC. Withdrawals will be opened once sufficient deposits have been made. To celebrate Bitrue becoming the first exchange to support the Blast network and listing Pacmoon, users can enjoy zero trading fees for 7 days.
Pacmoon, a community-centric memecoin, is notable for its virality-based tokenomics whereby users earn the token via promoting it on Twitter. The more popular the content, the more coins the creator will earn, thus incentivizing community members to create and distribute original and engaging content, increasing its popularity.
Pacmoon is built on the Blast layer 2 network using Ethereum as its base. Blast has distinguished itself among its contemporaries by being the only L2 capable of offering native yields for Ethereum and certain stablecoins, which has resulted in over $3 billion of TVL on the network as of June 2024.
Bitrue has a strong history of innovation in the cryptocurrency space, recently becoming the first exchange in the world to list RUNE tokens built on the Bitcoin network, in an approach that it characterizes as maximizing choice for its users. With over 700 coins listed for trading, Bitrue is often the first exchange to provide users with access to trending coin projects, allowing investors to add the coin into their portfolios early and reap potential rewards.
Bitrue recently cemented its commitment to innovation with the launch of Bitrue Ventures, a new subdivision of the company focused on identifying and incubating nascent web3 projects to bring new tokens to market. A wide variety of projects have already been analyzed for suitability, and Bitrue Ventures will be making its first partnership announcements shortly.
About Bitrue
Launched in July 2018, Bitrue is a diversified digital exchange that supports trading, loans, and investments. Bitrue aims to utilize blockchain technology to bring financial opportunities to everybody regardless of their location or financial position. Bitrue continues to develop new features rapidly to fully service the new wave of the digital economy. More information is available on Bitrue’s website.
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View original content:https://www.prnewswire.co.uk/news-releases/bitrue-first-exchange-to-support-blast-network-with-pacmoon-pac-listing-302166964.html
Blockchain
Fintech Needs to Adopt Advanced AI/ML-Powered Models
![fintech-needs-to-adopt-advanced-ai/ml-powered-models](https://theblockchainexaminer.com/wp-content/uploads/2024/07/51607-fintech-needs-to-adopt-advanced-ai-ml-powered-models.jpg)
The fintech industry is at the forefront of technological innovation, with artificial intelligence (AI) and machine learning (ML) playing a pivotal role in driving this transformation. To remain competitive and meet the evolving demands of consumers, fintech companies must adopt advanced AI/ML-powered models.
The Role of AI/ML in Fintech
AI and ML technologies have the potential to revolutionize various aspects of fintech operations, including:
- Fraud Detection: AI/ML models can analyze vast amounts of transaction data in real-time to identify and prevent fraudulent activities.
- Customer Service: AI-powered chatbots and virtual assistants can provide personalized customer service, improving customer satisfaction and reducing operational costs.
- Risk Management: ML algorithms can assess and predict risks more accurately, enabling better decision-making and risk mitigation.
- Credit Scoring: AI/ML models can analyze alternative data sources to assess creditworthiness, providing more accurate and inclusive credit scoring.
Benefits of Advanced AI/ML Models
Adopting advanced AI/ML models offers several benefits for fintech companies:
- Improved Efficiency: Automating routine tasks and processes can significantly improve operational efficiency and reduce costs.
- Enhanced Accuracy: AI/ML models can analyze data with greater accuracy and speed, leading to more informed decision-making.
- Personalized Services: AI-powered solutions can provide personalized services and recommendations, enhancing the customer experience.
- Scalability: AI/ML models can scale easily to handle increasing volumes of data and transactions, supporting business growth.
Challenges and Considerations
Implementing advanced AI/ML models also presents challenges, including:
- Data Quality: Ensuring the availability of high-quality data is crucial for the effectiveness of AI/ML models.
- Regulatory Compliance: Navigating regulatory requirements and ensuring compliance with data privacy and security standards is essential.
- Integration: Integrating AI/ML models with existing systems and processes can be complex and resource-intensive.
