UK crypto hodlers get a call from the tax grinch
His Majesty’s Revenue and Customs (HMRC) has issued a stern warning to crypto users that they must declare and pay their taxes on digital assets within a strict timeframe or face the consequences. The tax office issued guidance on how to go about declaring and paying taxes on their crypto ho ...
Spanish citizens to declare foreign crypto holdings by end of March 2024
Spanish residents holding any crypto assets on non-Spanish platforms will have to declare them by March 31, 2024, under new laws governing the taxation of virtual assets. The Spanish Tax Administration Agency, commonly known as Agencia Tributaria, has published form 721, a tax de ...
Average value of undeclared crypto in Japan dropped 19% in 2022
According to Japan’s tax authorities, while the total number of tax violations through cryptocurrencies has risen in the country, the average value of undeclared income in crypto fell by 19%.On Nov. 24, the Japanese National Tax Agency (NTA) released its yearly summary of tax investigation ...
How to buy Bitcoin and Ethereum in the UK
To navigate the process of buying Bitcoin effectively, it is essential to explore secure options. In the United Kingdom, acquiring cryptocurrencies is legal, yet it can pose challenges, as the government underscores the need to comprehend the associated risks. For an effective travers ...
KyberSwap attacker used ‘infinite money glitch,’ Australia’s tax agency won’t clarify DeFi rules: Finance Redefined
Welcome to Finance Redefined, your weekly dose of essential decentralized finance (DeFi) insights — a newsletter crafted to bring you the most significant developments from the past week.The attacker who stole $46 million from the KyberSwap protocol has used a complex strategy described by ...
Australia’s tax agency won’t clarify its confusing, ‘aggressive’ crypto rules
Australia’s tax regulator has been unable to clarify confusing aspects of its new guidance that suggests capital gains tax (CGT) is payable on a slate of everyday decentralized finance transactions.The ATO failed to answer direct questions from Cointelegraph on whether staking Ether ...
Australia to impose capital gains tax on wrapped cryptocurrency tokens
The Australian Taxation Office (ATO) has issued guidance on capital gains tax (CGT) treatment of decentralized finance (DeFi) and wrapping crypto tokens for individuals, clarifying its intent to continue taxing Australians on capital gains when wrapping and unwrapping tokens.In May 2022, t ...
First deadline window looms for SEC to approve Bitcoin ETFs: Law Decoded
The United States Securities and Exchange Commission (SEC) could approve all 12 pending spot Bitcoin exchange-traded fund (ETF) applications by Nov. 17. Beginning on Nov. 9, the SEC reportedly has a “window” to approve all 12 spot Bitcoin ETF filings, including Grayscale Investments conversion of ...
Crypto advocacy group pushes back against proposed IRS rules on brokers
The Blockchain Association, a United States-based cryptocurrency advocacy group, has submitted a comment letter mainly in opposition to tax regulations proposed by the Internal Revenue Service (IRS).In a Nov. 13 letter, the Blockchain Association (BA) said proposed IRS rules introduced in ...
47 countries pledge to authorize the crypto-asset reporting framework by 2027
Just under 50 national governments have issued a joint pledge to “swiftly transpose” the Crypto-Asset Reporting Framework (CARF), the new international standard on automatic exchange of information between tax authorities, into their domestic law systems. The statement was published on Nov. 10.&n ...
Laos military says country’s crypto operators owe $20M in unpaid taxes
In an effort to boost state revenues, Laos appears to be turning its attention to the country's crypto sector.According to a Nov. 9 report by China's state news agency Xinhua News, citing a report from Laos People's Army News, cryptocurrency operators in the Southeast Asian country owes $2 ...
How to manage crypto losses on tax returns in the US, UK and Canada
Cryptocurrency taxation is a subject of increasing importance, with governments worldwide working diligently to establish clear rules for taxing digital assets. In the United States, the United Kingdom, and Canada, crypto holders navigate complex regulatory landscapes, making it crucial to unders ...
Crypto data platform Glassnode sells Bitcoin tax software to Blockpit
Cryptocurrency intelligence firm Glassnode has said it’s dropping crypto tax-related projects to focus on new solutions targeting institutional investors and decentralized finance (DeFi).Glassnode, on Nov. 6 announced the sale of its crypto-focused tax platform known as Accointing to the E ...
5 nations challenge crypto experts and investigators to target tax crimes
The Joint Chiefs of Global Tax Enforcement (J5), a global anti-tax fraud group, hosted investigators, cryptocurrency experts and data scientists in “The Cyber Challenge” event to track down individuals and organizations committing tax fraud.The J5 members comprise the criminal intelligence ...
