Cryptocurrency Analysis and News Portal
Governments have yet to address all the ways crypto might be taxed, the International Monetary Fund (IMF) has realized, and the amount of taxes not imposed or collected may reach well into the tens of billions of dollars. That insight does little to reduce the variety of challenges in taxing
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Parliament members in the European country of Slovakia voted in approval of lowering crypto taxes, among additional measures affecting cryptocurrency holders. On June 28 the Slovakian parliament voted to approve an amendment that will reduce personal income tax for profits gained from the sale of cryptocurrencies that have been held by
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Token issuers in the country were subject to a 30% corporate tax for unrealized gains on their own tokens. Original Source
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Cryptocurrency, having made its presence felt globally as an investment asset, is no longer unfamiliar to the IRS. The tax rules concerning cryptocurrency, however, remain somewhat convoluted. According to the IRS, crypto may be subject to either income taxes or capital gains taxes, depending on its usage.Cryptocurrency is not taxed
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ConsenSys, the company behind the crypto wallet MetaMask has hosed down rumors that it collects taxes from cryptocurrency users. The company informed its 270,000 Twitter followers on May 22, that the rumors were based on ”inaccurate information” drawn from a misreading of MetaMask’s Terms of Service. We are aware of
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In its claim, the IRS alleged that FTX, Alameda, and co failed to report transactions and activities for a sustained period. The US Department of Treasury and Internal Revenue Service (IRS) has filed a $44 billion claim against FTX and its subsidiaries. In the documents, dated April 27th and 28th, the IRS alleged that
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The government of Kazakhstan has received 3.07 billion tenge (approximately $7 million) in tax payments from crypto mining entities in 2022, following the implementation of an amended law regulating the fiscal burden of mining cryptocurrencies, according to the local media reports.Preliminary data from the government for 2023 shows that mining fees
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The government of Kazakhstan has collected over $7 million in taxes this and last year from enterprises mining cryptocurrency in the country. The news comes amid growing regulatory pressure that is limiting the industry’s access to low-cost energy while increasing its tax burden. Miners Face Higher Expenses, More Challenges Under New
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El Salvador’s president, Nayib Bukele, has enacted a law that eliminates all taxes on technology innovations, software and app programming, AI, computer, and communications hardware manufacturing. The law is expected to boost the country’s technology sector, generate more jobs for its population, and attract foreign investment. Bukele Signs Law to Boost
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A closer look at the current state of crypto taxation worldwide reveals a trend toward increased regulation and maturity, with many governments recognizing the potential benefits of blockchain technology in various sectors. As the blockchain and cryptocurrency industry continues to evolve and gain mainstream adoption, the regulatory landscape surrounding them
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