Cryptocurrency Analysis and News Portal
The incoming United States House Financial Services Committee chair Patrick McHenry wants the Treasury to delay the implementation of a section of the Infrastructure Investment and Jobs Act that deals with digital assets and tax collection.McHenry sent a letter on Dec. 14 to U.S. Treasury Secretary Janet Yellen with questions
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Rep. Patrick McHenry, the soon-to-be chair of the House Financial Services Committee, wrote a public letter to Treasury Secretary Janet Yellen asking her to delay the implementation of the tax provision in last year's infrastructure law. Source
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Visits to Indian exchanges Wazir X, CoinDCX, CoinSwitch Kuber and ZebPay fell 80% between Feb. 1 – when Prime Minister Narendra Modi’s government announced a 30% tax on crypto profits and a 1% tax deducted at source (TDS) on all transactions – and Oct. 31, according to SimilarWeb. App downloads
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In a package of financial services reforms unveiled today, setting out how to replace European Union banking and financial-market laws, the Treasury said it would extend an existing tax break, which allows investors to use a U.K.-based manager without drawing extra tax liability, to the crypto sector. The change will
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“An ‘EU crypto tax’ is not on the cards,” Markova said, with any tax law needing unanimous agreement of 27 finance ministers, but added that, politically speaking, “it will be difficult to argue that the proposal should be any less expansive in scope or granularity than it is.” Original Source
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A cryptocurrency law, which had been in discussion for several months, has been approved by the Chamber of Deputies in Brazil after having shed some of the changes presented by the Senate. The proposal left out two planned tax exemptions for green mining operations and the issue of segregating customer
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The new government of Italy plans to impose a 26% tax on capital gains from crypto trading, according to the draft budget for next year. The center-right coalition in power is also preparing to oblige Italians to declare their digital assets and pay 14% on their holdings. Government in Italy Intends
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MiCA, in contrast, requires EU-based cryptocurrency companies to register and have minimum governance norms, but carves out other Web 3 innovations such as NFTs. Total IT and other startup costs for implementing the measures will amount to hundreds of millions of euros, borne by crypto providers and tax administrations, the
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According to a capital markets amendment bill reportedly sponsored by Kenyan lawmaker Abraham Kirwa, cryptocurrency holders in the country will be obliged to pay taxes on gains. In addition, the bill (if passed into law) would require crypto holders to furnish Kenya’s Capital Markets Authority with details such as “the
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The Capital Markets (Amendment) Bill, 2022 would allow for the taxation of crypto exchanges, digital wallets and transactions. Crypto investors in Kenya would have to pay capital gains tax to the Kenya Revenue Authority when they sell or use their crypto in a transaction, and the bill would also require
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