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The Australian Taxation Office warns crypto holders against tax evasions.

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The Australian Taxation Office (ATO) is sending a warning to all crypto holders in the country against failing to pay their taxes. It reminded the community that it has partnered with most digital currency exchanges, and it has all its trading data. Failure to pay the applicable taxes will attract penalties and possibly an audit. Assistant Commissioner Tim Loh said that one of the biggest myths Aussie investors have is that cryptocurrencies are a currency. 

Tim Loh reveals over 600,000 Aussies have invested in digital currencies.

Speaking to a local news outlet, ATO official Tim Loh revealed that the agency’s data shows over 600,000 Australians have invested in cryptocurrencies. This year, the agency will be sending letters to around 100,000 taxpayers with digital currency holdings, urging them to review their previously lodged returns. In addition, it will prompt a further 300,000 people as they lodge their 2021 tax returns to report their digital currency holdings. According to Loh, Australian crypto holders have assumed that digital currencies are anonymous and that they can get away with tax evasion. 

ATO is working with crypto exchanges to track tax evaders. 

The Australian Tax Office has been tracking the channels through which these digital tokens interact with the traditional financial system. This includes working with the banks, the payment services providers, and the digital asset exchanges, all of whom have been very cooperative. “We follow the money trail back to the taxpayer, and we do that through the ATO which has data matching profiles with cryptocurrency exchanges, and they provide that information to us, and we use that information to cross-match with people’s tax returns,” he explained. Loh added, “There isn’t a game of hide and seek. We have got that information, and all we are asking people to do is follow the rules.”

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Source: https://chaintimes.com/the-australian-taxation-office-warns-crypto-holders-against-tax-evasions/

Blockchain

XRP lawsuit: Why SEC’s latest motion, Hinman’s deposition ‘should scare everyone’

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Until a week back, it was quite apparent that only the plaintiffs in the ongoing SEC v. Ripple lawsuit desperately wanted to depose additional people. However, it recently came to light that the defendants too intended to depose an additional office-bearer. With the sole hint of ‘former SEC official,’ the community started making its own guesses as to who would it be. Among the host of options available, two names stood out and seemed to be the most appealing – Jay Clayton and William Hinman.

In what is the latest development in the same, the SEC has now filed a motion to quash the deposition of its official. Unsurprisingly, the ‘former SEC official’ named by Ripple is SEC’s former Director in-charge of the Corporate Finance division, William Hinman. According to the plaintiff’s motion,

“To depose a former high-ranking government official like Director Hinman, Defendants bear the burden of showing ‘exceptional circumstances’ justifying the deposition.”

It should be noted that the purpose of the “exceptional circumstances” rule is to “protect the mental process” of government officials. As far as the defendants are concerned, they have claimed that they need to depose the official to elicit testimony on the SEC’s “internal views” and to develop evidence with respect to the “market participants’ views” based on Hinman’s interactions with members of the public. The SEC, on the contrary, argued,

“… these proposed inquiries… could be obtained by far less intrusive means.”

The SEC further stated that the answers the blockchain company seeks are protected by privilege since they relate to the everyday tasks of most high-ranking government officials. 

“Director Hinman has no personal, first-hand knowledge as to defendants’ offers and sales of XRP.”

Here, it should be noted that the official was a part of the SEC’s fact-gathering team that investigated Ripple’s conduct between 2018 and 2020. Additionally, he and his staff have also reviewed written submissions from the defendants’ council.

Further, the federal agency noted in its motion that XRP holders had shared false information about Hinman. Attorney John E. Deaton was quick to react, however, opining, 

“What’s false?… Maybe allowing the deposition to go forward will make future high ranking officials more accountable regarding the things that they say.”

Again, as known, Hinman made a public speech in 2018 where he explicitly stated that offers and sales of Ether were “not securities transactions.” However, at that time, he did not claim anything about XRP or Ripple. 

Further, in the exhibits attached with the motion, Hinman declared that the SEC has still not taken a call on whether the offer and sales of Ether fall under the category of securities. This menacing declaration, according to attorney James K. Filan, “should scare everyone.”


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Source: https://ambcrypto.com/xrp-lawsuit-why-secs-latest-motion-hinmans-deposition-should-scare-everyone

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Binance Coin, Tron, UNI Price Analysis: 25 June

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Major cryptos gained back some ground after facing some major losses on Tuesday. After dropping below $30,000 for the first time since January, Bitcoin was back to $34,213 at the time of writing, hiking by 3.1% over the past 24 hours. Major altcoins like Binance Coin, Tron, and UNI also profited off the back of this price gain for a while. Later, market volatility could be seen slowing down as the cryptos began to move sideways. 

