News Daily Byte: Tuesday, December 4, 2018

Daily Byte: Tuesday, December 4, 2018

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Japan goes after tax dodgers, Singapore promotes blockchain startups, and Bitcoin subreddit hits a milestone.

Japanese Authorities Develop Crypto Tax Evaders Net

Japanese newspaper The Mainichi is reporting that the Japanese government is taking steps to fight back against crypto tax dodgers.

The government is reportedly creating a system that would allow the National Tax Agency (NTA) to demand data from certain businesses on customers suspected of evading taxes on large-profit deals. This system will be incorporated into the tax reform outline for fiscal year 2019.

The current system only allows the NTA to ask for the information, with the business asked facing no penalty for non-compliance. The new system would require businesses to turn over customers’ personal information, including individual identification numbers, names, and addresses. The NTA has stated that it is only targeting users that earned over 10 million yen (approximately $88 million) in crypto trading.

Profits from crypto transactions are recognized as miscellaneous income in Japan. Salaried workers that make at least 200,000 yen ($1,772.70 USD) a year in miscellaneous income are required to declare it. Businesses would be permitted to appeal requests for information.

Singapore Government-Backed Venture Firm to Launch Blockchain Accelerator

The Straits Times is reporting that Trive Ventures, a former Singapore Government-accredited mentor for early stage startups, has unveiled a blockchain accelerator for later-stage startups.

The Tribe Accelerator program will be led by government agency Enterprise Singapore, PricewaterhouseCoopers Singapore’s Venture Hub, and the South Korean blockchain network Icon Foundation. The program is slated to run for six months and is meant to support blockchain product development and the mass adoption of blockchain.

The accelerator is scheduled to start in 2019, with eight startups chosen for the initial lineup. Trive Ventures typically invests in tech startups in the seed and Series A funding rounds.

Singapore finalized its crypto regulatory framework in November, giving its central bank oversight over the nation’s crypto payment systems.

Subreddit /r/Bitcoin Reaches One Million Subscribers

Depending on your feelings on social media, this may or may not be news, but the subreddit “/r/Bitcoin” — one of the best-known bitcoin online communities – has hit the one million subscriber mark.

The subreddit was founded in September 2010, less than two years after the publication of the Bitcoin white paper. The subreddit has been controversial through its history due to allegations of censorship against certain themes, such as debates over block size. This controversy has led to the creation of the alternative subreddit “/r/btc,” where you’ll find all the talk about BCH. Which isn’t confusing at all.

Be fast, be clever, be wise. Most importantly, be here tomorrow for your Daily Byte.

Frederick Reese is a politics and cryptocurrency reporter based in New York. He is also a former teacher, an early adopter of bitcoin and Litecoin, and an enthusiast of all things geeky and nerdy.

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