Cryptocurrency Analysis and News Portal
In 2019, Joshua Jarrett paid income tax on 8,876 Tezos tokens he earned through staking. In 2020, Jarret asked the IRS to return the taxes he paid, arguing that the tokens were not income, but rather “created property.” The IRS currently treats digital assets as property for tax purposes, but
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A Nashville couple’s lawsuit over taxes they paid on unclaimed and unsold Tezos staking rewards is coming to an end with the Internal Revenue Service (IRS) agreeing to issue them a refund.The decision may set a precedent for future guidance on how crypto rewards earned through staking are taxed. At
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Thailand has relaxed tax rules for cryptocurrency investors, scrapping its planned 15% withholding tax. “The revenue department did a lot of homework and reached out to crypto operators as well to get feedback … It is much more friendly to both investors and the industry,” said the CEO of a
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Her Majesty’s Revenue and Customs (HMRC), the U.K.’s tax agency, on Wednesday, has released a controversial set of guidance that could affect innovation in Decentralized Finance (DeFi).The updated regulation focuses on the treatment of digital assets specifically for DeFi lending and staking in the UK, and whether returns or rewards
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The new guidance lays out some examples of how users could decide the nature of their return from lending or staking. For instance, if the return amount, say 5% per annum, was already agreed to, it would most likely be a revenue receipt. If the proceeds are “unknown and speculative,”
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The head of the Central Board of Direct Taxes (CBDT) in India said the recent announcement of a 30% tax on crypto holdings doesn’t necessarily make the crypto trade legal in India.The finance minister of India announced a 30% tax on crypto holdings during the budget session on Feb. 1,
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WazirX exchange’s native token, WRX, benefited the most from India’s latest U-turn on crypto this week.WRX’s price jumps on India tax newsWRX’s price surged nearly 30% to over $1, hitting a three-week high after the Indian government had announced a new tax regime for the regional crypto sector, reversing entirely from its earlier
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The DIAN, the Colombian tax authority, has announced it is taking special measures to tighten controls on taxpayers currently using cryptocurrencies to transact. With these actions, the organization seeks to detect any taxpayers that have used crypto assets and failed to report these activities, or reported them erroneously. This action
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The Indian government has proposed taxing income from cryptocurrencies and other digital assets at 30%. India’s finance minister, Nirmala Sitharaman, said: “There’s been a phenomenal increase in transaction in virtual digital assets … The magnitude and frequency of these transactions have made it imperative to provide for a specific tax
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Having made this declaration on the digitized rendition of the Indian rupee, India’s first Woman Finance Minister also offered the implementation of a thirty percent tax on crypto that focuses on the exchange and trade of virtual digital assets.On the 1st of February, Indian Finance Minister Nirmala Sitharaman announced the
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