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Australia Tax Office Sets Sights On Crypto Exchanges’ Client Data, Bank Details

7.5.2024
The Australian Tax Office is demanding annual transaction details from crypto exchanges in a move to tackle potential tax evasion. This crackdown aims to ensure investors correctly report their crypto gains and pay any capital gains taxes owed. The post Australia Tax Office Sets Sights On Crypto...

Biden’s 44.6% capital gains tax proposal likely a ‘nothing burger’

25.4.2024
President Biden’s move to introduce a 44.6% federal capital gains tax probably wouldn’t affect most people in crypto, according to crypto tax commentators

Fear of Retrospective IRS Regulation Changes Discourages Filing, Says Crypto Tax Expert

3.4.2024
Many cryptocurrency users have not filed their tax returns, fearing that the Internal Revenue Service (IRS) might change regulations after they submit their returns, according to a cryptocurrency tax expert. The expert stated that the IRS has the discretion to apply laws retroactively...

Pakistan Faces IMF Pressure to Tax Crypto and Real Estate

18.3.2024
The International Monetary Fund (IMF) has stipulated that Pakistan's Federal Board of Revenue (FBR) must levy a capital gains tax (CGT) on cryptocurrency investments The post Pakistan Faces IMF Pressure to Tax Crypto and Real Estate appeared first on Cryptonews

Cryptocurrency Rights Bill Introduced in Virginia

20.1.2024
A bill that seeks to safeguard the cryptocurrency rights of the citizens has been introduced to the Senate of Virginia. The bill, sponsored by State Sen. Saddam Azlan Salim, would guarantee that citizens can self-custody, transact, mine, and pay with cryptocurrency, also exempting cryptocurrency...

Report: Kenyan Parliament Committee Approves Bill Proposing to Widen Definition of Securities to Include Crypto

6.12.2023
A Kenyan parliamentary committee has reportedly approved a bill that proposes to widen the definition of securities to include cryptocurrencies. The bill proposes a tax on crypto exchanges and digital wallets as well as a capital gains tax on users who realize a capital gain from the sale of their...

IRS Reports Increase in Digital Asset Tax Investigations

5.12.2023
The Criminal Investigation Unit of the Internal Revenue Service (IRS:CI) noted an increase in digital asset tax investigations due to cryptocurrencies becoming more mainstream, according to the IRS:CI’s annual report released Monday. What the findings show The report states these digital asset...

Kenya’s Capital Markets Bill Defining Crypto Assets as Securities Progresses in Parliament

5.12.2023
Source: Pexels The Capital Markets (Amendment) Bill, 2023, has received approval from the National Assembly’s Finance and National Planning Committee in Kenya. On December 4, a Kenyan local news outlet, Business Daily, reported that the bill defining crypto assets as securities and including...

DeFi Users Seek Clarity as Australia’s Tax Office Fails to Explain New Capital Gains Tax Rules

24.11.2023
The ATO’s opaque DeFi tax guidance perplexes Australian crypto investors. Image by Vadym, Adobe Stock. The Australian Taxation Office (ATO) released new guidance on November 9, stating that capital gains tax (CGT) applies to certain decentralized finance (DeFi) transactions. The tax agency...

Australia’s tax agency won’t clarify its confusing, ‘aggressive’ crypto rules

24.11.2023
The Australian Tax Office’s new rules on DeFi are unclear on whether capital gains taxes apply to liquid staking and transferring to layer 2 bridges

Australia Introduces Capital Gains Tax For Wrapped Tokens

14.11.2023
Source: Pixabay The Australian Taxation Office has issued an update on its capital gains tax for crypto products, stating that it also extends to wrapped tokens or token interaction with decentralized lending protocols. The previous edition of the capital gains tax stated that capital gains...

Australia Updates Its Capital Gains Tax Guidance to Include Wrapped Tokens and DeFi

14.11.2023
Australia's tax authority has clarified that its capital gains tax on crypto products also extends to wrapped tokens or token interaction with decentralized (DeFi) lending protocols

Australia to impose capital gains tax on wrapped cryptocurrency tokens

14.11.2023
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

Momentum Capital Gains $10M Investment to Hunt for Crypto's Next 'Apple'

22.8.2023
San Francisco-based crypto-native fund Momentum Capital has secured an investment of $10 million from Canada's BM Fund. In a Monday press release, the company revealed that it acquired the new funding in July this year. The investment will be used to expand Momentum Capital's team and support...

Crypto Staking in the Crosshairs: IRS Unveils New Tax Guidance

1.8.2023
The U.S. Internal Revenue Service (IRS) has issued a decree stating that American citizens drawing income from cryptocurrency staking services must categorize the value of those digital assets as gross income, the moment they officially take possession of the staking reward. IRS Clarifies...

US Presidential Candidate Robert Kennedy Jr Unveils Plan to Back US Dollar With Bitcoin

20.7.2023
U.S. presidential candidate Robert F. Kennedy Jr. (RFK Jr.) has unveiled two new reforms for bitcoin if he is elected president. He plans to back the U.S. dollar with the cryptocurrency and eliminate capital gains taxes on the conversion of bitcoin to USD. RFK Jr. stressed that...