- Talent and Expertise: Accessing skilled talent and expertise in AI/ML is critical for successful implementation and management.
Conclusion
The adoption of advanced AI/ML-powered models is essential for fintech companies to stay competitive and meet the evolving needs of consumers. By leveraging the power of AI/ML, fintech companies can enhance efficiency, improve accuracy, and provide personalized services, driving innovation and growth in the industry.
Source of the news: New Indian Express
The post Fintech Needs to Adopt Advanced AI/ML-Powered Models appeared first on HIPTHER Alerts.
Blockchain
KuCoin Announces New 7.5% VAT on Transaction Fees for Nigerian Customers
![kucoin-announces-new-7.5%-vat-on-transaction-fees-for-nigerian-customers](https://theblockchainexaminer.com/wp-content/uploads/2024/07/51591-kucoin-announces-new-7-5-vat-on-transaction-fees-for-nigerian-customers.png)
KuCoin, one of the world’s leading cryptocurrency exchange platforms, has announced the implementation of a 7.5% Value-Added Tax (VAT) on transaction fees, effective July 8th, 2024. This new regulation will impact all users whose Know Your Customer (KYC) information is registered in Nigeria. The VAT will be applied exclusively to transaction fees, not the overall transaction amount.
For example, if a user buys 1,000 USDT worth of Bitcoin, they would typically incur a fee of 1 USDT at the standard 0.1% fee rate. With the new VAT, an additional charge of 0.075 USDT would be applied to this fee, resulting in a total fee of 1.075 USDT. Consequently, the net amount available for the transaction would be 998.925 USDT. KuCoin clarified that the VAT would cover all types of transactions on its platform. This move aligns with recent regulatory updates and demonstrates the company’s commitment to complying with local tax laws.
The announcement has garnered mixed reactions from the Nigerian cryptocurrency community. Some users have expressed concern over the added cost to their transactions, while others recognize it as a necessary step towards greater regulatory compliance and legitimacy for cryptocurrency trading in Nigeria. KuCoin encourages affected users to seek assistance through their Telegram group or by contacting the online support team for further guidance on the new tax regulations.
As Nigeria continues to evolve its regulatory framework for digital assets, this development underscores the importance for traders to stay informed about local laws and their potential impacts on trading activities. The KuCoin team expressed their gratitude for users’ cooperation and understanding, reiterating their commitment to providing a secure and compliant trading environment.
KuCoin’s introduction of a 7.5% VAT on transaction fees for Nigerian users marks a significant step in aligning with local tax regulations. While the additional cost may concern some users, it underscores the importance of regulatory compliance in fostering a legitimate and sustainable cryptocurrency trading environment in Nigeria.
Source: investorsking.com
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Blockchain
New Zealand Chases 200,000 Crypto Investors For Untaxed Income
![new-zealand-chases-200,000-crypto-investors-for-untaxed-income](https://theblockchainexaminer.com/wp-content/uploads/2024/07/51593-new-zealand-chases-200000-crypto-investors-for-untaxed-income.png)
New Zealand’s Inland Revenue Department (IRD) has announced that over 200,000 citizens failed to declare their cryptocurrency income in their tax returns. The tax authority emphasized that virtual assets are taxable and outlined plans to take stronger measures to track and ensure compliance among those not disclosing their digital asset earnings.
IRD Issues Letters to Crypto Taxpayers
The IRD is honing in on taxpayers who have not declared their crypto earnings, focusing particularly on those actively dealing with cryptocurrencies but omitting this income from their tax returns. New Zealand updated its guidelines on digital assets in 2020, treating cryptocurrencies as a form of property for tax purposes. Consequently, income from trading these assets is taxable.
The updated rules specify that digital assets and income earned from mining are taxable under certain circumstances. The IRD has identified over 227,000 unique crypto users in the country, with over 7 million transactions valued at NZD 7.8 billion (approximately USD 4.77 billion). This data has enabled the tax authority to pinpoint individuals who have not paid their taxes accordingly and those with significant holdings.
