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“Unlike traditional government-issued currencies, property does not enjoy a de minimis exemption. This is in contrast to how foreign currencies are treated, which do enjoy an exemption,” a letter authored by Coin Center said. “... This means that every time you buy a cup of coffee or anything else with
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With the metaverse booming to 400 million users, the challenge arises: how do we tax this burgeoning virtual world? Metaverse is a virtual world where millions of people spend their time nowadays. To give you an idea of its popularity, there are currently about 400 million active users worldwide. Back in 2021,
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European lawmakers overwhelmingly approved the DAC8 directive, empowering tax authorities to oversee and regulate cryptocurrency transactions within the EU. On Sept. 13, the proposal got 535 member votes in favor, only 57 against, and 60 abstentions. The DAC8 will enable tax authorities to monitor and regulate all cryptocurrency transactions conducted by
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The Economic Security Bureau of Ukraine is conducting a pretrial investigation against local crypto trading platforms suspected of tax avoidance. Ukraine’s Economic Security Bureau (ESB) is investigating local crypto exchanges after the bureau found that non-regulated exchanges operating in the country cost over $80 million in lost taxes. In an interview with
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The Blockchain Association, a United States-based cryptocurrency advocacy group, has submitted suggestions for lawmakers to consider in potential legislation on the tax treatment of digital assets.In a Sept. 8 letter to U.S. Senators Ron Wyden and Mike Crapo, the Blockchain Association said lawmakers should support the Keep Innovation in America
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In this week’s newsletter, read about how German flagship airline Lufthansa uses nonfungible tokens (NFTs) to reward loyal customers and how soccer superstar Cristiano Ronaldo teased his future NFT plans during a lie detector test. Check out why a law professor believes the metaverse should be taxed, and find out
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Japan has been actively reassessing its crypto tax regulations since last year, with a focus on creating an environment that encourages the growth of blockchain startups within the country. Japan’s financial regulator, the Financial Services Agency (FSA), has unveiled a groundbreaking proposal that could reshape the country’s crypto taxation landscape. On
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The principal financial regulator of Japan, the Financial Services Agency (FSA), has decided to take crypto regulation into its own hands by proposing to change the tax code regarding digital assets. The request was submitted by the FSA on Aug. 31. The most notable suggestion in the 16-page document is a
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Harvard legal scholar and Yeshiva University law professor Christine Kim recently published a research paper detailing arguments for not only taxing the metaverse but treating it as “a laboratory for experimenting with cutting-edge policy.”In the paper, dubbed simply “Taxing the Metaverse,” Kim argues that the metaverse allows participants to create
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The United States Internal Revenue Service (IRS), which is responsible for tax collection in the United States, has released proposed regulations on the sale and exchange of digital assets by brokers. Under the rules, brokers would be required to use a new form to simplify tax filings and cut down
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