Kentucky needs to attract more crypto mining businesses by offering tax breaks, local lawmakers believe.
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.
Utah-based startup TaxBit prepares to provide global crypto-oriented tax expertise with a newly raised $100 million.9161
The United States IRS has clarified that crypto investors who only purchased digital assets using fiat and did not sell during 2020 do not need to report said activities.40390
Investing in digital assets can offer a plethora of opportunities, but when the taxman comes, investors best be prepared.16663
After much back and forth, South Korea appears to have finally set a hard date for the dawn of cryptocurrency taxation.11010
The Swiss canton of Zug is now accepting Bitcoin and Ether for tax payment from local companies and individuals.10826
The Russian State Duma will consider a new bill on cryptocurrency taxation on Feb. 17.9741
The City Commission of Miami is now looking into the feasibility of allowing Miami residents to pay taxes and receive salaries in Bitcoin.10833
501(3)(c) status boosts the project's legitimacy as well as its efficiency in using donations.5263
Now is the time to look beyond your own income-producing activities and look to your children’s crypto as well.8459
The taxman still isn't wise to cryptocurrency earnings made through proof-of-stake. But that could change soon.11587
Authorities in South Africa are warning investors to be wary of scams amid the current crypto bull market.7545
Filing 2020 taxes may be slightly less complicated for Coinbase users than it was before.13108
Crypto transactions in Kenya now attract a 1.5% tax.12066
After several delays, the South Korean government is going ahead with a plan to tax cryptocurrency holders.19344