NASDAQ Stock-Offering DX.Exchange Launches Today

Estonia-based cryptocurrency exchange DX.Exchange, anticipated for its tokenization of NASDAQ stocks and using its matching engine, has released its full list of trading pairs as it sets to launch today.

Initial pairs set to be available on the day of launch include Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), Cardano (ADA)OmiseGO (OMG)Enigma (ENG), ShareToken (SHR), and DigiByte (DGB). All coins will be paired against the USD, while Cardano and XRP will also be paired against the Yen, and XRP and DigiByte against the Euro. According to the team, 500,000 users have already pre-registered.

Having spoken to Bloomberg earlier, CEO Daniel Skowronski said,

We saw a huge market opportunity in tokenizing existing securities. We believe that this is the beginning of the traditional market’s merge with blockchain technology. This is going to open a whole new world of trading securities old and new alike.
Just as significantly, the exchange will offer tokenized forms of shares of some of the biggest companies on NASDAQ: Apple, Amazon, Baidu, Facebook, Google, Intel, Microsoft, Netflix, Nvidia, and Tesla.

Tokenized shares on the exchange give international investors another entry into NASDAQ, which is perhaps equally, if not more, appealing as being able to trade on a regulated platform that charges no trading fees (and several major exchanges charge quite a high fee). However, the lack of trading fees is accounted for by a subscription service of $10 a month. Furthermore, traders can buy and sell these shares 24/7.

For those investors hesitant about crypto investment due to a lack of regulation, DX.Exchange can be attractive because it fully follows EU regulation. It also offers crypto-to-fiat deposits and withdrawals, another essential feature that establishes accessibility.

On the face of it, it appears that DX.Exchange is trying to marry the traditional financial market with the tokenization possibilities of blockchain. Although the companies are not involved, each virtual stock will be an actual stock and benefit from cash dividends. The stocks will be managed by MPS Marketplace, which has been given the license to do so by Cyprus’ financial regulator.

DX.Exchange currently has offices in Estonia and Israel, and plans to expand to Hong Kong and Tokyo. The incorporation of the New York Stock Exchange is also being planned.

The exchange’s performance will be interesting to watch, as many exchanges are vying for investor attention.


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Author: Abhimanyu Krishnan
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Israeli Internet Firm Seeks Tax Authority’s Permission to Pay Employees in Bitcoin

Social network company Spot.IM is planning to pay employees using Bitcoin, as reported by Israeli newspaper Calcalist. However, the firm is currently negotiating with the Israel Tax Authority to receive permission for the proposed payment method, along with the proper way of calculating exchange rates.


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Itay Bracha, Spot.IM’s legal representative, said that salary or benefit paid to an employee is subject to taxation in Israel. The company plans to open an account on a cryptocurrency exchange. Monthly salary will be converted to bitcoin and sent over to the employee’s digital account.

In order to ensure that bitcoin’s changing value doesn’t negatively impact the situation, the average of the highest and lowest BTC value on the specified day will be calculated and used as the exchange rate. However, the staff will have the option to choose between bitcoin or fiat money. They will even be given the chance to receive half of the payment in BTC.

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Spot.IM employees are reportedly happy with the ongoing discussion since the high conversion fees will be covered by the company. Apart from net income, pension funds or other benefits won’t be transferred using bitcoin.

On February 2018, Israel Tax Authority announced that cryptocurrencies are assets that are subject to capital gains tax. Thus, employees will need to pay a 25% tax in case they earn gains from Bitcoin. Ido Goldberg, head of Israel’s Spot.IM operations, said that the company fully supports cryptocurrencies. In order to create trust, cryptocurrencies require companies to recognize them as legitimate assets.

Headquartered in New York, Spot.IM received $25 million in Series C funding in November 2017. The company has worked with AOL, NBC, Refinery29, Huff Post, Time Inc., and Fox News.

Israel’s Stance on Bitcoin

Earlier this year in January, Israel’s central bank announced that the country doesn’t recognize cryptocurrency as a currency or a foreign currency. Nadine Baudot-Trajtenberg, deputy governor of the central bank, said that cryptocurrencies “should be viewed as a financial asset, with all that entails.”

In March 2018, Israel Securities Authority (ISA) said that cryptocurrency firms would not be listed on the Tel Aviv Stock Exchange. The news was expected since ISA had already shed light on this topic in 2017. Shmuel Hauser, ISA’s chairman said, “We feel that the prices of bitcoin behave like bubbles and we don’t want investors to be subject to that volatility and uncertainty.”


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Author Habiba Tahir
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More than $8.5 Million in Bitcoin Seized by Israeli Police

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1,071 BTC SEIZED BY ISRAELI POLICE

A massive anti-money laundering action has been carried out by the cyber department of the State Attorney’s Office. It filed an indictment, alleging that Hilmi Git had managed to commit more than 20,000 fraudulent transactions using Israeli credit cards, laundering the money through the Bitcoin network.

Halmi Git, a resident of Hebron, has been accused of multiple offenses of credit card fraud, providing means for committing a crime, carrying out fraudulent trade activity, and laundering the proceeds through Bitcoin. It is reported that the Git managed to accumulate a total of 1,071 Bitcoin over the course of his crimes.

At press time, Bitcoin is trading at $7,342.21, putting the total value of Git’s fraud at a little over $7.8 million.

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WEB OF CRIME

According to the indictment, Git ran a network of forums and websites used to provide information on how to commit a range of computer offenses. One such forum provided is reported to have provided stolen credit card information. While entry to the forum was free, members could purchase a “VIP” membership to receive “fresh” credit card data. Git also published different guides in violation with the country’s Computers and Money.

But wait… there’s more! Reportedly, Git also ran another scam, fraudulently selling mobile phones – often members of his own forums – at substantially reduced prices.

The indictment describes a scheme in which Git would request that the customer transfer his money for the phone, after which point he would proceed to block the customer from the forum without ever actually having sent the customer their phone. He would go on to publish a positive feedback message on behalf of the deceived customer, expressing gratitude for the cheaper mobile phone.

ALL PAYMENTS MADE IN BITCOIN

The Israeli State Prosecutor’s Office claims that Git had requested all the payments to be made in Bitcoin. As such, he has reportedly managed to accumulate more than 1,071 Bitcoin between 2008 and 2018.

The Bitcoin wallet of the accused has been seized and the funds in it are to be confiscated if and when he is found guilty of his crimes.

The prosecution also seeks an extension of Git’s confinement until the end of the trial due to potential flight risk as well as concerns that having access to the internet will allow Git to “continue carrying out the criminal enterprise he established over the past decade.” Given the defendant’s thoughts on his actions, the concern seems more than warranted.

Showing no remorse whatsoever, Git was quoted as saying:

“We are thieves, from wherever we can take money – we’ll take it, no matter where – from Israel, The US or even the moon – we will reach it and use it.”

What do you think will happen to those 1,071 Bitcoin if Git is found guilty?


Here at Dollar Destruction, we endeavour to bring to you the latest, most important news from around the globe. We scan the web looking for the most valuable content and dish it right up for you! The content of this article was provided by the source referenced. Dollar Destruction does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products or other materials on this page. As always, we encourage you to perform your own research!

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Author Georgi Georgiev 
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