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What is a cryptocurrency? One of the first companies to build a Bitcoin mine in Iceland was Genesis Mining in 2013. Its founders include Philip Salter, who is now chief technical officer of affiliate Genesis Digital Assets and can sum up the island nation s advantages in one line. There are no political or geopolitical risks, the infrastructure is very reliable and the electricity is sustainable and incredibly cheap, he told DW. Iceland is reaching its limits Meanwhile, however, the country s generation capacity is reaching its limits: There could be very little excess energy in 2021 and 2022, Landsvirkjun CEO Hordur Arnarson told Bloomberg recently. Therefore, the cost advantage of Iceland s electricity is on the line. ....
What will the new tech visa rules mean for UK fintechs? Among a raft of new measures announced in the Budget the Chancellor has launched a new visa scheme to retain and attract the tech industry’s top talent. Announcing the Budget on Wednesday Rishi Sunak laid out plans to introduce “fast track” visa applications for people with a job offer from a recognised UK scale-up, together with a new “Global Business Mobility” visa. Potential employees will no longer need to obtain a third-party endorsement or be backed by a sponsor organisation in a significant simplification of the rules. The plans follow a review led by former Worldpay boss Ron Kalifa, which urged the government to make the immigration system more tech-friendly. ....
Analysis Since the exuberant crypto bull run of 2017, regulators have increased their activity in the industry. United States governing bodies such as the Securities and Exchange Commission, the Department of Justice and the Commodity Futures Trading Commission have all pursued various types of legal enforcement. From December 2020, there has been an even further regulatory push, including a proposal from the Financial Crimes Enforcement Network aimed at heightened crypto wallet overwatch. What do crypto industry players think of regulation at present? Dean Steinbeck, co-founder of Horizen Labs, told Cointelegraph that, indeed, in conjunction with increasing institutional involvement, “notices from entities such as the SEC, OCC, IRS and FinCEN have become more regular.” He added: “Over the recent few months, we’ve continued seeing an increase in institutional adoption of Bitcoin/cryptocurrency slowly but surely closing the educational gap between tradition ....
Philip Salter Says layer-two Bitcoin Solutions is Needed for Bitcoin’s Growth Last Updated: 22 January 2021 Philip Salter, Genesis head of mining operations, is of the view that Bitcoin would need second-layer solutions to be seen as a good store of value. He said even if the coin can still be regarded as a good store of value now, it still needs such a solution to accommodate mainstream adoption. “I think Bitcoin is a good store of value regardless of transaction fees,” he said. Slater, however, noted that the high transaction fee on Bitcoin is posing a challenge since it affects the value that can be transferred. There have been several projections and predictions on Bitcoin even before the Bitcoin fork earlier last year. However, the top cryptocurrency is still waxing strong as is gradually proving naysayers wrong. ....
Reading Time: 2 minutes by Evan Ezquer on January 13, 2021 Regulation On Jan 8, two legislators in Kentucky have recently submitted a bill that aims to make the US state a very attractive option for cryptocurrency miners in the form of tax breaks. Kentucky Crypto Mining Bill The proposal was submitted to the General Assembly, which would see Bitcoin and other cryptocurrency miners enjoy some tax exemptions. The legislators of the bill are Republican lawmakers, Steven Rudy and Chris Freeland, who referred to the bill as: “AN Act relating to the taxation of the commercial mining of cryptocurrency.” The thirteen-page document would see miners enjoy 6% sales taxes and 6% excise tax exemptions on tangible personal mining property being directly used, as well as electricity being consumed, for the purpose of mining cryptocurrency commercially. Additional leverage would also be added for these miners especially when it comes to power and energ ....