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Aug. 6, 2019, 12:29 p.m. EDT

CryptoCorner: British Tax Authority Wants Exchange User Info, Global Data Protection Community Concerned Over Privacy in Libra and BlockFi Raises $18.3 Billion in Funding Round

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Aug 06, 2019 (Investorideas.com via COMTEX) -- Point Roberts, WA and Delta, BC - August 6, 2019 (Investorideas.com Newswire) Investorideas.com, a leader in crypto and blockchain investing news, in partnership with Fit Pay, Inc.'s (subsidiary of NXT-ID ( NASDAQ: NXTD ) crypto payment tech, Flip bring you today's edition of the Crypto Corner podcast and commentary on what's driving the cryptocurrency market.

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https://www.investorideas.com/Audio/Podcasts/2019/080619-CryptoMarket.mp3

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Crypto Corner

CoinDesk reports that Britain's tax authority, Her Majesty's Revenue & Customs (HMRC), is urging cryptocurrency exchanges to relinquish user's names and transaction data to ensure proper tax collection. Sources told CoinDesk that the exchanges Coinbase, eToro and CEX.IO were contacted by the tax authority, though none have commented as of yet. An industry insider told the publication:

"HMRC is looking to work with exchanges when it comes to finding information on people who have been buying and selling crypto. I think they will only go back a couple of years, two or three years."

"If they [HMRC] do only go back two or three years, I think the interesting thing here is, that the individuals who went into crypto very early on in 2012-13 will not be affected. The ones who probably made the largest gains won't be affected, it will be the people who came in around the time crypto peaked."

The UK's Information Commissioner's Office (ICO) released a joint statement on global privacy expectations of the Libra network addressed to Facebook ( NasdaqGS:FB ) and 28 other organizations involved in the project. Signed by a "cross section of the data protection regulation community", the statement highlights a concern over the lack of specificity shared by Libra regarding privacy concerns:

To date, while Facebook and Calibra have made broad public statements about privacy, they have failed to specifically address the information handling practices that will be in place to secure and protect personal information.

Additionally, given the current plans for a rapid implementation of Libra and Calibra, we are surprised and concerned that this further detail is not yet available.

Reuters reports that the North Korean regime has amassed some $2 billion USD through cyberattacks on banks and crypto exchanges, which it intends to put toward weapons of mass destruction. The article is based on a confidential report from the United Nations seen by Reuters. According to the report:

The experts said they are investigating "at least 35 reported instances of DPRK actors attacking financial institutions, cryptocurrency exchanges and mining activity designed to earn foreign currency" in some 17 countries.

Crypto lending firm BlockFi has raised $18.3 million in a funding round, according to a press release today. The round was led by U.S.-based venture capital fund Valar Ventures, which was co-founded by Peter Thiel. BlockFi CEO & Founder Zac Prince, said:

"We're excited to continue development at BlockFi that will bring us closer to our vision of a world where access to wealth-building financial products and services are not limited by geography or an individual's net worth. Our talented team and strategic backers will continue to drive the crypto financial services infrastructure forward to facilitate adoption and value creation in the crypto ecosystem."

Sam Mowers, Investorideas

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