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There is a lack of clearly defined standards and practices for businesses dealing in tokens and cryptocurrencies. Most accounting practices and financial reporting guidelines are formulated for traditional FIAT currency-based businesses. The Calibra wallet (the first Libra wallet – developed by Facebook) will however ask for KYC on their platform. Libra argues that given the different nature of the asset (non-speculative, made for payments and money transfers), it will be subject to a ‘light tax treatment’