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With US Tax Season Around the Corner, Here’s How to Report Crypto Activity to the IRS
1.4.2021
The key to properly filing taxes on cryptocurrency comes down to excellent record-keeping, the correct IRS tax forms, and knowledge about what qualifies as income versus capital gains. Handle Tax Filings With Care to Avoid Any Audits Although the traditional April 15th deadline for filing US taxes...
Bytetree Founder Believes Grayscale Should Lower Its ‘Unrealistically High’ Fee: Warns of Possible ‘Systemic Risk’
21.3.2021
The founder of Bytetree Asset Management, Charlie Morris, has suggested the reduction of the GBTC management fee as one way Grayscale Investment can ease the current selling pressure and possibly reduce the discount on the shares. Morris says if no action is taken, “the selling pressure will...
Israeli Lawmakers Plan to Exempt Bitcoin From Capital Gains Tax in Draft New Law
26.9.2020
Israeli lawmakers have proposed in a draft new law to treat bitcoin as a currency instead of an asset for tax purposes, local media reported. According to a report from Globes, four legislators from the Yisrael Beiteinu political party presented the Income Tax Ordinance (Taxation of the Sale...
South Korea to Charge 20% Tax on Bitcoin Profits Under New Law
23.7.2020
South Korea will now tax profits made from buying and selling of cryptocurrency at 20% after the government agreed to the decision on Wednesday. The decision was reached after months of debate. According to a taxation policy amendment notice released July 22, the Ministry of Economy and Finance...
Eight Countries That Don’t Tax Your Bitcoin Gains
26.5.2020
As world governments push through legislation to levy taxes on capital gains from bitcoin (BTC) transactions, seeking to earn more from an asset class that frowns on regulatory oversight, there are still a few countries that remain pro-crypto, allowing investors to buy, sell or hold digital assets...
Australian Court Accepts Cryptocurrency Exchange Account as Security for Legal Costs
28.2.2020
A court in Australia has agreed that a crypto exchange account can be used as security for potential legal expenses. Acknowledging the volatile nature of decentralized digital assets, the judge nevertheless conceded that cryptocurrency is a recognized form of investment in the current uncertain...
Government Confirms Crypto Profits Not Taxable in South Korea
2.1.2020
South Korea has confirmed that income tax cannot be levied on individual investors’ profits from crypto transactions under the current tax law. The government, however, is reviewing international trends and the approaches of major countries to crypto taxation in an effort to amend...
Israeli Court Rules Bitcoin Is an Asset
22.5.2019
An Israeli court has ruled that bitcoin is an asset, confirming the central bank’s stance. The case involves the country’s tax authority and the founder of a blockchain startup who argues that profits from the sale of cryptocurrency should be tax-free. The court has ruled in favor...