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Apple applies a 30% tax on NFT trading, Tesla’s Bitcoin loss rises to $170 million this year, and TASE will create a crypto platform.

Apple applies a 30% tax on NFT trading

Technology giant Apple has clarified the App Store rules about NFTs and cryptocurrency exchanges.

The rules confirm how NFT purchases are taxed and what they can and cannot be used for. The rules also clarify the rules for how a crypto trading app can be listed.

This will allow apps to use in-app purchases for “sales and sales services” related to NFTs, such as “creation, listing, and transfer”.

Nonetheless, the tech company added a 30% commission rate to in-app NFT purchases, ensuring that all NFT purchases are made in-app.

These rules came at a time when the company came under criticism for imposing a 30% commission fee on sales made through NFT marketplaces such as OpenSea and Magic Eden. The 30% commission charge was described as “ridiculously expensive” compared to the average 2.5% commission on NFT purchases.

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Tesla’s Bitcoin loss rises to $170 million this year

According to Tesla’s latest Q3 earnings report submitted to the United States Securities and Exchange Commission, the electric vehicle manufacturer has invested a total of $1.5 billion in Bitcoin since the start of 2021.

The firm currently maintains an unrealized loss of $170 million from the change in the value of its investment. This results in a net loss of $106 million at the end of the third quarter, with gains of $64 million from profits realized in Bitcoin in various fields over the past two years.

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The report stated that these losses did not significantly affect the company’s core operations. The electric vehicle maker’s profits jumped 169% year-over-year from $3.3 billion in the first nine months of 2021. Tesla, on the other hand, says it only holds about $218 million worth of Bitcoin on its balance sheet.

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TASE will create a crypto platform

The Tel Aviv Stock Exchange (TASE) announced on October 24 that it has created a blockchain-based platform to expand its trading services to cryptocurrencies and other digital assets as part of its new strategic plan for 2023-2027.

The five-year plan also includes developing and selling technology solutions and services to other exchanges and market participants, expanding market access, and transitioning to a private firm model through the creation of a new publicly traded holding company that owns 100 percent of the stock’s shares.

TASE announced in September its partnership with the Bank for International Settlements (BIS) to explore the use of central bank digital currencies (CBDC) for international retail and remittance payments. Dubbed Project Icebreaker, the collaboration will include testing key functions and the technological feasibility of connecting native CBDC through proof-of-concept systems.

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