India probes betting platforms for crypto tax evasion

Indian authorities are intensifying their crackdown on gaming and betting applications using cryptos and offshore companies to evade taxes.  According to a report from The Economic Times, several agencies are investigating networks of dummy companies that allegedly use crypto assets… дальше »

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Brazil to tax crypto held abroad by citizens

The Brazilian Congress is pushing forward legislation allowing for the taxation of crypto assets held abroad by citizens of the South American country. According to the local press, Brazilian lawmakers on Aug. дальше »

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Brazil's Congress moves to levy higher taxes on cryptocurrencies

If approved, the legislation would place crypto assets held by Brazilians overseas subject to the same tax rules governing traditional assets. дальше »

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Brazil’s Congress moves to levy higher taxes on cryptocurrencies

If approved, the legislation would make crypto assets held by Brazilians overseas subject to the same tax rules governing traditional assets. дальше »

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Apple’s 30% tax rules will stay for now, crypto and NFTs may have to wait

A Supreme Court judge has rejected a request from Epic Games that would've immediately loosened Apple's App Store payment rules, to the potential benefit of crypto and NFT apps. дальше »

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A Long-Awaited Crypto Tax Rule Was Written Months Ago. Why Isn’t it Proposed?

Crypto investors and their brokerages are waiting for a U.S. tax rule that will completely overhaul how they report their cryptocurrency taxes, but the government isn’t offering any straight answers about its holdup even as prominent lawmakers clamor for the Treasury Department to finish the job. дальше »

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New IRS Guidelines on Taxation of Cryptocurrency Staking Rewards: What You Need to Know

IRS releases tax guidance on staking.

The post New IRS Guidelines on Taxation of Cryptocurrency Staking Rewards: What You Need to Know appeared first on BeInCrypto.

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Bridgecoin’s new lending platform allows users to defer crypto gains tax

On August 3, Bridgecoin Capital revealed a new first-of-a-kind platform to lend clients’ cryptocurrency into real estate assets. Their experienced team has been exploring ways to merge blockchain and the commercial real estate market since 2018. дальше »

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Bridgecoin Capital unveils lending platform for lending crypto into real estate assets

The Bridgecoin Capital lending platform will lend customers’ crypto into traditional real estate assets. The new lending platform enables investors to defer their crypto gains tax, while simultaneously diversifying their portfolio and generating passive income. дальше »

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US senators call to implement strict tax reporting rules for crypto

US Senators urge Treasury and IRS to implement crypto tax rules by December 2023, warning of potential $1.5 billion revenue loss. Four U.S. Senators, Elizabeth Warren, Robert P. Casey, Jr., Richard Blumenthal, and Bernard Sanders, have sent a letter to… дальше »

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Ukraine claims $81m tax gap from unregulated crypto exchanges

Ukrainian authorities allege crypto exchanges have evaded over $81 million in contributions to the national budget over the past ten years. A tweet from Aug. 2 highlighted that non-affiliated crypto exchanges were accountable for a tax deficit of at least… дальше »

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Elizabeth Warren pressures Treasury, IRS for swift action on $50B crypto tax loophole

In a recent letter addressed to Treasury Secretary Janet Yellen and IRS Commissioner Daniel Werfel, US Senators led by Elizabeth Warren have demanded prompt action on implementing new tax reporting requirements for digital asset brokers. дальше »

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Ukrainian government reports $81M tax loss from unregulated crypto exchanges since 2013

A crypto bill signed into law in 2022 paved the way for the Ukrainian government to amend its tax code, but local exchanges still largely operate outside this framework. дальше »

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Staking rewards are now taxable, says IRS

The Internal Revenue Service (IRS), the leading tax authority in the United States, recently released Revenue Ruling 2023-14, providing clarity on the taxation of income derived from crypto staking.  The ruling categorizes cryptocurrency staking rewards, along with various other income… дальше »

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Japan Blockchain Association demands tax cuts for crypto

Advocates of the crypto industry in Japan demand the revision of the national tax regime for digital assets.

