Weekly Crypto Recap 05 May 2018

South Korean Lawmakers Introduce Bill To Legalize New ICOs
South Korean lawmakers are working on a bill to legalize the launch of new ICOs and digital currencies. ICOs will be under strict supervision by Financial Services Commission and Ministry of Science. This is very positive news since the government banned ICO’s in 2017.

Goldman Sachs To Begin Trading of Bitcoin Futures
According to The New York Times, Goldman Sachs is set to begin its bitcoin trading desk in Q2 of 2018. It is indeed surprising that after a few years of disbelief the institution suddenly shows interest in cryptocurrencies. The decision was made after several clients stated that they want to hold Bitcoin or Bitcoin futures because they think it is an alternate store of value.

IMF Report Says Crypto Does Not ‘Pose Risks’ To Global Finance
Before cryptocurrencies can transform financial activity in a meaningful and lasting manner, crypto assets will first need to earn the confidence and support of consumers and financial authorities. In order to gain this confidence, there will need to be a consensus among the global regulatory community about what crypto assets are; a security or a currency.

France Slashes Cryptocurrency Taxes in Half
France is to tax gains from cryptocurrency sales as capital gains of “movable property.” The country has moved to reduce the rates from up to 45% to a flat 19%. Changes were made after several taxpayers complained that taxes on cryptocurrencies sales activities were too high.