KPMG has recently launched its own crypto asset management tools called Chain Fusion with a myriad of features that would allow financial start-ups and economic firms to provide their crypto-asset services. The new product launched for its institutional clients will allow its customers to manage their data in accordance with all the necessary regulations surrounding security, processing, and reporting. The customers will be able to collect and organize data from blockchain databases and traditional systems properly. The company has been working designing of the suite of tools for over a year, and the building of the tool began since February 2020.
KPMG has been following the cryptocurrency industry for a long time. Its growing usage has caused the global regulators to take attention of it. Companies that offered traditional financial businesses are also integrating cryptocurrency into their system, but most do not have the technology to do it properly. A study conducted by their internal teams has estimated that hackers have stolen about $9.8 billion in cryptocurrencies since the year 2017. Thus, there is a need for greater security and rules for the use and storing of cryptocurrencies where they would follow transaction rules set in place by their governments.
Financial institutions and crypto companies have faced one common problem, and that is to build infrastructure for their blockchain-based systems, which is different than what the traditional systems might need. Another issue that they might face is a way to connect the traditional systems to the blockchain-based system. It is where the new Crypto Asset Management Tool by KPMG can come to the rescue. It allows its users to create a data model for all the different transactions performed by the organization irrespective of whether they are traditional or the blockchain ones. The company will be able to run advanced analytics on the data collected.
KPMG’s new tool will help address a number of the challenges that its users face. For example, the tool will ensure that blockchain data matches that of what is being recorded in the entities’ book. Another way will be able to find information from databases, including that of blockchain, while still running the queries they need to. The company has incorporated a number of different technologies that would suit a varied style of clients. KPMG Chain Fusion will help bring all the different systems together and streamline the processes and offer better control. The company has not yet confirmed how many of its customers have started to use Chain Fusion already, but it did confirm that it was in talks about multiple clients on the use of the particular tool.
KPMG might have taken a bit of risk getting in the crypto-asset management, but its reputation and brand name will surely help it build its client base slowly but steadily. There are already other fintech companies in the business offering similar kinds of services; it is to be seen how KPMG differentiates itself based on its product features and the service they offer to their clients. What could work in their favor is that they already have clients in the industry around the globe, and it is all about convincing them to adapt to the changing times. The suite of advanced analytics will help streamline and enhance the ability of financial institutions and fintech companies. It would help companies make a smooth transition of adopting the crypto-business capabilities. Since a number of traditional businesses have also started to offer crypto services, the tool will come handy in building their abilities efficiently and effectively into their existing traditional data infrastructure.
KPMG is an international network of independent firms offering financial services including accounting, tax, audit, assurance services, and financial advisory. KPMG is the third-largest accounting firm in the world with it’s headquarter in the Netherlands. The company has a presence in over 820 locations around the world in 147 countries. KPMG serves a varied types of clients, including businesses, governments, NGOs, public-sector agencies, and more. The company has won several awards for its exceptional work. In 2015, the company was included in the list of top 100 companies to work on by Fortune. In 2016, Consulting Magazine ranked the company at the 13th number as one of the best firms to work.
You can expertise any subject within a concise period of time if you have dedication. Cryptocurrency might seem complicated in the beginning, but you have to trust yourself and rely on different books and practical knowledge and instincts. You can make your retirement lavish if you master this art. When this system came into existence, bitcoin was worth $2 or so. Now, it’s value has risen to $60,000/coin! Can you imagine? This is how fast the market is growing. Hence, this is the best time to invest, learn, and utilize the digital currency’s power. Your question is, how quickly can you become an expert, isn’t it? Let’s take a look at the aspects you need to look for if you want to become an expert.
Listen to various podcasts, shows, youtube videos by various famous cryptocurrency experts. You will learn different tricks that can boost your confidence and give you the power to apply for practical knowledge about the market when investing in the bitcoin trading system. These videos and podcasts are done frequently on specific streaming mediums. Talk to someone associated with cryptocurrency trading, and they will help you. Everyone has something special, and you will find your specialty while playing your part in the game.
