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President of Kazakhstan Kassym-Jomart Tokayev has signed into law a bill amending the country’s Tax Code to impose higher tax rates on crypto miners. The levy will depend on the amount and average price of electricity utilized in the extraction of digital currencies like bitcoin. Cryptocurrency Miners in Kazakhstan to Pay Higher Taxes President Tokayev … Read more
Americans are worried about a new tax reporting requirement that will force applications like Venmo, Cash App, Paypal, Airbnb, and Ebay to send 1099-K forms to users. The U.S. Internal Revenue Service (IRS) is specifically focusing on payments of $600 or more for goods and services received through a third-party payment network. US Residents Think … Read more
Ukrainian lawmakers have approved an updated version of legislation tailored to regulate the country’s crypto economy. The bill, which was first passed last year, was later returned to the legislature by President Volodymyr Zelensky who requested some changes. Majority of Ukrainian Deputies Back Law ‘On Virtual Assets’ Verkhovna Rada, Ukraine’s parliament, has adopted new legislation … Read more
The latest proposal from a group of House Democrats seeks to change how updates to the tax code affect crypto entities “who do not engage in brokerage services.” Go to Source Powered by WPeMatico
Congress has passed the Biden administration’s bill aimed at improving infrastructure, fighting climate change, and bolstering social services. The $1.2 trillion infrastructure bill, which also expands the definition of a broker, awaits U.S. president Joe Biden’s signature after passing with a vote of 228–206 on Friday. Bipartisan Infrastructure Bill Passes to the Tune of $1.2 … Read more
The regulatory status of cryptocurrency mining remains somewhat undetermined in Ukraine, even after the recent adoption of the law “On Virtual Assets.” However, albeit unregulated, the minting of digital coins isn’t prohibited either, according to a leading advisor on crypto matters at the Ukrainian parliament. Amendments to Ukraine’s Tax Law to Regulate Accounting for Crypto … Read more
Crypto traders in Poland have been unpleasantly surprised with a controversial tax they thought they wouldn’t have to pay. The Civil Law Transactions Tax (PCC) is applicable to digital asset trades conducted before the introduction of last year’s moratorium on its collection, the Polish tax administration recently clarified. The matter has been discussed on European … 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
During the first week of the new year, two U.S. representatives from New Hampshire, Dennis Acton and Michael Yakubovich, proposed a bill that would allow the state’s residents to pay taxes with cryptocurrencies. Now after some deliberation, New Hampshire’s House Subcommittee unanimously approved the state’s bitcoin for taxes bill. Also read: US State of Ohio Accepts … Read more
