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South Korea Proposes Law Allowing Direct Seizure and Sale of Crypto Assets to Pay Overdue Taxes
28.7.2021
The South Korean government has proposed an amendment to the tax code to allow the country’s tax authority to seize and sell cryptocurrencies belonging to delinquent taxpayers. “The revision will allow direct seizing without court-approved change in ownership records. Assets held by...
Binance cuts withdrawal limits, rolls out tax reporting tool
28.7.2021
Existing Binance users will not be able to withdraw more than 0.06 BTC per day without completing full KYC verification, effective in August
'Exponential' Rise in Crypto Tax Inquiries in Spain as Monitoring Intensifies
26.7.2021
The accounting giant PwC says it has seen an “exponential” increase in recent months in inquiries about tax declarations from crypto holders in Spain – where new crypto regulations have come into force.
Spain’s Treasury department has already sent out thousands of warning letters to citizens...
New rules could permit Korean gov’t to seize tax evaders’ crypto
26.7.2021
South Korea examines ways to expand its tax base, with proposals to strengthen the government’s ability to seize tax evaders’ crypto assets directly from their personal wallets
IRS Modifies Crypto Question on Tax Form — Now Focusing on Taxable Cryptocurrency Transactions
24.7.2021
The U.S. Internal Revenue Service (IRS) has modified the crypto question asked on the main U.S. tax form. Reducing the scope of the question, the IRS now focuses on taxable cryptocurrency transactions. New Crypto Question on Tax Form 1040 The IRS published a draft Form 1040 for the tax year 2021...
Ukraine Unveils Roadmap to Integrate Cryptocurrencies by 2024
23.7.2021
Government and business representatives have produced a roadmap to transform Ukraine into a leader in cryptocurrency integration. The authors of the new strategy want to see half of Ukrainians using digital currencies by 2024. The East European nation is expected to regulate its crypto space by...
Get a passport, pay crypto, live tax-free?
22.7.2021
Most transfers of cryptocurrency are taxable, unless the transfer is qualified as a gift or a charitable contribution
Binance Australia partners with Koinly for tax reports as ATO ramps up compliance
22.7.2021
The taxman commeth for Australian crypto investors and Binance wants to help them out
Turkish Draft Law Regulating Cryptocurrencies Enters Parliament in October
21.7.2021
The Turkish government has prepared a bill designed to implement new regulations for the country’s crypto space. The legislation, which will be filed in the parliament this fall, will introduce taxation for crypto holdings and specific capital requirements for companies operating with digital...
Crypto tax startup TaxBit reportedly in talks for unicorn-level funding
21.7.2021
The possible new funding would bring the Utah-based crypto tax automation provider to a valuation of $1 billion or above
Are You Crypto Tax Compliant? Here’s How to Avoid Getting Caught Out
19.7.2021
Disclaimer: The Industry Talk section features insights by crypto industry players and is not a part of the editorial content of Cryptonews.com.
Over the last eight months, as cryptocurrencies reached for new all-time highs, many people who have been holding digital assets for the long term will...
Jackson, Tennessee Mayor Praises Bitcoin’s Benefits Against Inflation, Aims to Create a BTC Hub
18.7.2021
Jackson, Tennessee’s mayor is a fan of bitcoin and he wants the city to become a bitcoin hub in order to entice technology companies and innovation. Jackson’s mayor Scott Conger is in the midst of discussing creating legislation that allows Jackson residents to pay property taxes with...
Report: Tweaks to South African Tax Filing System to Result in Decreased Crypto Arbitrage
17.7.2021
Reports from South Africa suggest that tax authorities have plugged a loophole on the online tax filing system that enabled crypto arbitrage traders to make several purchases on overseas cryptocurrency platforms using just one approval. As a consequence of these tweaks, crypto arbitrage traders...
Tennessee city wants to accept property tax payments in Bitcoin
16.7.2021
Jackson Mayor Scott Conger believes that Bitcoin is the only solution to fix inflation and the U.S. dollar devaluation
Tax Haven Citizenship Loophole for US Crypto Folk May Not Stay Open for Long
13.7.2021
Source: Adobe/Rafael Ben-Ari
A Russian ex-pro sailor has been touting a tax haven investment program for American crypto traders who are looking for legal loopholes to help them escape paying capital gains tax on their profits. But the program could have a shelf life if global regulators succeed...
Former pro sailer brokers tax-haven passports for wealthy crypto clients
12.7.2021
Rich crypto investors are purchasing passports in tax havens for less than $200,000
Creator of Video Downloading Websites Sentenced to Prison in US — Over $1 Million in Cryptocurrency Seized
11.7.2021
The U.S. has sentenced a creator of video streaming and downloading websites to prison for 12 months and one day. The feds also seized $3.9 million from him, including more than $1 million in cryptocurrency. Man Sentenced to Jail for Copyright Infringement and Tax Evasion, His Cryptocurrency Seized...
NCLA Files Appeal Against the IRS — Law Firm Claims Tax Agency Unlawfully Seizes Crypto Data of Thousands
10.7.2021
On Friday, the public interest law firm New Civil Liberties Alliance (NCLA) filed an opening brief in the cryptocurrency case of James Harper v. Charles P. Rettig. The NCLA argues that Harper’s Fourth and Fifth Amendment constitutional rights were violated by the Internal Revenue Service...
Studio Behind Demon Slayer Anime Indicted For Tax Evasion
9.7.2021
Tokyo prosecutors have indicted anime studio Ufotable and its founder Hikaru Kondo for evading around $1.2 million in taxes. NHK and ANN News reports that between 2015 and 2018, the studio and Kondo hid around 4 million dollars in company earnings. According to sources, the president had a secret...
Are cryptocurrency ransom payments tax deductible?
4.7.2021
Any ransom payments made in cryptocurrency are taxed as property rather than currency, so be aware of the U.S. tax implications