The Swiss expert sees the future in stablecoins and stock tokens, only 50% of US cryptoinvestors are willing to pay taxes. South Africa is developing new laws.
At the Crypto Finance conference, expert Lucius Meisser, expert of the Blockchain Association, gave his prediction of the future for the cryptocurrency market. He said that the future belongs to the stablecoins and tokenized shares.
Stablecoins have low volatility and are able to protect investor capital from excessive market fluctuations. A stock tokens will be able to replace the current financial instruments due to the increased guarantee of security. The problem is that now the release of such assets has a significant bureaucratic barrier. Companies will have to register them with the regulator, which significantly reduces the possibility of small and medium businesses.
What will happen to cryptocurrencies in the future
According to a study by the American company Credit Karma, cryptocurrency investors lost a total of $ 1.7 billion. A total of 1,009 people were polled. But this is not the most interesting. Of all the respondents, only 53% are ready to report losses to the tax service. This will allow them to receive deductions for the reporting period.
However, when filing a declaration, you will have to disclose information about all transactions. For this reason, another 35% of investors are not going to apply for deductions. Among those who were able to earn on the cryptocurrency trade, opinions were divided in approximately the same way. Over 50% of respondents are ready to submit an income statement with objective data.
The Central Bank of South Africa is developing new rules for the circulation of cryptocurrency and digital financial assets. The published document states that such assets have an increasing impact on the economy, and in the near future they will constitute a significant part of the turnover of the investment sector.
A group of experts will draft the bill by February 15, after which it will become a draft law. At the moment in South Africa there are no uniform rules on cryptocurrency turnover, which leads to some difficulties in investing. Last summer, there was information that the Central Bank is testing a platform for interbank payments based on the blockchain. After the development of the regulatory framework, it can be used in other directions.