Cryptocurrency Analysis and News Portal
When Scottish writer Mark Eglinton interviewed him in a series of conversations in 2019 and 2020, the cybersecurity pioneer turned crypto promoter was in hiding, having fled the U.S on a yacht following the convening of a Grand Jury in Tennessee. McAfee fled to the Bahamas, then Cuba and then
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Spain’s Ministry of Treasury has admitted that Spanish citizens are not forced by law to declare their cryptocurrency holdings under the disputed Model 720, which involves declaring funds held abroad. While the antifraud law approved last year established this duty, there are still no rules regarding cryptocurrency after Model 720
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Florida governor, Ron DeSantis explained at a press conference on Tuesday that he’s spoken with state agencies and told them to figure out ways for businesses to pay tax with cryptocurrencies. During the signing ceremony for a bill focused on financial literacy, DeSantis said that the government is working on
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India’s ministry of finance has clarified in parliament how the government plans to tax cryptocurrency transactions. A proposed new section to the Income Tax Act states that gains from crypto transactions will be taxed at 30% while losses cannot be deducted. Indian Government Reveals Taxation Plan The Indian ministry of finance answered
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India’s income tax department has reportedly identified about 700 cryptocurrency investors who have failed to pay taxes on high-value crypto transactions. “We have a long list of people who were transacting in crypto assets but were not paying tax,” said an official with the country’s Central Board of Direct Taxation. Indian
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The Thai Cabinet has approved tax relief measures for crypto trading. The new tax rules are “much more friendly to both investors and industry,” said an executive of a cryptocurrency exchange in Thailand. Thailand Adopts New Tax Rules for Crypto Investments Thailand’s Cabinet approved new tax relief rules Tuesday for crypto trading,
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While this shift has been helpful, fundamental issues remain unsettled; crypto activities, including transfers to wallets and the exchange of one digital currency for another have required new thinking. Cost basis, fair market value and date of receival can be difficult, if not impossible, to document. Staking, which can involve
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While crypto airdrops are often considered to be "easy money," they also come with responsibilities.In recent months, projects like Ethereum Naming Service (ENS) and LooksRare delivered airdrops of ENS and LOOKS tokens, respectively, to their users. Both of these token networks are now worth hundreds of millions of dollars in
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Block Inc., formerly known as Square, made modest bitcoin investments totaling $220 million during 2020 and 2021. Since then it has recorded impairment losses of $77 million, leaving a carrying value of $148 million. That’s not a big bitcoin investment commitment compared with MicroStrategy. However, fee revenue for facilitating crypto
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This is a scenario with little guidance from the IRS. Based on precedent, airdrops like this will be taxed as ordinary income (i.e., short-term capital gains rates), generally, when the assets are recorded on ledger and/or enter your wallet. So if you don’t claim, you won’t have control of the
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