Cointelegraph By Joshua Mapperson
Miami city employees could soon choose to get their salaries paid in Bitcoin rather than USD. In an interview with Forbes, Mayor Francis Suarez said tangible paths to expand Bitcoin’s adoption throughout the city included enabling city employee salaries to be paid in BTC.
Major figures in the cryptocurrency world have responded positively to the idea, with Twitter and Square CEO Jack Dorsey calling it “smart” on Twitter.
— jack (@jack) February 2, 2021
Germini co-founder Tyler Winklevoss stated that the mayor is “leading the way for governments and Bitcoin.”
Mayor Suarez told Forbes that due to the rise in crypto’s popularity among citizens, he wants to do everything he can to make Miami a Bitcoin-friendly city. Other proposals include allowing local fees and taxes to be paid in Bitcoin and certain other cryptocurrencies, as well as investing some of the city’s treasury into Bitcoin, following Microstrategy’s example.
Although he isn’t sure of specific amounts, Suarez explained that the treasury investment would be structured as a public-private partnership, with the private partners receiving some of the rewards for alleviating some of the risks.
He also revealed that he’s also considering financing his reelection campaign in Bitcoin. He isn’t the first to turn to Bitcoin to help fund political campaigns with Democrat Andrew Yang, California U.S. Rep. Eric Swalwell, Minnesota U.S. Rep. Tom Emmer, and Libertarian Lara Loomer among U.S. politicians who have already accepted cryptocurrencies in past campaigns.
The mayor believes Bitcoin will be the “biggest story for the next few years.”
Late last year the mayor called Bitcoin a “stable investment” during an “incredibly unstable year.” Last week, he uploaded Bitcoin’s whitepaper onto the government’s website saying:
“The City of Miami believes in Bitcoin and I’m working day and night to turn Miami into a hub for crypto innovation.”
The mayor told Forbes that he has reached out to other states and jurisdictions, including Caitlin Long in Wyoming and Florida CFO Jimmy Patronis to help drive Bitcoin-friendly changes in Florida’s legislature. These efforts are part of the city’s push to be the next major tech hub in the U.S. with plans to grow innovation and tech growth in the next few years.
Should these actions take effect, Miami’s 450,000 citizens may be encouraged to start transacting in Bitcoin on a regular basis, with the potential for this to spread to the rest of Florida’s 21.5 million residents. It would also make the city more attractive for blockchain-related tech companies and events.
Major crypto conference Bitcoin 2021 announced earlier today it was moving from Los Angeles to Miami in June this year.
Although Miami may be the first U.S. city to offer employees salaries in Bitcoin, other companies have also been exploring this. Last week, Cointelegraph reported that software development services provider Sequoia Holdings, based in Virginia, is offering employees the ability to sacrifice a portion of their salary to invest in either Bitcoin (BTC), Bitcoin Cash (BCH), or Ether (ETH).
Huobi secures crypto asset management license in Hong Kong
Cointelegraph By Osato Avan-Nomayo
Huobi, one of the largest cryptocurrency exchange platforms in China, appears to be pursuing further expansion of its business following the recent regulatory clearance in Hong Kong.
According to an official announcement by Huobi Technology Holdings Ltd., the company’s asset management subsidiary has secured approval from the Hong Kong Securities and Futures Commission to launch a cryptocurrency asset management portfolio.
The news is a follow-up to Huobi securing “Type 4” and “Type 9” licenses from the SFC back in July 2020. In Hong Kong, a Type 4 license enables a company to act as a securities investment adviser while a Type 9 license covers asset management.
Dubbed Huobi Asset Management, the firm is now looking to launch three cryptocurrency asset funds following the approval by the SFC, according to reports in Chinese media. However, the launch will be contingent on the fund complying with additional provisions issued by the SFC.
Tweeting on Thursday, Beijing-based reporter Colin Wu remarked that Huobi’s entry into the crypto asset management arena may incentivize institutional investors in Asia to consider crypto investments.
Wu also stated that Huobi’s planned crypto asset management fund will include both Bitcoin (BTC) and Ether (ETH).
