The Internal Revenue Service (IRS) seems to have found a way to block crypto tax evasion, following an update of its tax form. IRS: No Excuses for Crypto Traders According to the Wall Street Journal on Friday (September 25, 2020), the IRS is planning to alter its 1040 tax form. The revised tax form will...Read More
A newly-proposed bill with the legislative branch of the Israeli government Knesset submitted several changes to Bitcoin’s taxation. Instead of viewing BTC as an asset and subjecting sales to capital gains tax of 25%, the new legislation plans to recognize it as a currency. New Proposal: Bitcoin As a Currency Not An Asset According to...Read More
Zug, a canton in Switzerland, will be the first canton to start accepting cryptocurrency for tax payment purposes starting from February 2021. Zug Canton Partners with Bitcoin Suisse for Crypto Tax Payment According to an announcement by the canton on Zug on Thursday (September 3, 2020), taxpayers in the canton will have the option of...Read More
Venezuela’s Bolivarian Council of Mayors has signed a new tax agreement in 305 municipalities across the country. Called National Tax Harmonization Agreement, it will allow the nation to raise taxes and sanctions using the nation’s cryptocurrency – the Petro. Cryptocurrency Tax Collection In Venezuela According to the recent local report, the mayor of the Libertador...Read More
The US government is still working on regulations on third-party reporting for cryptocurrency trades. The transactions will be reported by crypto exchanges in accordance with Section 6045 of the Internal Revenue Code (IRC), a Treasury attorney said. Cryptocurrency Exchanges Will Share Client Data as Stipulated in Section 6045 Erika Nijenhuis, senior counsel at the US...Read More
A local report indicates that South Korea’s Minister of Finance and Economy believes that the country should impose a tax on cryptocurrency trading and investing. He added that South Korea has been discussing with other countries the introduction of a new digital law. South Korea To Impose Tax On Crypto? The Asian country has been...Read More
The man, known as Bitcoin Jesus, has urged people to start using cryptocurrencies instead of what he calls “police money,” if they want to show their opposition to a corrupt justice system. Founder and Executive Chairman of Bitcoin.com, Roger Ver, said in a YouTube video posted on June 3 that the best way to prevent...Read More
The dreadful situation in Spain caused by the COVID-19 outbreak is not delaying local authorities to send notices to taxpayers. Those include traders and investors in cryptocurrencies, who have quadrupled in the past year to 66,000. Spain To Tax 66k Crypto Investors The Spanish Tax Agency (Agencia Estatal de Administracion Tributaria or AEAT) began sending...Read More
South Korea might be changing its stance regarding taxing cryptocurrency trading profits. Just weeks after the government said that they wouldn’t tax any profits made from digital assets, a new report indicates otherwise. The country could purportedly classify crypto gains in the same category as lottery winnings and thus tax them with 20%. South Korea...Read More
The largest cryptocurrency exchange in South Korea, Bithumb, has filed a complaint with the Tax Tribunal against the National Tax Service (NTS). The company wants the Tribunal to nullify a tax for nearly $70 million, which was previously imposed by the NTS on its customers. Bithumb Fires Back At the end of 2019, NTS imposed...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
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
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
Salaries paid in decentralized digital coins have become a norm across the crypto industry, but there’s really no reason why cryptocurrencies can’t be used for remuneration by businesses in other sectors as well. In many jurisdictions that should be legal even in the absence of dedicated legislation. Switzerland, New Zealand, Japan and Estonia are a...Read More