However, Binance Coin and Tron noted positive bullish momentum, even as UNI’s southbound movement met a halt. 

Binance Coin [BNB]

Source: BNB/USD, TradingView

Ranked 4th on CoinMarketCap, Binance Coin was trading at $302 at the time of writing, with the alt hiking by 5% in the aforementioned period. In fact, it had gained by almost 38% since 22 June, the day when it hit a low of $224. After momentarily breaking through the $307-resistance yesterday on the 4-hour chart, the asset was again trading below it at press time. 

The parallel movement of the Bollinger Bands suggested that high market volatility had come to a halt and stable price action could be expected in the near term. 

Bullish momentum was cropping up on the Awesome Oscillator as the green bars moved above the histogram. The MACD and Signal lines pictured a bullish crossover on 23 June as the alt’s price recovered over the past few days. 

BNB could go up to $326 before finding further resistance if the bullish trend continues.

Tron [TRX] 

Source: TRX/USD, TradingView

After touching a low of $0.046 on 22 June, Tron rallied up by 46% to trade at $0.066 at the time of writing. The crypto broke through the $0.065 resistance yesterday, which then began to act as a strong support level. 

The Parabolic SAR’s dotted line hovered below the candlesticks as the coin’s price action continued to follow a bullish trend. Moreover, long green lines above the Awesome Oscillator’s histogram pictured dominant bullish momentum on the digital currency’s price chart. 

A reversal from intense selling pressure could be noticed as the Relative Strength Index’s indicator exited the oversold region and held its position just below the overbought zone. While a minor downtick can be noticed, buying pressure continued to be greater than the selling pressure. 

Even if the bullish price action holds out, the coin could face resistance at the $0.069-mark. 

Uniswap [UNI]

Source: UNI/USD, TradingView

UNI has not been as lucky as the other alts as it was struggling to breach the $18.6 resistance, even as it found new support at $16.5. The asset did register a 2.18% price hike over the past 24 hours, however, and was trading in the red at $17.36, at the time of writing. The total value locked in the 7th highest-ranked DeFi token was $4.27 billion, according to DeFi Llama. 

The coin’s market started turning less volatile, as indicated by the contraction of the Bollinger Bands. Restricted price action for the coin can be expected going forward. 

While the buyers overtook the sellers for a brief period, the Chaikin Money Flow was again moving in a downward direction. It was at equilibrium, at press time, as capital outflows started to dominate the market. 

A reversal of the bullish crossover from the MACD lines can be expected in the future, as suggested by the indicator’s histogram and convergence of the indicator lines. 


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Source: https://ambcrypto.com/binance-coin-tron-uni-price-analysis-25-june

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Redefining DEXes: An Interview with Polkadex CEO Gautham J

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The DeFi ecosystem has seen significant growth in the recent scenario and while exchanges in the crypto-sphere had been centralized, the idea had been challenged with the emergence and subsequent growth of Decentralized Exchanges (DEX). Polkadex aims to combine the benefits of centralized and decentralized exchanges with their technological innovation and provide users with a smooth trading experience.

It is the first project on the Polkadot ecosystem that features an orderbook based exchange. The platform functions through Snowfork with the Ethereum network and Parachain with the Polkadot network.

In conversation with Gautham J, CEO Polkadex we discuss the platform, the vision behind creating the first orderbook based exchange on Polkadot, IDOs, and NFTs on their platform, and much more.

1. How is Polkadex redefining decentralized exchanges?

We approach many things differently and bring some innovative solutions to the market and users to eliminate the existing bottlenecks. 

To begin with, none of the present decentralized exchanges supports a trading engine that is fast enough to run the traditional orderbook. As a consequence, they also lack sufficient liquidity and can not push DeFi forward. 

DEXes have copied the success of Uniswap and moved to the AMM-based model. At Polkadex we think that it is not a real solution but only a halfway compromise. 

Uniswap and other swap protocols that don’t use an orderbook dramatically limit their functionality and bring to life certain platform-specific issues. The pool creates an arbitrage opportunity when the price of the asset fluctuates. Moreover, front-running is imminent on the AMM- based DEXes, while the orderbook DEXes eliminate the issue. 

Polkadex is an orderbook based exchange, but the key difference is that, unlike traditional orderbook exchanges built on multipurpose blockchains, Polkadex is specifically built as a dedicated blockchain that functions as a trading engine.

Current DEX reality is facing a huge technology gap, and we work to fill it using the mix of technologies available through the capabilities of Bitcoin, Ethereum & Polkadot networks. 

