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IRS Delays Enforcement of Digital Asset Reporting Rules, Awaiting Regulations
18.1.2024
On Tuesday, the U.S. Internal Revenue Service (IRS) and Treasury provided transitional guidance on digital asset reporting, postponing enforcement pending regulation issuance. IRS Temporarily Halts Enforcement of Digital Asset Reporting The U.S. Treasury Department and the Internal Revenue Service...
What Future of Crypto Taxes and Regulations May Look Like in India – Insights From Expert
17.1.2024
The Indian crypto market is buzzing with talks of taxation and regulations. With the central government set to announce the interim budget on 1st February, crypto exchanges and traders are hoping for relief from the 1% TDS (Tax Deducted at Source) and 30% tax on crypto. However, the chances...
Indonesian Crypto Exchanges Blame Dramatic Drop in Trading Volumes Partly on High Taxes
17.1.2024
Indonesian crypto exchanges saw a sharp 60% drop in trading volumes in 2023, challenging its reputation as a fast adopter of digital assets
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...
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...
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...
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
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...
Circle Informs Clients of IRS Inquiry Into $20K Annual Transactions
21.12.2023
Numerous advocates of digital currencies report that Circle Internet Financial has been reaching out to its clients about a summons received from the Internal Revenue Service (IRS). Circle has stated that it is obliged to submit records concerning U.S. taxpayers who have engaged in transactions...
Vladimir Putin's Signature Brings Digital Ruble Into Russia's Tax Code
21.12.2023
Russia's digital ruble has been integrated into the nation's tax code after its President Vladimir Putin signed the move into law
TaxWraps: Unwrap the Financial Gift of Tokenization this Christmas
20.12.2023
As tokenization takes hold, we propose a way to defer tax liabilities, bringing the tax efficiencies of ETFs to a wide market
Crypto Accounting and Tax Reporting Platform TRES Raises $11M to Add New Blockchains
20.12.2023
TRES currently services clients with combined assets worth $19 billion, helping them manage, monitor and reconcile their digital asset activity across over 100 layer-1 and layer 2-blockchain networks
Crypto Tax Software CoinTracking Launches Services in the UK to Demystify Tax Code
19.12.2023
Source: Adobe/amirul syaidi Digital asset tax solution, CoinTracking has launched its services in the UK providing investors multiple opportunities for tax calculations, and payments as well as keeping tabs on compliance requirements. A Dec 19 press release shows the roadmap of the firm’s...
Crypto Tax Planning: Merging Tax-Loss Harvesting With Charitable Giving
19.12.2023
As the year winds down, cryptocurrency investors can combine tax-loss harvesting with cryptocurrency donations to charities, a move that optimizes tax benefits while supporting worthy causes. Embrace Year-End Tax Strategy With Charitable Giving Twist As the end of the year rapidly approaches...
Crypto Crimes Highlighted in IRS Criminal Investigation’s 2023 Top 10 Criminal Cases
16.12.2023
In the IRS’s list of top 10 criminal cases for 2023, cryptocurrency frauds are featured, ranging from multi-million dollar tax evasions to elaborate money laundering schemes. Crypto Scams Among Most Significant Financial Crimes in IRS Criminal Investigation’s 2023 Report The...