Altcoins This Week: Spain Begins Regulating Crypto Trading, Beats Planning Major ICO And More

.

Inventor Of Beats Headphones Applies To SEC For Huge ICO

The inventor of the massive headphones company, Beats, has reportedly applied to the US Securities And Exchange Commission (SEC) for a $300 million Initial Coin Offering (ICO). According to the filing documents, the MMNY token is looking to obtain SEC’s approval to go live sometime this year. The token, which will be based on the Ethereum platform, will allow investors to take part on the new company developed by Monster Products Inc.

Join our Telegram group

The project aims to provide users with wallets and process transactions using the MMNY token, establish a private off-chain platform where micro-transactions can be completed without or with very limited transaction costs caused by mining activities and to create its own blockchain and integrate it to the operating systems of the company. This marks a milestone for major companies to join the crypto fever that is now taking the industry more seriously and actually considering using it to further develop their business models.

Argentina And Japan Launch Information Campaigns On Cryptos

Non-profit organizations in Argentina have created a new project that promises to spread knowledge in rewards to cryptocurrencies among the local communities. Bitcoin Argentina and Bitcoin American have jointly purchased a minivan, which will travel around local communities spreading information about the usage of cryptocurrencies and to teach locals how they can take advantage of them. The “Bitcoineta” will be equipped with everything it needs to be able to travel around Argentina, and perhaps in the future around Latin America.

Additionally, a Japanese organization has developed an intensive course for elderly members of the society to learn more about digital currencies. The Cryptocurrency Support Center will offer its first virtual currency investment course for seniors, which will be divided into two parts. One based on basic operations and maintenance of virtual currencies and the other about investment know-how of virtual currency and measures against taxation. Despite the hard measures Japanese authorities have taken against the cryptocurrency market, it seems like more and more people are interested in knowing what it’s all about.

Streamlabs Takes Crypto Tipping

Streamlabs, one of Twitch streaming apps, has announced its plans to accept cryptocurrencies as tips. According to their blog post, all Streamlabs broadcasters will be able to accept cryptocurrency tips in the form of Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC) and Bitcoin Cash (BCH). Streamlabs has reportedly made almost $35 million in tips for the first quarter of 2018, which could be greatly improved once crypto tips are enabled.

To enable crypto tips, users just need to head to their donation settings page and select the Coinbase option, create a Coinbase account and connect it to the Streamlabs account. As for transaction fees, it will depend on the network transaction based on which currency is used; and also claims that crypto tips will not be reversible or canceled. The team is also looking to add in other cryptocurrencies down the road.

Spain On Its Way To Regulate Crypto Trading

Spain has recently published a biding consult on cryptocurrency trading and its taxation. According to the consult V0999-18, people who have acquired virtual currencies such as Bitcoin (BTC), and who have later traded it for other virtual currencies like Ethereum (ETH) or Ripple (XRP), and have reported a profit out of the trade, they’re in obligation to declare such profit.

The consult is unclear on how the administrative entity plans on enforcing such measures, especially given the fact that there are no official trading platforms regulated by the government of Spain; but it does answer the question of when to declare crypto trading to avoid sanctions. The taxation office estates that to calculate such profit, users have to establish the value of the asset at the moment of acquisition and the value that holds at the moment of declaring taxes, to determine the profit margin. Spanish residents who trade cryptocurrencies will now have to declare their trading activity and reports when declaring their Income Taxes or IRPF.

Altcoins Show Small Growth

Altcoins have experienced a bit of improvement over the past week. Ethereum (ETH) opened the week at $573 and dropped to $515 on Tuesday. By Wednesday it started to show signs of recovery, going back up to $570 and continuously growing closing the week above the $600 mark. Ripple (XRP) followed the same market pattern, opening the week at 60.c and dropping to its lowest point on Tuesday, reaching $0.55c but recovered somewhat, staying at the $0.60 mark and closing the week at $0.66. Bitcoin Cash (BTH) opened the week at the $1,000 mark but dropped below $800 on Tuesday, although it then experienced a recovery of almost $400 by Sunday, reaching its highest point of $1,280. Finally, Litecoin (LTC) opened the week at the $118 mark but it too experienced a decline in prices, going as low as $111 on Tuesday, before recovering to close the week at $126. The biggest winner of the week was definitely Bitcoin Cash, perhaps due to the announcement of the Altcoin hitting over 1000 stores in Japan, become a regular payment method.  

Stay up to date on crypto news!

Sign up for our newsletter for all the hottest crypto stories, ICO reviews, and insights from leading experts of the crypto world - four times a week.

You have been signed up!