Why Was Bitcoin Classified as Money? 

The court stated that Bitcoin exhibits characteristics similar to a currency. For instance, Bitcoin is used as a medium of exchange. It also functions as a unit of account and a store of value. These features supported the court’s decision. Those who wish to purchase goods or services with Bitcoin may be exempt from CGT. This provides a long-term tax advantage. However, the ATO disagrees with this classification. The agency argues that Bitcoin should be treated as an asset. This is particularly significant for long-term Bitcoin investors, as it offers a substantial tax advantage. 

Impact of the Decision on the Crypto Market 

While this decision is seen as a major victory for the cryptocurrency community in Australia, it is not yet final due to the appeal process. On the other hand, if the ATO’s appeal is successful, the current tax regime will continue, and Bitcoin transactions will remain subject to CGT. 

If the appeal process concludes in favor of the ruling, Bitcoin transactions may become exempt from CGT. This could position Australia as a crypto-friendly country. The decision is drawing global attention. For example, countries like Portugal and Singapore offer similar exemptions. The development in Australia may influence other countries. It could also lead to demands for clearer regulations. The outcome of the appeal is of great interest to the market. 

Globally, this decision impacts the taxation policies of other cryptocurrencies. While many countries classify cryptocurrencies as assets, regions like Portugal and Singapore already offer exemptions from capital gains tax. 

Australian Court Another Case Bitcoin

In 2019, during a joint operation by the Australian Federal Police (AFP) and Victoria Police, a raid was conducted on a house in Melbourne as part of a drug trafficking investigation. During the raid, a Trezor hardware wallet containing 81.62 Bitcoin and its seed phrase were discovered. It took three weeks to access the wallet with court permission. However, when access was gained, the wallet was found to be empty, with the Bitcoins transferred four days after the raid on January 29, 2019. 

In 2021, using crypto-tracking software and IP address analysis, it was determined that the transfers were linked to Wheatley. It was alleged that Wheatley transferred the Bitcoin from the wallet to the Binance exchange, with some transactions connected to his bank account. 

During this case, an Australian court classified Bitcoin as “money.” The decision was based on arguments that Bitcoin functions as a medium of exchange, unit of account, and store of value. The court stated that these characteristics make Bitcoin similar to traditional fiat currencies. This means Bitcoin transactions may be exempt from capital gains tax. 

You can also freely share your thoughts and comments about the topic in the comment section. Additionally, don’t forget to follow us on our Telegram, YouTube, and Twitter channels for the latest news and updates.

The post Australian Court Recognizes Bitcoin as Money!  appeared first on Coin Engineer.

New Tokens and Contract Addresses:

• Jelly-My-Jelly (JELLYJELLY): FeR8VBqNRSUD5NtXAj2n3j1dAHkZHfyDktKuLXD4pump
• PAIN (PAIN): 1Qf8gESP4i6CFNWerUSDdLKJ9U1LpqTYvjJ2MM4pain
• Vita Inu (VINU): 0xfebe8c1ed424dbf688551d4e2267e7a53698f0aa
• AVL (AVL): 0x9beee89723ceec27d7c2834bec6834208ffdc202

Binance Exchange Sign Up with 20% Commission Discount – Click Here!

What is Binance Alpha?

Binance Alpha is a section of the Binance exchange where lesser-known and new projects are tested and made available for trading. By listing new tokens in this section, the aim is to allow investors to gain experience with these projects. However, this listing does not mean these tokens have officially started trading on the main Binance platform. Investors should continue to monitor how these tokens perform and whether they will eventually be listed for official trading.

New Tokens and Their Potential:

• Jelly-My-Jelly (JELLYJELLY) is a new entertainment-focused token that is still in its early stages. Its future performance is being eagerly awaited.
• PAIN (PAIN), as its name suggests, could be a stronger and more controversial token. It’s one of the projects gaining attention in the crypto world, and market reactions will be monitored.
• Vita Inu (VINU) is a community-driven project similar to Dogecoin. Its trading on Binance Alpha is considered a significant step forward.
• AVL (AVL) is a new token with a low market cap that is being closely watched by investors. The future of AVL will depend on the development of its projects and community.

