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Key Price Drivers for Bitcoin This Month + More Crypto News
9.1.2024
Source: AdobeStock / Vitor Miranda Get your daily, bite-sized digest of blockchain and crypto news – investigating the stories flying under the radar of today’s news. In this edition: Key Price Drivers for Bitcoin This Month CoinTracking Crypto News Today: Crypto Tax Tool for UK Investors Launched...
Honduras SEZ Recognizes Bitcoin as Unit of Account to Further Financial Freedom
8.1.2024
Source: Pixabay Honduras’ Roatan Island special economic zone (SEZ) – Próspera ZEDE – has officially recognized Bitcoin (BTC) as a unit of account for various financial transactions. BREAKING: ???????? Honduras' special economic zone Prospera recognises #Bitcoin as a unit of account! This...
South Korea’s Tax Authority, DAXA Form Committee to Prevent Illegal Transactions: Report
8.1.2024
Source: Pixabay South Korea’s tax Authority, the Korea Customs Service group and five major cryptocurrency exchanges including Bithumb Korea, Coinone, Korbit, and Streami have formed a group to prevent illegal foreign transactions, according to a report by News1.KR. The Digital Asset Exchange...
DeSantis Vows to Abolish IRS, Advocates Flat Tax in Presidential Bid Amidst Stiff GOP Competition
7.1.2024
On Jan. 4, 2024, Florida Governor and presidential candidate Ron DeSantis articulated his desire to abolish the U.S. Internal Revenue Service (IRS). He advocated for the adoption of a uniform rate flat tax for all U.S. residents. DeSantis declared to CNN’s Kaitlan Collins on Thursday...
New US Crypto Tax Law, SEC Still Processing BTC ETFs, Saylor Buys More BTC, and More — Week in Review
7.1.2024
The U.S. introduces stringent tax reporting laws for transactions over $10,000, while the SEC grapples with a backlog of paperwork for pending spot Bitcoin ETFs. Meanwhile, Michael Saylor sells Microstrategy shares to increase his bitcoin holdings, and CNBC’s Jim Cramer hails Bitcoin as...
South Korean Tax Accountant: Digital Assets Held in Non-Custodial Wallets Not Subject to Overseas Reporting Requirement
5.1.2024
South Koreans with digital assets held in non-custodial or decentralized crypto wallets like Metamask or Ledger are reportedly not subject to the country’s overseas financial account reporting requirement. According to a South Korean tax accountant, only virtual assets held on overseas centralized...
S Korean City of Incheon Seizes $375,000 Worth of Crypto from ‘Tax Dodgers’
4.1.2024
Source: JYPIX/Adobe South Korea’s Incheon says it has confiscated $375,000 worth of cryptoassets from “tax-evading” residents who tried to hide their earnings in token wallets. Per the media outlet Newsis, the city collected the combined sum from 298 people. The media outlet noted that the city...
South Korean Gaming Giant WeMade Must Pay $41M ‘Crypto Tax’ Bill
4.1.2024
Source: Zerbor/Adobe The South Korean gaming firm WeMade has been hit with a $41 million tax bill for its crypto-related activities. Yonhap reported that the National Tax Service (NTS) issued the bill following an investigation into the firm’s historic crypto business operations. The NTS said...
New Crypto Tax Law Takes Effect in US: Transactions of $10,000 or More Must Be Reported to IRS Within 15 Days
3.1.2024
A new tax reporting law has entered into force in the U.S. Starting on Jan. 1, all Americans receiving $10,000 or more in crypto in the course of their trade or business must file a report with the Internal Revenue Service (IRS) within 15 days. “If you don’t file a report within...
Russia Will Begin Collecting Taxes in Digital Rubles from 2025
3.1.2024
Source: Valery/Adobe Russian tax authorities will start collecting taxes in digital rubles from 2025, with banks also handed powers to block “suspicious-looking” CBDC transactions. Per the media outlet Klerk, recent tax code amendments – signed into law by President Vladimir Putin late last year...
Crypto Investors Beware: IRS Crypto Tax Reporting Rules for $10k+ Transactions Now in Effect
2.1.2024
The controversial crypto tax reporting requirements within the bipartisan infrastructure bill signed into law in 2021 are now in effect as of January 1. These new Internal Revenue Service (IRS) rules mandate that cryptocurrency brokers report personal information on digital asset transactions over...
Hydropower Fuels Kyrgyzstan’s Crypto Mining Industry
2.1.2024
Kurpsai Hydro station. Lower Naryn River Canyon near Toktogul in Kyrgyzstan. Source: AdobeStock / Dynamoland Kyrgyzstan’s water-rich environment has the potential to provide a necessary boost for the country’s crypto mining industry – but that power is currently difficult...
China Looks to Ramp up ‘Cross-border’ Digital Yuan Spending
1.1.2024
Source: Keitma/Adobe Chinese bank chiefs are looking to start 2024 by driving up “cross-border” digital yuan spending. Per the Haikou Municipal Commerce Bureau (via Hainan News), the tourism hub of Haikou has begun issuing over $706,000 worth of “offshore tax-free coupons” for digital yuan-paying...
India's Local Crypto and Web3 Advocacy Body Asked for Action Against Offshore Entities: Source
29.12.2023
The Bharat Web3 Association's (BWA) Chairman wrote the letter to the Indian government on Dec. 16
Kyrgyzstan Raises $1m from Crypto Mining Taxes in 2023
29.12.2023
Source: chekart/Adobe Kyrgyzstan is quietly becoming a force in crypto mining, with its government set to raise over $1 million this year from taxing the industry. According to the media outlet 24KG, the nation’s finance ministry reported that it had raised $900,000 worth of tax revenue from crypto...
Argentina’s New Government Introduces New Bill to Regulate Crypto Holdings for Tax Payers
28.12.2023
Source: Quatrox Production/AdobeStock Argentina’s newly elected government, led by libertarian Javier Milei, has unveiled its plans to simplify the process of legalizing cryptocurrency holdings, even for individuals who may not have accurately reported them for tax purposes. On December...
Bitcoin Price Prediction: ETFs Boost BTC to $43,500, Japan Tax Reforms in Play
26.12.2023
In a remarkable surge, Bitcoin has reached $43,499, marking a 0.71 percent increase on Tuesday. This notable ascent can be largely attributed to the burgeoning interest in Spot Bitcoin ETFs, which are poised to surpass the combined inflows of all 150 crypto ETPs currently in the market. Adding...
Japan's Cabinet Proposes Scrapping Corporate Tax on Unrealized Crypto Gains
25.12.2023
Prime Minister Fumio Kishida’s government has been considering submissions on how best to encourage the industry's development, which it sees as a pillar of economic reform
Japanese Cabinet Approves Tax Reform Eliminating Unrealized Crypto Gains Tax for Companies
25.12.2023
The Japanese government has approved a tax reform that removes some crypto taxes for corporations and conglomerates. The reform, discussed since early December, removes the unrealized gains taxes on crypto holdings for companies, paving the way for them to hold crypto assets more consistently....
Japan’s Government Abolishes Crypto Tax on Unrealized Corporate Gains
25.12.2023
Source: Pixabay / Pharaoh_EZYPT Japan‘s cabinet has recently approved a key change in the fiscal 2024 tax policy, removing the tax on unrealized gains for corporate-held crypto assets, according to Nikkei. In the fiscal 2024 tax reform approved by the Japanese cabinet, the tax on unrealized...