Part 2 of this series continues to cover the legal implications associated with the sale of SAFTs and focuses on taxes related to tokens.
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.
Coinbase’s chief tax officer Lawrence Zlatkin says global customers are the future as non-U.S. jurisdictions are more open-minded.9967
The three-year old Common Reporting Standard is uncovering offshore assets on a massive scale, highlighting cryptocurrencies as a potential alternative.2720
Switzerland does not need to amend its current tax legislation to cover blockchain-based arrangements, the Federal Council believes.5144
South Korea economist worries that tough regulation would slow down crypto’s growth.11131
A new crypto reporting app by the big four accounting firm EY will help clients with tax reporting as the IRS cracks down on tax evasion.3734
The US federal court sides with the IRS in a dispute involving crypto whales and unpaid taxes.2476
Although scant on details, South Korea’s finance minister has confirmed that taxes will be imposed on cryptocurrency in the country.5632
Taro Aso might not be willing to support legislation in Japan treating cryptocurrency-related income the same as that for stocks.8116
The government of South Korean is preparing to legislate crypto taxes by proposing a new amendment to the existing law.2420
There is no denying that you should be paying taxes on your income from crypto, but how can you ensure that you are not paying more taxes than you owe?8828
The United States Internal Revenue Service is reportedly soliciting outside contractors to assist with calculations of cryptocurrency users’ transactions.13756
New research has highlighted a patchwork of laws, confused regulations and unusual concepts governing crypto taxation in Latin America.9137
The crypto industry’s attitudes toward tax are maturing, with a recent survey indicating that two-thirds of digital asset users are in favor of cryptocurrency taxation.4653
In response to the coronavirus pandemic, the IRS is updating some important guidelines and procedures to make them easier.13131