Read various books on cryptocurrencies. The theoretical knowledge is essential for crypto trading along with practical knowledge. You have to know every process and also, a way out of you losing some. Winning and losing an essential feature of trading; hence, it is essential to learn the methods that lead to favorable probabilities of winning. The best books for learning about cryptocurrencies are,
- Cryptoassets by Chris Burniske and Jack Tatar
- The Book of Satoshi by Phil Champagne
- The Basics of Bitcoins and Blockchains by Antony Lewis
- The Blockchain Developer by Elad Elrom
- The Age of Cryptocurrency by Paul Vigna and Micheal Casey
- Mastering Bitcoin: Unlocking Digital Cryptocurrencies by Andreas Antonopoulos, etc.
Keep an eye on the global trends in the market. Market trends speak a lot about the necessary steps you have to take in order to save your capital. Capital that you have invested is hard-earned, and therefore, knowing the theories are important.
Check the market cap. It is one of the important aspects to look into. Market cap can be expanded to a market civilization, which suggests the overall value of the cryptocurrencies in circulation.
Dig deeper to know more about your crypto leaders. The team you are associated with needs to be checked. Check if your leaders are avoiding communication or not, whether their profiles are legitimate or not, check their bio, etc. Keeping an eye on your team will help you be safe. You should be aware of every little change because it’s your hard-earned money, and it’s your team.
Check your crypto community duly. Bigger communities don’t mean it’s a good one, read reviews about them, do a duly research, and then proceed. Check social media, make friendship with the community members, and collect information if you ever receive any eerie information, check, and if necessary leave. Communicate with your teammates regularly to get a regular follow up of every market situation.
Becoming a crypto trading expert won’t be an easy task because you have to be disciplined, patient, analytical, and wise. Read books, watch videos of experts, take extra measures to study the market daily, keep your plan ready for your face loss, don’t be disheartened if you fail, rise up, and trade again. Don’t trust anyone with your money, take advice, but the investment decision should be yours, be your own master, and become the expert!
What is Bitcoin halving?
Bitcoin halving would reduce the value of the bitcoins to half. Whatever the amount that miners are expecting would be cut down. This halving will happen once in every four years or sometimes very frequently. To be precise, it happens for every 2, 10,000 transactions. The reward that the bitcoin miners would receive for every block would be cut to half. In 2009, every bitcoin miner received just 50 bitcoins for a block. However, after a few days, the reward has been cut down to 25. In 2016 it was curtailed to 12.5, and the next value would be 6.25.
A report submitted by Cointelegraph Markets found that the bitcoin stocks have started to perform even better despite its halving.
Bitcoin continues to flourish.
Based on the reports, it is clear that the price of the bitcoin is still stable, and the reactions that are received from across the globe are making its value even stronger. Many analysts are waiting to see the value of the bitcoins pre-halve and post-halve in the price of the bitcoin that does not occur. When halving the bitcoins happens in May, its impact on the bitcoin price would be on the cryptocurrency. There is evidence that proves that the accumulation of bitcoins and digital currencies is still on the rise among the retail investors and institutional investors.
Halving will not stop bitcoins from outperforming.
The data collected from Skew suggest that bitcoins will be the digital asset in the market, with the value going to rise to 35.95% every year. Many institutional investors have started to increase the value of the coins. The institutional investors have started to collect the bitcoins. The crypto funds started to increase up to 150% with the generation of new coins that are getting halved since May 11. There are many companies which are allocated some funds for the bitcoins.
Bitcoin is optimistic
Retail investors are vesting double interest in the digital currency. One of the digital payment companies named Square has stated that the bitcoin revenue has hiked up to USD 306 million and has been increased to 71% in the last quarter. Due to the uncertainty in the global market, there is a surge in using the bitcoins. There are exchanges taking place in Latin America and Africa.
The bullish outlook of bitcoin is not going to impact the global market due to bitcoin halving. Based on the on-chain data reports, it is clear that investors who are investing long-term are keeping the coins with them through a drop of the value up to USD 3, 750. The prices of the bitcoin may increase, and the assets would take a different path. The investors are trying to buy the bitcoins when they decline to USD 9,500
When does bitcoin halving happen?