Breaking: China’s largest exchange Huobi has obtained a Hong Kong cryptocurrency fund license, and it will launch Bitcoin, Ethereum and multi-strategy funds on March 3. Similar to the Grayscale, this move by Huobi may promote traditional Asian investors to cryptocurrency field. pic.twitter.com/IIrhZVKiGQ
— Wu Blockchain (@WuBlockchain) March 4, 2021
According to data from crypto research firm Messari, Huobi is second only to Binance in terms of real spot trading volume.
Huobi’s crypto asset management license from the SFC comes amid reports that regulators in Hong Kong are close to banning retail crypto trading. Indeed, Huobi is among a group of global cryptocurrency exchanges challenging the legitimacy of the move.
Following China’s ban on crypto trading and initial coin offerings in 2017, several Chinese exchanges moved their offices elsewhere with Hong Kong and Japan being favored destinations at the time.
Ex-Chairman Tarbert, who dubbed Ether a commodity, is leaving the CFTC
Cointelegraph By Kollen Post
Without much fanfare, Heath Tarbert has announced his full departure from the Commodity Futures Trading Commission at the end of this week.
In a tweet Wednesday morning, the former CFTC Chairman said that he would be fully resigning as of Friday. In December, he left his post as chairman, which the CFTC announced formally on its website, but he indicated that he intended to stay on at the commission for an indefinite length of time.
Today’s announcement did not clarify future plans.
During his chairmanship, which began in 2019, Tarbert was a vocal advocate for cryptocurrency usage. He was, for example, publicly in favor of regulating Ether as a commodity.
Tarbert’s departure comes as the Biden administration has been busily filling appointed positions like the chairmanship of the CFTC. Though there has been no formal nomination, Georgetown law professor and occasional Cointelegraph contributor Chris Brummer has emerged as a likely contender.
US crypto tax startup TaxBit to channel $100M raise into UK expansion
Cointelegraph By Helen Partz
Major cryptocurrency tax compliance startup TaxBit has raised $100 million as it expands into Europe.
According to a March 3 blog post, TaxBit has secured the funds in Series A round led by Paradigm and Tiger Capital. Additional investors included PayPal’s venture arm, major industry firms like Coinbase and Winklevoss Capital, as well as individual investors like Bill Ackman, Ryan Smith, Anthony Pompliano and others.
According to the announcement, the new investment round comes in response to the increasing global demand for crypto services amid the crypto industry’s parabolic surge to hit a $1.5 trillion market capitalization. “The importance of TaxBit’s tailored tax and accounting software is readily apparent,” TaxBit’s vice president of marketing, Michelle O’Connor, said in the blog post.
With newly raised funds, TaxBit is planning to start to expand internationally in 2021. TaxBit CEO Austin Woodward told Forbes the company wants to tap the United Kingdom market as its first destination. The company is also expecting to launch an enterprise resource planning solution in compliance with the United States Securities and Exchange Commission later this year.
Launched in 2018, TaxBit’s platform is designed to automate aspects of crypto tax compliance for enterprises, consumers and governments. Developed by a group of CPAs, tax attorneys and software developers, the solution enables users to track the tax impact on their trades on crypto exchanges.
TaxBit’s raise comes as the U.S. Internal Revenue Service updates its crypto reporting rules to clarify that investors who purchased crypto with fiat currency do not need to report their transactions under the “virtual currency” question.
Cryptocurrency1 day ago
ECOMI to List OMI Tokens With BitMax – Press release Bitcoin News
Bitcoin2 days ago
New Indicators Point to Bitcoin Sell-off Slowing Down
Cryptocurrency3 days ago
BSN and TON Labs to Provide Chinese Developer Community With Unique TON Technology – Sponsored Bitcoin News
DeFi2 days ago
Ethereum DeFi Trends Set To Dominate 2021
Blockchain12 hours ago
Banksy art burned and tokenized
Regulations2 days ago
Thai SEC forced to clarify proposed crypto rules after public backlash
Bitcoin3 days ago
Key Bitcoin price indicators signal bulls bought the $43K retest
Cryptocurrency2 days ago
Tezos Ties-Up with Wolfram Blockchain Labs to Simplify Smart Contract Deployment – Altcoins Bitcoin News