Click Here For AMBCrypto’s Survey – A chance to win Trezor One The Indian Government has moved towards potentially implementing a tax of 18% on Bitcoin trading in the country. According to reports, the central government is currently weighing a proposal to impose a Goods and Services (GST) tax on Bitcoin, which is estimated to...Read More
South Korea has confirmed that income tax cannot be levied on individual investors’ profits from crypto transactions under the current tax law. The government, however, is reviewing international trends and the approaches of major countries to crypto taxation in an effort to amend the existing Korean tax law to include cryptocurrency. Also read: Regulatory Roundup...Read More
The National Tax Service of South Korea (NTS) has decided to withhold income tax from Bithumb’s foreign customers. The total tax to be imposed on their transactions amounts to more than 80 billion won (over $69 million), the leading Korean cryptocurrency exchange announced. Also read: Poles Hit With Backdated Tax on Crypto Trades Bithumb to...Read More
According to the South Korean Ministry of Finance’s new announcement, the country’s current tax laws do not include the taxation of profits made through trading crypto. The Ministry of Finance and Strategy in South Korea recently resolved the confusion regarding the taxation of profits made through crypto trading. According to the Ministry’s announcement, the current...Read More
Canadian tax authorities’ approach to crypto-assets might discourage the country’s citizens from using digital assets, as things like double taxation remain an issue. While the US still struggles to bring regulatory clarity to the world of cryptocurrencies, its neighbor, Canada, currently faces taxation issues. The country was quick to introduce crypto taxes as early as...Read More
Eight lawmakers have sent a letter to the IRS seeking answers to new questions stemming from the latest crypto tax guidance. They pointed out a number of major issues including unwarranted tax liabilities for crypto users who unwillingly receive forked or airdropped coins. Also read: Regulatory Roundup: Crypto ‘Inevitable’ in India, China Rankings, NY Streamlines...Read More
Crypto traders in Poland have been unpleasantly surprised with a controversial tax they thought they wouldn’t have to pay. The Civil Law Transactions Tax (PCC) is applicable to digital asset trades conducted before the introduction of last year’s moratorium on its collection, the Polish tax administration recently clarified. The matter has been discussed on European...Read More
In this regulatory roundup, we cover the U.S. SEC approving a bitcoin futures fund, the new IRS tax form targeting crypto owners, and several more steps taken by the U.S. government toward crypto regulation. We also cover India’s central bank digital currency plan, South Korea’s crypto taxation plan, and the European Commission’s announcement regarding stablecoins....Read More
Filing crypto taxes can be quite tedious and frustrating, as the process requires data from every exchange account and wallet you have ever used for a transaction. This is exacerbated by the fact that crypto is so new that the tax rules are not very clear to the average investor. As a result, mistakes in...Read More
Taxes are never popular, but in the U.S., paying for crypto gains is like solving a Rubik’s Cube without touching it. While blindfolded. You might have correctly filed your obligations, but there’s no knowing until the tax authority explains exactly what those obligations are. Leaving aside the fact that the government is seeking revenue on...Read More
Cryptocurrency enthusiasts and businesses in the industry have had to put up with regulatory uncertainty for quite some time. The strong desire to tap into their incomes and profits goes hand in hand with failure on behalf of authorities and regulators to fully understand the nature of decentralized digital assets. Not to mention how absurd...Read More
Many experts predict that the U.S. might face another recession as early as next year and by 2021, others foresee another recession and give it a 24% to 83% of happening. In May 2019, the U.S. saw just 27,000 created – affecting manufacturing and small businesses the most heavily, but some industries, healthcare, education, and...Read More