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Top Ripple Execs Spark Controversial Debate Over XRP and Taxes

Ripple executives and XRP enthusiasts engage in heated debate over tax implications of using XRP for cross-currency payments дальше »

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JBA proposes tax reforms to empower Japan’s crypto ecosystem

The JBA has reportedly requested Prime Minister Fumio Kishida to revise Japan's tax system concerning crypto assets дальше »

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Judge suggests IRS issued $4K refund over tax lawsuit based on quality of lawyers: Report

A couple who filed a lawsuit over how staked Tezos tokens were taxed has gone to appellate court after refusing to accept a refund check from the IRS. дальше »

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South Korea reinforces crypto regulation with new crime investigation unit

South Korea has launched the Joint Investigation Center for Crypto Crimes to fight escalating cryptocurrency misconduct. The investigation team will comprise 30 individuals from the customs, tax, financial, and judicial agencies. дальше »

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More Crypto Politicians, Kennedy Jr.’s Vision: Bitcoin-Backed US Dollar & Tax Exemption

The announcement made by Democratic Presidential Candidate Robert F. Kennedy Jr. to back the US dollar with Bitcoin and exempt investors from capital gains taxes on Bitcoin profits is a bold and innovative proposal in the realm of cryptocurrency policies. дальше »

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Crypto Booster Robert F. Kennedy Jr. Promises To Use Bitcoin To Stabilize US Dollar If He Becomes President

Democratic presidential hopeful Robert F. Kennedy Jr. has pledged to restore strength to the United States dollar using Bitcoin. The Kennedy family scion also plans to exempt Bitcoin profits from capital gains tax. дальше »

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Presidential candidate RFK Jr. proposes backing US dollar with Bitcoin

Presidential candidate Robert F. Kennedy Jr. revealed plans to back the U. S. Dollar with Bitcoin (BTC) and exempt the flagship digital asset from capital gains tax while speaking at a July 18 Heal-the-Divide PAC event. дальше »

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Taxing the Cryptoverse: IMF Report Claims AML Rules Not Enough to Stop Tax Evasion

According to a report recently released by the International Monetary Fund (IMF), current anti-money laundering (AML) policies are inadequate for effectively dealing with tax evasion in the cryptocurrency industry. дальше »

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Rewarding Crypto Tax Compliance with NFTs in India

TaxNodes introduces an initiative rewarding compliant taxpayers with NFTs for filing taxes on crypto profits. Embrace the future of digital assets. The post Rewarding Crypto Tax Compliance with NFTs in India appeared first on NFT News Today. дальше »

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Kraken Fights IRS Request, Claims Overreach and Argues Customer Protection

In 2021, Kraken had seemingly received a summons from the Internal Revenue Service (IRS), but the exchange did not conform with the order. The IRS now intends to look into the tax liabilities of customers who used the platform to transact in cryptocurrencies between 2016 and 2020. дальше »

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IRS investigating American crypto exodus to Puerto Rico

The U. S. Internal Revenue Service (IRS) is pursuing tax dodgers who abused Puerto Rico’s tax structures, Bloomberg reported on July 12. Puerto Rico has offered significant tax incentives to cryptocurrency traders, hedge fund managers, and other American investors since 2012. дальше »

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U.S. Senate Finance Committee Asks Crypto Industry for Tax Guidance

The committee sought input from the cryptocurrency industry to better understand the tax challenges presented by digital assets. дальше »

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Shaping Crypto Tax Laws: US Senate Panel Seeks More Investor Input

Crypto tax laws have taken a positive turn as United States Senate Financial Services Committee Chair Ron Wyden and ranking member Mike Crapo recently published an open letter aimed at soliciting feedback from the digital asset community regarding the taxation of digital assets. дальше »

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After Crypto Tax, India Slaps 28% GST on Online Gaming Industry

India has imposed a 28% Goods and Services Tax (GST) on the online gaming industry and an 18% GST on crypto transactions, facing criticism for potentially discouraging business and entrepreneurship. дальше »

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How to use tax planning strategies for maximum savings

Learn how to navigate tax laws and regulations for optimal financial management.

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Addressing The Potential Of Cryptocurrency For Illegal Activities: Mitigations

Cryptocurrency, with its decentralized nature and pseudo-anonymity, does have the potential to be exploited for illegal activities such as tax evasion, terrorist funding, fraud, and ransomware attacks. дальше »

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Nigerian crypto tax move is ‘premature’ — Local stakeholders

Industry stakeholders seek clarity regarding the implications of taxation and its connection to the recognition of cryptocurrency and associated procedures. дальше »

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Israeli crypto bill aims to clarify regulations and attract foreign investors with new tax incentives

On July 5, the Israeli  Knesset approved the preliminary reading of bill that aims to introduce various tax benefits related to digital currencies in an effort to attract foreign investment. The proposed legislation also seeks to provide regulatory clarity for the crypto industry. дальше »

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Israel’s parliament moves forward with crypto tax exemption for foreigners

On June 5, a bill proposing exemptions from capital gains taxes on the sale of digital currencies in Israel passed the preliminary reading in the country's parliament, the Knesset дальше »

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Bill to exempt foreigners from crypto taxes passes preliminary reading in Israel

The bill would also level up crypto bonuses with employee stock options by reducing the current 50% tax to 25%.

