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In this regulatory roundup, we cover the U.S. SEC approving a bitcoin futures fund, the new IRS tax form targeting crypto owners, and several more steps taken by the U.S. government toward crypto regulation. We also cover India’s central bank digital currency plan, South Korea’s crypto taxation plan, and the European Commission’s announcement regarding stablecoins. … Read more
The U.S. Internal Revenue Service (IRS) has issued long-awaited guidance on the tax treatment of cryptocurrencies. It is generally described by the crypto community as a mixed bag since some parts are useful while others have raised many more questions, particularly how cryptocurrencies from hard forks and airdrops are taxed. Also read: 10 Tax Tools … Read more
Cryptocurrency enthusiasts and businesses in the industry have had to put up with regulatory uncertainty for quite some time. The strong desire to tap into their incomes and profits goes hand in hand with failure on behalf of authorities and regulators to fully understand the nature of decentralized digital assets. Not to mention how absurd … Read more
According to personal finance firm Credit Karma Tax, filers who reported short-term capital losses for cryptocurrencies in the first month of 2019 jumped fivefold year-over-year. After the incredibly bearish crypto markets of 2018, data from early tax filers highlights the fact that more investors are claiming losses this tax season. However, a survey the company … Read more
The Minister of Finance of South Africa, Tito Mboweni, explained in a letter on Jan. 2 that the region’s government has created a regulatory working group dedicated to cryptocurrencies. According to Mboweni, the working group includes representatives from multiple South African agencies and aims to produce a comprehensive regulatory response to the growing digital asset … Read more
Taxes have been a hot topic in the cryptocurrency world this year. Many countries have been trying to figure out how to tax crypto assets, while traders have been figuring out how to lever them to write off losses. As bitcoin and other cryptocurrencies enter the mainstream, tax reduction strategies are starting to emerge. Also … Read more
A new draft introducing amendments regarding the taxation of crypto incomes has been published in Poland. The bill differentiates between decentralized cryptocurrencies and centralized virtual money, and clarifies the tax regime applicable to crypto trading and mining. Also read: Eastern Europe: Regulation Postponed, Tax Abandoned, Banks Enlightened Draft Distinguishes Between Cryptos and Centralized Coins … Read more
Cryptocurrencies are becoming more prevalent to residents living in South Africa and over the past year bitcoin interest stemming from the region has grown exponentially. Furthermore, just recently the South African Treasury has proposed a few amendments that apply to the country’s Taxation Laws Amendment Bill (TLAB) and how cryptocurrencies are taxed. According to regional … Read more
Since the incredible bull run last year, early adopters, and even people who invested in cryptocurrencies back in January 2017, have made an incredible amount of financial gains. In the U.S. some people who want to cash out a good chunk of money realize they’ll end up paying the taxman (IRS) a lot of money … Read more
Cryptocurrency traders in Japan currently can be taxed as high as 55% on their profits. However, the country’s Deputy Prime Minister, Taro Aso, wants to change how crypto transactions are taxed, from a progressive rate to a uniform rate. Also read: Yahoo! Japan Confirms Entrance Into the Crypto Space Aso Wants to Change Crypto Taxation The Japanese … Read more
