Opposition lawmakers are seeking a one-year delay in the enactment of the law as well as a lowering of the tax burden on crypto traders.
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.
The crypto tax will begin for South Koreans in 2022 but some industry observers say there is no cause for concern.4023
Hinging on Democrats' ability to resolve intraparty disagreements, the controversial legislation could have tangible consequences for digital finance in the U.S. and beyond — if passed by the House today.8171
The IRS’ commissioner says crypto gains are taxable in the cannabis industry as the IRS treats cryptocurrencies as property.6765
A green post-COVID-10 recovery in accordance with the United Nations’ 17 Sustainable Development Goals is possible with blockchain and NFTs.4729
The Boston Blockchain Association has published crypto regulatory advisory guidelines for lawmakers in Massachusetts to consider.2243
“In a situation where the relevant taxation infrastructure is not sufficiently established, the deferral of taxation on virtual assets is not an option, but an inevitable situation,” said Noh Woong-rae.1598
If passed, the plan would raise the capital gains tax rate for "certain high income individuals" to 28.8%, while eliminating the "wash sale" loophole for crypto users.13091
El Salvador is looking to attract foreign investment by adopting major tax breaks on Bitcoin trading.15790
Russia is moving to regulate cryptocurrency mining after legitimizing the broader crypto industry in January.5866
What the United States needs is tens of billions of dollars, and the state is going to take it from the American crypto community.2793
The United Arab Emirates has been cementing its presence in the digital asset industry recently with multiple efforts to further adopt blockchain-based technologies.4517
"We want members of Congress to know that we'll be watching them and that we won't let them hide from their positions on this," said Evan Greer.4006
The Philippine government is yet to determine whether Axie’s in-game NFTs should be classified as securities or currency.9316
Coinbase’s global tax VP has slammed Congress for the controversial crypto tax provisions rushed into the infrastructure deal, warning the bill could impact 60 million Americans.17481