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IMF Identifies Crypto As An ‘Obstacle’ To Tax Collection Systems – Here’s Why

The IMF, or International Monetary Fund, renowned for its extensive research and analysis in the realm of global finance, has recently released a working paper that sheds light on the intricate challenges associated with tax collection in the realm of cryptocurrencies. дальше »

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IMF eyes tens of billions in crypto asset taxes, has few suggestions for collecting them

Income tax, property tax, VAT, corrective taxation — there is a tax goldmine out there for governments, but they will have to think hard about accessing it. дальше »

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Israeli Lawmakers Support Axing Crypto Capital Gains Tax for Foreigners

A bill exempting foreign residents from capital gains taxes on crypto sales, and lowering tax on stock-options-like crypto options for employees has passed a preliminary reading in the Knesset. дальше »

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Cardano (ADA) Might Receive Tax on Governance Action, Tech Director Says

Cardano Foundation (CF) tech director Matthias Benkort, known as KtorZ, proposes new incentive scheme for designers of Cardano (ADA) updates дальше »

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Kraken’s Bid to Block IRS Crypto Tax Probe Fails in Court

Kraken's bid to block IRS tax probe on cryptocurrency gains was unsuccessful as a court ruled for the disclosure of its customer data. The post Kraken’s Bid to Block IRS Crypto Tax Probe Fails in Court appeared first on BeInCrypto. дальше »

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Kraken Ordered To Unveil Customer Data In IRS Crypto Tax Probe – What’s At Stake?

Kraken, the renowned digital currency exchange based in San Francisco, has been served with a court directive by a United States judge, compelling the disclosure of customer information to the Internal Revenue Service. дальше »

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Kraken ordered by court to disclose user data to IRS for tax compliance

Kraken is required to provide details of users who engaged in transactions exceeding $20,000 within a calendar year.

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Slovakia approves lower crypto income tax rate

Slovakian lawmakers have passed legislation to regulate and reduce the tax rate on cryptocurrency income. Under the new law, crypto income from assets held for at least a year will be taxed at a favorable rate of 7%, aligning Slovakia… дальше »

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Biden Targets ‘Crypto Loopholes’ in Speech Outlining Economic Vision

In a June 29 speech outlining his economic vision, President Biden took aim at tax loopholes for crypto traders as he set forth his vision of how to make America fairer. The post Biden Targets ‘Crypto Loopholes’ in Speech Outlining Economic Vision appeared first on BeInCrypto. дальше »

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Tax experts challenge HMRC’s proposed tax framework as ‘Not fit for purpose’

Accounting service leaders in the UK have disputed HMRC’s proposed taxation framework for decentralized finance (DeFi) transactions, labeling it as “not fit for purpose.” In a letter sent to HMRC, the UK’s tax authority, written by experts, including tax calculation software provider Recap and chartered accountants, Wright Vigar highlights the need for a more nuanced […] The post Tax experts challenge HMRC’s proposed tax framework as ‘Not fit for purpose’ appeared first on CryptoSlate. дальше »

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Slovakian Lawmakers Vote To Reduce Crypto Income Tax Rate

Lawmakers in Slovakia recently voted to confirm legislation to regulate and tax cryptocurrency income at a lower rate. Starting in effect, crypto income on assets held for at least a year will only be taxed at 7% instead of the current rates of 19% or 25%. дальше »

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Biden extols economic progress in Chicago speech, again criticizing “loopholes for crypto traders” in U.S. tax code

President Joe Biden has once again commented on the need to close crypto “loopholes” while touting his economic policies. Speaking in Chicago, President Biden shared his economic vision for America in what he claimed had been dubbed by legacy media outlets, “Bidenomics. дальше »

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Slovakia to reduce crypto income tax rate: will more countries follow suit?

Key takeaways Slovakian lawmakers have voted in favour of reducing cryptocurrency income tax in the country. The move could see more cryptocurrency investors in the country and could benefit the broader crypto market. дальше »

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Slovakia Stands to Lose €30M Through Crypto Tax Cuts

Slovakia relaxes tax rules for cryptocurrency profits and payments below 2,400 euros.

The post Slovakia Stands to Lose €30M Through Crypto Tax Cuts appeared first on BeInCrypto.

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Lisbon: A Buzzy, Affordable Mecca for Buy-and-Hold Crypto Nomads

Portugal’s coastal capital offers a top-shelf European quality of life at discount prices. The No. 15 spot on CoinDesk’s Crypto Hubs 2023 attracts creative and entrepreneurial expats with a lively calendar of Web3 events, prized “digital nomad” visa and crypto-friendly tax laws. дальше »

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