Crypto
Nigerian crypto tax move is ‘premature’ — Local stakeholders
![Nigerian crypto tax move is ‘premature’ — Local stakeholders](https://images.cointelegraph.com/images/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjMtMDcvZDNmODgxZGYtMDU3MC00NjYxLWFiYzgtMDNhYjE4MGVkNzI5LmpwZw==.jpg)
The president of the Stakeholders in Blockchain Technology Association of Nigeria (SIBAN), Obinna Iwunna, has commented on the implementation of the Finance Act, 2023, which was signed into law on May 28. According to Iwunna, the successful execution of the law will be challenging due to its premature introduction.
The act introduces a series of tax reforms aimed at modernizing the country’s fiscal framework. Among its provisions was the introduction of a 10% tax on gains from the disposal of digital assets, including cryptocurrencies.
In a Cointelegraph interview, Iwunna criticized implementing a 10% tax on cryptocurrencies in the current uncertain climate, likening it to putting the cart before the horse. He highlighted the ongoing issue with the Central Bank of Nigeria (CBN) instructing commercial banks not to facilitate financial transactions involving cryptocurrencies.
As commercial banks still cannot process cryptocurrency transactions, he questioned how taxing something not recognized or defined is possible, emphasizing the need for clarity and enabling infrastructure before imposing taxes. In support of this, Iwunna referenced how Nigeria’s National Information Technology Development Agency (NITDA) defined blockchain technology through a collaborative effort and formulation of a national policy.
Just read that very soon you all will start paying taxes on your crypto and Forex profits in Nigeria.
10% of your capital gains goes to government . What are we going to get in return?
— CryptoLord NE (@CryptoDefiLord) June 8, 2023
Iwunna stressed cryptocurrency involves security, currency and technology, overseen by the Nigerian Securities and Exchange Commission (SEC), the CBN and NITDA, respectively. Each entity has a specific role to play, but a comprehensive and unified understanding of cryptocurrency is crucial. Once a collective definition is established, policymakers can develop appropriate policies, regulations and taxation measures.
When asked if Nigerian crypto stakeholders have approached the SEC and CBN with their concerns, Iwunna confirmed that they have reached out and are currently awaiting a response. While some discussions have taken place, no definite decisions have been made.
Related: Binance sends cease and desist notice to fraudulent Nigerian entity
Acknowledging the government’s aim to broaden the tax base, Iwunna stated that it is important to ensure that taxation does not impede the growth of the cryptocurrency industry. Clarity is sought regarding the implications of taxation and its connection to the recognition of cryptocurrency and associated procedures.
According to Iwunna, the lack of consultation, as observed during the e-naira launch, may hinder the adoption of the tax laws. Had there been collaboration with the digital assets ecosystem, the e-naira could have seen rapid adoption by millions of Nigerians.
Magazine: Bitcoin in Senegal: Why is this African country using BTC?
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Crypto
Cryptocurrency Software Market : Opportunity Analysis and Industry Forecast, 2023-2032
![Cryptocurrency Software Market : Opportunity Analysis and Industry Forecast, 2023-2032](https://cdn.open-pr.com/L/7/L703728316_g.jpg)
According to the report published by Allied Market Research, Cryptocurrency Software Market : Opportunity Analysis and Industry Forecast, 2023-2032. The report provides an extensive analysis of changing market dynamics, major segments, value chain, competitive scenario, and regional landscape. This research offers valuable able guidance to leading players, investors, shareholders, and startups in devising strategies for sustainable growth and gaining a competitive edge in the market.
Download Sample Report at: https://www.alliedmarketresearch.com/request-toc-and-sample/A114857
The cryptocurrency software market encompasses all software products and services related to cryptocurrencies. This includes platforms for trading, investing, managing, and securing cryptocurrencies, as well as software for blockchain development, wallet management, mining, and compliance. Key participants in this market include cryptocurrency exchanges, wallet providers, blockchain development platforms, and companies offering security solutions for cryptocurrencies.
The cryptocurrency software market is segmented on the basis of types , application and region.
By Types
● Cloud Based
● Web Based
By Applications
● Large Enterprises
● SMEs
If you have any questions, Please feel free to contact our analyst at: https://www.alliedmarketresearch.com/connect-to-analyst/A114857
By Region
● North America (U.S., Canada, Mexico)
● Europe (France, Germany, Italy, Spain, UK, Russia, Rest of Europe)
● Asia-Pacific (China, Japan, India, South Korea, Australia, Thailand, Malaysia, Indonesia, Rest of Asia-Pacific)
● LAMEA (Brazil, South Africa, Saudi Arabia, UAE, Argentina, Rest of LAMEA)
Key Companies identified in the report are Poloniex, Bitfinex, Kraken, BTCC, Bittrex, Kucoin, LocalBitcoins, Electroneum, Binance, Coinbase, Cryptopia.
Inquiry Before Buying: https://www.alliedmarketresearch.com/purchase-enquiry/A114857
Market Trends are :
DeFi and Decentralized Applications (dApps) Growth:
DeFi Expansion: Decentralized Finance (DeFi) is transforming traditional financial systems by providing decentralized alternatives to banking, lending, and trading services. DeFi platforms utilize smart contracts on blockchain networks, offering users greater control over their assets and reduced reliance on traditional financial intermediaries.
dApps Proliferation: Decentralized applications (dApps) are gaining traction in various sectors, from gaming and social media to supply chain management and real estate. These applications operate on blockchain networks, ensuring transparency, security, and user autonomy.
