Russia is set to enforce strict limitations on the circulation of cryptocurrencies like Bitcoin, starting from September 1st. This move, led by Anatoly Aksakov, Chairman of the State Duma Financial Market Committee, aims to restrict non-Russian cryptocurrency businesses and strengthen the dominance of the Ruble. The legislation will only permit the issuance of digital financial assets and digital rubles issued within Russian jurisdiction.
Aksakov explained that the need for restrictions arises because cryptocurrencies currently serve as a quasi-currency, replacing the Ruble domestically. However, only the Russian Ruble can fulfill the mission of a currency unit, hence this decision. The bill will make exceptions for cryptocurrency miners and central bank-backed test projects within an experimental legal framework, as cryptocurrency mining has significantly increased Russia's tax revenue.
However, Anton Gorelkin, a member of the State Duma, clarified that Russia does not intend to completely ban cryptocurrencies. The restrictions will affect the creation of cryptocurrency exchanges and other platforms that provide services for cryptocurrency trading. Meanwhile, there has been intense debate among Russian policymakers about this approach.
Artem Kiryanov, Deputy Chairman of the State Duma Economic Policy Committee, emphasized the importance of precise regulation. Contrary to these restrictive views, Russian Finance Minister Anton Siluanov has consistently advocated for a more moderate stance, advocating for the regulation of cryptocurrencies to enable their use for domestic and international transactions. These discussions suggest a potential trend towards using cryptocurrencies for external payments.
The move is part of a broader governmental effort to control the crypto ecosystem amid escalating geopolitical tensions. Russia's leadership in mining and the development of new hacking techniques could allow the Kremlin to use cryptocurrencies to make up for its lost revenues and finance the war in Ukraine. However, the regulatory approach to cryptocurrencies in the United States remains fragmented, with the Department of the Treasury banning Tornado Cash in the United States in August 2022.
The European Union has also taken initiatives to combat the illegal use of cryptocurrencies. The Office of Foreign Assets Control (OFAC) has sanctioned certain Russian-linked cryptocurrency exchanges to cut off avenues for sanctions evasion. The Financial Crimes Enforcement Network (FinCEN) has a proposed rulemaking extending reporting requirements to unhosted wallets, which are digital software or hardware for storing private keys corresponding to cryptocurrency and other blockchain-based assets.
In conclusion, Russia's decision to restrict non-Russian cryptocurrency businesses and strengthen the dominance of the Ruble is part of a broader effort to control the crypto ecosystem amid geopolitical tensions. The move has sparked debate among Russian policymakers, with some advocating for a more moderate stance on cryptocurrency regulation.
#BullorBear #Russia #BullorBear #Megadrop

Binance, the leading cryptocurrency exchange, has recently completed its 27th quarterly token burn, a significant milestone in its efforts to reduce the total supply of its native token, BNB. The token burn, a process of permanently removing tokens from circulation, is a crucial part of Binance's strategy to maintain the scarcity and value of the BNB token.
The latest token burn saw the removal of 2,141,487.27 BNB tokens from circulation, equivalent to approximately $636 million in USD. This burn was executed through the BNB Chain's Auto-Burn mechanism, an independently auditable and objective process that adjusts the amount of BNB to be burned based on the token's price and the number of blocks generated on the BNB Smart Chain (BSC) during the quarter.
The ultimate goal of this process is to gradually decrease the total supply of BNB tokens until it reaches 100 million. Currently, the total supply stands at 149,532,856 BNB tokens, indicating that Binance is halfway through its goal of removing 100 million tokens from circulation.
Impact of the BNB Burn on Binance Price
The BNB coin price has displayed a neutral trend, trading in a closed range between $278 and $345.5 until mid-February. However, as the volatility in the market grew, this altcoin jumped approximately 110%, before facing rejection at $635. Since then, the price has been trading in a consolidated range between $506.5 and $635.
Positively, the Binance token has added 11.43% within the past seven days and 10.12% over the past 30 days. Moreover, its Year-to-Date (YTD) stands at 94.58%, indicating a strong bullish price action for the Binance coin price during the upcoming months.
The technical indicator, MACD, shows a rising green histogram, indicating increased buying pressure in the crypto market. Furthermore, the averages display a bullish convergence, suggesting a positive outlook for the BNB price in the coming time.
Will Binance Coin Price Rise Back Up?
If the bulls continue gaining momentum, the BNB coin price will test its resistance level of $635 by the upcoming weekend. Moreover, if the market holds the price at that level, the Binance token will attempt to test its previous all-time high (ATH) of $690.9.
