š„š„ Kenya Revenue Authority Enhances System to Monitor Cryptocurrency Transactions šØšØ
1. KRA's New Tax Monitoring System:
Kenya Revenue Authority (KRA) is launching a real-time system to monitor cryptocurrency transactions, capturing date, time, type, and value of each transaction.
The system is designed to trace every transaction, making tax evasion more difficult.
2. System Launch Timeline:
The new system is expected to go live by the end of the year and will work closely with cryptocurrency exchanges to record detailed transaction data.
3. Significant Market Size:
Kenya has nearly 4 million cryptocurrency users, with a transaction volume of $18.6 billion in 2023. This growing market demands close attention.
4. Existing and Updated Tax Laws:
Previously, KRAās tax laws mainly applied to companies without a physical presence in Kenya.
Updated tax laws, introduced last September, now require cryptocurrency investors to pay taxes on income from their transactions.
5. Cryptocurrency Exchangesā Tax Obligation:
Under current regulations, cryptocurrency exchanges must pay 3% of each transaction amount to the government.
6. Advanced Technology for Tax Compliance:
KRA plans to employ artificial intelligence (AI) and machine learning to analyze transaction data, improving the efficiency and accuracy of tax compliance.
Additionally, from December 25, 2024, M-PESA payroll and cash register numbers will be used as electronic tax registers to combat tax evasion.
7. International Case Example:
A cryptocurrency exchange in Nigeria is under trial for not registering for taxes, with Binance as the sole defendant in the case, indicating that African countries are increasingly serious about cryptocurrency taxation.
8. Implications for Kenyan Crypto Traders:
Kenyan cryptocurrency investors will need to consider tax liabilities more carefully moving forward as the government intensifies efforts to integrate crypto transactions into the formal tax system.
#TrumpDeFi
#MemeCoinTrending #TeslaTransferBTC #BNBRisesTo600
$TON price started to pump after all th tap 2 earn trend started, on chain activity of Ton blockchain increased significantly, which is good for ton ecosystem
Now the ton economy is pretty much based on tap 2 earn bots, but as most of bots are just scam projects and users don't really get much profit for months of farming so many people say it will be bad for Toncoin because users will leave it.
What I think is a little different, although I believe telegram bots are a waste of time except a few. But this trend will not stop because the user base of telegram is huge. So there will still be millions of people farming on tg bots.
Moreover, they are easy and because of large user base some so called influencers will always be promoting these bots for referrals.
SO I AM BULLISH ON TON, and as $NOT and $DOGS is closey related to TON; I am bullish on them as well
Why Trump's crypto project didn't see the expected attention: There are 3 reasons
The World Liberty Financial project, which Donald Trump, one of the US presidential candidates, "will be effective in America's crypto center", did not receive the expected attention in the first days. While only 4% of the tokens put up for sale are still bought, experts are citing 3 reasons.
World Liberty Financial, the decentralized finance project announced by Donald Trump in the summer, has not yet received the expected attention. In the project, where only 4% of the supply was sold as of the first 3 days, only 850 thousand units of 20 billion (pre-sale supply) tokens were sold.
SEC restrictions, site collapse, Trump mass...
Experts, on the other hand, attribute the lack of interest in the project to 3 reasons. The first of these is shown as the restrictions of the SEC. As it is known, the US Securities and Exchange Commission (SEC) limited its participation in this project in the first place only to accredited investors. This investor group should have a fortune of at least $1 million, as well as having an annual salary income of at least 200 thousand dollars ($300 thousand in married couples). The fact that these salaries and incomes are also earned for more than 2 years is one of the conditions...
According to analysts, this harsh restriction may have kept the investment in the project low.
According to Nansen analyst Edward Wilson; It was a surprise to him that he had so little interest. "So the Trump audience is not so dependent on crypto, even though a crypto-friendly policy is being pursued," Wilson said. Therefore, along with the SEC restrictions, the Trump mass's lack of interest in crypto is seen as a reason.
Another issue was that the World Liberty Financial website collapsed for a while on the day the pre-sale began. The inability of users who cannot access the site to make purchases may have reduced their token sales.
**Ethereum Faces Bearish Trends Amidst Stiff Competition and Weak Fundamentals**
Ethereum (ETH), the second-largest cryptocurrency, is trailing behind Bitcoin (BTC) this year. While BTC has surged over 50%, ETH has only rallied by less than 20% in 2024. š
**Technical Analysis:**
- ETH formed a double-top pattern around $4,000 and dropped below $2,824, confirming a bearish breakout.
- A death cross pattern emerged, with the 200-day and 50-day Hull Moving Averages crossing bearishly.
- A bearish pennant pattern and consolidation at the 50% Fibonacci Retracement level signal potential further declines, targeting $2,111.
**Fundamental Challenges:**
- Ether ETFs have seen outflows of over $530 million, contrasting with Bitcoin ETFs' $20 billion inflows.
- Solana (SOL) is outperforming Ethereum in DeFi and NFT spaces, with higher DEX volumes and popular meme coins.
- High-profile Ethereum whales, including Vitalik Buterin, have sold significant amounts of ETH recently.
**Join the Discussion:**
What are your thoughts on Ethereum's future? Share your insights in the comments! š¬
You might also like: Bitcoin forms a golden cross, analysts predict parabolic moves ahead.
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As Bitcoin ($BTC ) rockets toward $66,000, altcoin bulls are eagerly waiting for their moment to shine! But, could the altcoin season be delayed? Letās break it down š
š Bitcoin Hits $66K: Altcoin Surge in Sight?
Bitcoin has been riding high, fueled by global economic optimism and China's stimulus news. The king of crypto is closing in on its all-time high, and many altcoins have already seen massive gainsāsome surging 30-50% in October alone! Is this the start of altcoin dominance, or should we pump the brakes?