Increased Focus on Regulatory Compliance and Security:
Regulatory Compliance: With growing governmental scrutiny, cryptocurrency software providers are increasingly focusing on compliance with regulations such as anti-money laundering (AML) and know your customer (KYC) requirements. This trend is driven by the need to build trust and legitimacy in the eyes of regulators and users alike.
Enhanced Security Measures: Security remains a critical concern in the cryptocurrency space due to frequent incidents of hacking and fraud. As a result, there is a heightened emphasis on developing and integrating advanced security features, such as multi-signature wallets, hardware wallets, and biometric authentication, to protect users’ assets and data.
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Thanks for reading this article you can also get individual chapter-wise sections or region-wise report versions like North America Europe or Asia.
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Lastly this report provides market intelligence most comprehensively. The report structure has been kept such that it offers maximum business value. It provides critical insights into the market dynamics and will enable strategic decision-making for the existing market players as well as those willing to enter the market.
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Crypto
Man Invests $10,000 in Cryptocurrency, Earns $3 Million in 30 Minutes
![Man Invests $10,000 in Cryptocurrency, Earns $3 Million in 30 Minutes](https://watcher.guru/news/wp-content/uploads/2023/01/ezgif-4-1635a24083.jpg)
In what can be called the greatest trade of 2024, a cryptocurrency investor put in $10,000 and earned $3 million. The trade was completed in just 30 minutes making the investor turn into a millionaire in the shortest period possible. This is what dreams are made of and the investor turned the dream into reality this month.
Also Read: Which Cryptocurrency Could GTA 6 Integrate in the Game?
Cryptocurrency Investor Turns $10,000 Into $3 Million in Just 30 Minutes
![baked cryptocurrency](https://watcher.guru/news/wp-content/uploads/2024/07/baked-cryptocurrency-1024x576.jpg)
So how did the investor turn $10,000 into $3 million in 30 minutes? Well, the investor took an entry position into BAKED cryptocurrency on July 1, 2024, purchasing 70 Solana (SOL) for under $10,000. The investor swapped the Solana tokens to BAKED and accumulated 82 million tokens.
Also Read: BRICS: Saudi Arabia Makes Massive Oil and Gas Discovery
Just 30 minutes after buying BAKED cryptocurrency, an investor sold it for 21,581 Solana (SOL). This means that the investor made $3 million in the cryptocurrency in less than an hour after purchasing it. Leading on-chain metrics firm Lookonchain was the first to dish out the transaction on the blockchain.
Also Read: Data Breach: US Bank Exposes Customers Name, Acc Number, Date of Birth
However, doubts arise if the investor is an insider or a genuine trader who just got lucky. Investors use the cryptocurrency ‘snipping’ method and buy tokens just hours before it gets listed and open for trading. This gives them the leverage of being a step ahead before other investors begin to purchase the tokens. BAKED saw a listing on the Bitget platform opening the floodgates to new investors.
There are several other stories where cryptocurrency investors just got lucky and made millions in a short period. While these stories are promising, there are only a handful of them that actually made it. The majority of holders have lost money in the markets and only dream of making it big. Luck favors a few while the others mostly face the wrath of the broader cryptocurrency market.
Crypto
Cryptocurrency Titans Bitcoin and Ethereum Poised for Robust July Based on Historical Patterns
![Cryptocurrency Titans Bitcoin and Ethereum Poised for Robust July Based on Historical Patterns](https://www.westislandblog.com/wp-content/uploads/2024/07/Cryptocurrency-Titans-Bitcoin-and-Ethereum-Poised-for-Robust-July-Based-on-Historical-Patterns.webp)
As tradition guides us in the financial world, history often sheds light on what might be forthcoming. In this context, July has consistently proven to be a favorable juncture for the titans of the cryptocurrency market, Bitcoin and Ethereum. As we gingerly step into July, market experts are observing with keen interest, the patterns of the past, hoping for another lucrative period in the digital currency realm.
Time-honored market pundits from QCP Capital have deduced that over the years, Bitcoin has shown a median yield of 9.6% in July, bearing a consistent pattern of recuperating substantially after a rather lethargic performance in June. This year, following a dip of roughly 10% in its June performance, Bitcoin is set to possibly see an uplift this July, guided by these historical pointers.
Adding more colors of positivity to this promising picture, David Duong and David Han, two-discerning analysts from Coinbase, have affirmed this trend. They reckon that the expected bonanza of liquidity in July could provide an additional springboard to the market.
June’s downturns have purged the financial market of excess, potentially smoothing the path ahead for more secure and optimistic price shifts. Furthermore, Bitcoin and Ethereum’s trading volumes, which include spot and futures transactions on global exchanges, dwindled from $90 billion in May to $75 billion in June. Market watchers perceive this constriction in trade volumes as laying a sturdier groundwork for the next surge of market activity.
The favorable July seasonality has not been exclusive to leading cryptocurrencies but is also buttressed by broader market dynamics. Analysts including the likes of Ali underscore that recovery patterns ensuing June’s lapses historically denote a “vigorous bounce back” in July performances.
This observation holds notably true for Bitcoin, which has consistently delivered an average return of approximately 8% during this period.
The recent technical analysis of Bitcoin’s price fluctuations also provides credence to the hypothesis for a bullish July. Bitcoin noted a significant upsurge of 2.7% in just the past 24 hours. Now trading at $63,104, Bitcoin has started the month on a strong note. This recent rise has nudged its weekly gains also to 2.7%, echoing an uptick in investor confidence.
However, predictions are not without their hurdles. Factors including macroeconomic influences and regulatory advancements could still steer cryptocurrency prices in a direction contrary to expectations. And while analysts maintain an optimistic outlook based on statistical and historical evidence, the characteristic volatility of the cryptocurrency markets implies that significant deviations from past trends can still transpire.
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