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News
02 July 2020

Global tax authorities uncover $11 trillion in offshore financial accounts after information exchange, according to OECD

On Tuesday, the Organisation for Economic Co-operation and Development (OECD) revealed that global tax authorities uncovered EUR 10 trillion ($11 trillion) in offshore financial accounts after obtaining data on over 84 million financial accounts held offshore by their residents. The information exchange is part of the Common Reporting Standard, which requires countries and jurisdictions to exchange financial account information from non-residents obtained from their financial institutions automatically on an annual basis, reducing the possibility for offshore tax evasion.

Why it matters: - The $11 trillion amount is more than 12% of global GDP, a massive number indicative of the potential addressable market for many cryptoassets including Bitcoin, privacy coins, and stablecoins.. - Many of the motivations for individuals and organizations storing wealth offshore including privacy, tax evasion, and protection against domestic political or economic instability, can be satisfied by cryptoassets.

In an early release of its quarterly financials, Square reported it purchased $875 million Bitcoin in Q2 2020. This total marks Square's highest quarterly Bitcoin purchases ever, besting last quarter by 186%. The company netted $17 million of bitcoin gross profit, which also marked a quarterly best,...
Today the Electric Coin Company (ECC) released 3.1.0, which includes the code preparations for its upcoming Network Upgrade 4 (Canopy). The release will deploy: ZIP 207: Funding Streams (Zcash Developement Fund) ZIP 211: Disabling Addition of New Value to the Sprout Value Pool ZIP 212: Allow Recipi...
Today Circle announced it is partnering with Digital Currency Group (DCG) subsidiary Genesis Global Trading to develop yield and lending products for USDC. The partnership also includes a $25 million strategic investment from DCG to accelerate investment and growth behind Circle’s new suite of busin...

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