Oyster Protocol founder gets 4 years jail for $5.5M tax evasion
Amir Bruno Elmaani, the 31-year-old founder of the now-defunct cryptocurrency scheme Oyster Protocol has been handed the maximum sentence of four years in prison for tax evasion.The United States Attorney’s Office said on Oct. 31 that Elmaani — also known by the alias “Bruno Block” — was s ...
Kraken will share data of 42,000 users with IRS
United States-based cryptocurrency exchange Kraken said it will share the data of 42,000 users with the U.S. Internal Revenue Service (IRS) in compliance with a court order. The information will be sent to the IRS in early November. On its support page, Kraken specifies that the summo ...
IRS extends comments period for new crypto tax rule to mid-November
The United States Internal Revenue Service (IRS) has extended the commentaries period for crypto tax reporting rules proposed in August 2023. The public consultation will last until Nov. 13. The “Gross Proceeds and Basis Reporting by Brokers and Determination of Amount Realized and Ba ...
IRS crypto tax reporting rules threat to industry — Coinbase legal chief
Coinbase crypto exchange chief legal officer Paul Singh Grewal called upon the crypto community to join the movement against the United States Treasury’s proposed tax reporting regulations on cryptocurrencies. Grewal urged the community to oppose the proposed regulations as it could set a d ...
Council of Europe adopts DAC8 crypto tax reporting rule
The eighth iteration of the Directive on Administrative Cooperation (DAC8), a cryptocurrency tax reporting rule, was formally adopted by the Council of the European Union on Oct. 17. The regulation will enter into force after it's published in the Official Journal of the EU. DAC was s ...
Argentine Central Bank Director Advocates for Digital Peso (PAD) as a Solution for Economic Challenges
Agustín D'Attellis, the Director of the Central Bank of the Argentine Republic (BCRA), has publicly supported the promotion of a central bank digital currency (CBDC), referred to as the "digital peso" (PAD), as a remedy for the Argentine economy. D'Attellis believes that the traceability of CBDC tra ...
Blockchain Association responds to US lawmakers’ request for crypto tax guidance
The Blockchain Association, a United States-based cryptocurrency advocacy group, has submitted suggestions for lawmakers to consider in potential legislation on the tax treatment of digital assets.In a Sept. 8 letter to U.S. Senators Ron Wyden and Mike Crapo, the Blockchain Association sai ...
Ronaldo hints at NFT plans, and will the metaverse be a ‘tax haven?’: Nifty Newsletter
In this week’s newsletter, read about how German flagship airline Lufthansa uses nonfungible tokens (NFTs) to reward loyal customers and how soccer superstar Cristiano Ronaldo teased his future NFT plans during a lie detector test. Check out why a law professor believes the metaverse should be ta ...
How to handle crypto trading gains and losses on your balance sheet
Currently, no accounting standards are dedicated to crypto assets, so broader guidelines per the International Financial Reporting Standards (IFRS) and Generally Accepted Accounting Practice (GAAP) are applied to cryptocurrency accounting.Balance sheets are among the three primary financia ...
Japanese regulator seeks to scrap “unrealized gains” tax on crypto
The principal financial regulator of Japan, the Financial Services Agency (FSA), has decided to take crypto regulation into its own hands and has proposed to change the tax code in regard to digital assets. The request was submitted by the FSA on Aug. 31. The most notable suggestion i ...
Failure to tax the metaverse ‘will create a tax haven’ — Harvard legal expert
Harvard legal scholar and Yeshiva University law professor Christine Kim recently published a research paper detailing arguments for not only taxing the metaverse but treating it as “a laboratory for experimenting with cutting-edge policy.”In the paper, dubbed simply “Taxing the Metaverse, ...
Kentucky regulator denies plan for subsidizing crypto mining facility
The Public Service Commission of the state of Kentucky has denied a proposed contract that would have allowed a mining firm to receive a discounted rate on electricity provided by the power company.In an Aug. 28 order, the commission denied a contract between Ebon International and Kentuck ...
Indian crypto exchanges CoinSwitch, CoinDCX cut staff amid market slump
CoinSwitch crypto exchange is the latest crypto trading platform in India that cut its workforce amid the prolonged cryptocurrency winter, the local news agency Moneycontrol reported on Aug. 28.The Indian crypto exchange has reportedly laid off 44 employees from its customer support divisi ...
Criticism Arises Over New Crypto Tax Rules Proposed by President Biden
Several prominent crypto commentators have criticized the new crypto tax reporting rules recently put forth by United States president Joe Biden. On Aug. 25, in an effort to catch crypto users avoiding taxes, the Internal Revenue Services (IRS) proposed brokers follow new rules for selling and tr ...
