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Can You Receive Your Pay In Cryptocurrency As An employee?

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can you receive your pay in crypto as an employee

As an employee in 2019, there are a lot of things to be taken into account if you were to consider being paid with cryptocurrency by your employer. The question as to if as an employee you can accept cryptocurrency has not crossed majority of employees minds or may have considering that the crypto market is a fluctuating one, however, there’s no denying the fact cryptocurrencies are now more popular than ever.

Not to mention that cryptocurrencies are now broadly used and accepted, although there’s still a long way to go until they catch on but it’s pleasing to the ear that there is an increasing number of places where cryptocurrencies can be spent on legitimate goods and services.

There are quite a number of considerations that need to be paid attention to if you were to accept your pay in cryptocurrency as an employee. What are the risks? What are the tax implications? Which payment processor is good for this particular task? How is cryptocurrency regulations in your country?

These questions are of importance if one is to consider accepting crypto as an employee. Well, authorities handling taxes have different approaches which vary by country and the currency which employees are to be paid. One of the most important aspects that need to be looked into is How is cryptocurrency conceived in your country?

It is pertinent to find as much information as you can lay your hands on about how the government of your country sees cryptocurrencies. Are they seen as illegal or legal? Does your country treat them as commodities, legal tender or properties?

To create more relevance to this point, let’s have a look at some world’s most crypto-friendly countries and how cryptocurrency is being treated in these countries.

Malta

Malta is not only one of the first jurisdictions to have accepted cryptocurrencies, but it’s also home to a great number of important cryptocurrency and Blockchain companies. Malta’s approach to crypto and Blockchain acceptance has made many crypto exchanges to move there, including Binance, one of the most successful crypto exchanges of all time. So, it’s no surprise that salaries paid in crypto are a reality in Malta.

Switzerland

Second on the list is Switzerland, one of the first countries to have fully embraced cryptocurrencies. Also, it’s the country where some of the most outward crypto companies have their headquarters. The KPMG program helps make things very simple for employees who consider accepting their pay in cryptocurrency.

“According to Swiss Labour law, it is lawful to pay all or part of wages in kind or foreign currency, provided that the amount paid matches the amount in Swiss franc contractually agreed by the parties or required by the collective labor agreement,” Swiss Socialist Party member Jean Christophe Schwaab declared.

As specified by the Library of Congress, any cryptocurrency received by an employee becomes part of his/her taxable income.

Canada

Canada is another country that has an approachable view of cryptocurrencies.

According to Gowling WLG. “The CRA considers that when an employee receives cryptocurrency as payment for salary or wages, or otherwise in connection with employment, the amount, computed in Canadian dollars, must be included in the employee’s income under subsection 5(1) of the ITA,”

This implies that employees who want to receive their salaries in cryptocurrencies are to be taxed before the conversion. Cryptocurrencies in Canada are declared as a commodity by the CRA (Canada Revenue Agency).

Australia

Australia is a country that intends to implement cryptocurrencies on a large scale. Thanks to its broad-minded approach towards cryptocurrencies, it caught quite a great deal of headlines in 2018. It is also one of the countries where the Blockchain technology are used to improve tourism.

The Australian Taxation Office states the following: “where an employee has a valid salary sacrifice arrangement with their employer to receive cryptocurrency as remuneration instead of Australian dollars, the payment of the cryptocurrency is a fringe benefit, and the employer is subject to the provisions of the Fringe Benefits Tax Assessment Act 1986.”

Therefore, as long as there is a written agreement between the employee and the employer, employers can legally pay salaries and wages in cryptocurrency.

Singapore

Employees can receive their salaries in cryptocurrency instead of Singapore dollars, and it will be treated as a regular salary and tax obligations will follow just as it would if paid in fiduciary money.

“According to the Inland Revenue Authority of Singapore (IRAS) at the time of writing, it states that payment for goods or services should record the sale based on the open market value (OMV) of the goods or services in Singapore dollars. If the OMV of the goods or services that would have otherwise been exchanged in Singapore dollars cannot be determined, the virtual currency exchange rate at the point of the transaction may be used.” — Via finder.com

Kenya

Although Kenya is one of the Africa countries that greatly embraces cryptocurrencies and has a high volume of crypto trading. A Citibank research in December 2017 ranked Kenya among countries with the largest bitcoin holdings worth $1.63 billion, approximately 2.3 percent of the GDP. However, cryptocurrency regulations are being pondered on by its government. It was reported by BitcoinKE that Central Bank of Kenya (CBK) cautions all commercial banks in Kenya against dealing in virtual currencies.