You can also freely share your thoughts and comments about the topic in the comment section. Additionally, don’t forget to follow us on our Telegram, YouTube, and Twitter channels for the latest news and updates.

The post Binance Alpha Lists Four New Tokens! appeared first on Coin Engineer.

The Announced Projects

• KOMA,
• CHEEMS,
• APX,
• AI16Z,
• AIXBT

A total of 5 projects have been announced.

What Is Binance Alpha?

Binance has launched Alpha, a platform that introduces a pre-listing pool to increase trust in cryptocurrency exchange listings.

As the leading blockchain ecosystem behind the world’s largest cryptocurrency exchange, Binance has developed an integrated platform within Binance Wallet (formerly known as Binance Web3 Wallet) to enable users to discover early-stage projects and explore opportunities.

The project stands out as a tool specifically designed to highlight token projects that may be considered for future listings on Binance Exchange.

Winson Liu, Global Lead of Binance Wallet:

“Binance Alpha serves as a pre-listing token selection pool to enhance trust in the token evaluation process for Binance Exchange listings.”

“Binance Alpha strengthens community trust by publicly showcasing a curated collection of early-stage projects, allowing users to gain insights into tokens with future growth potential within the Binance ecosystem,” he said.

Tokens featured on Binance Alpha are selected using Binance’s industry expertise and advanced insights, with a focus on projects that demonstrate strong community interest, growing traction, and alignment with key trends shaping the crypto ecosystem.

Binance Alpha also aims to provide users with valuable insights into the Web3 space, helping them gain a deeper understanding of the potential to shape the future of blockchain technology.

You can also freely share your thoughts and comments about the topic in the comment section. Additionally, don’t forget to follow us on our Telegram, YouTube, and Twitter channels for the latest news and updates.

The post Binance Alpha’s First Projects Announced! appeared first on Coin Engineer.

You may be interested: Binance Unveiled the 48th Altcoin in Launchpool!

What is Aevo (AEVO) Governance?

Currently, the Governance system in DAOs consists of two parts. One is completely centralized and attached to the project team; the other is a decentralized part where users gain a say with their tokens. Aevo, with the help of Snapshot, combines Aevo Governance Proposals (AGP) and voting to offer a hybrid method.

Additionally, accelerating time-sensitive interventions and facilitating governance processes with high iterations are among Aevo project’s objectives. Therefore, two different committees have been established. The members of the committee are composed of DAO members and staff selected by Apogee with annual voting.

Aevo (AEVO) Tokenomics

AEVO is Aevo‘s native token. Among the opportunities it offers to token holders is the right to play an active role in the decisions within the DAO’s authority.

What is sAEVO?

In order for users to stake the AEVO token and get sAEVO, they need to stake their AEVO or RBN tokens on the platform for 3 months.

According to the announcement by the AEVO token team, a fixed 45% of the RBNs owned by Aevo DAO is distributed as follows:

• Incentives (Including Airdrop) 16%
• Token Liquidity 9%
• Community 5%
• Unallocated DAO expenditures 16%

Aevo Team

The team includes many developers and innovative engineers. You can see them below:

Where to Buy?

Currently, the token is not listed on any exchange. However, you can join Binance Exchange’s Launchpool event to farm and own Aevo tokens even without being listed on exchanges. If you don’t have a Binance account yet, you can register using the special discounted registration link provided by Coin Engineer.

You can get discounted tickets for the Token 2049 Dubai Event through this link.

The post What is Aevo (AEVO) Project? Where to Buy it? appeared first on Coin Engineer.

This decision comes after a period in which Binance, which also had to end its collaboration with PaySafe in September, began to search for new banking business partners to deal with regulatory difficulties and financing issues in the European Union. Binance indicated that users have already started to switch to services offered by a “range of new regulated and authorized fiat transaction partners”. However, it did not provide detailed information about the companies it collaborated with.

