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How to determine crypto cost basis for accurate tax filings
3.5.2024
Calculating the cost basis of cryptocurrency for tax purposes involves considering purchase prices, transaction fees and events such as hard forks or staking rewards
IRS Taps Binance.US, TaxBit Execs to Strengthen Crypto Tax Regulation Efforts
28.2.2024
The Internal Revenue Service (IRS) said on Tuesday that it hired two crypto industry executives — Sulolit “Raj” Mukherjee and Seth Wilks — to aid in digital asset reporting, compliance, and enforcement programs.
The post IRS Taps Binance.US, TaxBit Execs to Strengthen Crypto Tax Regulation Efforts...
Spain’s Crypto Users to Declare Digital Assets on Foreign Platforms as Tax Agency Updates Guidelines
28.11.2023
Source: alexlmx/Adobe Spain’s tax administration agency, popularly called Agencia Tributaria has released new rules governing digital asset reporting in the country that will see holders declare their foreign-held assets. The tax agency released form 721, a tax reporting form for users that hold...
Japan Financial Regulator Moves To End “Paper Profits” Tax On Digital Assets
5.9.2023
Japan’s top financial regulator, the Financial Services Agency (FSA) has proposed key amendments to the nation's tax code relating to profits on digital assets.
According to local news outlets, the Agency’s proposal to change the tax code is in line with several calls by industry executives...
Beijing-Based Bitcoin Miner Bitmain Faces Fines for Tax Regulation Breach – Here's the Latest
12.4.2023
Major crypto mining hardware maker Bitmain is reportedly looking at a nearly $4 million-heavy fine for unpaid taxes in Beijing.
According to a report by the local news agency Sina Finance, Bitmain has failed to pay income taxes as required by China’s laws on the administration of...
Today in Crypto: Pro-Russian & Neo-Nazi Militia Groups Promoting Digital Wallets for Crowdfunding on Telegram, Crypto Scams in Hong Kong up 67%, Thailand to Offer Tax Breaks for Investment Tokens Issuers
7.3.2023
Get your daily, bite-sized digest of cryptoasset and blockchain-related news – investigating the stories flying under the radar of today's crypto news.__________...
Read More: Today in Crypto: Pro-Russian & Neo-Nazi Militia Groups Promoting Digital Wallets for Crowdfunding on Telegram, Crypto Scams...
Billionaire Tim Draper Says El Salvador Will Become One of the Richest Countries on Earth For This One Reason
9.12.2022
American venture capitalist and billionaire Tim Draper argues that bitcoin (BTC) will lead El Salvador to become one of the richest countries in the world.
In an interview with investor Anthony Pompliano, published on Monday, Draper discussed governments turning to bitcoin and adopting 'the...
OECD Presents Crypto Tax Reporting Framework
11.10.2022
The Organisation for Economic Co-operation and Development (OECD), an intergovernmental organization that seeks to stimulate economic progress, has published a global framework for crypto tax reporting.
According to a press release, the framework, dubbed the Crypto-Asset Reporting Framework...
Portugal Makes U-Turn On Crypto-Friendly Taxes
11.10.2022
Though widely considered to be one of the most crypto-friendly countries, Portugal is increasingly shifting its position on taxing cryptoasset gains – and now plans to tax gains on crypto held for less than a year....
Read More: Portugal Makes U-Turn On Crypto-Friendly Taxes
Mastercard to Launch Crypto Secure, EU Parliament Voted to Use Blockchain in Taxation, Open Network's P2P Market to Enable Toncoin Trade on Telegram + More News
4.10.2022
Get your daily, bite-sized digest of cryptoasset and blockchain-related news – investigating the stories flying under the radar of today’s crypto news.__________...
Read More: Mastercard to Launch Crypto Secure, EU Parliament Voted to Use Blockchain in Taxation, Open Network's P2P Market to Enable...
NFT Stamps and Use Cases, Crypto Taxation in UK, Frozen USD 85M + More News
5.7.2022
Get your daily, bite-sized digest of cryptoasset and blockchain-related news – investigating the stories flying under the radar of today’s crypto news.
__________...
Read More: NFT Stamps and Use Cases, Crypto Taxation in UK, Frozen USD 85M + More News
Two Crypto Tax Proposals Defeated in Portugal, but Gov’t Likely to Follow up With Own Bill
26.5.2022
Portugal’s status as a crypto tax haven remains in serious doubt – despite the defeat of two bills calling for the rollout of taxes....
Read More: Two Crypto Tax Proposals Defeated in Portugal, but Gov’t Likely to Follow up With Own Bill
As Countries Advance Fiscal Cooperation, Higher Taxes Could Come Crypto's Way - Davos
24.5.2022
Developed countries from across the world are moving towards increased fiscal cooperation that could lead to tighter taxation of corporations but also of personal assets under the so-called wealth tax, as indicated by the participants of a panel held during this year’s edition of the World...
Argentinian Banking Heavyweight to Launch Bitcoin, Ethereum Trading, While Tax Body Urges Tighter Crypto Monitoring
3.5.2022
One of the largest private financial entities in Argentina, Banco Galicia, has announced that it will allow some of its customers to trade, sell, and hold cryptoassets at a time when Argentina’s tax body has called for Latin American governments to bolster their crypto monitoring...
Spanish Crypto Investors ‘Fleeing to Portugal to Escape Taxes,’ Say Lawyers
14.4.2022
Increasing levels of scrutiny from the Spanish taxman are forcing Spaniards to flock to Portugal – or at least declare their legal residence of their Iberian neighbor nation. And it is a phenomenon that could one day turn Spain into what legal experts have called a “crypto desert.”...
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Coinbase to invest in Indian crypto and Web3 amid tax regulation clarity
4.4.2022
Coinbase Ventures will conduct an in-person pitching event in Bengaluru to help accelerate India's financial inclusion goals via crypto and Web3 investments
US Proposed Unrealized Gains Tax May Become 'Penalty for Being Successful' in Crypto
29.3.2022
The proposed 20% tax on unrealized gains put forward by the US Department of Treasury’s 2023 Revenue Proposal could potentially become a “penalty for being successful,” according to Shehan Chandrasekera, Head of Tax Strategy at crypto tax software specialist CoinTracker....
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Argentinian Finance Minister ‘Wants More Crypto Taxes’
21.2.2022
Argentina’s government wants to reform the existing crypto tax laws – and ensure further compliance....
Read More: Argentinian Finance Minister ‘Wants More Crypto Taxes’
Critics Hit Back at Colombia’s Retrospective Crypto Tax Plans
15.2.2022
The Colombian government wants citizens to declare their crypto holdings – but industry figures claim this will just force crypto advocates and their coins onto overseas platforms....
Read More: Critics Hit Back at Colombia’s Retrospective Crypto Tax Plans
Russia Plans Up To USD 13.3B In Crypto Taxes
8.2.2022
Amid ongoing talks on new crypto regulation, the Russian government reportedly estimates that, if the country introduces regulations for the crypto market and imposes a tax on transactions that involve cryptoassets, it could generate as much as RUB 1tn (USD 13.3bn) in revenue for the state...