US Government Delays Tax Reporting Rules for Cryptocurrency Brokers The enforcement of a requirement for brokers to report gains made by crypto investors has been postponed by the U.S. Treasury Department and the IRS. The new tax rules, incorporated into the $1 trillion infrastructure bill passed by the U.S. Congress in 2021, were to be imposed in 2023. Crypto Brokers Told to Comply With […]
Brussels Wants All Crypto Service Providers to Report Transactions of Europeans The European Commission has set out to oblige platforms processing crypto transactions for EU residents to share information with tax authorities in the Union. According to the proposal, all crypto service providers, regardless of where they are based, will have to abide by the new rules. EU to Consider New Reporting Requirements for Crypto Platforms […]
New Council at Ukraine’s Securities Watchdog to Draft Crypto Taxation Regulations A special council under Ukraine’s securities regulator will be tasked to develop rules for crypto taxation in the country. The new body will be also responsible for coordinating the regulation of various crypto activities and adjustments to the applicable legislation. Advisory Board to Take On Matters Related to Cryptocurrency Taxation in Ukraine The National Securities […]
Crypto News Summary: NEAR Wallet Users Jump from 2M to 20M, IRS Preparing 'Hundreds' of Crypto Cases, Top 10 Whitehats Made $42M
Brazil’s Eighth-largest City OKs Plan to Let Residents to Pay Taxes in Crypto Source: Ewan Kennedy/Unsplash Brazilian cities are racing to allow their citizens the ability to pay their local taxes in crypto – with the nation’s eighth largest city set to allow residents to settle their bills in bitcoin (BTC) and other tokens from next year. Per CNB, the latest development comes from the city of Curitiba, […]
US IRS Releases New Reporting Guidelines for Digital Assets Source: AdobeStock / pabrady63 The US Internal Revenue Service (IRS) has released updated guidelines for reporting digital assets, clarifying the taxation of non-fungible tokens (NFTs) and stablecoins as well. The IRS’ draft 2022 tax year guide has placed cryptocurrencies, stablecoins, and NFTs into the same category of ‘digital assets’ for taxing purposes. It stated that, […]
Crypto News Summary: Celsius Faces US Federal 'Investigations', IRS Puts Crypto, NFT & Stablecoin in Digital Asset Category, HackNotice Accepts BTC, XMR Source: AdobeStock / Timon Get your daily, bite-sized digest of cryptoasset and blockchain-related news – investigating the stories flying under the radar of today’s crypto news.__________ Legal news Bankrupt cryptocurrency lender Celsius Network faces US federal “investigations,” according to a filing from lawyers for its committee of unsecured creditors. “The number and extent of investigations […]
Draft Law Seeks to Oblige Kazakhstan’s Crypto Miners to Exchange Bulk of Income in Country Cryptocurrency miners in Kazakhstan are to be required to convert up to three quarters of their income on locally registered exchanges, according to a new bill that’s advancing in the nation’s legislature. Lawmakers also want to make sure crypto companies pay their taxes and fees. Parliament of Kazakhstan Votes on Bill Regulating Activities of Crypto […]
Argentinian Tax Authority Strengthens Crackdown on Illegal Crypto Miners Source: Andy/Adobe Argentina’s tax body has bolstered its ongoing crackdown on crypto miners who do not declare their operations – and looks set to make good on the government’s pledge to ensure that all crypto-related activity in the nation is taxed. After ministers called for crypto-related tax reform back in February, the national tax Authority, […]
Rio de Janeiro to Allow Citizens to Pay Property Taxes in Crypto from 2023 Source: Quatrox Production/ Adobe The Brazilian city of Rio de Janeiro will let its crypto-holding residents use their coins to pay their property tax bills from next year. Globo reported that the city hall has published a decree in its Municipal Gazette that states that Rio will “hire companies specialized in carrying out the conversion […]
Portugal Prepares to Tax Crypto Gains at Rate of 28%, Draft Budget Unveils Authorities in Portugal intend to impose a levy on gains from short-term crypto investments with the state budget for next year. The document, which still needs the approval of Portuguese lawmakers, signals a change in the EU nation’s positive attitude towards crypto assets. Government of Portugal Proposes New Tax for Cryptocurrency-Related Gains In the past […]
