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The Puerto Rico move was spearheaded by Wall Street legend Steve Chaykowsky.
The Keiko Yoshino from the Puerto Rico Blockchain Trade Association.
The Puerto Rico Blockchain Trade Association (the Association) was established to build an inclusive crypto community and propel Puerto Rico to the forefront of blockchain innovation. Be you a day trader or just cryptocurious, native or newly arrived, start-up or established corporation.
Puerto Rico is making moves to attract blockchain companies interested in establishing operations in the U.S. island territory. On Feb 23, the Economic and Commerce Development Department of Puerto Rico (DDEC) issued information regarding a letter announcing a regulatory framework to spearhead the attraction of more blockchain companies to the region.
The letter clarifies the conditions these companies must meet to benefit from tax exemptions via the Puerto Rican exemptions code, also known as Act 60. Manuel Cidre, secretary of the DDEC, explained that with this move Puerto Rico expects to position itself as part of the most sought out destinations for blockchain companies. Cidre stated:
Puerto Rico has extended its 4% tax incentive to crypto assets and blockchain activities, including staking.
Blockchain technology, digital assets based on blockchain technology and blockchain validation (the activity undertaken to reach a consensus on valid transactions) will now come under the incentive code, Iris Santos Diaz, acting secretary at Puerto Rico’s Department of Economic Development and Commerce, said in a letter on Feb 22.
Certain providers of digital assets and blockchain activities qualify for the “export service incentive,” which allows businesses that export a service of the Islands to benefit from a 4% corporate tax rate, a press release by the Puerto Rico Blockchain Trade Association said on Monday.
Puerto Rico has already been crowned a tax haven by crypto businesses who have sought to take advantage of the country’s policies, and so the move wasn’t necessarily unexpected. But industry lobby groups are still excited.
“A 4% tax on the income generated from staked assets is a win for Puerto Rico,” Keiko Yoshino, executive director for the Puerto Rico Blockchain Trade Association, said in the press release.
Puerto Rico is also looking at how it can generate more revenue by also taxing non-fungible tokens (NFT’s), according to a proposal last year.