Stepping Up Compliance Activities
Trevor Jeffries, an IRD spokesperson, highlighted that the current high values of crypto assets make it an opportune time for investors to consider their tax obligations. He stressed the importance of declaring all taxable activities and warned of the risks associated with non-compliance.
The IRD has provided extensive guidance on crypto taxes and last year notified high-risk customers, giving them a chance to rectify non-compliance issues before facing an audit. The department has sent a new round of letters to crypto investors who have yet to declare their income properly.
Jeffries noted that the IRD is stepping up compliance activities for taxpayers with digital assets and reminded users that the authority can identify them through blockchain analytics. The IRD collaborates with exchanges both domestically and internationally to gather relevant information and works with other tax jurisdictions to receive data on customers’ crypto assets and transactions outside New Zealand.
Need for Comprehensive Crypto Regulations
Despite the IRD’s efforts, New Zealand’s crypto regulations remain largely undeveloped. The Reserve Bank of New Zealand (RBNZ) stated last year that a regulatory approach was not yet necessary but called for increased vigilance. However, Minister of Commerce and Consumer Affairs Andrew Bayly believes the government should adopt a more hands-on approach to regulating the sector. In April, Bayly suggested that New Zealand should take a proactive and innovation-friendly approach to digital assets and blockchain, supporting the industry’s growth and considering recommendations from a lawyer committee inquiry.
New Zealand’s IRD is actively pursuing taxpayers who have not declared their cryptocurrency income, emphasizing the importance of compliance in light of updated guidelines. While the country’s regulatory framework for crypto remains in development, the IRD’s actions indicate a growing focus on ensuring that digital asset transactions are properly reported and taxed. As the crypto market continues to evolve, both investors and authorities must navigate the complexities of taxation and regulation to foster a fair and transparent financial environment.
Source: bitcoinist.com
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Tether, the largest stablecoin issuer by market capitalization, is expanding its presence in Turkey through a new collaboration aimed at exploring various tokenization use cases among Turkish financial lenders. In a recent blog announcement, Tether revealed that it has signed a Memorandum of Understanding (MoU) with the crypto consultancy firm BTguru to develop comprehensive programs and leverage BTguru’s connections to facilitate discussions with financial institutions in Turkey. The collaboration will primarily focus on asset tokenization, exploring real-world asset tokenization use cases for banks. This initiative aims to harness the benefits of tokenization to enhance the efficiency and transparency of financial transactions. Real-world asset (RWA) tokenization could potentially allocate trillions of U.S. dollars. Analysts at McKinsey & Company estimate that the sector’s market capitalization could reach approximately $2 trillion by 2030 under a base scenario. This partnership coincides with significant regulatory developments in Turkey. Turkish President Recep Tayyip Erdoğan recently signed a new bill into law that regulates the crypto industry and outlines penalties for non-compliance. Crypto exchanges seeking to operate legally in Turkey must obtain a license from the Capital Markets Board, the country’s financial regulatory and supervisory agency. Unauthorized crypto platforms offering trading services could face prison sentences of three to five years. Additionally, the new law imposes fines ranging from $7,500 to $182,600 and mandates that crypto providers implement and report measures such as seizures and other legal enforcement actions. The collaboration between Tether and BTguru reflects a strategic move to align with Turkey’s evolving regulatory landscape while fostering innovation in the financial sector. By focusing on tokenization, Tether aims to provide Turkish banks with advanced tools to tokenize real-world assets, potentially transforming traditional banking practices and enhancing compliance with new regulations. This initiative not only positions Tether at the forefront of financial innovation in Turkey but also sets a precedent for other crypto firms looking to navigate complex regulatory environments. As Tether deepens its engagement with Turkish financial institutions, the move could encourage broader adoption of blockchain technology in traditional finance, thereby fostering a more integrated and compliant digital asset ecosystem. The strategic partnership with BTguru and the proactive approach to regulatory compliance underscore Tether’s commitment to expanding its global footprint while adhering to local laws and promoting the benefits of asset tokenization in the financial sector.
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