Market Update 3.05.19 – New Regulations Introduced for Russian Offshores
Market News
New Regulations Introduced for Russian Offshores
According to local news reports, the Ministry of Economic Development in Russia is working on a third set of regulations to support the development of the Russian Offshores.
Russian Offshores are locations that have more relaxed regulations or where companies can legitimately be exempt from taxes. However, now reportedly, these places will now also include a special regulation targeted at shipping and digital assets. Ilya Torosov, the Depute Minister of the department, stated that this new regulation also would cover cryptocurrencies.
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Coinbase Letting Go of Former Hacking Team
The Chief Executive Officer of Coinbase Brian Armstrong announced in a blog post that the cryptocurrency exchange was letting go of several employees that had earlier worked with Nutrino’s Hacking Team, even if they no longer have any affiliation with the company.
Currently, it is not known exactly how many employees had worked for the Hacking Team, with the exception of the three executives who were listed on Nutrino’s website – the CEO Giancarlo Russo, the CRO Marco Valleri and the CTO Alberto Ornaghi. This decision was made after Coinbase was widely criticized for announcing its plan to buy Nutrino. This is because the Blockchain based investigation startup was known to help governments that were known to have abused human rights.
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E&Y Develops Tax Tool for Reporting Cryptos
One of the Big Four auditing firms, Ernst & Young (E&Y) has developed and launched a tool that will take care of the accounting and preparing of taxes for crypto holdings. The new tool is called CAAT (Crypto-Asset Accounting and Tax) and is designed to improve calculations on accounting and tax for digital asset transactions by both individuals who trade in cryptos as well as institutional investors whose balance sheets include cryptocurrencies.
The EY CAAT service will be accessible to clients who use EY TaxChat as well as clients EY Private Client Services. The new service is reportedly able to get information related to crypto transactions from almost all major crypto exchanges, consolidate all that data and automatically generate reports.
Read more about the story here.
Total Market Cap: Mar 05
The cryptocurrency market’s valuation is $127.12 billion and volumes of trade are $27.43 billion.
Bitcoin Price Analysis: Mar 05
The price of Bitcoin is up by 0.12% to trade at $3781.22. The capitalization of BTC is $66.44 billion and volumes of trade are $8.67 billion.
Ethereum Price Analysis: Mar 05
With a 0.53% gain in its token price, Ethereum is trading at $128.94, finally breaking the steady declines the crypto has been going through for the last week. Capitalization is at $13.55 billion and trade volumes are $3.74 billion.
State of the Top 10 Cryptocurrencies: Mar 05
EOS, Tether and Stellar are the three cryptos in the top ten list that are current trading slightly in the red. EOS is down by 0.17%, Tether by 0.12% and Stellar by 0.08%. Of the cryptocurrency that are trading up, the biggest gainers are Binance Coin, whose price has skyrocketed by 14.50% and Tron, which has gained 4.70% in its trading price.
- Bitcoin’s price is now $3781.22, gaining by 0.12%. $66.44 billion is the crypto’s current value.
- Ethereum’s price is now $128.94, gaining by 0.53%. $13.55 billion is the crypto’s current value.
- Ripple’s price is now $0.306234, gaining by 0.03%. $12.68 billion is the crypto’s current value.
- EOS’s price is now $3.31, losing by 0.17%. $3.00 billion is the crypto’s current value.
- Litecoin’s price is now $46.80, gaining by 0.15%. $2.84 billion is the crypto’s current value.
- Bitcoin Cash’s price is now $127.25, gaining by 1.63%. $2.24 billion is the crypto’s current value.
- Tether’s price is now $1.01, losing by 0.12%. $2.04 billion is the crypto’s current value.
- Binance Coin’s price is now $12.94, gaining by 14.50%. $1.82 billion is the crypto’s current value.
- Stellar’s price is now $0.083435, losing by 0.08%. $1.60 billion is the crypto’s current value.
- TRON’s price is now $0.022771, gaining by 4.70%. $1.51 billion is the crypto’s current value.