Chain News by Thebittimes.Com

Bitcoin financial services firm Ledn’s ties with the Cayman Islands open a doorway for crypto users to use their funds to obtain real estate “golden visas.“ The Cayman Islands has long been an idyllic beach getaway for tourists, but the archipelago could soon welcome Bitcoin (BTC) holders as new residents through BTC-backed loans used to invest in real estate. Bitcoin banking firm Ledn, which is registered with the Cayman Islands Monetary Authority as a virtual assets service provider (VASP), is providing an avenue for Bitcoin holders to use their BTC as collateral for loans to invest in real estate on the islands. This is just one avenue that prospective new residents of the islands could take to obtain citizenship, with investments over $2.4 million in real estate in the Cayman Islands qualifying a buyer for permanent residency. Related: Noted tax haven Cayman Islands sees new bills to bring local crypto to FATF’s heel Speaking directly to Cointelegraph, Ledn CEO Adam Reeds unpack...

U.S. Republican Representative Patrick McHenry called for clarification on a “poorly” written digital asset tax provision in a letter to the Treasury. The incoming United States House Financial Services Committee chair Patrick McHenry wants the Treasury to delay the implementation of a section of the Infrastructure Investment and Jobs Act that deals with digital assets and tax collection. McHenry sent a letter on Dec. 14 to U.S. Treasury Secretary Janet Yellen with questions and concerns about the scope of Section 80603 of the Act. In the letter he requested clarification over the “poorly drafted” and potentially privacy-compromising Section that deals with the taxation of digital assets, scheduled to go into effect in 2023. He said the section requires the government to treat digital assets as the equivalent of cash for tax purposes which could “jeopardize” the privacy of Americans and have a negative impact on innovation. The section, called "Information Reporting for Brokers a...

Join Our Telegram channel to stay up to date on breaking news coverage The UK crypto industry is about to change following a series of changes over the past week. One of these changes is a bill passed proposing to have cryptocurrencies such as Bitcoin and Ether as financial instruments . UK to become a global crypto hub The recent economic and political turmoil in the United Kingdom has affected many industries, including the crypto space. On October 25, the UK parliament convened to discuss the proposed Financial Services and Markets bill focused on promoting economic recovery following Brexit. There are several amendments to this bill, one of which recognizes Bitcoin and other cryptocurrencies as regulated financial instruments . Andrew Griffith, the financial services and city minister in the UK, proposed that crypto assets must be regulated similarly to other financial assets. If crypto assets are brought under UK regulatory scope, it will be good news for the country...

TRON is a layer-1 blockchain utilizing a delegated proof of stake consensus mechanism. Its eco-friendly network, low fees, and easy to use developer tools have allowed it to attain a massive amount of user growth and innovative projects . Dave Uhryniak is the Director of Ecosystem Development at TRON DAO. He rejoined the Bitcoin.com News Podcast to talk about the TRON Grand Hackathon 2022 Season 3 and the upcoming Hacker House event : Dave joined the TRON DAO in January 2022 and has become a highly visible part of the team that drives global expansion as they identify key opportunities across the blockchain industry and ensure the TRON ecosystem is positioned to thrive. Involved in blockchain since 2016, Dave has provided strategic guidance for global payment companies and insurance companies , among others. He has led the successful development of multiple use cases in financial services , healthcare, and supply chain. He continually finds unique and creative ways to apply emerg...