Digital currencies and global tendencies
The cryptocurrency market is growing very fast. At the moment, there are more than 1,000 cryptocurrencies in the world. Some of them are well-known while others are relatively unknown for the crypto community. It is not surprising as the market is evolving every day. A person should devote a considerable amount of time to learn more about the latest trends.
One of the news which is directly connected to the digital currencies is the famous investor’s comment about the Bitcoin. Billionaire investor Mike Novogratz is the CEO of Galaxy Digital Holdings. This is a bitcoin and digital currency investment company.
Novogratz thinks that the bitcoin revolution will happen in the future. It just will take some time before cryptocurrencies will become part of everyday life. According to Novogratz, the process might take up to five years. He mentioned that regulations should catch up with modern tendencies.
Regulations and digital currencies
Mike Novogratz is not the only person who understands the problems which cryptocurrencies are trying to deal since the beginning. United Nations (UN) top official is also worried about the lack of regulations.
Neil Walsh is the chief of the Cybercrime and Anti-money laundering at the UN office. The UN Office on Drugs and Crime’s task is to deal with various crimes connected with cybersecurity, etc.
Walsh said that by adding security protocols as this change will make digital currencies less interesting for potential criminals. He noted that the UN was working with policymakers and crypto experts to enforce the regulations.
Several months ago, in June FATF which is the intergovernmental organization released its final version of recommendations. In his speech UN official also talked about this issue. The purpose of this document to fight the money laundering and other criminal activities.
There is no single approach when it comes to taxes imposed on digital currencies. For example, in Portugal, there is no value-added tax (VAT) for crypto trading. Also, payments in cryptocurrencies are free from VAT.
Another good news for crypto owners is that in Portugal they do not have to pay the income on cryptocurrency earnings.
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