Decentralized platforms may benefit from strict US crypto tax laws
The reporting requirements present a “real risk of pushing users toward decentralized platforms,” according to industry insiders. Go to Source
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The reporting requirements present a “real risk of pushing users toward decentralized platforms,” according to industry insiders. Go to Source
The lawsuit alleges that the IRS’ latest rulemaking exceeds the agencies’ statutory authority and violates the Administrative Procedure Act. Go to Source
Hong Kong is proposing tax breaks for hedge funds, private equity funds, and wealthy individuals investing in cryptocurrencies. Hong Kong and Singapore Vie for Top Financial Hub Spot Hong Kong authorities have reportedly proposed exempting hedge funds, private equity funds, and wealthy individuals from paying taxes on gains from cryptocurrencies. The proposals, aimed at making … Read more
Russia’s new crypto tax law classifies digital currencies as property, exempts mining from VAT, and mandates detailed reporting, signaling a seismic shift in regulation. Russia’s New Crypto Tax Rules Signal a Major Shift in Digital Currency Regulations The Federation Council, Russia’s upper house of parliament, approved a government-initiated bill outlining the taxation framework for digital … Read more
Detroit says the move to begin accepting crypto as payment for taxes and other city services was part of a broader effort to “modernize and improve” its payment channels. Go to Source
The Nigerian government has dropped charges against a Binance exec, Ripple has filed an appeal, FTX settled with Bybit, and Denmark moves to tax unrealized crypto gains. Go to Source
The Dutch government wants to align its data collection rules for crypto service providers with the rest of the EU, saying it would “create more transparency.” Go to Source
The Danish Tax Council has recommended what it terms non-backed crypto assets like Bitcoin be taxed similarly to asset-based crypto assets. The council argues the recommendations would allow crypto investors to deduct losses from gains thus making taxation more fair. However, some observers believe this amounts to a “declaration of war on crypto” as it … Read more
The Kenyan Revenue Authority (KRA) is tightening its grip on cryptocurrency by proposing a real-time tax system integrated with exchanges. This system would track all crypto transactions, capturing details like time and value for tax collection purposes. Beyond real-time taxation, Kenya is considering AI and machine learning to combat tax evasion. These technologies would improve … Read more
The South African Revenue Service (SARS) has announced plans to include crypto assets in its tax compliance programs. SARS is seeking information on crypto users and is increasing its efforts to identify and audit non-compliant taxpayers. The revenue collector urged taxpayers concerned about compliance to participate in the Voluntary Disclosure Program, but those already under … Read more