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Ukraine proposes tax on cryptocurrencies

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A new bill submitted for approval in Ukrainian Parliament has proposed a new tax on cryptocurrencies. This has resulted in raised eyebrows, because the legal status of cryptocurrencies is not yet clear in the country. This draft proposal of the bill was submitted by a group of 23 MPs. According to the bill, it is aimed at bringing out of the shadow economy a large volume of operations with cryptocurrencies and pumping up the state budget. In particular, the deputies propose to impose a 5 per cent tax on the profits of individuals related to transactions with cryptocurrencies. The profit of company involved into operations with cryptocurrencies, is also proposed to be taxed at a rate of 5 per cent until 1 January 2024. However, after this date, the rate should increase immediately to 18 per cent.

Authors of the bill in the explanatory note to the document provided a rather bold forecast. According to their calculations, the bill will help to attract an additional UAH 1.27 billion annually to the state budget during 2019–2024.

It is worth noting that neither Ukrainian government nor the National Bank has yet defined legal status and regulation for cryptocurrencies.

“To date, alas, the issue of legal settlement of the cryptocurrency is still open. Many believe that cryptocurrency is illegal, and this is the most common myth. Cryptocurrencies are not officially prohibited at the moment in Ukraine. Thus, it is incorrect to say that cryptocurrencies are illegal, if you follow the rule: “everything that is not forbidden is allowed,” said Pavel Moroz former Deputy Minister of Justice.

It is worth mentioning, that this is not the first attempt to provide tax regulation for cryptocurrencies in Ukraine.


Source: European Gaming Media

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Mobile Betting Bill Fails to Progress Through New York Assembly

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Senator Joseph Addabbo’s mobile betting bill has failed to progress through the New York Assembly. The legislative session saw S17 fail to progress beyond the Assembly Standing Committee on Codes.

Addabbo tweeted that he saw no clear reason why the state could not implement mobile sports betting in 2019. Failure to do so would see the state miss out on around $75m in revenue, funding for education, and both job creation and retention.

“NY will be stuck like a disabled car on the shoulder, while we allow an illegal sports betting business in our state thrive and idly watch other neighboring states pass us up with enormous revenue gains from mobile sports betting,” Addabbo said.


Source: European Gaming Media
This is a Syndicated News piece. Photo credits or photo sources can be found on the source article: Mobile Betting Bill Fails to Progress Through New York Assembly

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Eldorado Resorts to Buy Caesars Entertainment Corp

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Eldorado Resorts Inc., the US based casino operator, has agreed to merge with Caesars Entertainment Corp through a $17.3 billion cash and stock deal.

The deal, which is expected to be announced soon, values Caesars at close to $13 a share. The combined company’s ownership would be split roughly between Eldorado and Caesars shareholders.

An Eldorado spokesman said the company did not comment on rumours or speculation. Caesars did not immediately respond to requests for comment.

The combination of the two companies would create a serious competitor to larger casino industry players, such as Las Vegas Sands Corp, Wynn Resorts Ltd and MGM Resorts International.


Source: European Gaming Media
This is a Syndicated News piece. Photo credits or photo sources can be found on the source article: Eldorado Resorts to Buy Caesars Entertainment Corp

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Nagasaki Governor Reaffirms His Support for Sasebo IR Bid

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Nagasaki Governor Hodo Nakamura has reaffirmed his support for the Sasebo IR bid and urged the national government not to delay too much in issuing its IR regulations and establishing the national regulatory framework.

While Sasebo’s bid is not linked to a specific timeline, the local government does wish to move forward quickly, especially now that other competing bids could emerge from the Kyushu region.

In related news, Nagasaki IR Business Connect Seminar is going to be held with the participation of international operators and investment groups.


Source: European Gaming Media
This is a Syndicated News piece. Photo credits or photo sources can be found on the source article: Nagasaki Governor Reaffirms His Support for Sasebo IR Bid

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