Another very important point – we want to bring DeFi to the masses by eliminating the entry barriers. If you can make a traditional exchange run in a decentralized way, you bring power back to users by lowering costs and improving security. Right now DEXes lack popularity because non-crypto native users find the UX and navigation on the existing platforms challenging, making the whole experience stressful and frustrating. We felt a need to try and solve that problem via building an easy, straightforward, and fun to use trading platform.

2. What was the vision behind creating the Polkadex Order Book?

Blockchains have revolutionized the way we think about trust. The world is going to be increasingly tokenized in the nearest future and Polkadex aims to prepare the world for it. 

Bitcoin showed us to transact in a peer-to-peer way without having an intermediary. However, the idea of transferring different types of Blockchain assets in a decentralized manner is still in a rudimentary phase. There were many attempts to solve this problem but none of them managed to take the solution mainstream because of the inherent drawbacks of a blockchain to settle transactions instantaneously and quickly allowing any sort of real-world application. 

Past projects have shown us that running an orderbook-based decentralized exchange on-chain is going to be expensive. Hence, there has been a shift towards creating automated market makers (AMMs) to allow transacting in a decentralized manner. This has given rise to protocols like Uniswap and centrally controlled chains like Binance Smart Chain. However, none of them offer solutions to all the user’s needs. 

Our goal is to make decentralized peer-to-peer transactions between different blockchain assets possible in an orderbook environment, at the same time making sure that the assets are always in the custody of the participating peers only. We are happy to say that we have been able to achieve that in Polkadex.

3. Why was the Polkadot ecosystem picked from all other blockchains?

The idea of Polkadex started back in 2018 when Vivek Prasannan, Deepansh Singh, and I (co-founders of Polkadex) worked on a consensus algorithm to scale transaction throughput on a distributed network. 

We were looking for a scalable use case and tried to apply the technology to a decentralized exchange. Searching for the best ecosystem, we came across the Polkadot network and Substrate framework that allowed building the final version of Polkadex.

Polkadot stood out among other blockchains because it offered us an opportunity to create a highly scalable and fully decentralized platform for a peer-to-peer and trustless token exchange. 

From the initial stage of Polkadex’s development, we set high standards as the platform had to answer multiple requirements: provide high-frequency trading, high liquidity, and ultra-fast transaction speed to support DeFi applications, have an easy UX to make DeFi usable for people with any level of technological knowledge.

As you can imagine, finding everything in a single network was a tough task. We went through researching Ethereum, NEO, TomoChain, Cardano, and other solutions, but found the right capabilities only in the Polkadot network. 

Transactions on Polkadot are processed in a parallelized way, so the network is considerably faster than rivals. Moreover, Polkadot is interoperable and brings various tokens and blockchains together in a vibrant ecosystem. 

We are building Polkadex in Polkadot’s Substrate framework that allows us to add new features, easily develop the platform without hard forks and focus all our attention on optimizing the network to reach unmatched performance.

We also use the Polkadot ecosystem to bring more liquidity to the platform through parachains without compromising on security.

4. How is the Polkadex Orderbook going to be advantageous for the traders?

Simply put, we will gather all the best features of centralized and decentralized exchanges in one platform, so the traders accustomed to both will hugely benefit from Polkadex.

We combine ease of using the platform with the highest level of security, fast feeless transactions, and advanced features for high-frequency trading. 

Professional traders know a great difference between trading on an orderbook and an AMM-based exchange. An orderbook gives higher flexibility and more profit-making opportunities for a seasoned trader simply because of the fact that it has more controls and advanced trading possibilities. Even the opportunity to place market orders makes a big difference in the trading experience.

Plus traders have a whole range of tools to trade in a more efficient and professional manner. Many of the advanced trading tools that have been developed over the years were focused on orderbook based exchanges and applied on centralized exchanges only. Therefore, we believe that a decentralized orderbook exchange will be a huge value addition for the trading community in the cryptosphere.

5. What is Decentralized KYC and how would it protect the privacy of users?

Decentralized KYC is an innovative mechanism for verifying the users. Unlike the usual KYC process the user data is stored only in the user’s wallet and Polkadex, as a trading platform, never has access to it, hence there is no possibility of data leaks and security is very high in general. There is no sharing of sensitive user’s information to a third-party application. 

We see decentralized KYC as a stepping stone to making DeFi a solid competitor to the traditional financial sector in the next few years due to attracting new players and new money with them.

By decentralizing KYC Polkadex can bring in institutional money to the exchange even though it is decentralized. This is possible because the liquidity available in the orderbook is traced back to an identified user allowing regulated entities to interact with and submit trades with Polkadex blockchain without violating their regulatory requirements.

