“If you’ve made a sale during the tax year, and you’ve sold at a loss, there’s basically a benefit there,” says Koinly’s head of tax.
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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Cryptocurrency wallet firm Exodus has been paying all its staff fully in Bitcoin since launching its software wallet in 2015, CEO JP Richardson said.
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"The volatility is not that bad” — the mayor of the Gold Coast, Australia, suggests crypto could be used to pay local taxes in the future.
2345 - Expert Take
With the market falling off a cliff, there will be big losses to claim on your taxes, right? Well, let’s break it down in detail.
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The Portuguese Minister of Finance had recently declared that cryptocurrencies in the country will soon be subject to capital gains taxes.
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The small Iberian nation is set to reverse a long-standing tax law that excluded crypto gains on the grounds that they are not legal tender.
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“Remember, you can’t offset your crypto losses against your salary and wages,” said ATO assistant commissioner Tim Loh.
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Germany’s Finance Ministry has released new cryptocurrency tax guidelines with no tax payable on gains from BTC and ETH sold 12 months after acquisition.
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Cryptocurrency mining companies will be required to submit comprehensive information about their operations as the country tries to reign in electricity consumption.
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The country’s president-elect is proving his crypto savvy by declaring there will be no tax on crypto investment gains until legislation can ensure consumer protections.
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The Republic of Uzbekistan is preparing to adopt a new crypto regulatory framework including a 7.5% income tax on crypto-related salaries.
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Blockchain and virtual currencies are set to become vital part of the Argentine capital’s 12-step digital transformation effort.
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The integration provides LUNA users a way to accurately track and record their transactions to meet their tax obligations, according to Koinly's Tony Dhanjal.
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One of Fabio Panetta’s concerns seemed to be how the ECB and lawmakers address the taxation of cryptoassets, describing current requirements as “minimal."
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The new crypto law would reportedly allow citizens to pay their taxes in crypto and allow the use of crypto as a form of payment for businesses.
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