South Korean City Plans Confiscation of Cryptocurrency from Tax Delinquents
The South Korean city of Cheongju, the capital of North Chungcheong province, has said it intends to begin confiscating cryptocurrency from local tax delinquents. The administration of Cheongju has requested seven South Korean crypto exchanges to inquire into holdings of thousands of tax evaders, ...
Coin Center’s Recommendations for US Crypto Tax Legislation
Cryptocurrency advocacy group Coin Center has provided suggestions for United States lawmakers to consider in potential legislation related to taxation of digital assets. In an Aug. 21 letter to Senators Ron Wyden and Mike Crapo, Coin Center pointed to the Virtual Currency Tax Fairness Act — a bi ...
Brazil’s Congress moves to levy higher taxes on cryptocurrencies
Brazilian lawmakers are moving forward with a legislation that would raise taxes on cryptocurrencies held overseas. According to local reports, a congressional committee has approved amendments to a bill that recognizes cryptocurrencies as "financial assets" for tax purposes in foreign investment ...
Elizabeth Warren, Bernie Sanders urge closure of ‘$50 billion crypto tax gap’
A number of United States’ lawmakers have urged the Internal Revenue Service (IRS) and the Treasury to speed up the closure of tax loopholes being exploited by “crypto tax evaders.”In an Aug. 1 letter, Democratic Senators Elizabeth Warren, Bernie Sanders, Bob Casey and Richard Blumenthal w ...
Ukrainian government reports $81M tax loss from unregulated crypto exchanges since 2013
According to data provided by the Ukrainian government, cryptocurrency exchanges offering services in the country have failed to contribute more than $81 million to the national budget in the last decade.In an Aug. 2 notice, the Economic Security Bureau of Ukraine reported unrelated crypto ...
Crypto staking rewards are taxable once received: IRS
United States crypto investors must report crypto staking rewards as gross income in the year it was received, according to a new ruling from the country’s top tax authority.On July 31, the Internal Revenue Service (IRS) issued Revenue Ruling 2023-14, giving clarification about ...
Japan Blockchain Association demands tax cuts for crypto
Advocates of the crypto industry in Japan are demanding a revision of the national tax regime for digital assets. The Japan Blockchain Association (JBA), a non-governmental lobbying group, filed an official request to the country’s government, highlighting three major steps to ease the fiscal bur ...
IRS investigating crypto traders using Puerto Rico tax breaks: Report
Prosecutors from the United States and agents from the Internal Revenue Service (IRS) are reportedly investigating wealthy crypto traders and fund managers suspected of illegally benefiting from Puerto Rico’s tax breaks. According to a June 12 report from Bloomberg, investigator ...
US Senate Finance Committee asks digital asset community how to tax it in open letter
United States Senate Financial Services Committee Chair Ron Wyden and ranking member Mike Crapo released an open letter to the digital asset community on July 11 asking for input on the taxation of digital assets. The senators are looking for solutions to highly complex taxation issues, so much s ...
Kraken ordered by court to disclose user data to IRS for tax compliance
The United States District Court for the Northern District of California has ordered crypto exchange Kraken to turn over account and transaction information to the Internal Revenue Service (IRS). The agency said it needed the information to determine if any of the exchange’s users had underreport ...
How to track and report crypto transactions for tax purposes
As cryptocurrencies and blockchain assets continue to grow in popularity and mainstream adoption, the United States Internal Revenue Service has taken an increasing interest in their taxation. In the U.S., cryptocurrency is subject to crypto tax and is classified as transactions inste ...
Nigeria to tax crypto, digital assets 10% on capital gains — Experts react
On the eve of his departure from office on May 28, former Nigerian President Muhammadu Buhari signed the Finance Act, 2023, into law. The act introduces a series of tax reforms aimed at modernizing the country’s fiscal framework. Among its provisions was the introduction of ...
Intuit introduces proprietary large language models for fintech with GenOS
Fintech giant Intuit, whose product offerings include TurboTax, Mint, Credit Karma, Mailchimp and QuickBooks, recently expanded its software services platform to include GenOS, an operating system for generative artificial intelligence (AI) technologies. According to Intuit, the new o ...
Is Biden’s controversial Bitcoin mining tax dead or set to rise from the ashes?
Bitcoin (BTC) miners in the United States can breathe a sigh of relief after a proposed tax on crypto mining did not make it into a bill to raise the U.S. debt ceiling that appears set to pass.The Digital Assets Mining Energy (DAME) excise tax proposal sought to charge crypto miners a tax ...
Controversy Surrounds ConsenSys Privacy Policy Update and Metamask Wallet
This is what the company's new rules say It looks like Metamask Wallet could also fall under this amendment CEO 1inch Anton Bukov drew attention to a strange paragraph 4.3 in the new Consensys rules. It says that the platform reserves the right to withhold taxes ...
