Nordea BTC Ban, Korean Code of Conduct, New UK Tax Loophole - Crypto Catchup
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“We’re skeptical toward cryptocurrencies and are advising our employees not to trade them, but we don’t impose an actual ban. We’re currently analyzing the situation and time will tell whether there’ll be a formal ban.”
European bank powerhouse Nordea has announced it will be introducing a cryptocurrency ban for most of the 31,000 employees as a preemprive act citing risks and looming regulation: - “The risks are seen as too high and the protection is insufficient for both the co-workers and the bank.”
“Given these high risks, and in line with our role in the banking industry to maintain high standards of conduct, Nordea is not supportive of staff investing in cryptocurrencies."
"Each agency should take necessary measures, such as supplementing the code of conduct for employees in charge of virtual currency issues."
Following a recent case of possible insider trading, the South Korean prime minister Lee Nak-yeon has ordered a new code of conduct to be implemented. An “employee who worked in the virtual currency countermeasures department was found to have earned profits from virtual currency transactions.”
“The legal nature of virtual currency has not yet been defined, but the people are angry.”
“Tax loophole which reduces Bitcoin investors’ gains to zero”
Some UK cryptocurrency holders have figured out that if a bitcoin investment is classed as gambling, gains would go untaxed. Small-time investors have a high chance to use this loophole to get around the current tax rate of 18-28%, currently Bitcoin remains listed under UK tax law and any amount withdrawn over £11,100 ($15,800) can be subject to heavy tax.
“There may conceivably be some cryptocurrencies in which the markets are random, and therefore the profits could be treated as gambling.”
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