Top stories in today’s Crypto Roundup: Singapore Tax Agency proposes tax exemption for crypto transactions, ShapeShift unveils new hardware-secured web platform and New York Attorney General alleges Bitfinex and Tether served NY customers for longer than claimed.

Bitcoin (BTC) saw a sizeable surge late yesterday to move past the $12,000 mark and is trading at the time of writing at $12,653.69 (10.28%) with a daily volume of $6.60 bn. Ether (ETH) is trading at $314.79 (2.12%) with a daily volume of $2.08 bn. The MVIS CryptoCompare Digital Assets 10 Index is currently tracking at 4,820.72 (1.50%).

Singapore Tax Agency Proposes Tax Exemption for Crypto Transactions

The government of Singapore has submitted a proposal to remove Goods and Services Tax (GST) from cryptocurrency transactions. In its e-Tax draft guide published last week, the Inland Revenue Authority of Singapore (IRAS) recommended that “digital payment tokens” be exempted from GST in transactions where it functions as a medium of exchange.

If the IRAS’ draft guide is ratified, Singaporeans and Singapore-based entities will from January 1, 2020, be able transact in cryptocurrencies without paying GST. Currently, the IRAS is “seeking feedback” on the proposed change of GST treatment “from businesses dealing in digital payment tokens.” The tax agency will consider any comments submitted to it before July 26, 2019.

ShapeShift Unveils Hardware-Secured, Web-Based Platform

Crypto trading platform ShapeShift has launched its non-custodial cryptocurrency management platform. The new solution allows users to buy, sell, trade, and tracks multiple cryptoassets. To use the platform, customers must own a connected cryptocurrency hardware wallet. 

In a promotional video detailing the company’s revised product offering, ShapeShift CEO Erik Voorhees explained how “crypto enables financial sovereignty, but it’s not automatic. It depends on the tools you use. The new ShapeShift gathers these tools into one hardware-secured, web-based UI. It’s a platform for controlling your cryptoassets. It’s multi-chain and non-custodial.”

NYAG Alleges Bitfinex, Tether Served New Yorkers Longer Than Claimed

The New York Attorney General’s Office (NYAG) has submitted new evidence that aims to prove that iFinex, along with its Bitfinex and Tether subsidiaries, served customers based in the state of New York for longer than had previously been claimed by the companies. 

In the submission, the NYAG explained it had “obtained additional evidence that the Bitfinex trading platform has been available to New York-based traders as late as 2019.” This, despite Bitfinex previously stating that it would cease serving New York customers in the year 2015.

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