Crypto Price Index partners with Emirati Royal Family, ZBX exchange and ICO Malta
The Crypto market is still regarded by many as inferior to traditional financial products. Crypto Price Index (CPI) intends to change that.
CPI is an emerging Decentralised Finance (DeFi) project which aims to allow users to participate in the crypto markets in a stable and less volatile manner. CPI achieves this via an index coin linked to the average value of the top 200 crypto assets.
CPI has recently won the full endorsement and support members of Emirati Royal Families through their direct participation on the company’s board, bringing a global level of stability and recognition to the emerging class of DeFi protocols which market commentators expect to disrupt the financial industry.
The CPI project will democratise access to crypto assets by allowing non-technical users to acquire exposure to the broader crypto asset market via the ownership of a single index token called the CPI200 token. Participants in the CPI protocol will perform an integral function in the governance of the protocol through a governance token referred to as the CPI token ensuring that the protocol’s ruleset is aligned with the community’s interests at all times.
Herbert Law, CEO of Crypto Price Index, was keen to welcome Highness Sheikh Abdullah Bin Rashed Al Sharqi as well as His Excellency Khalfan Saeed Khalfan Al Mazrouei to the board, and issued the following statement:
“I feel what we have is an amazing event which has happened by forming this partnership with the Royal Family. Our CPI project now has one of the more powerful platforms ever we created in the crypto industry. “
The CPI project has appointed ICO Launch Malta as technical partners, with the CPI platform being built on the ICO Launch Malta DeFi Product Stack. By building upon this proven and heavily audited technology layer, CPI offers its users full transparency and auditability of their holdings. Jan Sammut CEO of ICO Launch Malta issued the following statement: We are thrilled to be part of the CPI project, who’s ethos is congruent with our objective to democratise the financial industry by disintermediating it to a purely trust less P2P market. CPI has selected ZBX as exchange partner for their upcoming launch, which is scheduled for the end of year. Dave Pulis, CEO of ZBX commented:
“The Crypto Price Index is a much- needed vehicle that will enhance our product offering for both institutional and retail investors worldwide”
According to Coin.dance with LocalBitcoins data, Sweden ranked in 12th place on world’s volume of Bitcoin trading in 2018.
But is this good news for Sweden? US$ 68 million doesn’t seem bad for a country with only 10 million people. Being already a cashless society, bitcoin (or crypto in general) falls a bit short on Swede’s pockets.
I asked Totte Löfström, CEO of the Swedish cryptocurrency exchange Trijo, what was his take on the LocalBitcoins data, here is what he said:
“It is of course really positive that Swedes are investing in crypto, but I think that the numbers might be a bit off. The biggest problem with them is that Local Bitcoins is the only data source. We haven’t had a real crypto exchange here in Sweden (Trijo will be the first), which means that we might be over represented in using Local Bitcoins. The over representation could also be linked to the fact that Local Bitcoins is a Finnish company and that Swedes are more likely to become customers.
Another problem is that Local Bitcoins has a fairly low trading volume compared to the big real-time exchanges that are operating around the world. Since the start 2012, Local Bitcoins have had a total trading volume of about $6.32 billion, which could be compared to Bitfinex which has had a trading volume of $1.45 billion the last 30 days. As much as I would love Sweden to rank high on such lists, I have to admit that we are probably not one of the biggest bitcoin nations today”.
Totte Löfström, CEO of the Swedish cryptocurrency exchange Trijo
Totte also told me that Trijo made a quite advanced analysis of the Swedish market (in order to get to know their potential customers better), and found that Sweden stands out when it comes to what percentage of the population has owned a cryptocurrency at some point in time. For Sweden, it’s around 1% of the population, but for Norway – they are co-operating with a Norwegian company that makes crypto surveys on a regular basis – the number is about 4%.
If pay taxes in Sweden and traded (bought/sold) any cryptocurrency in 2018 (and previous years), now it’s time to declare your transactions.
The deadline for the income tax declaration (2018) is approaching and should be handled to Swedish Tax Agency (Skatteverket) no later than 2nd May.
So what happens if you bought and sold cryptocurrency in Sweden? Here is a quick guide on how to declare it.
If you bought / sold crypto privately in Sweden
The first step is to compile a list of all transactions before filling out the tax declaration form.
These are the types of transaction Skatteverket advises to declare if you:
sold crypto currency
exchanged a cryptocurrency for one or more other types of cryptocurrencies
paid with crypto when buying an item. Even small value transactions eg. paying for a pair of shoes or a service, such as a taxi ride, should be declared too.
lent any cryptocurrency
used crypto for a gambling bet
Then you should use the form K4, complete section D and submit it together with your year’s income statement. Any profit will be taxed in the income category at 30%. If you have made a loss, it is deductible to 70%.
This applies only for individuals. If you traded crypto using a company (juridisk person), there are different rules – I will be talking about it on my next post.
According to a press release on 12/02/19, Skatteverket will be more strict in checking the purchase and sale of crypto in Sweden. This is a response of the increased number of people investing in crypto in the country.