Ghana

Recently Cryptotvplus reported Ghana SEC cogitating over regulating the cryptocurrency framework. The central bank also expressed an interest in introducing cybersecurity guidelines to guide the use of digital currencies in the country.

There are other Africa countries that embraces cryptocurrencies greatly that can not all be presented in this article.

In conclusion, this article is meant to give some level of guidance with a general idea regarding how various countries treat cryptocurrencies as a means to pay the salaries of employees. Investing in Cryptocurrency education is important when deciding to pay or receive payments in cryptocurrency. As an employee or employer, seek assistance in accountants or lawyers that are versed in cryptocurrencies and do further research at your own diligence.

 

Do you find this article helpful? Do let us know your thoughts, contributions or suggestions in the comment section below.

 

 

Disclaimer:

The Information provided on the website is designed to provide helpful information regarding cryptocurrency subjects. The content is not meant to be used, nor should it be used as a basis, foundational knowledge or prerequisite for decision making regards trading. Always do your own research and due diligence before placing a trade. We are not liable for any outcome based on any content found on the site.

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You Can’t Regulate Crypto, You are doomed to fail, John McAfee tells the US Government

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In a self made video posted on his personal twitter account, the creator of McAfee antivirus John McAfee has opened up on his opinion on government intervention in cryptocurrency and blockchain industry.

In the Video, the strong and vocal crypto supporter made it known to the whole world that government intervention to regulate cryptocurrency is doomed to fail. He stressed that cryptocurrency is a private thing and that it is unwise for government to attempt to regulate it.

While comparing the government’s history of regulating drugs to cryptocurrency, he said that regulations are designed to protect consumers and to make criminal activities more difficult. Regulations are to protect people from scams, schemes, coin artist and other bad actors. Giving an example, he pointed to the numerous fake twitter accounts impersonating him asking gullible people to send one BTC or half a BTC to an address and have five BTC sent back. And people do fall for these.

According to John, “anybody that stupid, you can’t protect them”. Eventually, we would need regulations to protect people from themselves. Continuing, he argued that you can’t stop anyone from doing something to themselves in private. It is impossible, he concluded.

Coming back to Drugs and Regulations, the Cuban based crypto advocate said that the US has the greatest legislation and largest force to prevent drug uses and sale, but the country still remains one of the largest drug market on the planet in spite of all the government has done. The latest drug bust of a JP Morgan Container could testify to this.

Reiterating, he said, “you can’t stop what someone does with their mind, body and money in private”. Therefore as we are doing everything in crypto in our privacy, with our devices, then the government can’t regulate crypto. Taking a swipe at the Politicians, he said “they do not understand it

Concluding, he begged the politicians to “wake up”.

John McAfee is currently in Cuba where he desires to run for the President of the United States in the forth coming elections. He has reported via twitter also of the government plans to apprehend him however, he has remained an open advocate for what cryptocurrency and blockchain mean to personal freedom. He aims to use the Presidential platform to tell the Americans and the world about Cryptocurrency and what it can do for every society.

With many voices including the US President and famous economist Nouriel Roubini coming to voice their issues with cryptocurrency, McAfee remains on

 

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Mark Cuban Bashes Facebook’s Libra, Labels It As A Big Mistake

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Mark Cuban in a recent interview bashed Facebook’s cryptocurrency – the Libra. In the interview with  CNBC, the billionaire investor called Libra a big mistake. Mark Cuban is a billionaire entrepreneur, a “Shark Tank” investor, and the owner of the Dallas Mavericks basketball team.

 

In the interview which took place today 12th July, 2019, the billionaire owner of Dallas Maverick Mark expresses his opinion on the Facebook stablecoin, that, he is not a big fan of what Facebook is doing. He then stresses that it is a big mistake and could be dangerous.

 

In his own words, he says:

“I’m not a big fan of what they’re doing there. I think it’s a big mistake.”

 

Cuban explains in plain terms that he is not more concerned with the impact Facebook’s Libra will have on the US economy. He is rather more concerned with the impact of Libra on the global scale. While speaking to Deirdre Boston, he says;

 

“I think globally and in countries where there isn’t a lot of rule of law, or a lot of government stability, or currency stability, then it could be dangerous.”

