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Taxes News
It is hard to define cryptocurrency taxes, because there is a lot of controversy surrounding it today. Society still has no consensus even on whether digital currencies are a property or a currency, and that triggers a huge difference in taxation procedure. The speed of exchange rate flows makes it impossible to establish a taxation time period equally suitable for everyone. Also, there are a lot of cryptocurrencies that were particularly designed to protect user’s anonymity and their protocols wouldn’t allow any government to tax it.
As cryptocurrency market is growing, and its sheer dollar value makes it more likely to catch an attention of regulators. Cryptocurrencies are also a great way of money laundering, so no government will be able to ignore the subject. Today there are a lot of news about new cryptocurrency taxes laws and it looks like there will be more over time.
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The new ETFs are reportedly from Harvest Global Investments, China Asset Management and a partnership between HashKey and Bosera Asset Management.
5463IRS criminal investigation chief Guy Ficco said his agency has become more aggressive and capable of dealing with crypto-related tax crimes amid tax reporting season.
3614Biden wants to impose a new 30 percent tax on the electricity that Bitcoin miners are using — regardless of how it's sourced. That means many will move abroad.
1531Tigran Gambaryan has been detained in Nigeria since March after coming to address concerns about Binance allegedly manipulating the naira.
3006The partnership allows MetaMask users to export their tax information into CoinLedger via a single click.
8445The International Monetary Fund also recommended Pakistan introduce stricter laws on collecting capital gains from real estate title transfers.
7375The first country to adopt Bitcoin as legal tender has made another radical change to its tax code.
9809The tax measures aim to promote fundraising using investment tokens and establish the country as an investment hub.
3192The Commodity Futures Trading Regulatory Agency of Indonesia has urged a reevaluation of the country’s 0.1% capital gains tax and 0.11% VAT on crypto transactions.
8519The IRS will use the funding from the Inflation Reduction Act (IRA), a federal law aimed at curbing inflation, to build compliance in emerging areas, which includes digital assets as a top priority.
15638The Gyeonggi tax department used the resident registration data of “delinquents,” tracing their mobile phone numbers to detect their accounts on crypto exchanges.
2717India banned crypto exchanges that didn’t comply with FIU guidelines, but market experts point to a lack of regulatory clarity and high taxation, forcing crypto traders to rush to foreign exchanges.
2221The ruling party argued it would take two years to establish a system that oversees crypto transactions, similar to the stock exchange.
4253The current draft of Senate Bill No. 339 is a substitute amendment to the bill’s initial version introduced in January.
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