HyperLinq : Weekly Digital Asset Digest 33

Rohan Raman

The HyperLinq Weekly Digest is the one-stop source for the HyperLinq community to access relevant news involving digital assets, where we essentially outline key industry updates that our members may have missed. We are always open to suggestions and feedback so please do not hesitate to let us know what you think!

Coinbase Gets E-Money License In Ireland, Expanding European Foothold : Joeri Cant | CoinTelegraph

Coinbase is expanding its European foothold with an e-money license from the Central Bank of Ireland. Coinbase, announced that the exchange had become "one of just a few companies," to have received an e-money license in Ireland. Coinbase opened its first office in Dublin, Ireland, in October 2018 to help expand its operations in Europe and as a contingency plan for when the U.K. leaves the EU. Martin Shanahan, CEO of IDA Ireland reportedly congratulated Coinbase on receiving the e-money license from the Central Bank.

Telegram Finally Confirms It’s Behind TON Blockchain : Anna Baydakova | CoinDesk

After raising $1.7 billion last year and maintaining almost complete radio silence since, messaging app Telegram is finally going public with its involvement in the Telegram Open Network . The first mention of TON and its native gram tokens appeared on Telegram’s official website Tuesday morning in the form of a terms of service for the token’s wallet app. According to the ToS, Telegram will integrate the wallet into the company’s flagship messaging app and also offer it as a standalone product. According to the ToS, Telegram will not keep either personal information of its users nor their public and private keys. The company also states it has no control over processing and verifying the transactions on TON. This is the first time Telegram has publicly acknowledged the link to TON. Neither the company’s CEO, Pavel Durov, nor other company representatives have ever announced the project or commented on it. Investors bought the future gram tokens during two closed rounds in February and March of 2018 for a price of 37 cents and $1.33 each, respectively. In early September, the code for TON’s blockchain nodes was released and on Oct.

Visa, EBay, Stripe and Mastercard Abandon Facebook’s Libra Project : Joeri Cant | CoinTelegraph

Visa, EBay, Stripe and Mastercard have all announced that they are dropping out of Facebook’s Libra Association and its associated stablecoin project. On Oct. Within minutes, Visa said it had also decided not to join the Libra Association, according to The Block. The news comes one week after payment processor PayPal announced its withdrawal from the Libra stablecoin project as regulators continue to scrutinize the project. Cointelegraph previously reported that Visa, Mastercard and Stripe were trying to ensure that Facebook’s crypto project wasn’t harming their relationships with regulators. The three payments giants hinted that Facebook had exaggerated claims that regulators were comfortable with Libra. Brian Armstrong, CEO and co-founder of major crypto exchange Coinbase, recently said that he believes that "the way the U.S. government reacted it's like they almost want to be left behind." He also echoed his concerns over the United States possibly becoming obsolete due to innovation obstruction.

Samsung Working With Ripple Partner Finablr on International Payments : Richard Meyer | CoinDesk

Samsung Pay now has an international remittance feature, utilizing a platform owned by Finablr, a London-listed Ripple partner. Branded as Money Transfer, the service is currently available only in the United States – with the exception of Oklahoma – and will be rolled out to other countries next year. In an announcement dated Oct. 3, Finablr said the cooperation with Samsung Electronics America involves a new in-app feature that allows for the remittance of funds to foreign recipients. Tokenized credentials are used and Samsung Knox will store the keys. Transfers can be sent to 47 countries, including Australia, Britain, Canada, China, Germany, Japan, Kenya, Mexico, New Zealand, the Philippines, South Korea, Spain, Thailand and Vietnam. The service is restricted to customers with Samsung devices. This move points to an increased use of financial cryptography and decentralized systems on Samsung devices. Notably, you cannot use the service to buy and sell cryptocurrency, however. UAE Exchange and Unimoni, other Finablr subsidiaries, are working with Ripple technology and have been using it for transactions to Thailand since early 2019.