6. DEXes usually shy away from offering fiat support to their users, how does the Polkadex fiat aim to change this?

This is another, and arguably the biggest, advantage of adding decentralized KYC to the platform – Polkadex can interact with regular banking channels and bridge fiat currencies to the Polkadex orderbook for extra liquidity and convenience for users. 

Here we tackle another mission of DeFi in general that is making it easy for newbies. Mainstream users new to the crypto world can trade fiat for crypto as easily as clicking the button. 

We are very proud of this particular feature, as it makes Polkadex one of the first decentralized exchanges with fiat support while still keeping custody of assets with the user. We sincerely believe that it is the way to trigger mainstream adoption of decentralized finance.

7. How are retail investors going to benefit from the IDOs launched on the Polkadex platform?

The success of IDOs made them a battlefield where only crypto-native and tech-savvy investors win nowadays. Retail investors are left out because they cannot invest a lot of funds to hold enough of launchpad’s native tokens or simply can not work their way through the manual process of whitelisting and participating in the IDO pool due to tricky UX. 

Hence, IDOs are prohibitive to normal users and limit their access to some of the best projects in the crypto space. 

Having to stake a large number of tokens to qualify for bidding means that opportunity is only given to a privileged few. 

We believe that it is against the ethos of proper decentralization and the vision of open protocols. Polkadex aims to create an IDO platform on Substrate that will give an equal opportunity to participate to all retail traders. Each step of the process will be on the blockchain, thus benefiting from on-chain randomness, fairness, and transparency. We also want to give as much power to users as we can, so governance will also decide if they want the token to be listed on the Polkadex Orderbook exchange after the IDO.

8. What are the Polkadex Fungible Assets and how are they going to be helpful to the developers?

We are creating the product for many types of customers, so as you noticed Fungible assets is one of the features for developers and blockchain teams.

Polkadex Fungible assets have been created for those projects who wish to launch their tokens in a Substrate blockchain easily and inexpensively. The process is similar to creating ERC-20 tokens on the Ethereum network, but the technologies that we use take care of the hassles that we see today in the Ethereum ecosystem. 

We aim to offer an efficient way. Fungible tokens created on Polkadex are also backward compatible with Ethereum and can be managed and later represented there using ERC-20 format. We are working on bridges that allow these changes to be implemented. 

Another benefit-cost efficiency. Many projects face the challenges of finding affordable platforms. We offer a one-stop-shop solution where blockchain teams can raise funds through conducting IDOs, whitelist, create smart contracts, issue tokens, bridge across networks, and list on our Orderbook if they want and are accepted by governance. 

Even though our IDO platform will cater more towards Substrate-based projects, other ecosystem projects will be able to utilize our token minting mechanism to leverage many of the functionalities built in the product.

9. What was the idea behind introducing the Polkadex NFT as a reward mechanism?

Most of our work is focused on making the community happy by giving the answers to the toughest industry questions. Trading is a serious activity, but, hey, why can’t we have fun in the process, too?

NFTs are a great way to reward loyal community members and add a cool gamification element to create more engagement. Keeping the community active and vibrant has a direct effect on the health and well-being of the network in case of an exchange like Polkadex. 

Instead of having regular token rewards like the one for validators, we thought of creating something unique and more meaningful for our users. This was the idea behind using NFTs as a reward mechanism.

10. Could you tell us about the use cases of PDEX, the Polkadex token?

As you know tokenomics is a big part of the health and success of any blockchain project. That is why we created ours with the help of the best minds in crypto-economics and paid great attention to the token utility. 

As Polkadex is a multi-feature project, PDEX was designed to be used for multiple functions.

Polkadex native token will be used for several activities on the platform. Token holders will have exclusive rights to:

  • Pay transaction and trading fees to get discounts on them
  • Participate in Polkadex IDOs
  • Participate in on-chain governance of the network
  • Become a validator of the network by staking
  • Nominate validators and collators of the network

So there are many perks now and we are working on adding others along the way.

11.  What are some of the future projects/partnerships on Polkadex that we should look forward to?

We are very busy developing the product and have a good lineup of future projects. The most significant future releases are:

  • Native interoperability with other chains
  • Blockchain assets and infrastructure for setting transactions of retail payment service providers
  • Blockchain consensus upgrade using new algorithms to improve speed and reliability
  • Margin, lending, derivatives platform

However, we try to stay discreet regarding future partnerships and industry names. We announce all the partnerships when they are secured and in full working mode, but never beforehand as simply bringing the hype is not our way. 

So I can say, it really pays off to follow our social media channels closely for any news. There is lots to come. 

For more information check out the Polkadex website.

Disclaimer: This is a paid post and should not be treated as news/advice. 

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Source: https://ambcrypto.com/redefining-dexes-an-interview-with-polkadex-ceo-gautham-j

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