Conversely, if a trend reversal occurs, the BNB token will lose momentum and fall to test its support level of $569.5. Further, if the bears continue to dominate the market, the Binance token will plunge and prepare to test its lower support level of $506.5 during the upcoming weeks.
In conclusion, Binance's commitment to reducing the total supply of BNB tokens through its quarterly token burn process is a significant factor in maintaining the scarcity and value of the token. As the company continues to execute these burns, the impact on the BNB price remains a closely watched metric by the crypto community.
$BNB

#BinanceLaunchpool #BullorBear #HotTrens #TrendingPredictions

Hong Kong kicked off the week with a bang, witnessing Bitcoin surge above $66,000, marking a 3.02% increase fueled by developments in the city's ETF landscape.
Spot cryptocurrency ETFs are the latest buzz, and Hong Kong has enthusiastically embraced the trend by granting approval for several spot Bitcoin and Ethereum ETFs on Monday.
This move underscores the city-state’s ongoing commitment to solidifying its position as a leading crypto hub in the region.
China Asset Management, a notable asset manager, disclosed that its Hong Kong division has secured the green light from the Hong Kong Securities and Futures Commission (SFC) to offer retail asset management services tied to spot crypto ETFs. The next phase involves launching spot Bitcoin and Ethereum ETFs in collaboration with OSL and BOCI International.
Harvest Global Investments also announced that its two spot crypto ETFs have received initial approval from the SFC. The firm has enlisted OSL to roll out these ETFs, addressing concerns such as excessively high margin requirements.
In addition to these developments, the Hong Kong regulator has sanctioned Bosera Asset Management, a Hong Kong-based unit of a major Chinese asset manager, and HashKey Capital to jointly manage two spot crypto ETFs.
The SFC’s green light arrives just days before the eagerly anticipated Bitcoin halving event, injecting further optimism into the cryptocurrency market.
Hong Kong's Aspirations in Crypto
Hong Kong has been engaged in a fierce competition with Singapore and Dubai to position itself as the epicenter for cryptocurrency firms. The city-state introduced a regulatory framework for virtual asset service providers in June 2023 and has since granted approval to platforms operated by HashKey Group and OSL Digital Securities.
Although setbacks like the JPEX incident, an unlicensed crypto exchange causing nearly HK$1.6 billion in fraud last year, have occurred, authorities remain steadfast in their efforts to attract crypto entrepreneurs.
Kryptos: Streamlining Tax Calculations and Portfolio Management
Amidst this evolving landscape, platforms like Kryptos have emerged to simplify the complexities associated with cryptocurrency investments. Kryptos offers a comprehensive suite of tools designed to assist investors in calculating taxes and managing portfolios seamlessly.
When it comes to tax calculations, Kryptos employs sophisticated algorithms to automatically track transactions across various exchanges and wallets. This functionality alleviates the burden of manual record-keeping, ensuring accuracy and compliance with tax regulations.
Moreover, Kryptos provides detailed reports and summaries, facilitating the preparation of tax filings and minimizing the risk of errors or discrepancies. By streamlining the tax reporting process, Kryptos empowers investors to focus on their investment strategies with confidence.
In addition to tax calculations, Kryptos offers robust portfolio management features. Users can effortlessly monitor their cryptocurrency holdings, analyze performance metrics, and make informed decisions based on real-time insights.
With customizable dashboards and intuitive interfaces, Kryptos enables users to gain a holistic view of their investment portfolios, spanning across various assets and exchanges. Whether it's tracking asset allocation, monitoring market trends, or rebalancing portfolios, Kryptos provides the tools necessary to optimize investment strategies effectively.
As Hong Kong paves the way for spot Bitcoin and Ethereum ETFs, platforms like Kryptos play a pivotal role in empowering investors to navigate the dynamic cryptocurrency market with ease and confidence.
Crypto Market Bounces Back
Following a challenging weekend for Bitcoin’s price and the broader cryptocurrency market, the news of Hong Kong approving spot BTC and ETH ETFs has coincided with a notable recovery rally across the industry.
BTC saw a 3.1% increase in the past 24 hours, while ETH surged by almost 6%.
Other altcoins are also showing positive momentum, with Solana climbing by 7.4%. This uptick may be attributed, in part, to the recent update rolled out by its development team to address network congestion.
