The Singapore government sandbox and the founder of Crypto Story Bank, Ivan Grinev, have agreed to collaborate. The promising and ambitious #crypto bank CSB will establish a legal entity in Singapore and begin serving entrepreneurs in the country.

Crypto Story Bank is a pioneer in its sector, offering users the ability to conduct all familiar cryptocurrency$ operations without converting to fiat in one convenient application. CSB operates in 40 networks and combines investment, storage, and cryptocurrency transfer tools, a social network, payment cards, credit products, as well as convenient business solutions. Currently, Crypto Story Bank is conducting a round of selling a portion of its holding company to scale its business, aiming to raise $8 million.

CSB already holds all necessary licenses to operate within the European Union and is now expanding its geographical presence by registering a legal entity in Singapore. CSB's founder, Ivan Grinev, emphasizes that his company has all the legal foundations to commence operations in this country.

Cryptocurrency Taxes for Businesses in Singapore

Singapore is one of the world's financial centers, and the city-state's government sees potential in supporting blockchain projects. Singapore is preparing for the implementation of decentralized finance as it plans to tokenize its economy from 2030 onwards.

Cryptocurrencies have long been recognized in Singapore. In 2014, the Inland Revenue Authority of Singapore (IRAS) classified Bitcoin as a commodity, and in 2020, the Monetary Authority of Singapore (MAS) made amendments to the legislation. Cryptocurrency in Singapore is now defined as a Digital Payment Token (DPT).

All digital asset transactions in Singapore are regulated by the Monetary Authority of Singapore (MAS), while the Inland Revenue Authority of Singapore (IRAS) handles taxation, setting mandatory fees for cryptocurrency transactions, determining the payment process, and providing tax-related clarifications. IRAS has previously adapted regulations in this area. For example, the previous regulatory document, in effect until January 1, 2020, imposed double taxation when purchasing tokens and using them as a means of payment, i.e., when exchanging them for other goods. Now, double taxation has been abolished.

There are two types of taxes on cryptocurrency in Singapore: Goods and Services Tax (GST) at a rate of 7% and Corporate Income Tax at a rate of 17% of the transaction amount. In cases where cryptocurrency is used as a medium of exchange, users are exempt from GST. Corporate income tax applies to companies for which cryptocurrency trading is their main activity. Companies engaged in cryptocurrency mining or exchanging coins for fiat money are also required to pay corporate income tax.

Singapore's legislation is flexible and reflects market requirements as regulators regularly make changes to align with contemporary realities and provide all necessary clarifications.

In 2020, IRAS clarified several provisions:

Companies are exempt from corporate income tax on tokens received for free and coins resulting from hard forks.

If an organization deals with cryptocurrency and pays dividends abroad, corporate income tax is not levied.

Different types of tokens (payment, utility, securities) have received new definitions and tax treatment.

These legislative changes are linked to the increased interest of Singaporean citizens in cryptocurrencies.

CSB Offers POS Terminals for Businesses

Crypto Story Bank integrates two types of cryptocurrency terminals designed for businesses. Owners of physical stores can utilize the Terminal mobile application, while websites can integrate online payment solutions. Owners of CSB's POS terminals receive free corporate services during the initial months after the launch. Only the CEO of the company can register it. A modern POS terminal or any smartphone can serve as a crypto-terminal. All deduction, refund, and collection operations are carried out through such a POS terminal.

About Crypto Story Bank

Crypto Story Bank is a startup founded in 2022 by entrepreneur Ivan Grinev. The project aims to create a secure and convenient platform for using cryptocurrencies in everyday life. Crypto Story Bank offers all the necessary products for investments, fund storage, and obtaining loans. The developed CSB ecosystem allows customers to access any required information within the application.

Ivan Grinev highlights that CSB combines traditional banking with popular financial mechanisms and the latest developments characteristic of cryptocurrency operations and investments. The project is actively growing and has branches in the European Union, UAE, Seychelles, Canada, and South America.

Currently, legal entities can integrate CSB's POS terminal into their websites and accept cryptocurrency payments. The Crypto Story Bank application is in the final stages of development, with a full release planned for the end of 2023.

https://www.ibtimes.sg/singapore-government-sandbox-host-crypto-story-bank-70719

#cryptostorybank #pos #posbanking #ivangrinev #cryptobank

Proof of Work vs Proof of Stake Staking is the process of locking the cryptocurrencies in the investor's hands in the target wallet or exchange in exchange for various gifts or passive crypto income. The staking process serves as verification of transactions on proof of stake blockchains, just as the mining process does on proof of work blockchains. Staking can be done on reputable exchanges or wallets specified by proof of stake blockchains.