Facebook Sued for Trademark Infringement Over Libra Logo Design : Jack Martin | CoinTelegraph

Finco Services of Delaware has initiated a lawsuit against Facebook in a New York court, Oct.10, over the swirly tilde logo Facebook uses for its Libra token. The plaintiff is also suing its former designer, who did the logo work for Facebook, for reusing the design. The company provides online banking services through a mobile app, doing business under the name Current. In 2016, it paid a company called Character SF to design a logo for the brand, which it registered with the U.S. Patent and Trademark Office. The resulting designs feature numerous tilde shapes, but the Calibra logo produced is virtually identical to the logo used by Finco for its Current app and debit cards. Facebook CEO Mark Zuckerberg will also testify before Congress on Oct.

The IRS Just Issued Its First Cryptocurrency Tax Guidance in 5 Years : Anna Baydakova | CoinDesk

The U.S. Internal Revenue Service has published its first guidance in five years for calculating taxes owed on cryptocurrency holdings. Industry members have been eagerly awaiting the update since May 2019, when IRS Commissioner Charles Rettig said the agency was working on providing fresh guidance. The agency’s 2014 guidance left many questions unanswered, and the crypto market has grown more complex in the years since. As expected, the guidance notice released Wednesday addresses: the tax liabilities created by cryptocurrency forks; the acceptable methods for valuing cryptocurrency received as income; and how to calculate taxable gains when selling cryptocurrencies. Individuals would be assessed income when they receive the asset, Hinkes said. Phillips said it was possible that an individual with an ethereum wallet, for example, could receive an ERC-20 token from an airdrop without realizing it. The new IRS document also offers long-awaited clarification on how taxpayers can determine the cost basis, or fair market value of coins received as income, such as from mining or the sale of goods and services. Cost basis should be calculated by summing up all the money spent to acquire the crypto, "including fees, commissions and other acquisition costs in U.S. dollars." A third key issue addressed by the new IRS guidance is how to determine the cost basis of each unit of cryptocurrency that is disposed of in a taxable transaction . This is an issue because someone might buy bitcoin in multiple transactions over a span of years; when they sold some of it, it was unclear which purchase price to use for calculating taxable gains. The value of the crypto purchased on an exchange is determined by the amount the exchange sold it for in U.S. dollars. The income basis, in this case, will include commissions, fees and other costs of the purchase.

FC Bayern Munich Announces Digital Token to Boost Fan Engagement : Jack Martin | CoinTelegraph

Germany’s FC Bayern Munich has become the latest football club to announce blockchain-based merchandise for fans. As reported Oct. 11, the club will partner with Stryking Entertainment to produce digital collectibles of its players. The collectibles will take the form of digital player cards with the likenesses of FC Bayern Munich players, past and present. Fans can build virtual squads and play each other with outcomes derived based on current form and historical data. More clubs are expected to join Stryking as licensing partners for the system. There seems to have been quite a trend for European football clubs to sell tokenized collectibles of late. Just last month, Spanish club Atletico Madrid announced the launch of its own fan token. Meanwhile, English Premier League club Manchester City is also upping its blockchain game, announcing in August that it is to tokenize its players. Fans can build and train a digital team of players using real-life match stats and in-app training.

UNICEF Launches Cryptocurrency Fund to Back Open Source Technology : Wolfie Zhao | CoinDesk

UNICEF, the United Nations Children’s Fund, has launched a crypto fund to receive, hold and distribute donations of bitcoin and ether in its aim to back open source technology for children around the world. UNICEF said in an announcement on Wednesday that in a first for United Nations organizations, the Cryptocurrency Fund will receive contributions in cryptocurrency and grant out in the same digital currency form. "This is a new and exciting venture for UNICEF," said UNICEF Executive Director Henrietta Fore. "If digital economies and currencies have the potential to shape the lives of coming generations, it is important that we explore the opportunities they offer." "Together with UNICEF, we’re taking action with the Crypto Fund to improve access to basic needs, rights, and resources," Miyaguchi said in the announcement. Earlier this year, it was in talks with the government of Kyrgyzstan to use blockchain to provide internet access to schools in the country via the so-called Project Connect initiative.

Rohan Raman

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