According to AMBCrypto, the long-awaited altcoin season might need more time to unfold. Here's the kicker: For the true altcoin rally to begin, 37 out of the top 50 altcoins need to outperform BTC. Right now, only 17 have done so, with stars like $SUI leading the charge, boasting an eye-popping 155% increase!
š” Conditions for Altcoin Season:
š BTC's Correction Incoming? The analysis hints at a potential BTC pullback to below $64,000 before it rockets to new highs.
ā” Altcoin Accumulation: Weāre not there yet! While short-term gains are possible, the real altcoin season hinges on Bitcoin's momentum and the broader market conditions.
ā³ Patience is Key! Altcoin season is brewing, but we may have to wait just a little longer for the fireworks to truly begin.
Stay sharp, stay informed, and ride the waves of the crypto market! šš°
#CryptoDeNostradame #Bit_guru #BTCSoarsTo68K #ParrotBambooCrypto #BinanceSquareFamily
{spot}(BTCUSDT)
šŖ©Shiba Inu Burn Rate Jumps 14,575% Amid 279,650,585 SHIB BurnšŖ©
šŖ·The Shiba Inu (SHIB) community recently witnessed a massive surge in its token burn rate, skyrocketing by an astounding 14,575%. In a significant burn event, a total of 279,650,585 SHIB tokens were removed from circulation. Token burns like these are designed to reduce the overall supply of SHIB, potentially increasing its scarcity and long-term value.šŖ·
š¹This remarkable increase in the burn rate is a testament to the ongoing efforts of the SHIB community, which remains committed to supporting the projectās deflationary strategy. The SHIB burn mechanism plays a crucial role in reducing excess supply and driving more favorable market conditions for long-term holders.š¹
While the impact of this burn on the price of SHIB remains to be seen, events like this underscore the tokenās commitment to growth and sustainability. As SHIB continues its deflationary mission, many investors are hopeful that these efforts could eventually lead to price appreciation, especially as SHIB is actively building out its ecosystem with initiatives like Shibarium and other developments.This recent burn reinforces SHIBās community-driven nature, where collective action seeks to influence the tokenās future. Stay tuned for more updates as SHIBās journey unfolds!š
#shibaā” #BinanceLabsInvestsLombard #Write2Earn! #wifhatdog #TON
{spot}(SHIBUSDT)
Newly listed coin $BNSOL after hitting high $168 now down to $153.. Good launching price and keep eye on it ..
The $BNSOL /USDT chart presents a volatile situation, with a sharp rejection from the 168.0 USDT level, triggering a rapid drop to the 146.8 USDT low. However, itās showing signs of stabilization around 153.4 USDT, following an upward push from 151.7 USDT. Traders should keep a close eye on the key resistance at 155.0 USDT, as a breakout could open the path back toward 161 USDT levels, offering a solid profit window.
However, if price action rejects from the current levels, a slide back to the 146.8 support is possible, warranting caution. Trading within these boundaries could be highly profitable for short-term players ready to act quickly on the next move.
#BNSOL #bnsolstaking #USStockEarningsSeason #BTCUptober
$BTC you will ask me why re-accumulation Zone not horizontal with up trend zone
I think this year due to venture fund , and higher liquidity inflation rate to btc , Also, the increasing international credits for Bitcoin this year are very large, so my friend, do not wait for Bitcoin to return to the re-accumulation zone. between 40k and 30k
it will correction and continue
this coming week it will correction above 60k and continue
BlackRock entry at 51k, it's the largest investment company in the world, with assets estimated at more than $4 trillion. It's a multinational financial services corporation that provides investment management, risk management, and advisory services to institutions and individuals worldwide.
Don't tell me it allows Bitcoin to fall below its entry point.
#BTCUptober
š Bitcoin ETFs Break $20B Barrier! š
- US spot Bitcoin ETFs have hit a whopping $20 billion in total net flows as of Oct. 17, despite Bitcoin's price being in a seven-month slump.
- Eric Balchunas, a senior ETF analyst at Bloomberg, highlighted this milestone as the "most difficult metric to grow" in the ETF world.
- In just 10 months, Bitcoin ETFs achieved what took gold ETFs five years, showing massive investor interest.
- While Bitcoin's price hasn't budged above $68,300 since June 2024, the ETF inflows tell a different, more optimistic story.
Keep hodling, folks! š
**Bitcoin ETFs Hit $20 Billion Milestone Amid Price Slump**
Spot Bitcoin exchange-traded funds (ETFs) in the U.S. have achieved a significant milestone, crossing $20 billion in total net flows as of October 17. This comes despite Bitcoin's price being stuck in a seven-month downtrend.
- **Key Figures**: The $20 billion mark is considered the "most difficult metric to grow" for ETFs, according to Bloomberg's senior ETF analyst Eric Balchunas.
- **Comparison**: It took Bitcoin ETFs just 10 months to reach this milestone, whereas gold ETFs took about five years.
- **Market Context**: Bitcoinās price has struggled to rise above $68,300 since June 2024, reflecting ongoing market challenges.
š Crypto News Flash! š
- **Dogecoin (DOGE) Bounces Back:** After a sluggish period, Dogecoin has surged by 16%! Once a meme, now a top 10 crypto, DOGE is showing its resilience.
- **Ethereum (ETH) Eyes Next Bull Run:** ETH hit $4.09k in March but now stands at $2.63k. Investors are optimistic about another bull run. š
- **Zig Network (ZIG) Revolutionizes Crypto:** With its revenue-sharing model, Zig Network is the hot pick for 2024. The presale is live at $0.01, offering passive income and governance power.
š¬ What are your thoughts on these trends? Comment below!