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South African Tax Body Updates Crypto Tax Guidance, Confusion Persists – Taxes Bitcoin News

In late August, the South African Revenue Service (SARS) released new guidelines that clarify the correct treatment of taxable crypto events. The new guidance, which was published on the revenue collector’s webpage, explains how cryptocurrency-related income should be disclosed in tax returns. Distinction Between Income and Capital Gains Tax As shown on

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Argentina’s tax body reportedly asks crypto firms to report all activity

A tax authority in Argentina is reportedly looking to scrutinize operations involving cryptocurrencies like Bitcoin (BTC).Argentina’s Federal Administration of Public Income, or AFIP, has ordered domestic crypto exchanges and payment firms to provide monthly reports of all kinds of operations by users on their platforms, local news agency Buenos Aires

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Australia’s Blockchain Ecosystem Needs More Support From Regulators, Says Industry Body

Australia’s blockchain and cryptocurrency companies need more support from the federal government and regulators to boost confidence within the country’s business sector, according to Steve Vallas, CEO of advocacy body Blockchain Australia.Speaking at the Senate Select Committee on Financial Technology and Regulatory Technology on Thursday, Vallas said Australia has a

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QuadrigaCX Victims Request Proof of Gerald Cotten’s Death By Exhuming Body

Canadian law firm Miller Thomson has made a request to the Royal Canadian Mounted Police (RCMP) to conduct an exhumation and post-mortem autopsy on the body of Gerald Cotten, the deceased owner of the now-defunct Canadian crypto exchange QuadrigaCX.On Dec. 13, the Miller Thomson lawyers explained in a letter

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Int’l Accounting Standards Body Defines Bitcoin as ‘Intangible Asset’

The International Financial Reporting Interpretations Committee (IFRIC) has ruled that cryptocurrencies, including Bitcoin (BTC), are neither financial assets nor legal tender.The Korea Times reported the development on Sept. 23, citing the Korea Accounting Institute’s briefing in regard to an IFRIC meeting held in London this June.Cryptocurrencies neither financial assets

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China Banking Body to Develop Multi-Use Blockchain Platform With Major Banks

China’s self-regulatory bank organization the China Banking Association (CBA) will launch a blockchain-based platform to improve efficiency across the sector, participants confirmed in a statement Dec. 29.The project, formally dubbed the ‘China Trade Finance Inter-bank Trading Blockchain Platform,’ aims to use blockchain to target trade finance, transactions and other financial

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Circle Joins Industry Body for Developing Global Crypto Standards

Crypto finance company Circle has joined the Global Digital Finance (GDF) industry body as a founding member to develop a global “Code of Conduct” for crypto, according to a press release shared with CryptoX on Wednesday, Oct. 31.Circle has confirmed participation with the GDF on Twitter, stressing the company’s commitment

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