The Capital Markets (Amendment) Bill will now be introduced to the lower chamber of the Kenyan parliament.
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.
According to the fiscal year 2023 report, the IRS unit investigated failures to disclose crypto holdings and report on capital gains for transactions.3249
Spain and Brazil are chasing cryptocurrency stored abroad, while the U.K. wants taxes paid for crypto assets that weren’t previously declared.2133
- KyberSwap hacker wants control, law firm says Aussie DeFi tax rules ‘non-binding’: Finance Redefined
Law firm Cadena Legal said that the guidance released by the Australian Taxation Office is “non-binding” and must be treated as “toilet paper.”4312
“I am actively telling people they are best ignoring it,” Cadena Legal’s founder tells Cointelegraph after controversial new tax guidance on DeFi was released in November.7571
Thanks to the IRS, your favorite decentralized exchange may need to begin asking for your address, birthdate, and other personal information beginning in 2025.3691
Cryptocurrencies are becoming increasingly relevant for businesses, but managing and accounting for these digital assets can be challenging.22363
His Majesty’s Revenue and Customs has issued a warning to crypto, NFT and utility tokenholders about paying their taxes on time or facing the consequences.6371
Only individuals with balance sheets exceeding the equivalent of 50,000 euros in crypto assets are obliged to declare their foreign holdings.4406
The number of tax evasion cases featuring crypto assets rose 35% in 2022.18217
Buy Bitcoin and Ether legally and securely in the U.K. and get insights on regulations, storage and investment options to make informed decisions.4397
- KyberSwap attacker used ‘infinite money glitch,’ Australia’s tax agency won’t clarify DeFi rules: Finance Redefined
Australia’s tax regulator did not clarify whether investors must pay taxes on liquid staking or transfer to layer-2 bridges.3985
The Australian Taxation Office’s new rules on DeFi are unclear on whether capital gains taxes apply to liquid staking and transferring to layer-2 bridges.20175
Delivering a major hit to Australian crypto investors, the ATO stated that wrapping or unwrapping tokens — irrespective of their price at the time — will be subject to capital gains tax.11821
Even if approved by Nov. 17, the spot Bitcoin ETFs are unlikely to come to market for at least a month after approval.30305