Portugal Makes U-Turn On Crypto-Friendly Taxes Source: AdobeStock / chalermphon Though widely considered to be one of the most crypto-friendly countries, Portugal is increasingly shifting its position on taxing cryptoasset gains – and now plans to tax gains on crypto held for less than a year. According to Bloomberg, Portugal argues that the new rules are in line with other European […]
Record Number of Brazilian Companies Holding Crypto – Bitcoin and Tether Lead Adoption Source: AdobeStock / Yasir Design The number of companies in Brazil holding cryptoassets hit an all-time high in August, with Bitcoin (BTC) and Tether (USDT) standing at the top of the adoption list. Per local media, Brazil's tax authority recorded 12,053 organizations that declared cryptoassets on their balance sheets in August this year. In July, […]
Mastercard to Launch Crypto Secure, EU Parliament Voted to Use Blockchain in Taxation, Open Network's P2P Market to Enable Toncoin Trade on Telegram + More News
Japanese Regulator Wants to Reform Crypto Tax Laws for Companies & Investors Source: Adobe/amirul syaidi Japan’s top financial regulator, the Financial Service Agency (FSA), has indicated that it is prepared to reform the nation’s tax laws that govern the way firms and their investors are taxed on their interactions with crypto. The reforms are a response to the pro-IT sector growth drive instigated by Prime Minister Fumio […]
Adoption Picks up Pace in LATM with Brazilian Central Bank’s DeFi Project & Developments in Argentina
US Sullivan Bank Partners with Bakkt to Enable BTC, ETH Support, SCB Scraps Bitkub Acquisition Plans, LiquidX Takes 70% Stake in Anime Metaverse + More News
54% of Indian Crypto Investors Surveyed in Q2 Aimed to Invest More in 6 Months - KuCoin Source: AdobeStock / WONG SZE FEI Despite the latest market downturn, more than 50% of India’s survey respondents intend to expand their investments in crypto in the coming six months – indicating an optimistic approach to the market, according to a report by crypto exchange KuCoin. Data from the report shows that, in the second […]
Do Kwon Reportedly Lawyers Up, Colombia May Fight Tax Evasion with Digital Currency, Unstoppable Domains Lunches App + More News Source: AdobeStock / Barna Tanko Get your daily, bite-sized digest of cryptoasset and blockchain-related news – investigating the stories flying under the radar of today’s crypto news. __________ Legal news Co-founder of the distraught crypto project Terraform Labs, Do Kwon, has reportedly hired a South Korean law firm, in anticipation of potential charges against him. As […]
Legal Woes: Coinbase Faces New Class Action, IRS Allowed to Investigate SFOX' Customers, Another Objection in SEC-Ripple War
Bitcoin Debuts in BlackRock & Coinbase Partnership, Meta Rolls Out NFTs to More Countries, Risky Crypto Bridges + More News Source: Adobe/MichaelVi Get your daily, bite-sized digest of cryptoasset and blockchain-related news – investigating the stories flying under the radar of today’s crypto news. __________ Investments news Major asset manager BlackRock has partnered with crypto exchange Coinbase to enable the former's institutional clients who also own digital assets on Coinbase to use Aladdin, the asset manager’s […]
Global Economic Growth Slows Amid Gloomy and More Uncertain Outlook Source: AdobeStock / iphotothailand Pierre-Olivier Gourinchas is the Economic Counsellor and the Director of Research of the International Monetary Fund (IMF). _________ The world’s three largest economies are stalling, with important consequences for the global outlook. Inflation is a major concern. The global economy, still reeling from the pandemic and Russia’s invasion of Ukraine, is […]
Kazakhstan President Signs Law Increasing Tax Burden for Crypto Miners President of Kazakhstan Kassym-Jomart Tokayev has signed into law a bill amending the country’s Tax Code to impose higher tax rates on crypto miners. The levy will depend on the amount and average price of electricity utilized in the extraction of digital currencies like bitcoin. Cryptocurrency Miners in Kazakhstan to Pay Higher Taxes President Tokayev […]
