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The IRS Should Offer a Free Tax Reporting Tool to DeFi Users
13.11.2023
Blockchain is not the problem, it is the solution to the problem the U.S. tax agency wants to solve through its highly controversial "broker rule."
47 Countries Adopt New CARF Framework on Automatic Exchange of Information Between Tax Authorities
10.11.2023
Source: Adobe/amirul syaidi A consortium of 47 countries, including the US, the UK, and Australia, have adopted a new framework for the automatic exchange of information between tax authorities. The framework, known as the Crypto-Asset Reporting Framework (CARF), was developed by the Organisation...
South Korea Joins Global Community for Crypto Asset Reporting Framework Push
10.11.2023
Source: Pexels South Korea has joined a group of 48 nations, calling for the promotion of an international framework for cryptocurrency reporting. In a significant move, South Korea confirmed its engagement on Friday to implement the international reporting framework on digital assets....
47 countries pledge to authorize the crypto-asset reporting framework by 2027
10.11.2023
The Crypto-Asset Reporting Framework is the new international standard for the automatic exchange of information between tax authorities
OCCRP Investigation Alleges Bukele Embezzled $200 Million for Bitcoin Projects in El Salvador
2.11.2023
An investigation led by the Organized Crime and Corruption Reporting Project (OCCRP) alleges that Nayib Bukele, President of El Salvador, deviated hundreds of millions of dollars granted by the Central American Bank for Economic Integration (CABEI) to develop the project of making bitcoin legal...
Kraken to Release User Data to IRS in Compliance with June Court Mandate
27.10.2023
Kraken will provide user data to the IRS after a legal battle over crypto tax reporting. Image by Michael O’Keene, Adobe Stock.Major U.S. cryptocurrency exchange Kraken will provide limited user information to the Internal Revenue Service (IRS) next month following a court order received...
Senior Public Officials in South Korea Declare Crypto Holdings
26.10.2023
Senior public officials in South Korea’s Gyeonggi province have declared their cryptocurrency holdings. The disclosure comes as part of the province’s efforts to ensure transparency among its government employees to avoid conflict of interest. Gyeonggi province announced that it...
Lightning Network Developer States Disclosed Vulnerability Is Not an ‘Intentional Backdoor,’ Calls for Responsible Journalism
25.10.2023
Antoine Riard, a security researcher and developer who exposed a vulnerability in the Lightning Network, Bitcoin’s scaling layer, has clarified this vulnerability is not an “intentional backdoor,” addressing statements made on social media. Riard stressed the problem had been...
Tether's Paolo Ardoino Reveals Plans for Real-Time Reserve Data Reporting – Will Transparency Lead to a New Bull Market?
23.10.2023
Tether Holdings, the issuer of the world's largest stablecoin Tether (USDT), has announced plans to provide real-time updates of its reserve data.
Paolo Ardoino, Tether's chief technical officer and upcoming CEO, revealed that the company intends to start publishing reserve data in real time...
Tax Authorities in EU to Share Transaction Data Reported by Crypto Firms
19.10.2023
New EU rules will introduce automated exchange of information on crypto revenues reported by service providers in the sector. A new directive adopted by the Union expands existing registration and reporting obligations as well as cooperation between tax administrations across the bloc. Information...
Pennsylvania State House Committee Passes Bill on ‘Reporting Requirements’ for Crypto Miners
19.10.2023
The Environmental Resources and Energy Committee of the Pennsylvania General Assembly recently passed a bill which proposes “reporting requirements for qualifying crypto-asset mining operations.” Sponsor of the draft legislation Greg Vitali said the bill “doesn’t prohibit...
IRS crypto tax reporting rules threat to industry — Coinbase legal chief
19.10.2023
The IRS proposed the new crypto tax reporting rules in August, and if approved, the new crypto tax regime will come into effect from January 2026
EU Adopts DAC8 – New Cryptocurrency Tax Reporting Rule To Take Effect Soon
18.10.2023
European Union (EU) finance ministers approve new regulations requiring cryptocurrency firms to share data on customer cryptocurrency holdings with tax authorities.
On October 17, the EU adopted the Eighth Directive on Administrative Cooperation (DAC8), which is set to go into force in 2024....
Global Regulator: Crypto Exposure Reporting Should Be Mandatory for Banks
18.10.2023
The Basel Committee on Banking Supervision has underscored the importance of disclosing banks' cryptoasset exposures, emphasizing the need for standardized reporting and greater transparency in the crypto space.
In a consultative document, the committee proposed mandatory reporting requirements...
Council of Europe adopts DAC8 crypto tax reporting rule
18.10.2023
The eighth iteration of the Directive on Administrative Cooperation was formally adopted by the Council of the European Union
7 Senators Urge Treasury and IRS to Rapidly Implement Crypto Tax Reporting Rule
13.10.2023
Seven U.S. senators have called on the Treasury Department and the Internal Revenue Service (IRS) to “implement the proposed crypto broker reporting rule as rapidly as possible.” The lawmakers stressed: “We are alarmed by the self-inflicted two-year delay for the rule’s implementation.” Senators...
US lawmakers urge IRS to implement crypto tax reporting requirements before 2026
11.10.2023
The crypto tax reporting requirements proposed by the IRS in August are currently scheduled to go into effect in 2026 — according to 7 senators, that isn't soon enough
US Representative Introduces Legislation to Mandate Reporting of Off-Chain Crypto Transactions to the CFTC
30.9.2023
Virginia’s Democratic representative Don Beyer has ushered in a fresh bill mandating the documentation of off-chain transactions and over-the-counter (OTC) crypto engagements by cryptocurrency exchanges, to be catalogued in a repository under the purview of the U.S. Commodity Futures Trading...
IRS Proposed Rule on Digital Asset Broker Reporting Could Kill Crypto in America
26.9.2023
The proposal creates unworkable requirements for decentralized finance in the U.S. and serves as an important cautionary tale
Tether Calls Out WSJ ‘Tabloid Style’ Reporting, States Outlet ‘Disregarded’ Reporting Banking Industry Woes
22.9.2023
Tether, the company behind the issuance of USDT, the largest stablecoin in the crypto market, has called out the latest report of the Wall Street Journal (WSJ) on the rise of its loan portfolio. The company stated that traditional banking institutions were “not addressing the needs of their...