The approval of spot Bitcoin and Ethereum ETFs by Hong Kong signals a significant stride forward for the cryptocurrency market, offering investors new avenues for exposure and further legitimizing digital assets on the global stage.

$ETH $BTC
#ETH🔥🔥🔥 #BitcoinHalvingDrama #HotTrends #TrendingCryptos #BinanceACGroup

Are you a Japanese Crypto Investor struggling with crypto taxes? Don’t worry you’re not alone. A majority of crypto investors in Japan struggle with crypto taxes given the complexity of the guidelines governing the taxation of such assets and the inherent complexity of crypto as an asset. Japan is among the strictest nations in the world when it comes to crypto taxes having one of the highest tax rates on crypto transactions which may go up to 55% in some instances. 
We realise that navigating crypto taxes can be an intimidating task for most investors, that’s why we have curated a detailed tax guide covering all the aspects of crypto taxation in Japan. In this guide, we will cover everything from crypto gains and income to DeFi and NFT taxes. We will also answer pivotal questions like “How is crypto taxed in Japan?”, “How to file crypto taxes?”, “Can the tax authority track crypto?”, “How to calculate crypto gains and losses?” and more. 
So let’s hop in.
How is Crypto Taxed in Japan

The Japanese National Tax Authority views crypto as property and any gains incurred from their sale attract income tax. Moreover, crypto received through airdrops, staking, and mining is also subject to income tax. So if the total gain or income from crypto assets exceeds 2,00,000 JPY in a tax year, you need to report your gains/income to the NTA and pay taxes on them in compliance with the Payment Services Act (PSA) and the Financial Instruments and Exchanges Act (FIEA). You can access the detailed guidelines here.
Any income/gain reported by an individual or business is categorized as “Miscellaneous Income” and the tax rates may go up to 55%, that’s pretty steep because gains from securities are taxed at a flat rate of 20% in Japan. 
Japan has a progressive tax on miscellaneous income, ranging from 5% to 45% on profits. Moreover, Japanese taxpayers are obligated to pay an inhabitant tax of 10% on their profits, which includes a prefectural rate of 4% and a municipal rate of 6%. Consequently, the effective crypto tax rate varies between 15% and 55%. For non-permanent residents of Japan, a flat 20% tax applies to all income earned within the country.
How to Calculate Crypto Gains and Losses
Even though there is no capital gains tax in Japan, you still need to calculate the gains incurred from disposing of crypto assets to be able to report them alongside your income and pay taxes on them.
Calculating crypto gains is a pretty straightforward process. All you need to do is to deduct your cost basis from the disposal amount. You can use the following formula to calculate your capital gains:
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However, most investors find cost basis intimidating as a concept. The cost basis is simply the amount your pay to acquire a particular asset inclusive of any additional fees paid in the process. 
Here’s an example:
Let’s say Toshiro san acquired 1 $ETH for 2,00,000 JPY
And he paid 2,500 JPY in transaction fees in the process.
Then the cost basis would simply be (2,00,000 + 2,500) JPY 
Let’s say Toshiro san finally decides to dispose of the #Ethereum(ETH) token for 2,50,000 JPY
In that case,
Capital Gain/Loss = Disposal Amount - Cost Basis = 2,50,000 - 2,02,500 = 47,500 JPY
derstanding of how lost or stolen crypto is treated by the tax authorities.
Crypto Tax Breaks Japan
The way Japan taxes crypto transactions, there’s not much you can do to lower your tax bill. As mentioned earlier, you cannot offset your losses against gains in Japan and beyond there’s barely any way to lower your taxes strategically.
One thing you can consciously decide to do is to dispose of your assets in a low-income year to keep the overall gains under 200,000 JPY, which is the regular income tax exemption limit in Japan. Japan also has an employment income deduction that allows employees from a corporate background to deduct a certain amount from their taxable income. Given below are the income brackets and the deductions allowed in each bracket.
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Although it’s not clear whether these deductions are permissible for income from crypto transactions. We suggest seeking guidance from an experienced tax professional to gain clarity on the subject.
Crypto Cost Basis Method Japan
Japan allows two accounting methods, the total average accounting method and the moving average accounting method or the ACB (Average Cost Basis Method). 
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The total average accounting method is what the investors/traders are supposed to use by default. However, if you choose to use the moving average accounting method, make sure you use it for all your cost-basis calculations to avoid discrepancies in your tax report. 
