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Regulatory Roundup: Crypto ‘Inevitable’ in India, China Rankings, NY Streamlines Policy
16.12.2019
In this regulatory roundup, we cover a positive crypto story in India, China’s year-end rankings, and the European Central Bank entering the stablecoin race. We also cover the New York regulator’s proposed Bitlicense revision — the first in five years — and several other...
Denmark’s Tax Authority Sends Warning Letters to 20,000 Crypto Owners
11.12.2019
The tax authority of Denmark has reportedly sent out warning letters to 20,000 crypto owners asking them to amend their tax returns, pay taxes on crypto gains, or face penalties. The tax agency is demanding a full breakdown of their crypto transactions; it recently obtained information on these...
Accounting Advisor and Crypto Startup to Jointly Launch Crypto Tax Tool
10.12.2019
Crypto accounting automation startup Lukka partnered with accounting advisor CPA.com to launch a crypto tax estimation tool
IRS Now Requires Tax Filers to Disclose Crypto Activities
9.12.2019
The U.S. Internal Revenue Service (IRS) has finalized and put in use a new tax form that requires crypto owners to declare whether they received, bought, sold, exchanged, or acquired any cryptocurrencies in 2019. Tax experts are frustrated at the vagueness of the tax agency, with some questioning...
Regulatory Roundup: Bitcoin Futures Fund Approved, India’s RBI-Backed Digital Currency
9.12.2019
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...
If Bitcoin Price Drops — an Opportunity for Crypto Tax Planning
30.11.2019
Bitcoin price drops – last chance to reduce tax due before the end of the year
IRS Not Infringing Privacy Requesting Crypto Exchange Data: US Judge
29.11.2019
A California federal court finds that U.S. tax authorities have broadly stayed within their legitimate remit when collecting user data from crypto exchanges
US Judge Denies Customer’s Plea to Quash IRS Bitstamp Inquiry
28.11.2019
A Washington Western District Court judge has rejected petitioner William Zietzke’s appeal to stop the U.S. Internal Revenue Service (IRS) from accessing his Bitstamp trade data. An IRS summons invoked Zietzke to file a petition to quash the tax agency’s investigation into his private...
South Korean Committee Passes Bill Enforcing FATF Crypto Rules
27.11.2019
South Korea’s national policy committee has passed an amendment establishing a legal framework for cryptocurrencies. It requires crypto exchanges and service providers to register with the country’s financial regulator and comply with the recommendations set by the Financial Action Task...
US Judge Refuses to Quash IRS Summons for Bitstamp Exchange Records
27.11.2019
A federal judge denied a bitcoin user's petition to stop the IRS from gathering data about his cryptocurrency holdings from the Bitstamp exchange
Missouri Firm Launches New Software For Reporting Crypto Taxes
26.11.2019
Missouri-based software maker CryptoTrader.Tax has launched new software to help tax professionals work with crypto tax reporting
IRS Vs. Bitcoin ATMs: Industry Says There Is Already Enough Regulation
21.11.2019
The IRS is eyeing the Bitcoin ATM industry for potential tax issues. Large industry players are already compliant enough, experts say, while smaller operators might experience additional difficulties
IRS Laughs Off Coinbase User's 'Surveillance Conspiracy' in Tax Reporting Case
20.11.2019
IRS reaffirms that its summons on crypto trading platform Coinbase in an income tax investigation is legitimate
IRS Focusing on Potential Illicit Activities Facilitated by Bitcoin ATMs: Official
19.11.2019
The Internal Revenue Service is looking at bitcoin ATMs and their potential to facilitate illicit activities, its criminal investigation chief said
Governments Viewing Crypto as a Threat Will Be Left Behind
18.11.2019
In recent commentary at a New York blockchain conference, IRS Criminal Investigation Chief John Fort said the agency is now turning its focus to crypto ATMs and kiosks, as well as American users of foreign exchanges. While the continued push to regulate crypto is no surprise, the general narrative...
IRS Dispels Crypto Tax Confusion
17.11.2019
The U.S. Internal Revenue Service (IRS) has cleared up some confusion about how cryptocurrency transactions are taxed, particularly regarding like-kind exchanges and promotional airdrops. As the tax agency intensifies its enforcement efforts, more people are seeking the best tax software to help...
IRS Criminal Investigators Looking Into Bitcoin ATMs and Kiosks
16.11.2019
The U.S. IRS is investigating potential tax compliance issues of Bitcoin ATMs and kiosks
IRS: Like-Kind Tax Exemption Has Never Applied to Crypto Transactions
14.11.2019
U.S. taxpayers have never been authorized to postpone paying tax using the like-kind exchange principle, an IRS official says
IRS Clarifies its Confusing ‘Airdrop’ Cryptocurrency Tax Policy
14.11.2019
America’s top tax authority, the Internal Revenue Service (IRS), has somewhat provided clarification about its recent cryptocurrency tax guidelines. However, their final decision regarding taxing promotional airdrops is yet to be made.
Critics pointed out a range of potential problems with...
SEC and IRS Termed the Creation of Anonymous and Restricted DEX Wrong, Says John McAfee
13.11.2019
In a recent tweet, John McAfee stated that the McAfee DEX has not been received well by prominent regulatory bodies like the SEC and IRS. Both these organizations had reportedly informed him that he was “wrong” in setting up the anonymous and unrestricted decentralized crypto exchange McAfee DEX....