Cryptocurrency Analysis and News Portal
Several prominent crypto commentators have criticized the new crypto tax reporting rules recently put forth by United States president Joe Biden. On Aug. 25, in an effort to catch crypto users avoiding taxes, the Internal Revenue Services (IRS) proposed brokers follow new rules for selling and trading digital assets. Brokers would
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"The crypto ecosystem is very different from that of traditional assets, so the rules must be tailored accordingly and not capture ecosystem participants that don’t have a pathway to compliance," said Kristin Smith, CEO of the Blockchain Association, in a statement shortly after the proposal emerged. Source
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The Treasury Department published a nearly 300-page proposed rule on Friday in response to the 2021 Infrastructure Investment and Jobs Act saying centralized crypto exchanges, payment processors, some hosted wallet providers, some decentralized exchanges and people or entities that redeem crypto tokens they created will be bound to those reporting
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The South Korean city of Cheongju, the capital of North Chungcheong province, has said it intends to begin confiscating cryptocurrency from local tax delinquents.The administration of Cheongju has requested seven South Korean crypto exchanges to inquire into holdings of thousands of tax evaders, the local news agency Yonhap reported on
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Cryptocurrency advocacy group Coin Center has provided suggestions for United States lawmakers to consider in potential legislation related to the taxation of digital assets.In an Aug. 21 letter to Sens. Ron Wyden and Mike Crapo, Coin Center pointed to the Virtual Currency Tax Fairness Act — a bill previously introduced
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Share Share on Twitter Share on LinkedIn Share on Telegram Copy Link Link copied Indian authorities are intensifying their crackdown on gaming and betting applications using cryptos and offshore companies to evade taxes. According to a report from The Economic Times, several agencies are investigating networks of dummy companies that allegedly
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Share Share on Twitter Share on LinkedIn Share on Telegram Copy Link Link copied The Brazilian Congress is pushing forward legislation allowing for the taxation of crypto assets held abroad by citizens of the South American country. According to the local press, Brazilian lawmakers on Aug. 11 approved amendments to a
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Crypto app developers hoping for a loosening of Apple's App Store rules will have to wait longer after a United States Supreme Court held off on granting a request to let apps direct users to payments outside of Apple’s ecosystem.An Aug. 9 decision from Justice Elena Kagan declined to let
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Crypto investors and their brokerages are waiting for a U.S. tax rule that will completely overhaul how they report their cryptocurrency taxes, but the government isn’t offering any straight answers about its holdup even as prominent lawmakers clamor for the Treasury Department to finish the job. Original Source
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In this issueJapan’s crypto tax law: An industry group urges tax changeDon’t write off Bitcoin NFTsLitecoin’s halving: Prices fallFrom the Editor’s DeskDear Reader,The only two certainties in life may be death and taxes – at least according to U.S. founding father Benjamin Franklin – but for the digital asset industry
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