Looking for the latest and hottest crypto news and updates? Check out today’s selection of News, Education, Resources and more!
Digital Assets: The Future Of Capital Markets “For many years, certain parts of financial markets have been burdened by unnecessary restrictions leading to inefficiencies regarding the free allocation of capital. The upcoming broad applications of digital assets promise to change this. This article serves as an introduction to the topic of digital assets and describes some of the associated opportunities and challenges for retail investors, institutional investors, and financial service providers.”
What are digital assets and how are they held? “Demystifying the benefits and risks, and how blockchain is built and functions”
Digital assets: Everything you need to know “Today, even most small businesses have a website — about 64 percent, as of 2019. That number is sure to rise, since between 70-80 percent of consumers research companies online before making a purchase. The business world is well into the digital age. Most modern businesses are essentially media businesses, actively creating content for their websites, their social media accounts, and their marketing campaigns. All that digital content, plus some other documents and files behind the scenes, defines a broad category of files called “digital assets.”
Digital Asset Price Movements are Becoming More Efficient “Bitcoin’s reaction to Inflation Data – In an otherwise quiet week for digital assets, US economic data took center stage. The year-over-year rise in the US Consumer Price Index (CPI) jumped to 6.2% in October, its highest level in over 30 years, and the fifth month in a row where the inflation rate topped 5.0%. The market responded immediately, and rationally. Government bond yields rose 11 bps, reversing the previous week’s decline in yields, though real yields are at a 70-year low of around -4.6% (so much for the risk-free rate — the volatility in government bond prices in recent months has picked up to post-pandemic highs). Even gold briefly woke up, rising 2.6% (though it remains negative YTD).”
What are Digital Assets? “The term “digital asset” has become more common in marketing and creative communication – and with good reason. According to Venngage, 74% of marketers now use visuals in over 70% of their content. But, despite the increased use of digital assets, there’s still a disconnect between what’s considered a digital asset. Is it just any digital file? If not, what are the other criteria? In this post, we’ll explore the key elements of digital assets, how to evaluate the value of your digital assets and why digital assets are important to your business.”
What are Digital Assets? “The definition of a digital asset is “anything that exists in binary data which is self-contained, uniquely identifiable, and has a value or ability to use.” When the term originated in the mid-90s, digital assets were items such as videos, images, audio, and documentation. Since then, technological advances have given the term new life.”
Workplace guidance and supports to help businesses and non-profits affected by COVID-19 operate safely and support their recovery.
Looking for the latest and hottest crypto news and updates? Check out today’s selection of News, Education, Resources and more!
Decoding Crypto: What Was the First Cryptocurrency and Who Created It? “Bitcoin (BTC) is the largest and most well-known cryptocurrency, but it wasn’t the first attempt at a digital, decentralized currency. Earlier versions of cryptocurrency existed well over a decade before Bitcoin’s first lines of code were written in 2009.”
Two Tips To Keep Your Online Activity- And Your Bitcoin- Safer “Staying safe online is becoming tougher and tougher. We are now in a period where cyber-attacks are becoming a part of daily life and which not only affect individuals but whole countries. Recently it was suggested that North Korea has begun attacking other countries internet systems in order to disrupt and put pressure on their enemies. It was reported by bbc.co.uk that North Korea were behind and recent wannacry security hack that affected the NHS in the UK and put pressure on services in the United States.”
bitcoin best practices – bitcoin core + specter + coldcard guide “The goal of this guide is to get you setup with using bitcoin in a reasonably easy, affordable, and secure way. After you get comfortable with this setup you can easily upgrade your security and privacy without changing the software you are using.”
The beginner’s guide to creating & selling digital art NFTs “Unlockable content, filterable properties, limited-edition listings, and more… As word spreads about the rise of Non-Fungible Tokens (NFTs), we’re fielding more and more questions from artists and creators looking to sell their work on the blockchain. For many, the first steps can be tricky to overcome. Crypto wallets? Ethereum? We’ve all been there. Here’s how to turn your art into NFTs and list them for sale on OpenSea.
Edition365: A portrait of the year that changed everything “Since the coronavirus pandemic swept the world in March 2020, humanity has shared – and documented – an extraordinary experience. History has unfurled in front of our eyes; cracks in our systems have been magnified, and across oceans and borders, ways of thinking, acting, and existing remain in flux. Intended to stand as a historical reference for decades to come, Edition365 is the newest open call from 1854 and British Journal of Photography, set to produce a global and multi-faceted portrait of the year that changed everything. Edition365 will culminate in a major virtual exhibition in collaboration with growing nexus of the digital art space, New Art City, alongside a collectible photobook and an NFT auction.
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Definition: “Crypto wallets store your private keys, keeping your crypto safe and accessible. They also allow you to send, receive, and spend cryptocurrencies like Bitcoin and Ethereum.”
Crypto wallets keep your private keys – the passwords that give you access to your cryptocurrencies – safe and accessible, allowing you to send and receive cryptocurrencies like Bitcoin and Ethereum. They come in many forms, from hardware wallets like Ledger (which looks like a USB stick) to mobile apps like Coinbase, which makes using crypto as easy as shopping with a credit card online.
