Israel company considers wage payments in bitcoin

Posted 15 June, 2018

Tel Aviv startup company headquartered in New York expressed intentions to pay the whole amount or part of their wages in bitcoins. The company is said to be in talks with tax services for the required permit.

According to the news reports, Spot.IM plans to open an account with one of the crypto trading platforms. The wages will be converted into bitcoins and transferred to the addresses of its employees. 

The company stated that the exchange rate may be the average level between the high and low price for Bitcoin during day certain striving to reduce to rate volatility in such a way.

All commissions will be paid by the company. Notably, the employees are said to have an option how they want to be paid – fiats or bitcoins.

For now, Spot.IM cooperate with the tax service to get the green light for such wage payment method. For reference, fiscal authorities in Israel believes that any money equivalent can be used for payment.

"Any money, money equivalent or benefit given to an employee is viewed as taxable income by the Tax Authority," reported Calcalist citing the lawyer of the company.

Israel planned to put into force the law against money laundering via cryptos but delayed the decision. The rule might become effective since June 1.

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15 June, 2018 15:54

← SEC not consider Ethereum and Bitcoin as securities

The US Securities and Exchange Commission is not going to classify Ethereum as securities. The SEC has strict position towards ICO projects, especially taking into account soaring investments into different blockchain projects reaching practically $14 billion. As the authority believes every coin represents a result of the ICO and should be considered as securities and receive corresponding regulation.

SEC not consider Ethereum and Bitcoin as securities

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15 June, 2018 11:17

itBit gets approval for 4 more cryptos →

A US-based company – Paxos (rebranded itBit) – has expanded its services with two more currencies (BCH, ETH, LTC and XLM). The new assets will be available for trading in New York. The Department of Financial Services in New York has checked the company for the compliance to AML standards as well as its anti-fraud, consumer protection and cybersecurity measures.

itBit gets approval for 4 more cryptos
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