Cryptocurrencies on Friday

In the modern world, digital currencies play a vital role. There are over 1,000 cryptocurrencies. However, only a limited number of cryptocurrencies are famous around the world. Some of them are well-known such as Bitcoin, Ethereum, etc. Meanwhile, others are relatively unknown not only for the general population but for the crypto community as well. It is not surprising as the market is evolving every day.

Famous investor Mike Novogratz made a comment regarding the Bitcoin. His company is in the bitcoin and digital currency business.

CEO of Galaxy Digital Holdings Mike Novogratz said that the bitcoin revolution would happen, but it will take some time. In his opinion, this process will continue for several years. He also covered another topic which is the cryptocurrency regulations.

UN and cryptocurrencies

More people start to realize that there should be at least some regulations which will help to tackle the illegal activities. Mike Novogratz is not alone when it comes to this issue. United Nations (UN) top official also shares his opinion about the lack of proper regulations.

There is the whole office called the UN Office on Drugs and Crime and its task is to deal with various crimes connected with cybersecurity, etc.

Neil Walsh who is top UN official said that one of the solutions to make the cryptocurrencies more secure was to add security protocols. He also said that the UN was actively working with policymakers and experts to address this problem.

In June intergovernmental organization FATF released the final version of recommendations. The main purpose of this document to fight the money laundering and other criminal activities.

Last but not the least news on Friday was the taxes imposed on digital currencies. For instance, in Portugal, there is no value-added tax (VAT) for crypto trading. Another positive side is that payments in cryptocurrencies are free from VAT.

Crypto owners in Portugal do not have to worry about the income tax. As in Portugal cryptocurrency earnings are also free from income tax.