Bitcoin

Bitcoin Daily: Korean Commission Suggests Allowing FIs To Offer Crypto; China’s OneConnect Platform Supports New Blockchain Financing Product

Bitcoin Daily: China Launches Blockchain Financing Platform, TaxBit Gets $5M For Crypto Tax Compliance

China’s Guangdong province has launched a blockchain financing platform for small and medium-sized businesses, backed by OneConnect, a Chinese FinTech recently listed on the New York Stock Exchange, according to a press release

OneConnect used Guangdong’s “digital government” tech resources, as well as its own blockchain tech, AI and Big Data, to create the platform — which has access to data in 213 categories from 26 departments of government, and has connected with 129 financial institutions in the China province.

In other crypto news, cryptocurrency tax automation software TaxBit has raised $5 million in funding. Investors in the venture include TTV Capital, Dragonfly Capital Partners, Collaborative Fund, Winklevoss Capital, Valar Ventures, Global Founders Capital, Table Management, Album VC and more. 

TaxBit was founded by software developers, tax attorneys and CPAs to automate and simplify tax compliance for crypto users.

“In such a highly regulated space with so many complexities, TaxBit is needed to remove the burden of proper cryptocurrency tax reporting from the shoulders of crypto users, exchanges and merchants,” said Austin Woodward, CEO and founder of TaxBit. “TaxBit’s software and tax experts will accurately handle all of the back-end complexities, while providing users with an intuitive, user-friendly experience on the front end.”

TaxBit will use the funding to speed up customer growth, and make its products better.

In Korea, the 4th Industrial Revolution Commission, which operates under the president, said the government should start letting financial institutions in the country launch crypto-related products, such as bitcoin derivatives, and strategies for the eventual widespread use of digital currency. The commission also suggested that the Korean government should allow companies to release products in the future-based on bitcoin prices, just as in the U.S.

“Participants in the traditional capital market, such as securities firms and banks, should develop and introduce domestic custody solutions to handle crypto assets so that the Korean crypto-asset custody market will not depend on foreign countries,” the commission said. “The Korean government has to gradually allow institutional investors to deal in crypto assets, and promote over-the-counter (OTC) desks dedicated to institutional investors’ trade.”

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