Blockchain
Verady Launches the Ledgible Crypto Platform to Unify Professional Tax and Accounting Offering
Ledgible, the leading professional-first platform for tax and accounting of crypto assets formerly aligned under the Verady brand name, announced the company’s comprehensive crypto tax management and reporting solution is now unified under the Ledgible Platform to connect traditional finance and accounting with the new realm of cryptocurrency and Decentralized Finance (DeFi). Crypto continues to grow in popularity and is going mainstream because of massive increases and adoption by investors, consumers, and financial institutions. The market cap for all cryptoassets is in the trillions meaning that tax and accounting professionals need a tax solution that is made for the blockchain.
This announcement comes alongside the news of Ledgible Crypto’s full integration into the top professional tax software solutions in the world. These integrated tax platforms are used by tax professionals to file over half of all the tax returns in the United States. With over 50 million Americans owning cryptoassets, Ledgible Crypto’s ability to enable these financial advisors to accurately assist their clients in handling this new asset class for reporting and planning is critical.
“With the start of tax season this week, we want to make Ledgible available to all the hard working tax professionals who are discovering they have clients with crypto when filing 2021 tax returns. The first question on the 1040 form is now asking if the filer has crypto,” said Kell Canty, CEO of Ledgible. “Our goal at Ledgible is to help empower tax professionals to serve their clients’ crypto needs. The Ledgible Crypto Platform automatically identifies taxable crypto transactions and calculates the gain/loss in the necessary reporting format for both individuals and tax preparation firms.”
One of the biggest challenges for crypto holders and tax professionals is to account, track, and manage all the crypto data across multiple wallets and exchanges to calculate gains/losses and income. Holders do not receive monthly statements and this process is time-consuming and difficult to do manually. While many transactions, like selling crypto for US dollars or other traditional currencies are widely understood, there are several nuances unique to crypto including, NFTs, swapping, hard forks, airdrops and making a purchase in crypto as well as income from mining, staking and other DeFi activities.
The Ledgible Crypto Platform is the bridge between cryptoassets and traditional financial accounting and the most advanced platform available for determining crypto tax liabilities and delivering that data to the tax filing systems used by professionals. Ledgible Crypto Tax is a SOC 1 & 2 Audited platform that features client and team management, collaboration driven workflow, and advanced crypto tax features for tax professionals. The platform produces IRS Form 8949 and other reporting formats that are directly importable to filing systems with all major tax and accounting solutions. The Ledgible Platform supports a wide range of integrations across major blockchains, cryptocurrency exchanges, and wallets.
Along with the Ledgible brand unification, the Company added two new executives. Trevor English is VP of Marketing where he is implementing SaaS brand strategy to accelerate the company’s growth and generate awareness around crypto tax obligations. Joe Stephens also joined as CFO where he oversees financial operations planning and reporting.
The anticipated return of $9 billion worth of Bitcoin from the Mt. Gox era has the potential to stir anxiety within the cryptocurrency market. This significant influx of Bitcoin, which has been tied up since the collapse of the Mt. Gox exchange in 2014, raises questions about its potential impact on market dynamics and investor sentiment.
The return of these long-dormant Bitcoin holdings may lead to increased volatility and uncertainty in the cryptocurrency market. Market participants are likely to closely monitor the movement of these funds and assess their potential impact on Bitcoin prices and overall market stability.
Additionally, the large-scale return of Bitcoin from the Mt. Gox era may trigger concerns about potential selling pressure and its effect on market liquidity. Investors may anticipate fluctuations in Bitcoin prices as these funds are reintroduced into the market and traded.
Furthermore, the return of these Bitcoin holdings highlights the ongoing legal and regulatory challenges associated with the Mt. Gox saga. The resolution of this long-standing issue could have far-reaching implications for investor confidence and the perception of security within the cryptocurrency ecosystem.
Overall, the anticipated return of $9 billion worth of Bitcoin from the Mt. Gox era has the potential to evoke anxiety among market participants and prompt heightened scrutiny of market dynamics. As the cryptocurrency market braces for this significant development, it remains to be seen how it will navigate the potential challenges and opportunities presented by the return of these funds.
Source: blockchain.news
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Blockchain
Binance Faces Lawsuit in Canada for Selling Crypto Derivative Products Without Registration
Binance is currently embroiled in a legal dispute in Canada over allegations of selling cryptocurrency derivative products without proper registration. This lawsuit underscores the regulatory challenges facing the cryptocurrency exchange in various jurisdictions.
The lawsuit accuses Binance of offering crypto derivative products to Canadian investors without obtaining the necessary registration from Canadian securities regulators. This legal action highlights the importance of compliance with regulatory requirements in the cryptocurrency industry, particularly concerning the sale of derivative products.
Binance’s legal woes in Canada reflect broader concerns about regulatory compliance and investor protection within the cryptocurrency sector. As authorities worldwide increase scrutiny of cryptocurrency exchanges and trading platforms, companies like Binance face mounting legal and regulatory challenges.
The outcome of this lawsuit could have significant implications for Binance and the broader cryptocurrency industry in Canada. Depending on the court’s ruling, it could lead to increased regulatory oversight and stricter enforcement measures for cryptocurrency exchanges operating in the country.
In response to the lawsuit, Binance has stated that it is committed to compliance with all applicable laws and regulations in the jurisdictions where it operates. However, the outcome of this legal dispute will likely shape the regulatory landscape for cryptocurrency exchanges in Canada and influence their future operations and compliance efforts.
Source: blockchain.news
The post Binance Faces Lawsuit in Canada for Selling Crypto Derivative Products Without Registration appeared first on HIPTHER Alerts.
The Cardano Foundation has announced the launch of Pragma, marking a significant milestone in open-source blockchain development. Pragma aims to revolutionize Cardano by enhancing its infrastructure through innovative open-source projects.
Pragma represents a new chapter in the evolution of Cardano, focusing on improving its underlying infrastructure and expanding its capabilities. The initiative underscores the Cardano Foundation’s commitment to fostering innovation and driving progress within the blockchain ecosystem.
By leveraging open-source projects, Pragma seeks to enhance Cardano’s functionality and scalability, paving the way for broader adoption and increased utility. These efforts are expected to unlock new opportunities for developers and users alike, further cementing Cardano’s position as a leading blockchain platform.
Pragma’s launch highlights the ongoing evolution of Cardano and its commitment to pushing the boundaries of blockchain technology. Through collaborative open-source development, Pragma aims to address key challenges and drive continuous improvement within the Cardano ecosystem.
The Cardano Foundation’s announcement of Pragma signals a significant step forward in its mission to build a decentralized and sustainable blockchain infrastructure. With Pragma, Cardano is poised to embark on a new era of innovation and growth, setting the stage for a future of unprecedented possibilities in blockchain development.
Source: cryptonews.com
The post Cardano Foundation Launches PRAGMA: A New Chapter in Open-Source Blockchain Development appeared first on HIPTHER Alerts.
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