The moving average method also known as the Average Cost Base (ACB) method, assumes the average cost of the assets of the same kind you currently possess as the cost basis for a subsequent disposal. The total average method is quite similar with just one exception, it considers the average cost of all the assets (of a particular kind let’s say ETH) that you’ve bought in a financial year. 
In simpler terms, the cost basis might change for every disposal depending upon the disposal. However, when you use the total average accounting method, you have a constant cost basis regardless of time, place, or the sequence of your disposal. 
Here’s an example to understand how the Moving average accounting method works:
2022/02/21 - Ishida san bought 1 ETH for 2,00,000 JPY
2022/03/17 - Ishida san bought 3 ETH for 1,90,000 JPY each
2022/05/23 - Ishida san sold 1 ETH for 2,10,000 JPY
2022/06/04 - Ishida san bought 2 ETH for 1,70,000 JPY each
2022/08/27 - Ishisa san sold 1 ETH for 2,40,000 JPY
As evident from the above ledger of transactions, Ishida san made two disposals.
Let’s use the Moving Average Accounting Method to calculate the cost basis for both disposals.
Now, before the first disposal was made, ETH tokens were acquired on two separate occasions. So we have to calculate the average acquisition price:
Average Acquisition Price = (1*2,00,000 + 3*1,90,000)/4 = 1,92,500 JPY
So the cost basis now becomes 1,92,500 JPY for the disposal
Capital Gain on the first disposal = Disposal Amount - Cost Basis = 2,10,000 - 1,92,500 JPY = 17,500 JPY
But now since 1 ETH token is disposed, the total number of ETH tokens in possession goes down to three. And on top of that Ishida san bought 2 more ETH tokens at an average price of 1,70,000 JPY each.
So now the average acquisition price changes.
Value of 3 ETH tokens in possession = 1,92,500 * 3 = 5,77,500 JPY
Value of 2 ETH tokens acquired after 1st disposal = 1,70,000 * 2 = 3,40,000 JPY
Average Acquisition Price = (5,77,500 + 3,40,000)/5 = 9,17,500/5 = 1,83,500 JPY
Now the cost basis changes to 1,83,500 JPY
So, for the second disposal
Capital Gain = Disposal Amount - Cost Basis = 2,40,000 - 1,83,500 = 56,500 JPY
Total Gain from both Disposals = 74,000 JPY
Let’s now consider the same ledger of transactions and use the total average method for calculating the capital gains for both disposals.
Using the total average method is a lot simpler as it considers the average cost of all acquisitions made in a financial year divided by the total number of assets.
So, the average acquisition price = (1*2,00,000 + 3*1,90,000 + 2*1,70,000)/6 = 1,85,000 JPY
Which imputes a cost basis of 1,85,000 JPY
Now for the 1st Disposal
Capital Gain = Disposal Amount - Cost Basis = 2,10,000 - 1,85,000 = 25,000 JPY
And for the 2nd Disposal 
Capital Gain = Disposal Amount - Cost Basis = 2,40,000 - 1,85,000 = 55,000 JPY
Total Gain from both disposals = 80,000 JPY
Notice that the capital gain is 6,000 JPY higher when you use the total average accounting method.
Crypto Income Tax Japan
As mentioned earlier, any gains or income from crypto transactions is taxed as miscellaneous income by the NTA. You are viewed to be making miscellaneous income in Japan if you participate in the following transactions:
Disposing of crypto for fiatSwapping one crypto asset for anotherBuying goods or services with cryptoReceiving compensation in crypto Rewards from mining, staking and liquidity poolsRewards from DeFi transactionsConverting NFTs to crypto or fiatArdops or interest income
Any income or gain incurred from such transactions is to be added and reported in your tax return. The tax rate on such income can go up to 55% depending on the nature of transactions and where you reside in Japan. 
Crypto Income Tax Rate
The crypto tax rate in Japan can go up to 45% depending on which tax bracket you fall into. You will also have to pay a local inhabitant tax of 10% on top of the income tax. The following are the income tax rates in Japan:
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How to Calculate Crypto Income
Calculating your crypto income is pretty straightforward. You just need to add the gains/income from all transactions. We’ve discussed in the above sections how you can calculate your gains from crypto transactions, any tokens that you’ve received from airdrops, staking, mining, or liquidity pools shall be perceived as income and you must track the fair market value of the tokens on receipt, to later add it to your gains and report your actual taxable income base.
