According to the final regulation published by the US Internal Revenue Service (IRS), centralized crypto exchanges (CEXs) and other brokers will start reporting the sales and exchanges of digital assets, including cryptocurrencies,
As per IRS report issued in June 2024, this decision aims to help investors “file accurate tax returns with respect to digital asset transactions,” and to address potential noncompliance in digital currency.
Anndy Lian, author and intergovernmental blockchain said, some investors may see this as an overreach, which could drive more users to decentralized trading platforms.
There’s a “real risk of pushing users toward decentralized platforms like Uniswap or PancakeSwap,” Lian told Cointelegraph.
Swiss state-owned bank PostFinance launches ETH staking
A crypto-friendly retail bank, PostFinance, fully owned by the Swiss government, is offering Ether staking to its 2.7 million customers, who make up roughly a quarter of the Swiss population.
In a blog post on Jan 16, the bank said the service would offer investments using Ether
ETH $3,380.90 for a fixed minimum term of twelve weeks, with the opportunity to sell the credited staking rewards.
It comes as other traditional banks move into the crypto space. In December, Anchorage Digital became the first US federally chartered bank to support liquid Ether staking.
A minimum of 32 Ether is generally required to stake, worth roughly $106,000, according to CoinGecko. PostFinance says it will allow people to stake using 0.1 Ether, worth roughly $331.
Alexander Thoma, head of digital assets at PostFinance, said in a statement that the bank’s staking service will be based on native staking directly on the Ethereum blockchain.
He said, “The staking service is completely integrated into PostFinance’s existing services.”
“This means that customers can see their staking rewards directly in their asset statement, together with their other crypto assets,” Thoma added.
Anndy Lian is an early blockchain adopter and experienced serial entrepreneur who is known for his work in the government sector. He is a best selling book author- “NFT: From Zero to Hero” and “Blockchain Revolution 2030”.
Currently, he is appointed as the Chief Digital Advisor at Mongolia Productivity Organization, championing national digitization. Prior to his current appointments, he was the Chairman of BigONE Exchange, a global top 30 ranked crypto spot exchange and was also the Advisory Board Member for Hyundai DAC, the blockchain arm of South Korea’s largest car manufacturer Hyundai Motor Group. Lian played a pivotal role as the Blockchain Advisor for Asian Productivity Organisation (APO), an intergovernmental organization committed to improving productivity in the Asia-Pacific region.
An avid supporter of incubating start-ups, Anndy has also been a private investor for the past eight years. With a growth investment mindset, Anndy strategically demonstrates this in the companies he chooses to be involved with. He believes that what he is doing through blockchain technology currently will revolutionise and redefine traditional businesses. He also believes that the blockchain industry has to be “redecentralised”.
