Blockchain Press Releases
Bitget Launches Fiat OTC Service for Block Trade, Supporting GBP, EUR and USD
![bitget-launches-fiat-otc-service-for-block-trade,-supporting-gbp,-eur-and-usd](https://theblockchainexaminer.com/wp-content/uploads/2024/07/51562-bitget-launches-fiat-otc-service-for-block-trade-supporting-gbp-eur-and-usd.jpg)
VICTORIA, Seychelles, July 4, 2024 /PRNewswire/ — Bitget, the leading cryptocurrency exchange and Web3 company, has launched its new fiat Over-the-counter (OTC) platform for block trade. The service initially supports Euros (EUR), Pounds (GBP) and US Dollar (USD), soon to be extended to Turkish Lira (TRY), Brazilian Real (BRL), and South African Rand (ZAR) for fiat to crypto and vice-versa settlements. This new offering caters to institutional investors and professional crypto traders, ensuring enhanced privacy, broader liquidity, and expedited settlements for large-order trading.
Over-the-counter trading, or OTC trading, is essential for those looking to avoid the market impact of blocked trades. It provides personalized, secure services, ensuring that large transactions do not influence open market prices. Bitget’s OTC service stands out by offering professional execution, secure clearing, and competitive quotes throughout the transaction process, irrespective of the order size.
Bitget Fiat OTC utilizes leading Multi-Party Computation (MPC) technology to create an advanced security firewall, protecting clients’ assets. Transaction data remains private and is not publicized, ensuring a high level of privacy for clients. Bitget Fiat OTC does not hold custody of fiat or crypto assets for its clients, maintaining an additional layer of security and trust.
“Bitget’s Fiat OTC service is one of our milestones in providing traditional finance like security and seamless services to crypto pro traders on the platform. With enhanced security and advanced infrastructure for trading, there’s significant growth in participation from pro-traders and crypto influencers. Our compliant OTC desk will ensure that our most valued users receive exceptional customer support and trading solutions,” said Gracy Chen, Chief Executive Officer (CEO) at Bitget
In strict adherence to global regulatory standards, Bitget OTC follows Know Your Customer (KYC) requirements to combat money laundering (AML) and terrorism financing (CFT). Advanced algorithm models are used to monitor real-time client transactions, and any suspicious activities are flagged accordingly.
The OTC users have access to aggregated liquidity pool sourced from leading exchanges and market makers. Bitget OTC ensures competitive prices close to the spot rate, irrespective of the order size. Notably, there are no fees for account opening, maintenance, or processing, making the service cost-efficient for large-scale traders.
Bitget’s team of professional advisors offers one-on-one, round-the-clock service to clients, ensuring a seamless trading experience. The help center and service hotline are available to assist clients in quickly getting started with the OTC trading service. Settlement is instant upon trading confirmation, with no involvement of third parties.
The minimum trade size for Bitget OTC is an equivalent value of $100,000 USD or EUR, with no maximum limit for trades or any trading fees, offering an all-inclusive price within the bid. To access the OTC service, users need to have a verified Pro-level OTC-specific Bitget account. For professional investors seeking a secure, private, and efficient trading solution, Bitget’s exclusive Fiat OTC service offers crypto’s world-class services ensuring seamless fiat-crypto conversions.
For more information, please visit Bitget Fiat OTC – https://www.bitget.com/fiat/otc
Established in 2018, Bitget is the world’s leading cryptocurrency exchange and Web3 company. Serving over 25 million users in 100+ countries and regions, the Bitget exchange is committed to helping users trade smarter with its pioneering copy trading feature and other trading solutions. Formerly known as BitKeep, Bitget Wallet is a world-class multi-chain crypto wallet that offers an array of comprehensive Web3 solutions and features including wallet functionality, swap, NFT Marketplace, DApp browser, and more. Bitget inspires individuals to embrace crypto through collaborations with credible partners, including legendary Argentinian footballer Lionel Messi and Turkish National athletes Buse Tosun Çavuşoğlu (Wrestling world champion), Samet Gümüş (Boxing gold medalist) and İlkin Aydın (Volleyball national team).
For more information, visit: Website | Twitter | Telegram | LinkedIn | Discord | Bitget Wallet
View original content:https://www.prnewswire.co.uk/news-releases/bitget-launches-fiat-otc-service-for-block-trade-supporting-gbp-eur-and-usd-302189514.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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