 

Making emphasis on Africa, he said:

“There’s going to be some despot in some African country that gets really upset that they can’t control their currency anymore and that’s where the real problems start occurring,”

 

Mark joins a growing list of high profile individuals such as but not limited to: the Federal Reserve Chairman, Jerome Powell, the French Finance Minister, Bruno Le Maire, the Bank of England Governor, Mark Carney, who come out to express their contrary opinion about the global financial infrastructure Facebook is about to launch. 45th President of the United States, President Donald Trump also in a tweet expressed his opinion on the Libra.

 

Donald Trump’s recent tweet against bitcoin and other cryptocurrencies has stir the crypto community. Trump specifically outlines Bitcoin and Facebook Libra. In his tweet against Libra, he writes:

 

As Facebook is set to meet the US Congress, the fate of the Facebook Globalcoin project remains hanging on the balance. It is after the Congressional hearings, onlookers would know whether Libra will launch or not and if it will, what compromise Facebook will make to see the launch of its step into cryptocurrency. With various nations expressing their stand such as India on the Libra, time will tell if Facebook will need Liberation.

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Addis Ababa to host the Africa Fintech Summit

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Addis Ababa to host the Africa Fintech Summit

On November 21, leading innovators, investors, and policy makers from around the world will gather in Addis Ababa, Ethiopia, for the 4th edition of the Africa Fintech Summit (AFTS).

With participants who represent over $4.5bn in private equity and venture capital funding, the AFTS is the premier global initiative dedicated to financial technology in Africa. The bi-annual summit occurs each April in Washington, D.C., and each November in a different African city. The AFTS Advisory Board unanimously chose Addis Ababa as the 2019 host city in recognition of its rapidly growing economy, extensive infrastructure investments across the last two decades, and ambitious reform agenda that includes partial privatization of the national telecom monopoly and
ongoing liberalization of the financial sector.

“I am thrilled that this great event is coming to Addis Ababa,” said the Honorable Getahun
Mekuria (Dr.-Ing) Minister of Innovation and Technology, Ethiopia.

“And there is no better time than Nov 2019 for this Summit to come to Addis, to show to our policy makers the great economic impacts fintechs are bringing to other economies and to prove that our current sweeping digital reforms are absolutely correct.”

H.E. Fitsum Arega, Ethiopian Ambassador to the US, added:

“I am very much pleased to welcome Africa Fintech Summit delegates to the continent 's political capital and a nexus of global events, Addis Ababa. Ethiopia's commitment to Pan-African economic growth and integration is evident from its founding membership of OAU/AU, its offer of visa-on-arrival to all African travelers, its ratification of  the African Continental Free Trade Agreement (AfCFTA) last April, and by its flag-carrier Ethiopian Airlines, which connects 61 African cities to more than 120 destinations worldwide. Ethiopia is well positioned to welcome global travelers for the Africa Fintech Summit.”

“In addition, the country’s renewed focus on digitizing the broader economy and driving greater financial inclusion through innovation, there is no better time to host the Fintech Summit in Ethiopia,” the Ambassador added.

The AFTS is organized by Dedalus Global, an investment and communications advisory focusing on emerging markets and emerging technologies, and by Ibex Frontier, an investment consultancy and route-to-Ethiopian-market advisory.

“We are extremely proud to bring AFTS to Ethiopia, the 2nd most populous nation in Africa that is at the inflicting point of digitalization, as e-commerce and financial inclusion are of prime focus both by the Government and the tech sector. We look forward to welcoming global investors and Fintech eco-system players with warm Ethiopian hospitality,” said Zekarias Amsalu, Founder & MD of Ibex Frontier.

This past April, the AFTS in Washington, D.C. hosted 200 entrepreneurs, bank executives, policy makers, and corporate influencers from over 20 countries. Past AFTS speakers include Jim Ovia, Founder and Chairman of Zenith Bank; Clinton Townsend, Director, Global Fintech at Visa; Olugbenga Agboola, Co-Founder and CEO of Flutterwave; Tayo Oviosu, Founder and CEO of Paga; Andi Dervishi, Chief Investment Officer at IFC; and Worku Gachou, Managing Director for Africa, OPIC.