You might like: Grayscale Renews Its Application to SEC for Spot Bitcoin ETF

Binance’s UK Fiat Transaction Woes

In the announcement, it was stated that the fiat services offered by the new partners included EUR deposit and withdrawal transactions through Open Banking and SEPA/SEPA Instant.

Users can buy and sell cryptocurrencies using SEPA (Single Euro Payment Area), bank cards, and fiat balances and can trade with EUR spot pairs. At the end of September, Binance had suggested its European users to convert their euros to Tether by the end of October. However, the latest announcement may show that this process is no longer necessary.

However, even after the announcement, some users continued to have problems depositing euros, while others started asking questions about fiat transaction partners for the British pound in the UK. In May, due to concerns of the UK financial regulators about the partnership, Paysafe withdrew support for transactions in British pounds.

On October 16th, Binance temporarily suspended access to the exchange for new users based in the United Kingdom. This move came after the termination of a partnership with a third party to fulfill the requirement of the country’s financial regulatory body, the Financial Conduct Authority (FCA), to approve communications on its platform.

For now, Binance has not yet established fiat transaction partnerships for the UK exchange, where its users in the UK cannot deposit British pounds.

In the comment section, you can freely share your comments about the topic. Additionally, don’ t forget to follow us on Telegram, YouTube, and Twitter for the latest news and updates.

The post Binance Exchange Restores Euro Services appeared first on Coin Engineer.

➤ To participate in a Cloud Mining product, you can follow the steps below:

Log in to your Binance account and click on [Finance] – [Mining Pool] in order.

Enter the [Cloud Mining] section.

Set the hash rate to be purchased and also choose the currency. (USDT/USD conversion rate is 1:1).

You will see all available Cloud Mining products under the [Market] item. Choose a product and click on the [Buy Now] option.

You will see the total payment amount, estimated start time, and duration. So carefully read and accept the service agreement and click [Confirm].

Please make sure that there is enough balance in your Spot Wallet after the order is confirmed by Binance.

Please note that you cannot change or cancel a Cloud Mining order once it is confirmed. Fees are not refundable after your participation ends.

Binance offers various Cloud Mining products with different durations and electricity commission. By looking at a product’s electricity consumption and past production rate, you can estimate its potential return.

For example, products with higher electricity consumption or a successful past production history may have a higher probability of higher returns when crypto prices rise. However, they also carry the risk of larger losses when crypto prices fall.

➤ How can I manage my orders and mining income?

To manage your orders and mining income, log in to your Binance account and go to [Finance] – [Mining Pool] sections. Then click on [Cloud Mining] – [My Orders].

Alos, Binance Cloud Mining rewards are distributed in accordance with Binance Cloud Mining Terms of Use. Mining revenues are calculated daily for each 24-hour period between 00:00 (UTC) and 00:00 (UTC) the following day.

Additionally the daily mining income settlement takes place between 02:00 and 10:00 (UTC). Once the settlement process is complete, your mining income is transferred to your Binance Funding Wallet. You can check the [Orders] – [Earning History] sections for more information.

➤ To track your hash rate, you can follow these steps:

1. Log in to your Binance account.
2. Click on [Finance].
3. Select [Mining Pool].
4. Then click on [Cloud Mining] and [My Orders].
5. Once you have participated, your Cloud Mining order will connect to the Binance Pool before 04:00 (UTC) on the next Thursday.
6. You can check the tracking link in the [My Orders] section to monitor the real-time operation status of your hash rate. Also you can observe the performance of your hash rate through this link.
7. If you want to view the return and operating time of a specific order, also you can select the relevant order by going to [Earnings History]. In this section, you can see the past performance and earnings of your orders.
8. If you are not registered in the Binance exchange to be able to use Binance Cloud Mining, you can register using my 20% commission discount registration link.

➤ Frequently Asked Question

The post How to do Binance Cloud Mining? appeared first on Coin Engineer.