Why are crypto wallets important?
Unlike a normal wallet, which can hold actual cash, crypto wallets technically don’t store your crypto. Your holdings live on the blockchain, but can only be accessed using a private key. Your keys prove your ownership of your digital money and allow you to make transactions. If you lose your private keys, you lose access to your money. That’s why it’s important to keep your hardware wallet safe, or use a trusted wallet provider like Coinbase.
How do you use a crypto wallet?
Crypto wallets range from simple-to-use apps to more complex security solutions. The main types of wallets you can choose from include:
Paper wallets: Keys are written on a physical medium like paper and stored in a safe place. This of course makes using your crypto harder, because as digital money it can only be used on the internet.
Hardware wallets: Keys are stored in a thumb-drive device that is kept in a safe place and only connected to a computer when you want to use your crypto. The idea is to try to balance security and convenience.
Online wallets: Keys are stored in an app or other software – look for one that is protected by two-step encryption. This makes sending, receiving, and using your crypto as easy as using any online bank account, payment system, or brokerage.
Each type has its tradeoffs. Paper and hardware wallets are harder for malicious users to access because they are stored offline, but they are limited in function and risk being lost or destroyed. Online wallets offered by a major exchange like Coinbase are the simplest way to get started in crypto and offer a balance of security and easy access. (Because your private info is online, your protection against hackers is only as good as your wallet provider’s security – so make sure you look for features like two-factor verification.)
Using an app like Coinbase Wallet or Exodus gives you easy access to your crypto holdings. You can:
Manage all your digital assets in one secure place
Control your own private keys
Send and receive cryptocurrency to and from anywhere in the world
Interact with usernames rather than long, hexadecimal “public key” addresses
Browse dapps (decentralized finance apps)
Shop at stores that accept cryptocurrency
Many businesses operate using the Internet. Doing business like this is also called e-commerce. This page contains information on e-commerce and on reporting requirements for doing business on the Internet. There is also information on capital cost allowance for computer software and website development costs.
E-commerce is the delivery of information, products, services or payments by telephone, computer or other automated media. This definition includes the many kinds of business activities that are being conducted electronically. However, e-commerce is much more comprehensive than just purchasing goods and services electronically.
E-commerce can also include retail transactions that take place by:
- automated banking machine
- credit card
- debit card
- television shopping
- secure private computer networks through electronic data interchange
- the delivery of government services
- business that is handled over the Internet
Reporting Internet business activities
All existing tax laws that apply to businesses also apply to business conducted over the Internet. If you earn income from one or more webpages or websites, you may need to report the web addresses and the income they earn. Depending on your business structure, you have different reporting requirements.
Webpages and websites to report
Indicate your webpages or websites that generate income. If you have more than five webpages or websites, specify the top five income generators. If they do not generate income, such as telephone directory websites and information-only webpages, you do not need to report them. Examples of webpages or websites that you should include are:
- webpages and websites that allow the completing and submitting of an order form, the checking-out of a shopping cart or similar transactions
- online marketplace websites where your goods or services are sold
- webpages and websites hosted outside of Canada
- advertisements, programs or traffic to your site that generate income
Report the gross income received from all of your Internet business activities as a percentage of your total gross income. If you cannot determine the exact percentage, give a reasonable estimate. See the headings below for how to report it depending on your business structure.
If your corporation earns income from one or more webpages or websites, you are required to file Schedule 88, Internet Business Activities, along with your corporation income tax return (T2) for tax years where your filing due date is after December 31, 2014.
If your partnership earns income from one or more webpages or websites, currently you do not have to report Internet income information separately.
If you earn income from one or more webpages or websites, complete the Internet business activities section of the following forms that apply to you, along with your general income tax and benefit package (T1):
Capital cost allowance – computer software and website development costs
In general, computer software or website development costs are either:
- current and deductible in the year they are incurred
- capital and deductible under the rules in the Income Tax Act for capital cost allowance
For more information on general principles for capital cost allowance, see Income Tax Folio S3-F4-C1, General Discussion of Capital Cost Allowance.
If it is computer software that is a depreciable asset, include it Class 12. If it is system software, include it in Class 8, 10, 29 or 40.
“Computer software” includes system software and a right or a license to use computer software.
“Systems software” refers to the general operating system that enables running the application of programs, directs and coordinates the different operations of the computer. This includes all of the input and output between the keyboard, the computer screen, the printer, the disk drives and other peripheral equipment.
Generally, software is considered depreciable if it is of an enduring nature, which generally means that its useful life is anticipated to be beyond one year.
There are no specific provisions in the Act regarding the treatment of website development costs but some of the principles in the Income Tax Folio S3-F4-C1 can apply to website development costs.
Whether a website development cost is current or capital is always a question of fact.
If a website development cost is a capital cost it may be for the acquisition of “general purpose electronic data processing equipment” and therefore included in Class 10(f) or it may be for the acquisition of computer software and therefore included in Class 12(o).