Welcome, and thank you for being part of the MyZucoins community! Dive into some important crypto, finance and tech news to stay ahead.
Slovakia’s national parliament has passed a bill to reduce taxes on cryptocurrency transactions, to encourage wider usage of digital assets in everyday life. The legislation lowers the maximum tax rate on profits from selling cryptocurrencies from 25% to just 7% after one year of purchase. Cryptocurrencies held for less than 12 months will still be subject to taxation, albeit at a different rate.
By decreasing taxes associated with selling digital assets, the legislation aims to promote the seamless use of cryptocurrencies in day-to-day transactions. Additionally, the bill provides an exemption from a 14% health insurance tax for crypto income as long as traders do not declare their crypto income as business property. The legislation received support from 112 lawmakers in Slovakia, with only two voting against it.
Currently, approximately 2% of Slovakia’s population holds cryptocurrency. It is worth noting that the country’s central bank has previously stated that virtual assets cannot be considered legal tender.
This move comes after the recent enactment of the Markets in Crypto-Assets (MiCA) legislation in Europe, which aims to establish a comprehensive regulatory framework for cryptocurrencies and digital assets. The adoption of more crypto-friendly regulations in Slovakia reflects the growing recognition and acceptance of cryptocurrencies as a legitimate form of finance, potentially paving the way for increased cryptocurrency adoption and usage in the country. Read more here.
Where Zucoins Fits into Slovakia’s Positive Outlook
Slovakia’s recent decision to slash taxes on profits from cryptocurrencies is yet another positive development in the global embrace of digital currencies. With this move, Slovakia aims to incentivise everyday crypto transactions by reducing the tax burden associated with trading digital assets during transactions.
This forward-thinking approach will no doubt accelerate the adoption of cryptocurrencies in the European country and underscores the growing recognition of their potential as a mainstream means of exchange. What’s more, it could see other European member countries follow suit—this is very exciting and we’re watching it closely.
The positive outlook is encouraging for technologies like Zucoins, where many problems related to speed, scalability, complexity and layer one fees have been tackled. As more countries embrace crypto-friendly policies, the future looks promising for the continued growth and acceptance of digital currencies like Zucoins.
Credit Suisse, a Swiss investment bank, has partnered with the Swiss Football Association (SFA) to release a non-fungible token (NFT) collection supporting women’s football in Switzerland. The collection features digital portraits of the members of the Swiss Women’s National Team and all proceeds from the sale will be donated to the team and organizations dedicated to empowering female football players.
The NFTs, minted on the Ethereum blockchain, will be available for purchase on Credit Suisse’s digital banking application, CSX, starting from July 11. The collection offers three packages priced from 150 to 10,000 Swiss francs, providing buyers with additional benefits such as physical artwork, meet and greet opportunities with the players, and signed jerseys.
Sandra Caviezel, head of partnerships and sponsorship at Credit Suisse, expressed excitement about using NFTs as a funding mechanism to support the growth of women’s football in Switzerland. The funds raised will directly benefit the women’s national team and contribute to girls’ football projects, fostering the development of young talent.
The collaboration between sports and NFTs continues to gain momentum, with mainstream brands and teams embracing the possibilities of Web3. Women’s football, in particular, has garnered attention in this space. Just last month, FC Barcelona joined forces with the popular NFT collection World of Women to release a digital artwork celebrating star player Alexia Putellas. Read more here.
Splitchain’s Capabilities Are Well Positioned For The Future of Asset Digitization
The collaboration between Credit Suisse and the Swiss Football Association to release an NFT collection shows the immense possibilities that NFTs can offer in digitizing various real-world assets. The more this kind of activity enters mainstream consciousness, the easier the path will become to highlight the limitations of traditional blockchains.
Applications for tokenization are nearly limitless, from art and music to real estate and intellectual property. The Splitchain network will empower creators, artists, and individuals to securely preserve, trade and monetize their creations. This opens up a world of opportunities for innovation, creativity and value exchange in the digital realm.
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All the best,
Rob & Peter