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Coinbase’s tax leader has requested the IRS to reconsider its proposed cryptocurrency tax guidelines. Coinbase, one of the prominent digital asset platforms, has openly objected to the U.S. Treasury Department’s new propositions on digital asset transaction reporting by brokers. The company’s chief concerns center around potential invasions of user privacy and
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Aside from Coinbase has raised concerns about the potential adverse impact of the proposed law across various sectors within the digital asset ecosystem. The recent proposal from the US Internal Revenue Service (IRS) regarding crypto tax regulations has drawn strong criticism from Coinbase, the largest cryptocurrency exchange in the United States.
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In August, the Treasury Department published its nearly 300-page proposed rule, meant to finally comply with the 2021 Infrastructure Investment and Jobs Act. It sets out reporting obligations for centralized crypto exchanges, payment processors, some hosted wallet providers, some decentralized exchanges and people or entities that redeem crypto tokens. Original Source
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Seven members of the United States Senate have called on the Treasury Department and Internal Revenue Service (IRS) to advance a rule imposing certain tax reporting requirements for crypto brokers “as swiftly as possible”.In an Oct. 10 letter to Treasury Secretary Janet Yellen and IRS Commissioner Daniel Werfel, a group
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Juan Agustín D’Attellis Noguera, a director of Banco Central de la República Argentina, the country’s central bank, publicly supported the Minister of Economy Sergio Massa in his promotion of central bank digital currency (CBDC) as a remedy for the national economy. Giving commentary on local television, Noguera expressed his belief that the “digital
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Analysts at KeyBanc downgraded Apple shares from ‘Overweight’ to ‘sector-weight’ citing a weaker sales growth outlook. Apple Inc (NASDAQ: AAPL) top executives led by Chief Executive Officer (CEO) Tim Cook, senior vice presidents Deirdre O’Brien and Katherine Adams offloaded part of their shareholdings according to filings with the United States Securities
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The U.S.-based cryptocurrency exchange also plans to double its headcount in India from 70 to 150 employees. Gemini, a cryptocurrency exchange co-founded by the Winklevoss twins, is planning to expand its presence in India despite the challenging regulatory landscape. In a blog post on Tuesday, Sept. 26, the New York-based crypto exchange
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Hong Kong regulators are looking to tighten the noose around the crypto market after arresting six individuals following allegations of fraud around an unlicensed crypto exchange, JPEX. The government intends to increase its efforts to inform investors and remind them only to utilize platforms granted Securities and Futures Commission licenses. Meanwhile,
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Cryptocurrencies like Bitcoin (BTC) accounted for the largest share of South Korea’s reported overseas assets in the latest report by the country’s tax organization.South Korea’s National Tax Service (NTS) issued an official announcement on Sept. 20, stating that 1,432 individuals and corporations reported overseas accounts in cryptocurrency this year.The total
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