G20 calls for ‘swift’ creation of crypto tax reporting rules and info exchange

G20 leaders are moving rapidly toward a Crypto Asset Reporting Framework, according to a report from The Times of India on Sept. 9. That framework would see G20 member countries collect and share information about the use of cryptocurrency and digital assets. дальше »

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Blockchain Association responds to US lawmakers’ request for crypto tax guidance

Lawmakers with the U.S. Senate Financial Services Committee announced in July they would be accepting suggestions on how to tax crypto until Sept. 8. дальше »

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Japanese regulator seeks to scrap “unrealized gains” tax on crypto

The Japanese Financial Services Agency has proposed changing the tax code around digital assets to free domestic firms from the end-of-the-year “unrealized gains” tax on crypto. дальше »

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Harvard Scholar Urges Immediate Taxation of Metaverse

A Harvard scholar suggests that governments should tax income earned in the Metaverse immediately upon receipt to modernize the tax system and prevent it from becoming a tax haven. The post Harvard Scholar Urges Immediate Taxation of Metaverse appeared first on BeInCrypto. дальше »

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Failure to tax the metaverse ‘will create a tax haven’ — Harvard legal expert

Harvard scholar Christine Kim writes that income and wealth in the metaverse should be subject to immediate taxation.

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Kenya clamps down on Worldcoin over national security and tax evasion concerns

Kenya’s National Computer Cybercrimes Coordination Committee (NC4) warned that Worldcoin activities pose national and economic security challenges to the African country, local media outlet Standard Media reported. дальше »

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China combats struggling financial markets with tax cuts

Quick Take In a determined bid to reanimate its ailing financial markets, China has slashed stock trading taxes by half, as reported by market analyst Ayesha Tariq. Alongside this, the government has directed state-owned banks and funds to invest in stocks, adding a new layer of complexity to the nation’s economic landscape. дальше »

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New tax rules for crypto in the US: Law Decoded

The United States Internal Revenue Service has released proposed regulations on the sale and exchange of digital assets by brokers. дальше »

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Crypto World On Edge: Biden’s Tax Regulation Draws Sharp Criticism

United States President Joe Biden’s proposed cryptocurrency tax regulations are causing concern among many. These regulations would require brokers (individuals facilitating buying and selling) to report digital currency transactions to the government, aligning with existing practices for other monetary transactions. дальше »

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Crypto community reacts to Biden’s proposed crypto tax reporting rules

Many prominent crypto commentators are concerned that this will make crypto firms even more reluctant to do business in the United States. дальше »

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Will US Treasury proposals kill defi? Critics blast new crypto bill

The US Treasury Department recently revealed a proposal outlining new tax rules for the cryptocurrency industry. Among the updates is the introduction of a 1099 form for crypto transactions. The new guidelines also clarify tax obligations for digital asset miners. … дальше »

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DeFi Can Be Killed If This Tax Proposal Is Introduced

New regulation for decentralized finances might become final blow for US-based companies дальше »

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Rep. Patrick McHenry calls proposed crypto tax rules an ‘attack on the digital asset ecosystem’

Patrick McHenry, Chairman of the House Financial Services Committee, commented on newly proposed crypto taxation rules on Aug. 25. The IRS, along with the U. S. Treasury, proposed those taxation rules earlier in the day. дальше »

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Treasury, IRS propose crypto tax rules defining DeFi platforms as brokers

The U. S. Treasury Department has proposed updated tax rules aiming to streamline the crypto tax landscape, as reported by the Wall Street Journal. The proposed rules, when fully implemented, will obligate crypto businesses to interact with the IRS in a similar fashion to traditional brokers handling stock and mutual fund portfolios. дальше »

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Sweeping U.S. Tax Proposal Met With Boos From Crypto World

An immediate burst of criticism from the crypto industry shows the U.S. Treasury Department’s new proposal on how to handle digital assets taxes will face a long road as it enters a months-long period of public comments and hearings. дальше »

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US Treasury And IRS Propose Regulations On Bitcoin & Crypto Transactions By Brokers

The proposed rules require brokers of digital assets to adhere to stringent tax reporting standards. дальше »

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U.S. Crypto Tax Proposal Lets Miners Off the Hook, Snares ‘Some’ Decentralized Exchanges

The U.S. Treasury Department has finally unveiled its definition of a "broker" for the crypto industry, defining how crypto companies and investors will need to meet tax reporting obligations and answering a years-old question over whether decentralized finance platforms and miners will need to gather their users' personal data. дальше »

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Israel police goes after business magnate for $290 mln crypto scam

Hogeg raised these funds across the world during 2017-18 under the guise of funding four crypto ventures. Police charged him with fraud, money laundering, tax violations, and sexual offences. дальше »

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South Korean City Announces Plan To Seize Crypto Assets Of Local Tax Evaders

The government of Cheongju City, located in the central region of South Korea, is looking to confiscate virtual assets such as Bitcoin from tax evaders. According to a local media report on August 22, the city authorities sought cooperation from seven crypto exchanges, including Upbit and Bithumb, to punish these delinquents. These exchanges have been […] дальше »

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Indian crypto exchange CoinDCX cuts staff amid bear market

CoinDCX, a top Indian cryptocurrency exchange, is slashing 12% of its staff as a prolonged bear market and the nation’s tax policies impact revenue. Founded in 2018 by Neeraj Khandelwal and Sumit Gupta, the Mumbai-based cryptocurrency exchange employs approximately 590… дальше »

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South Korean city to seize crypto from thousands of tax evaders: Report

City authorities of Cheongju are looking to seize cryptocurrency from anyone who owes at least $750 in crypto taxes to the government. дальше »

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Coin Center responds to US lawmakers’ request for crypto tax guidance

The crypto advocacy group’s suggestions included a de minimis exemption for crypto transactions and having the IRS provide guidance on block rewards, airdrops and hard forks. дальше »

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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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