IRS Files $44 Billion Lawsuit Against FTX and Affiliates for Unpaid Taxes
The exchange and its affiliates are accused of not paying taxes The biggest lawsuit is filed against Alameda Research, for $20.4 billion The IRS got the highest priority for refunds The IRS (Internal Revenue Service) filed 45 lawsuits against FTX and ...
Biden Urges Congress to End Tax Loophole for Wealthy Crypto Investors
Joe Biden addressed Congress and urged lawmakers to take away the ability of wealthy crypto investors to avoid paying taxes. Eliminating this loophole would allow the U.S. to raise about $18 billion for the budget, the president believes. It is not yet reported what specifi ...
Kazakhstan Earns $7 Million in Taxes from Cryptocurrency Mining in 2022
The government of the Republic of Kazakhstan for 2022 received 3.07 billion tenge (about $7 million) in taxes from miners. The reason, according to local media, is the entry into force of amendments to the Tax Code. According to the republican government, taxes collected ...
Kenya Plans to Impose Taxes on Cryptocurrency and Online Content
This is how the country wants to fill its budget The initiative has drawn condemnation and outrage from the local crypto lobby Not only traders, but also promoters of cryptocurrency services and products will suffer They will have to pay up to 15% of i ...
Montana Governor Signs Law Protecting Cryptocurrency Miners from Local Government Interference
The governor of the U.S. state of Montana signed a law prohibiting local governments from passing laws that prevent cryptocurrency miners. This week, on May 2, Governor Greg Gianforte signed a law banning the imposition of discriminatory electricity rates and tax rules on ...
El Salvador Eliminates Taxes for Tech Companies to Boost Innovation
This includes the industries of AI, blockchain, computer technology, etc. This is how the country plans to become an outpost of innovation El Salvadoran President Naib Buquele has signed a law that eliminates all taxes on companies from the technological innovati ...
Canadian Teachers’ Pension Fund Abandons $95M Crypto Investment in FTX
The OTPP Exits Cryptocurrency Investment After $95M Loss on FTX. The Canadian Teachers' Pension Fund of Ontario (OTPP) has decided to abandon its cryptocurrency investment after incurring a loss of $95 million in the bankrupt cryptocurrency exchange FTX. OTPP, Canada's third-largest pension fu ...
El Salvador Launches New Program to Train Bitcoin and Lightning Network Developers
El Salvador's government has unveiled a pioneering educational program that aims to equip university students with the expertise required to become proficient Bitcoin and Lightning Network developers. President Nayib Bukele has stated that the new curriculum will arm students with the knowledge a ...
Experts report significant rise in price for mining equipment in Q1 2023
According to a report by Kommersant, mining equipment has significantly increased in price during the first quarter of this year. The final price, however, could be subject to variables like the dollar exchange rate and the amount of equipment being purchased. The hike in the cost of mining eq ...
Spanish Government Increases Efforts to Collect Taxes on Digital Assets
The Spanish Government's Tax Administration Agency (AEAT) is taking serious action to collect taxes from local holders of digital assets. As part of this effort, the agency plans to send notifications to 328,000 traders across the country. This marks a 40% increase in the number of notificatio ...
Arkansas Approves Bill to Regulate Cryptocurrency Mining, Protecting Miners from Tax Discrimination
The legislature of Arkansas has recently passed a bill that aims to regulate the activities of cryptocurrency mining in the state. The bill, introduced by Republican Rick McClure, aims to prevent discrimination against miners by subjecting them to the same regulations as data processing centers ( ...
Report Shows Only 0.53% of Crypto Investors Pay Taxes, but Doubts Arise on Methodology
Divly, a Swedish tax firm specializing in cryptocurrency, recently published a report claiming that only 0.53% of crypto investors pay taxes. However, some experts have raised doubts about the accuracy of the report's methodology. Divly's analysis was based on the ratio of the number of people wh ...
Kenyan legislators propose bill to regulate cryptocurrencies as securities
Kenyan legislators have proposed a bill that would classify cryptocurrencies as securities and require issuers to adhere to certain regulations. Economist and blogger Amboko Julians shared screenshots of the draft bill, which indicates that the Kenya Capital Markets Authority (CMA) will oversee t ...
El Salvador President Announces Plan to Abolish Taxes for Tech Companies
El Salvador's President has taken a major step towards establishing the country as a global hub for the cryptocurrency industry. The move involves the elimination of all taxes on technology companies, as announced by Nayib Bukele, the leader of the nation that made Bitcoin an official means of pa ...