Amazon Web Services (AWS) is Integrating its Managed Blockchain Platform With its Cloud Storage Service
CloudFormation, part of the web services arm of the e-commerce giant, will support the company’s blockchain management system. The service will assist in “creating and configuring networks, members, and peer nodes.”
Besides, CloudFormation acts as a replication and scaling tool between a client’s web service applications, free to clients of Amazon Web Services and making it easier to share data between different AWS use cases.
The company writes in a statement published August 12:
“With CloudFormation support for Managed Blockchain, you can create new blockchain networks and define network configurations, create a member and join an existing network, and describe member and network details such as voting policies.”
Furthermore, the idea is that managed blockchains will become even more scalable. The system will also help integrate a client’s AWS accounts across the cloud ecosystem onto the blockchain.
Amazon released the service three months ago and AT&T, Nestle, Accenture are counted as clients.
According to the company, “Amazon Managed Blockchain eliminates the overhead required to create the network, and automatically scales to meet the demands of thousands of applications running millions of transactions.” (Positive)
SEC Postpones Decision on Three Bitcoin ETFs
On August 12, The United States Securities and Exchange Commission (SEC) has delayed its decision on three Bitcoin (BTC) exchange-traded fund (ETF) proposals.
SEC will put off a formal decision on proposed rules changes by NYSE Arca and Cboe BZX Exchange for three Bitcoin ETFs: by asset managers VanEck SolidX, Bitwise Asset Management, and Wilshire Phoenix.
According to the announcements, the SEC has delayed its decision for listing VanEck to Oct. 18, while Bitwise’s listing on NYSE Arca will be delayed to Oct. 13. The decision on Wilshire Phoenix’s United States Bitcoin and Treasury Investment Trust has been postponed until Sept. 29. The SEC stated in each case that:
“The Commission finds it appropriate to designate a longer period within which to issue an order approving or disapproving the proposed rule change so that it has sufficient time to consider this proposed rule change.”
The VanEck proposal was filed in January, while Bitwise’s current application was filed in February. The Wilshire Phoenix proposal was published in the Federal Register on July 1, 2019. (Neutral)
New Zealand Gives Greenlight for Cryptocurrency Income and Salary Payments
Regulation for the cryptocurrency sector has been an uphill battle in many jurisdictions as it seems there are still a lot of dissenting opinions about how exactly it should be handled or permitted. However, in a few countries as well, efforts to officially recognize crypto as legal are beginning to pay off.
Now, according to information published by New Zealand’s tax regulators, cryptocurrency will be legalized and employees could begin to receive salaries in digital currency. The ruling is expected to begin officially, from the 1st of September.
New Zealand’s Inland Revenue Department recently released a tax information bulletin on Wednesday the 7th of August. It clearly states specifics about the new ruling under 91D of its Tax Administration Act 1994, which allows employers of labor disburse remunerations in crypto, with tax provisions as well.
The ruling gives a few conditions for this to be met. For example, for crypto assets payment to be subject to income tax requirements, it must be payments that form the workers’ normal salary and there should be a fixed amount. This means that other types of payments like shares or equities, do not fall under this ruling and may not be paid in crypto.
Furthermore, the ruling only applies to salary earners, also including any payments for periodic services rendered, commissions and additional benefits. This means that self-employed individuals will not be a part of the new ruling.
There is also no provision for any cryptocurrencies that cannot directly be converted to fiat currency on an exchange. The ruling also does not allow the use of any crypto assets that have been subject to a lock-up period. The crypto assets to be used must also “function like a currency”. Most specific of all the conditions is probably the part of the ruling that requires that “the value of the crypto-asset is pegged to one or more fiat currencies.” This suggests that only stablecoins will be usable as payment for salaries, significantly reducing the number of virtual assets that will not raise any violation issues. (Positive)