Tax-Free Crypto Transactions
Following are some tax-free crypto transactions in Crypto:
Buying crypto with fiatTransferring crypto between wallets
Taxed Crypto Transactions
Following are some taxed crypto transactions in Crypto:
Selling crypto for fiatSwapping crypto Staking cryptoMining cryptoLiquidity MiningYield FarmingSpending cryptoReceiving crypto as compensation
When to Report Crypto Taxes in Japan
The Japanese tax year runs from January 1st to December 31st, and you can file your taxes between February 16 and March 15 every year.
How to File Crypto Taxes in Japan
There are two ways you can file your tax return in Japan.
Using Paper FormsUsing NTA’s Online Portal
If you wish to file your crypto taxes using paper forms, you should use Form A to declare your employment and miscellaneous income. However, note that if the miscellaneous income from other sources does not exceed 2,00,000 JPY, you’re not eligible to file a tax return.
Here’s a stepwise tutorial on how you can file your crypto taxes using NTA’s online portal:
The first step is to log in on the NTA’s website using your registered credentials. If you’re not registered with the NTA, you can do that here.Once you’ve done that, navigate the options and go to “Salary” under “Relevant Income”.From here, go to “Miscellaneous Income” Once you do this, you will be asked the following question “Do you wish to receive deductions for your home?”. Answer with a Yes/No and move aheadIn this step, you need to enter your e-tax number or connect your account to the My Number Portal WebsiteNow you need to enter the total miscellaneous income you’ve earned during a tax year and the profit or lossNow select “Crypto” from the drop-down list to specify the categoryNow enter the name of the exchanges you’ve used and their legal addresses
What Records Will the NTA Want
There is no official guidance on crypto record keeping by the NTA. However, it would be prudent to maintain detailed records for all your transactions dating back to at least 3 years to ensure a hassle-free tax filing experience. Following is the list of documents you should maintain:
Date and time of transactionsNature of transactions and intent of the parties involvedA detailed record of FMV of assets received through staking, mining, airdrops, or as compensationWallet addresses that you have private keys toDetails of the type of assets ownedReceipts of purchase and disposals
How to File Crypto Taxes Using Kryptos?
Now that you’re aware of how your crypto transactions are taxed and what forms you need to fill out to complete your tax report, here’s a step-wise breakdown of how Kryptos can make this task easier for you:
Visit Kryptos and sign up using your email or Google/Apple AccountChoose your country, currency, time zone, and accounting method Import all your transactions from wallets and crypto exchangesChoose your preferred report and click on generate report option on the left side of your screen and let Kryptos do all the accounting.Once your Tax report is ready, you can download it in PDF format.
$BTC $BOME
#Japan #HotTrends #trendingnews
#ICP

Introduction:
The emergence of Book of Meme (BOME), a new memecoin built on the Solana blockchain, has captured the attention of the crypto world with its rapid and unprecedented surge. Within a mere 48 hours of its launch, BOME has distinguished itself by outpacing other cryptocurrencies and memecoins, marking a significant milestone in its journey. Let's delve into the key factors driving this remarkable surge and its implications for the broader crypto market.
Key Points:
1. Rapid Surge: $BOME has experienced a meteoric rise, with its price soaring by 420% to $0.02255 within the brief span of 48 hours, catapulting its market cap beyond $1 billion.
2. Market Excitement and FOMO: The surge in BOME's price can be attributed to fervent excitement and fear of missing out (FOMO) among investors, resulting in heightened trading activity and increased demand for the memecoin.
3. Successful Pre-sale: Prior to its official launch, BOME conducted a successful pre-sale, attracting significant interest from investors, particularly in regions like China and the United Kingdom, signaling strong market anticipation.
4. Exchange Listings: The announcement of BOME's listing on major exchanges such as Binance and Bybit has further fueled its surge, enhancing its credibility, liquidity, and accessibility to a broader investor base.
5. Global Attention: BOME's rapid ascent has garnered widespread attention within the global crypto community, cementing its position as a significant player in the market and sparking curiosity among investors worldwide.
6. Tax Considerations: As BOME continues to surge amidst the ongoing bull market, it's essential for investors to consider tax implications. Our comprehensive solutions are available to assist investors in managing their portfolios and calculating taxes, including gains from tax loss harvesting.
In summary, the extraordinary surge of Book of Meme (BOME) underscores its growing prominence within the crypto space and reflects broader trends shaping the market dynamics along with being on trend with your taxes.
#Stayontrend,Taxontrend
$BOME $SOL
#HOTTRENDS #CryptocurrencyAnalysis #TrendingTopic #BOME