What is Crypto Staking?

Staking is the process of holding or locking cryptocurrencies in exchange for rewards or passive crypto income during a specified time period. Locked funds help support the security and maintenance of certain blockchains. This is a comparable process to Bitcoin mining, but staking is much less resource intensive. Bitcoin relies on Proof of Work (PoW) as a consensus mechanism, while other popular coins such as Cardano (ADA), NEO (NEO), and Ontology (ONT) use the Proof of Stake (POS) mechanism.

Proof of Stake vs Proof of Work How does Proof of Work work?

The Proof of Work system involves miners solving complex mathematical puzzles to create verified transaction blocks that will later be added to the blockchain. These cryptographic problems are so difficult to solve that they require miners to use special hardware that can generate additional operating power. In fact, since the process is too costly, it prevents malicious people from attempting any attack from the very beginning.

It is much more cost-effective and profitable to participate in the process as a legitimate miner. This is because every time the miner solves a puzzle and adds a new block, the system gives them a certain amount of Bitcoin. Then the solution or ”proof of their work" is shared, and since other miners also add copies of this block to their distributed ledgers, the block is approved by them. How does Proof of Stake work? Proof of Stake is an alternative model designed to prevent excessive resource utilization and costs in Proof of Work. Instead of relying on large amounts of arbitrary transactions in the form of transactions and complex calculations to secure the network, this option requires participants to store and lock up only part of their funds.

What are the Validators in the Proof of Stake Model?

Let's take a step back. The two models face the same process; transactions must be verified before they are added to the blockchain. Bitcoin has miners for this task, while Proof of Stake crypto has validators. Miners are not inclined to engage in any malicious actions because they require large resources and costs. Instead, it is easier for them to profit from legitimate mining rewards. Similarly, approvers who do not perform the necessary services properly also face the risk of losing part of the funds they have staked. Staked coins essentially serve as collateral against malicious behavior. On the other hand, approvers who play the game according to the rules and verify the blocks honestly are also rewarded. Whenever block verification is required, the system randomly assigns this task to one of the validators.

How the approver is selected depends on the amount staked. The more funds an endorser locks in, the more likely they are to be selected. In other words, just as miners with more operating power are more likely to solve the mathematical puzzle of the block, those validators who have staked more coins are more likely to get the right to validate the block and receive rewards.

The rules and conditions for Decryptors differ between Proof of Stake blockchains. Each project has its own preferences in terms of technical requirements, minimum stake amounts, lock-in periods, selection methods and reward calculation formulas. However, they all have the same advantage compared to Proof of Work systems. Since the Proof of Stake does not require large amounts of energy or special hardware, the mechanism is much more scalable. At the same time, the Ethereum network is currently in the process of transitioning from Proof of Work to Proof of Stake with the ETH 2.0 upgrade.

Is the Crypto Stake Transaction Safe?

Staking in cryptocurrencies is a passive income-creative activity that is considered safe in increasing a person's investment profits. In general, just like depositing money into a bank term deposit account, it is not possible to lose money by staking crypto. There are two types of staking: Proof of Stake staking offered by blockchains.

This usually happens when a cryptocurrency is kept in a designated wallet for a certain period of time in order to earn rewards. Staking offered by exchanges. Here, users lend their crypto to exchanges to earn interest in crypto. This type of staking is also sometimes offered as a “launchpool”. On Launchpool, users stake popular cryptocurrencies and enjoy high profits on the cryptos they hold. Interest is paid hourly. Despite this, staking is not always risk-free.

What are the risks of crypto staking?

Since the basic rule when staking crypto on an exchange is to ensure the security of the funds of the customers in question, it is to choose a reliable, reputable company that does not resort to shortcuts. The reason for this is that the customer's funds are under the supervision of the stock exchange when staking. If the stock market gets hacked or sinks, your crypto will go with it. All client assets held in crypto accumulation accounts on exchanges such as Phemex are regularly displayed in real-time and managed by the industry's leading risk and asset management specialists.

