Binance, a global cryptocurrency exchange, will be aided by an international team of experts who have extensive experience in corporate and public governance. According to Binance's management, this is a sign of Binance’s commitment to compliance and collaboration with regulators.
Crypto Exchange Binance Gets Expert Advice on Regulatory Issues
Binance, the largest digital asset exchange by trading volume, has created a Global Advisory Board. According to a press release, the body includes "distinguished specialists in public policy and government, finance, economics and corporate governance," according to Binance, a leading digital asset exchange.
The main responsibility of the board is to advise Binance about how to handle the most complicated regulatory, political and social issues the entire crypto industry faces as it grows and evolves.
Former U.S. Ambassador Max Baucus chairs the Global Advisory Board. The Global Advisory Board, headed by former U.S. Senator Max Baucus and Ambassador to China, met recently in Paris, France. Its members hail from all parts of the world, including Europe, Africa and South America.
Bruno Bezard (ex-head of the French Treasury) and a former government advisor are among them. Hyung-rin Bang (advisor to the Korea Presidential Committee) and Henrique De Campos Meirelles are also among them. They were both former presidents of Brazil's central bank and economic ministers.
In a statement, Changpeng Zhao, Binance's founder, stated that Binance has been at forefront of the pioneering world of blockchain, crypto and Web3 over the past five year. He noted that the company's team has solved complex problems no one knew existed over that period and stressed:
Our focus has remained constant on providing compliance solutions that protect crypto users' interests, while maintaining a fast pace of socially-beneficial innovations.
Binance's next major step in its mission to share the advantages of modern finance with the world is represented by the new advisory board, explained the chief executive. Max Baucus said that "of all the technologies that have the potential to cause positive disruption, the worlds of crypto, Blockchain, and Web3 are among the most exciting, and the most promising."
CZ also stressed that Binance's ability to manage regulatory complexity is improving with the Global Advisory Board. Binance can tap into the expertise of its members. It was established to demonstrate Binance's commitment to compliance, transparency and cooperative relationships with regulators around world, he said.
Zhao had earlier indicated that the largest cryptocurrency exchange wanted to "go global by playing locally on multiple markets." Zhao made the announcement in Bucharest where he also revealed that the company will open a Romanian office, and launch a Romanian-language support services as part of its plans to expand into Eastern Europe.
Are you positive that the new advisory board will allow Binance to more effectively navigate the crypto regulatory landscape in the markets it operates? Please comment below with your expectations.
Frequently Asked Questions
Can I own a gold ETF inside a Roth IRA
You may not have this option with a 401(k), however, you might want to consider other options, like an Individual retirement account (IRA).
Traditional IRAs allow contributions from both the employer and employee. Another way to invest in publicly traded companies is through an Employee Stock Ownership Plan.
An ESOP provides tax advantages because employees share ownership of company stock and profits the business generates. The money invested in ESOPs is taxed at a lower rate that if it were owned directly by an employee.
Also available is an Individual Retirement Annuity. An IRA allows you to make regular payments throughout your life and earn income in retirement. Contributions to IRAs can be made without tax.
Can I purchase gold with my self directed IRA?
You can purchase gold with your self-directed IRA, but you must first open an account at a brokerage firm like TD Ameritrade. You can also transfer funds from an existing retirement fund.
The IRS allows individuals up to $5.500 annually ($6,500 if you are married and filing jointly). This can be contributed to a traditional IRA. Individuals can contribute up $1,000 per annum ($2,000 if they are married and jointly) directly to a Roth IRA.
If you do decide you want to invest your money in gold, you should look into purchasing physical bullion instead of futures contracts. Futures contracts can be described as financial instruments that are determined by the gold price. They allow you to speculate on future prices without owning the metal itself. You can only hold physical bullion, which is real silver and gold bars.
Should You Invest Gold in Retirement?
The answer depends on how much money you have saved and whether gold was an investment option available when you started saving. Consider investing in both.
You can earn potential returns on your investment of gold. It's a great investment for retirees.
While most investments offer fixed rates of return, gold tends to fluctuate. As a result, its value changes over time.
This does not mean you shouldn’t invest in gold. This just means you need to account for fluctuations in your overall portfolio.
Another benefit to gold is its tangible value. Gold can be stored more easily than stocks and bonds. It can also be transported.
As long as you keep your gold in a secure location, you can always access it. You don't have to pay storage fees for physical gold.
Investing in gold can help protect against inflation. Gold prices are likely to rise with other commodities so it is a good way of protecting against rising costs.
A portion of your savings can be invested in something that doesn't go down in value. Gold usually rises when the stock market falls.