Since the cryptocurrency had hit the market in 2009, the halving of bitcoins is taking place, and it happens once every four years. Based on the reports, it is clear that halving happened twice to date. The first halving is in 2012 as per Forbes. Due to halving, there is an increase from USD 11 to USD 11,000. However, this growth was not observed until a year. The second time the halving took place in 2016 where the bitcoin has been increased from USD 700 to USD 20000. It is evident that due to halving, the future supply of the bitcoins would be reduced, but the demand remains the same. It hikes the price of the bitcoin.
Due to halving, there is a huge retail demand for bitcoins in the market. The investors see a pool of opportunities by investing in this digital currency. There are big cryptocurrency investors called whales who have accumulated the bitcoins at a low price and will start to sell them at a lucrative price once the demand for them begins to grow.
The next halving of the bitcoin was expected in May 2020. It is tough to predict how the bitcoins would be halved since it takes some time to create new blocks. There is around 64 bitcoin halving before the 21 million would be hit. When this happens, the bitcoin miners can’t collect the rewards. They depend on the charging fee to carry out transactions like credit card companies.
Is there a chance of bitcoin price to rise due to halving?
When the previous halving scenarios are considered, the halving has increased the price of bitcoin. In 2012, bitcoin gained a profit of 8000% in the last 12 months. There is a cut in the rewards and has risen to 1000% in 2016 cut. With the initial coin offerings, the bitcoin has gained a considerable demand. The halving will have a huge psychological impact and would continue to impact the price of the bitcoin significantly.
In the history of bitcoin, the halving took place in May. The popularity of bitcoin is accepted globally and is used in various applications.
Recently, the co-founder of BiLira, the very first stablecoin to go with Turkish Lira, created a stir in Turkey’s crypto-world by announcing that by the end of the next year, they may announce a “new regulatory framework” for the blockchain technology. The COO and co-founder of BiLira, Vidal Arditi, said in an interview that the new framework is primarily meant to safeguard the interests of the new people joining the crypto world and the existing investors, rather than to create a bump in the sector’s growth.
Vidal Arditi also said in the interview that Turkey’s government is highly enthusiastic and invested in the future of blockchain technology and what it can achieve. He went on the say that the top government officials have been backing and supporting the blockchain associations, student clubs, blockchain pools, blockchain accelerators, and so on. He said that “I’m sure we’ll see a lot more projects in the crypto space one year from now in Turkey, and we’ll see how the government will respond.”
Turkey’s government, as per Arditi, is interested in integrating the blockchain technology to its financial sphere. The Central Bank of Turkey has even gone on to publicly declare that they are interested in a cryptocurrency or a blockchain-based ledger currency for transactions. The COO of BiLira said that the stablecoin enjoys endorsement from the government and banking agencies and authorities in Turkey. There are ongoing discussions going on between BiLira’s officials and the government as well as the country’s financial and banking regulatory departments.
Arditi went on to say that the Turkey government has offered its support to the company and have saluted their efforts to integrate blockchain technology to the country’s financial sphere. The Turkey government is keen on making BiLira a huge success and has extended its support to the fullest extent possible. However, Arditi did mention that there are a few hiccups that the company is facing as of now from local legal professionals who are experienced in advanced distributed ledger systems and technologies.
Vidal Arditi said that the blockchain technology, as well as cryptocurrency, belongs to an ecosystem that is relatively new and nascent. To fully integrate it into the domestic and global financial sphere flawlessly requires a lot of knowledge, research, and technical aggregation, the expertise that Turkey currently lacks to some extent. After its launch last year, BiLira has been able to service over 1,500 users and counting with the token issued of over $14 million worth of Turkish Lira.
Recently, good news came for the Turkish people as BTSE, one of the foremost crypto trading platforms, announced the spot listing services for BiLira against USDT or Tether. It provides an average crypto trader and investor in Turkey to gain much-needed exposure to the USD. It comes as a welcoming measure by the platform, especially during the financial crisis the country is facing.
The money of May saw a rapid decline in the value of Turkey’s Lira as the banking regulators aimed at protecting the currency and country’s financial situation by imposing strict restrictions against any overseas transactions in Turkey’s Lira. It was primarily meant to stop foreign efforts to short-sell the currency and reduce any negative speculation. BiLira announced on June 8 that it would be soon issuing its token on the AVA platform once they complete their mainnet launch. The company would also continue to issue its BiLira in the form of ERC-20 tokens on the Ethereum network.