Other risks of Decrypto staking include:

Price volatility: If the token price dips, it can easily take away the rewards you have earned from staking. Liquidity risk: Some staking programs require minimum binding processes where you cannot withdraw your assets. Counterparty risk: This happens when you stake your assets with an approver who does not do their job properly and receives a penalty, in which case your chances of winning a reward will also be affected. Cyber attack risks: Staking pools or wallets may be hacked, as a result of which you may lose all the assets you have staked. Therefore, when choosing the exchange or protocol/wallet you will stake on, always check the company's security records and whether they guarantee customer losses. What is an Authorized Proof of Stake (DPoS)? Authorized Proof of Stake is a popular variation of the mechanism that converts locked-in funds into votes. Instead of the coin staking users being the approvers, these users elect delegates who will perform the necessary services on their behalf. The more funds are staked, the more voting power they have. Then the staking awards are given to the delegates and they distribute these awards to those who choose them. This model allows a smaller number of approvers to represent a large number of participants.

As a result, efficiency increases, there are lower entry thresholds for those who choose the delegate, and lower power consumption and increased sustainability occur. However, there are also some notable disadvantages of this system. Since the network has to rely on a small group of approvers, this means more centrality. Another potential difficulty that may arise is that users who have a very small amount of stakes may think that the amount of votes is too insignificant to be counted and may choose to participate actively directly. Nevertheless, many prominent projects such as EOS (EOS), Tezos (XTZ), and Tron (TRX) have adopted this protocol and see a promising future in it.

What are the staking rewards?

Staking rewards are incentives that participants lock their tokens for the approval of transactions on the blockchain and receive in return. The rewards are given in the form of the blockchain's native token as part of the reward according to the staking program.

#originalcontent #Binance #crypto2023 #pos #pow

If you're new to the world of cryptocurrencies, you may have come across the term "proof of stake" (PoS) and wondered what it means. As someone just getting started in crypto, it's important to understand the different consensus mechanisms that power blockchain networks.
Proof of stake is an alternative to the more well-known proof of work (PoW) model used by cryptocurrencies like Bitcoin. In a PoW system, powerful computers called miners compete to solve complex mathematical problems in order to validate transactions and add new blocks to the blockchain. The miner who solves the problem first is rewarded with newly created cryptocurrency.
Proof of stake, on the other hand, works a bit differently. Instead of miners, PoS blockchains have validators who are responsible for verifying transactions and creating new blocks. To become a validator, you need to "stake" or deposit a certain amount of the cryptocurrency. The more you stake, the higher your chances of being selected to validate the next block and earn the rewards.
The key advantage of proof of stake is that it is much more energy-efficient than proof of work. PoW mining requires a lot of computing power and electricity, which has led to concerns about the environmental impact of cryptocurrencies. PoS, in contrast, is a lot more sustainable since it doesn't require the same level of energy-intensive computations.
Another benefit of proof of stake is that it lowers the barriers to participation. In a PoW system, you need specialized and expensive mining equipment to have a chance of earning rewards. With PoS, anyone can become a validator as long as they have the minimum stake requirement, making it more accessible.
Of course, proof of stake also has its own set of challenges. There are concerns about the potential for centralization, as validators with larger stakes may have outsized influence. PoS networks also face security risks like "nothing at stake" attacks, where validators can vote on multiple competing blockchain versions without penalty.
Overall, proof of stake is an important development in the world of cryptocurrencies. As more blockchain projects adopt this consensus mechanism, it's likely to play an increasingly crucial role in the future of the crypto ecosystem. If you're new to crypto, understanding the basics of PoS is a great place to start your journey.

Proof of stake (PoS) and delegated proof of stake (DPoS) are two variations of the PoS consensus algorithm used in some cryptocurrencies. Here's how they differ:

Proof of Stake (PoS):

In a PoS system, nodes stake a certain amount of cryptocurrency to participate in the consensus process. The more cryptocurrency they have staked, the more likely they are to be selected as validators to create new blocks. Validators are rewarded with transaction fees for their work. The goal of PoS is to reduce the energy consumption and computational power required by the PoW consensus algorithm.

Delegated Proof of Stake (DPoS):

In a DPoS system, token holders vote to elect a group of validators, known as "witnesses" or "delegates," who are responsible for creating new blocks and validating transactions on the blockchain. Witnesses are incentivized to act honestly and in the best interests of the network, as they stand to lose their position if they are found to be acting maliciously. Witnesses are rewarded with transaction fees for their work. The goal of DPoS is to increase the scalability and efficiency of the consensus process, as a smaller group of validators can process more transactions than in a traditional PoS or PoW system.

Overall, both PoS and DPoS aim to reduce the energy consumption and computational power required by traditional PoW consensus algorithms while maintaining network security and decentralization. However, they differ in how validators are selected and incentivized to act honestly, which can have implications for network scalability, security, and governance.

#pos #proofofstake #delegateproofofstake #rajeevanand #cryptomarg