The AFTS Addis Ababa will focus on the future of banking, mobile money growth and integration, policy and regulation, blockchain, digital identity, remittances, and financial inclusion. Strategic partners for the Summit include the Corporate Council on Africa, the US State Department, the US-Nigeria Council, the Congo Business Network, and PeaceTech Lab.

Figure 1 Zekarias Amsalu, Founder and Managing Director of IBEX Frontier LLC, and Leland Rice, CEO of Dedalus Global LLC, signing an MoU to jointly organize and execute the Africa Fintech Summit in Addis Ababa on November 21, 2019.

Figure 1 Zekarias Amsalu, Founder and Managing Director of IBEX Frontier LLC, and Leland Rice, CEO of Dedalus Global LLC, signing an MoU to jointly organize and execute the Africa Fintech Summit in Addis Ababa on November 21, 2019.

A limited number of delegate passes for the AFTS Addis Ababa are now on sale. To learn more or to register, visit http://africafintechsummit.com/.

Disclaimer:
The Information provided on the website is designed to provide helpful information regarding cryptocurrency subjects. The content is not meant to be used, nor should it be used as a basis, foundational knowledge or prerequisite for decision making regards trading. Always do your own research and due diligence before placing a trade. We are not liable for any outcome based on any content found on the site.

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I Am NOT A FAN OF BITCOIN AND OTHER CRYPTOCURRENCIES, SAYS DONALD TRUMP

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The 45th president of the United States, Donald Trump, has taken to his twitter handle to announce his opposition against bitcoin and other cryptocurrencies. His tweet made today, 12 July at about 1:15 am, reads “I am not a fan of bitcoin and other cryptocurrencies.”

For him, bitcoin and other cryptocurrencies are not money and they are highly volatile. He also states that the assets can facilitate unlawful behaviour. The tweet reads thus:

“I am not a fan of Bitcoin and other Cryptocurrencies, which are not money, and whose value is highly volatile and based on thin air. Unregulated Crypto Assets can facilitate unlawful behavior, including drug trade and other illegal activity….”

Olivier Jansses, a very early bitcoin adopter, entrepreneur and investor tweeted back to the president inquiring whether dollar is not based on thin air.

“So the dollar isn’t based on thin air? The gold standard is long gone and inflation is a huge hidden taxation. At least Bitcoin and Ethereum won’t be inflated & are decentral. Also, I bet you a million dollars that the dollar is used much more for illegal activity. Care to wager?” Jansses tweets.

Trump goes further to stress that Facebook’s Libra is not of the exception stating that if Facebook and other companies want to become banks, they have to seek a new Banking Charter.

“….Similarly, Facebook Libra’s “virtual currency” will have little standing or dependability. If Facebook and other companies want to become a bank, they must seek a new Banking Charter and become subject to all Banking Regulations, just like other Banks, both National…”

He reinstates the USD currency as the only real currency in the USA and the most dominant in the world.

” …and International. We have only one real currency in the USA, and it is stronger than ever, both dependable and reliable. It is by far the most dominant currency anywhere in the World, and it will always stay that way. It is called the United States Dollar!” He says.

Expectedly, Trump’s tweets stirred up the crypto community. A lot of cryptoprenuers and enthusiasts streamed into the tweets to air their opinions. Among them include key figures such as: Josse Powell, and Justin Sun.

The co-founder and CEO of Krakef FX, Josse Powell, replies him thus: “Mr. President, one could say the same of unregulated fiat currencies, like the privately operated US dollar. The advantage of cryptocurrencies is that they are predictable and transparent. Regulated or not, useful tools can be used for good and evil. Don’t let the US fall behind.” He goes on to say that; “If you study crypto, you will find much to agree with. Crypto is about personal responsibility and choice. It is about free markets and competition. It is about mathematical, verifiable, perfectly enforceable regulation. Crypto is to commerce what Twitter is to speech: democracy.”

Justin Sun, the CEO of Tron and BitTorrent replies to him saying; “Mr. President, you are misled by fake news. #Bitcoin & #Blockchain happens to be the best chance for US! I’d love to invite you to have lunch with crypto leaders along with @WarrenBuffett on July 25. I guarantee you after this lunch, nobody will know crypto more than you!”

For quite a long time, the crypto community has been expecting a say from Donald Trump as the president of the United States. And now, he has just fired the long awaiting shot. As it stands, the president’s tweets are buzzing with comments and retweets, mostly against his open opposition of cryptocurrencies.

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