IMF execs float raising crypto mining electricity prices by 85%
A tax on the energy used by crypto miners could cut emissions by 100 million tons a year, equal to Belgium’s emissions, say two IMF executives. Go to Source
Taxes
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Senate proposal for crypto tax exemption is long overdue
Four senators are fighting to exempt low-value crypto transactions from federal taxation. Congressional approval for their proposal is long overdue. Go to Source
IRS Unveils Overhauled Crypto Tax Form With No Address Disclosure Requirements
The U.S. Internal Revenue Service (IRS) has unveiled an updated Form 1099-DA for reporting digital asset transactions, introducing key changes that may address past criticism and privacy issues. This new version, reportedly set to be partially implemented in 2025, removes several contentious elements from earlier drafts. IRS Revamps Crypto Reporting Form On Aug. 8, 2024, … Read more
IRS updates draft of crypto reporting form for US taxpayers
The latest draft form eliminated asking US taxpayers the time of day a crypto transaction occurred and identifying the “broker type.” Go to Source
Binance Hit With $87 Million Tax Bill in India
Global crypto exchange Binance has received a goods and services tax (GST) bill of Rs 722 crore ($87 million) in India for non-compliance with the country’s tax regulations. This is the first instance of a cryptocurrency firm facing such scrutiny in India. A source claimed that Binance earned over Rs 4,000 crore from transaction fees … Read more
India demands $91.9M from Binance in unpaid GST taxes
Binance faces a demand for nearly $92 million in unpaid GST from Indian authorities, aiming to resume operations after a previous ban. Go to Source
Senator Cynthia Lummis releases report attacking Biden’s mining tax
The pro-crypto senator claimed that Bitcoin mining consumes as much energy as household appliances such as tumble dryers. Go to Source
India Maintains Crypto Tax Regulations in 2024/25 Budget
Indian Finance Minister Nirmala Sitharaman’s 2024-25 Union Budget keeps the existing cryptocurrency tax regulations unchanged, disappointing local crypto advocates. They argue that reducing the 1% tax deducted at source (TDS) is essential for reviving the struggling crypto industry in India. Industry leaders emphasize the need for ongoing dialogue with regulators to foster a supportive environment … Read more
South Korea Considers Deferring Crypto Taxation Until 2028
The ruling party of South Korea is, once again, considering the postponement of the enactment of crypto-specific taxes, as this could influence public opinion towards the government. The party aims to implement these taxation rules by 2028, citing a lack of necessary regulations and institutional infrastructure as the primary reasons for this measure. South Korea … Read more
Treasury and IRS Announce Digital Asset Tax Reporting Regulations
The U.S. Department of the Treasury and the IRS have released final regulations for tax reporting on digital asset sales, as part of the Biden-Harris administration’s implementation of the Infrastructure Investment and Jobs Act. Additionally, the Treasury and the IRS revealed that they anticipate issuing further rules later this year to establish reporting requirements for … Read more
