Cryptocurrency Analysis and News Portal
The move to regulate and tax cryptocurrencies held on foreign exchanges comes as digital assets are gaining popularity in Brazil. The Brazilian Senate recently gave the green light to a new tax reform aimed at imposing a 15% tax on cryptocurrencies held on foreign exchanges. The proposed bill on crypto income
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The FCA is currently exploring whether it could determine money laundering registration applications more quickly for firms already authorized, the report said. Source
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Cryptocurrency lending firm Celsius said its reorganized company will focus only on Bitcoin mining following feedback from the United States Securities and Exchange Commission (SEC).In a Nov. 20 announcement, Celsius said the core business of the ‘NewCo’ company proposed under its restructuring plan will be Bitcoin (BTC) mining rather than
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However, "what the government is actually doing is blocking use of the OPE for crypto to any overseas person, even if they’re only doing institutional business," Meakin said. "Perhaps the government thinks there is a different solution, such as deference or equivalence, but we are still waiting to see any
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A letter by a bipartisan group of U.S. lawmakers has urged the U.S. Treasury to revise its proposed digital-assets taxation regime. Original Source
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The so-called broker rule, laid out by the IRS in a tax reporting proposal has been at times called unconstitutional, unprecedented in scope and an existential threat for the cryptocurrency industry. Indeed, by expanding the definition of a broker — a well-defined term in the context of traditional finance, with
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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 August aimed at regulating the sale and exchange of
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A few months ago, the U.S. Treasury Department put out its long-awaited proposed rule for enforcing broker reporting standards on cryptocurrency entities. The proposal suggested capturing hosted wallet providers, payment processors, some decentralized finance (DeFi) entities and others as "brokers," meaning these groups would be subject to specific crypto tax
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"The crypto mining industry is a massive energy user," Vitali said at the time. "Globally, crypto mining consumes more energy than the countries of Argentina and Australia. This high level of energy usage places more stress on the environment and accelerates the climate crisis, in addition to raising costs for
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