Existing law in India could mandate a 2% levy on cryptocurrency purchases from offshore-based exchanges servicing India’s market.
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.
John McAfee asserted in an extradition hearing in Spain that the tax evasion charges aimed against him are politically motivated.14752
Sustainability and the need to lessen climate change amid the COVID-19 pandemic have become the global economic agenda.14133
The U.S. authorities are becoming seriously interested in crypto, making unreported crypto more dangerous.12478
The newly proposed global tax rules will drastically influence all international companies, with crypto being a target as well.8905
South Korean crypto exchanges are groaning under a new proposal that will prevent them from converting trading fees to fiat currency.11659
The ATO said it already knows who is invested in cryptocurrencies and expects cooperation.11286
After some confusion, South Korea’s government has laid out which state and regulatory bodies are charged with the oversight of various aspects of crypto-related activities.10350
Coins earned by staking have been “created” and are untaxable until sold, according to one couple in the United States.14087
Ultimately, crypto taxing could be part of the business, H&R Block CEO Jeff Jones added.5387
Monero’s surge amid cryptocurrency taxation news adds to an 84% bounce since the recent market crash.16416
Caitlin Long has stated she is optimistic about the crypto regulations that are taking shape in the United States as the focus is on taxation and compliance.11972
This is the third time Rep. Emmer has introduced the bill to the House of Representatives, but the first with a Democrat in the presidency.14760
Argentina’s tax authority AFIP reportedly ordered domestic crypto exchanges and payment firms to provide monthly reports of all kinds of operations.12361
If you’re a cryptocurrency holder with past-due tax debts, your provable holdings may be confiscated by the IRS if you don’t pay back what you owe.13572