Another advantage to investing in gold is the ability to sell it whenever you wish. As with stocks, your position can be liquidated whenever you require cash. You don't even need to wait for your retirement.
If you do decide to invest in gold, make sure to diversify your holdings. Don't put all of your eggs in one basket.
Don't purchase too much at once. Start with just a few drops. Continue adding more as necessary.
The goal is not to become rich quick. Rather, it's to build up enough wealth so you won't need to rely on Social Security benefits.
Gold may not be the most attractive investment, but it could be a great complement to any retirement strategy.
Is the government allowed to take your gold
Your gold is yours and the government cannot take it. It's yours, and you earned it by working hard. It belongs to your. There may be exceptions to this rule. For example, if you were convicted of a crime involving fraud against the federal government, you can lose your gold. Also, if you owe taxes to the IRS, you can lose your precious metals. However, if you do not pay your taxes, you can still keep your gold even though it is considered property of the United States Government.
What precious metals do you have that you can invest in for your retirement?
Gold and silver are the best precious metal investments. They are both easy to trade and have been around for years. Consider adding them to the list if you're looking to diversify and expand your portfolio.
Gold: Gold is one of man's oldest forms of currency. It's also very safe and stable. This makes it a good option to preserve wealth in uncertain times.
Silver: Silver is a popular investment choice. It's a good choice for those who want to avoid volatility. Silver tends instead to go up than down, which is unlike gold.
Platinum: A new form of precious metal, platinum is growing in popularity. It's like silver or gold in that it is durable and resistant to corrosion. It's however much more costly than any of its counterparts.
Rhodium: Rhodium can be used in catalytic convertors. It is also used in jewelry-making. It's also relatively inexpensive compared to other precious metals.
Palladium – Palladium is an alternative to platinum that's more common but less scarce. It's also much more affordable. It's a popular choice for investors who want to add precious metals into their portfolios.
Statistics
- Indeed, several financial advisers interviewed for this article suggest you invest 5 to 15 percent of your portfolio in gold, just in case. (aarp.org)
- Instead, the economy improved, stocks rebounded, and gold plunged, losing 28 percent of its value in 2013. (aarp.org)
- (Basically, if your GDP grows by 2%, you need miners to dig 2% more gold out of the ground every year to keep prices steady.) (smartasset.com)
- The price of gold jumped 131 percent from late 2007 to September 2011, when it hit a high of $1,921 an ounce, according to the World Gold Council. (aarp.org)
- You can only purchase gold bars at least 99.5% purity. (forbes.com)
External Links
irs.gov
wsj.com
- Saddam Hussein's InvasionHelped Uncage a Bear In 1991 – WSJ
- You want to keep gold in your IRA at home? It's not legal – WSJ
law.cornell.edu
- 7 U.S. Code SS7 – Designation boards of trade as contract market authorities
- 26 U.S. Code SS 408 – Individual retirement plans
investopedia.com
- Do You Need a Gold IRA to Get Retirement?
- What are the Options? Types, Spreads, Example, and Risk Metrics
How To
Investing gold vs. stocks
These days, it might seem quite risky to invest your money in gold. The reason behind this is that many people believe that gold is no longer profitable to invest in. This belief is due to the fact that many people see gold prices dropping because of the global economy. They feel that gold investment would cause them to lose money. There are many benefits to investing in gold. Here are some examples.
Gold is one of the oldest forms of currency known to man. Its use can be traced back to thousands of years ago. It has been used as a store for value by people all over the globe. As a means of payment, South Africa and many other countries still rely on it.
It is important to determine the price per Gram that you will pay for gold when making a decision about whether or not to invest. It is important to determine the price per gram you are willing and able to pay for gold bullion. If you don’t know the current market rate for gold bullion, you can always consult a local jeweler to get their opinion.
It is important to remember that even though gold prices have dropped in recent times, the cost of making gold has risen. Although gold's price has fallen, its production costs have not.
The amount of gold that you are planning to purchase is another important consideration when deciding whether or not gold should be bought. If you plan to buy enough gold to cover your wedding rings then it is probably a good idea to wait before buying any more. If you plan to do so as long-term investments, it is worth looking into. It is possible to make a profit by selling your gold at higher prices than when you purchased it.
We hope you have gained a better understanding about gold as an investment tool. We strongly recommend that you research all available options before making any decisions. Only then can informed decisions be made.
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By: Lubomir Tassev
Title: Binance Creates Global Advisory Board to Tackle Regulatory Challenges
Sourced From: news.bitcoin.com/binance-creates-global-advisory-board-to-tackle-regulatory-challenges/
Published Date: Fri, 23 Sep 2022 09:30:29 +0000