Adriti added that his team has been working on developing for the AVA platform a few months ago, especially as the company is currently facing many issues with Ethereum at the moment, including the issues of scalability and completion. He also hinted towards the fact that BiLira would continue to work on expanding its presence by adapting to different blockchain ecosystems as they surface.
There are different types of misconceptions about cryptocurrency all over the world. People are in confusion about the uses, value, appearance, and transaction of Cryptocurrency. If we call it in simple language then this is virtual money with similar effects ordinary type of money. The way we use dollars, pounds, yen, and euros, this digital or virtual money presents the same way to deal or transact. The difference is only their invalid physical counterpart just like we do with banknotes and coins.
The misconceptions are just because of a lack of proper knowledge. Where a portion of the public is unaware of the crypto income where a large portion is earning huge profit by utilizing it very well. Bitcoins are leading to their advantages. The existence of cryptocurrency in electronic form has made it more popular. Some of the people refuse to deal with this rare type of asset or money.
Where the advancement of this money at the international level has forced the South Korean government to plan new income taxation in the year 2021. For that purpose, they have planned to impose a tax on the crypto income. Traders, miners, and more will have to follow this new income tax plan. The Korean Tax Agency is engaged in introducing the regulations of this new taxation plan to Economy, finance, and other ministries.
Below are a few aspects associated with the South Korean plan for taxation from the year 2021:
- Addition of clause in amendments: They have added new clauses related to crypto which will be mandatory to be followed from the effect of the year 2021. As per a current report, Korean ministries are following the process to finalize required amendments for income tax with updates. These updates will be related to cryptocurrency.
- Only profitable income will take part: They are also focusing on different sources to impose different forms of income tax. This income tax will be charged on the profits of domestic and international investors by using cryptocurrency.
- Security of the clause: According to the Ministry of Information and Technology, the additions/changes in amendments are done to secure that only profitable income will be categorized for tax. Once noticing the earning of investors with cryptocurrency without paying tax the ministry of South Korea has decided to act with these clauses.
- Finalization of amendment: As per the information, this amendment will appear in parliament Korea in September months of the current year. The finalization will be done before the submission in parliament. The earlier efforts for the same were done in 2017 but due to some reasons, that time enforcement was not given to this taxation law for cryptocurrency. This time the hopes are high. The investors are gaining higher profits by investing in cryptocurrency. If we look at the last Korean assembly response of march month then also, we get a positive hope for the enforcement of taxation law for cryptocurrency income.
- Responsibilities of crypto exchanges: Crypto exchanges are told to prepare the proper records and details on investors, their, profitable income, and further information. They will have to prepare a secured and real data which they will have to submit to the authorities in the case of requirement. The exchanges will be also responsible to report FIU to support FSC of South Korea.
The efforts of the Korean government show that they want to enter their name in the list of countries that levy income tax on the income of cryptocurrency. America, Australia, Germany, Japan have already started levying tax on cryptocurrency.
This could be bad news for the investors of cryptocurrency. Some of the investors have shown interest in this new provision where many are against. However, the Korean government has planned for it, and hopefully, in 2021, this new provision will apply to the crypto income. Further plans will take part after getting approval from the authorities.
Some other important points associated with the taxable crypto income in South Korea:
- Rate of interest: As per the government of South Korea They have considered imposing a 20% tax on crypto income.
- The income tax: The Korean ministry of economy and finance has introduced the proposal of taxable crypto income to their country. This is the image of further terms and doubts.
Japan treats crypto income as similar as miscellaneous income. South Korea is also looking for the view and proceeding accordingly. The rate of interest may vary as per the fluctuation of the income of cryptocurrency investors may arise. We can think with different views by giving importance to various reports until the amendment gets approval. A clear image will be in front of everyone once it is officially declared that crypto income is taxable income in South Korea. Many countries are waiting to watch the new tax law of South Korea about crypto income. We must wait patiently, till then investors are required to prepare themselves.