India Mulls GST On Trading Of Virtual Currencies

India may levy Goods and Services Tax on cryptocurrency trading, even as there’s lack of clarity about their legal status in the country. The government may levy an 18 percent GST, people with direct knowledge of the matter said requesting anonymity as they weren’t authorised to speak to the media. The proposal, being considered by Central Board of Indirect Taxes and Customs, will be tabled before the GST Council after it’s finalised. Cryptocurrencies could be classified as intangible goods on a par with software. The government can consider levying GST on crypto-trading retrospectively from July 1, 2017 — the day the new indirect tax regime was implemented.

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2018 China’s FinTech Development Report — Case Study of Aicai Group

From 2016, the internet finance sector started to shift from traffic-driven to FinTech-driven. Currently FinTech is still at the initial stage in China, but the immature financial market provides favorable environment for its fast development. In 2017, the revenue of the FinTech enterprises in China was 654.14 billion Yuan. It is expected by iResearch that in 2020, the revenue of FinTech enterprises will be 1,970.49 billion Yuan. Aicai Group is a typical FinTech company that focuses on scenarios and relies on FinTech to expand the scope of inclusive finance. It provides the young users with accompanied consumer finance services. It has created a financial service ecosystem of “financial ecosystem + FinTech + asset management” for young users.

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EY Welcomes Technology Startups at Pitch Day

The EY Americas Tax Innovation Foundry has announced the launch of a FinTech Pitch Day on June 28 from 9 am to 4 pm EST at District Hall in Boston, MA. EY invites FinTech startups from around the world to pitch disruptive technology solutions. From those submissions, twelve applicants will be selected to present to EY leaders. The Foundry’s objective is to provide the selected startups an opportunity to collaborate with EY on future projects. Registrations for applicants are due by June 8. Startups with ideas for core technology solutions that leverage but are not limited to artificial intelligence, new data/analytics capabilities, SaaS business models and blockchain are encouraged to apply. The EY Americas Tax Innovation Foundry is a service and business accelerator within the EY organization responsible for furthering the next generation of tax services for clients. The Foundry team identifies, develops and launches new digital businesses that help transform EY Americas Tax services.

Applicants can register here.

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Report: DOJ Investigating Bitcoin Price Manipulation

The Justice Department is opening a criminal investigation, along with the Commodity Futures and Trading Commission, into people who may be manipulating cryptocurrencies like Bitcoin and Ether.  Investigators are in the early stages of examining illegal practices that unscrupulous traders have also been known to use in futures and equities markets. For example, the DOJ is looking into “wash trades,” which involves bad actors trading with themselves to create the illusion of market demand, and “spoofing,” which involves bad actors submitting and then cancelling a bunch of orders to influence a coin’s price. There are also legal methods that traders employ to distort markets, like pumping and dumping, which involves artificially inflating the price of a coin and then selling it before others can cash out.

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Separating self from startup: Founders open up about how to manage your mental health in the stressful business world

People working in startups and small businesses are disproportionately at risk of depression and anxiety. But when everyone is sharing stories of million-dollar funding rounds, big-name backers and revenue booms, there’s not a lot of space left for talking about the potential personal costs of running a business. When founders push themselves to burnout, it can have a negative effect on performance. Angela Henderson, a mental health clinician and business consultant, says when small business owners “become obsessed with their business”, they often start making careless mistakes. She knows of one case where those mistakes translated to a string of bad reviews. So what can you do to look after yourself, as well as your business? SmartCompany asked some founders for their tips on maintaining mental wellbeing.

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The DAICO: ICO Savior Or Wolf In Sheep’s Clothing?

Last week, a gaming platform called The Abyss closed its sale and launched one of the first decentralized autonomous initial coin offerings (DAICO). Originally proposed by Vitalik Buterin, the DAICO aims to empower investors and provide more accountability to a rattled ICO market. In a traditional ICO, a development team receives the entire amount raised in one lump sum at the beginning of the project. A DAICO, on the other hand, lets token holders stagger the funding over time. At first glance a DAICO seems reasonable. Making funding contingent on real-world results helps keep developers honest. It also keeps a team motivated and hungry. But at the heart of the DAICO are two of the perennial questions facing the industry: (1) is crowdsourced decision making still inherently valuable even though it is often mistaken and easily manipulated and (2) how do open-source projects protect their brand when developers can copy code and quickly leap-frog into new opportunities?

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Russia’s Largest Bank to Pilot First Official ICO

Russian bank Sberbank CIB, the investment banking arm of major state-owned bank Sberbank, and the National Settlement Depository, which is part of the Moscow Stock Exchange Group, will pilot the country’s first official ICO using the Bank of Russia’s regulatory sandbox. The experimental ICO proceeds will reportedly be used to launch new tokenized online services by Level One, a company that runs the largest commercial lecture hall in Moscow. The project’s tokens would only be sold for rubles and be open exclusively to “qualified” investors.

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Sibos 2018 – Discover Zone and FinTech Marketplace

Sibos 2018 will take place at the International Convention Centre (ICC) Sydney between 22 & 25 October 2018. Following a successful debut in Toronto last year, and increasing community demand, the FinTech Marketplace will return in Australia. The FinTech Marketplace features cutting-edge FinTech companies from around the world, enabling them to connect with senior decision makers and promote their innovative solutions to the wider financial services community.

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Digital Disruption: How Fintech is Pushing Banks to Change

Fintech has brought unprecedented disruption in the financial services ecosystem. Legacy financial institutions looking to become digital-enabled face two main challenges. First, the business models and personal skills that have served the industry well for decades has been disrupted by digital innovation and no longer works in the new banking ecosystem. Second, attempts to create new, viable models for the digital age will flounder unless people and organizations are willing to disrupt themselves.

Some key fintech trends:

  • Omnichannel banking challenging branch banking
  • Automation with Machine Learning and Artificial Intelligence
  • Biometrics for instant authentication
  • Growth of blockchain

How banks are responding to fintech explosion:

  • Open innovation
  • Collaboration
  • Accelerators

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Nominations Open for the 2018 IDC FinTech Rankings

Nominations are now open for the 15th annual IDC FinTech Rankings and fourth annual IDC FinTech Rankings Real Results 2018. For over a dozen years, IDC Financial Insights has evaluated the revenues of the leading global technology and service providers within the financial services industry in order to construct the IDC FinTech Rankings. The most comprehensive vendor ranking within the financial services industry is based on calendar year-end revenues and the percentage of revenues attributed to financial services. Deadline for submission is Friday, June 29, 2018. Final rankings will be announced at an invitation-only event on September 24, 2018, on the first night of Finovate Fall New York.

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