IRS drafts new form 1099-DA for digital asset reporting
With the US Internal Revenue Service (IRS) issuing a draft of Form 1099-DA as a means to report digital asset transactions, the tax agency is taking steps forward to better manage the tax situation concerning the broader adoption of cryptocurrencies. In addition, self-reporting is planned as a law that should be enforced in 2025. This […]
Tax evasion uncovered in Sweden, crypto miners owe nearly $90 million
The Swedish Tax Authority, Skatteverket, has concluded about 21 mining firms that deal with cryptocurrency after a full audit. According to the audit team, the period was between 2020 and 2023. This investigation revealed that the companies allocated tax illegally at improper rates to 18 of these corporations. These eight companies are in a position […]
Crypto regulation shift: Canada mandates annual disclosure by 2027
The Canadian authorities said that they are introducing a new financial law that will involve cryptocurrency service providers. This is so because it’s connected with the federal budget regulations made in 2024, and it is all about elaborate reporting. Among the main rules designed to prevent money laundering and terrorist financing are the mandatory annual […]
IRS criminal investigation chief prepares for rise in crypto tax evasion
The United States Internal Revenue Service (IRS) criminal investigation chief Guy Ficco has said that the agency is ready to tackle the rise in tax evasion and fraud. With the deadline approaching for United States residents to file their taxes on April 15, the body said it will be ready to tackle that menace. The […]
Crypto tax season update: Guidance for Americans on filing taxes
The IRS is shining a spotlight on cryptocurrency enthusiasts and occasional dippers alike this tax season. Gone are the days when you could vaguely mention your digital endeavors; now, the taxman demands clarity. The Form 1040—your golden ticket to tax compliance—kicks things off with a nosy inquiry about your dealings in digital assets, signaling a […]
Investors call for delay in South Korea’s crypto tax implementation
A petition has been launched in South Korea requesting the government to delay the introduction of taxes on cryptocurrency gains. The petition, submitted to the National Assembly on March 21, advocates for a two-year postponement of the tax plan, which is presently scheduled to commence in January 2025. This request stems from concerns over a […]
Binance faces tax evasion lawsuit from Nigerian government
The Federal Government of Nigeria has officially lodged charges against the global cryptocurrency exchange Binance. The accusations, filed at the country’s High Court on Monday, include several counts of tax evasion. The Federal Inland Revenue Service (FIRS), Nigeria’s tax authority, spearheads the case, alleging Binance’s failure in various tax obligations. The charges against Binance encompass […]
South Korea sets the stage for enhanced oversight of digital asset taxes
In an effort to bolster tax compliance and oversight within the burgeoning virtual asset market, South Korea has announced plans to introduce a tracking system. The National Tax Service (NTS) of South Korea has selected GTIC, a consulting firm, to spearhead the development of this innovative system. Named the virtual asset integrated management system, it […]
Indonesia to consider changes in crypto taxation amid industry concerns
An official from Indonesia’s Commodity Futures Trading Supervisory Agency (Bappebti) has urged the Finance Minister to reconsider the tax rates applied to digital assets. Currently, cryptocurrencies in Indonesia are categorized as commodities, making them subject to value-added tax (VAT) and income tax. However, with the oversight of cryptocurrencies set to transfer to the country’s financial […]
South Korea nets $4.7M fighting crypto tax evasion
In a significant move to clamp down on cryptocurrency tax evasion, South Korea‘s Gyeonggi province has successfully implemented a novel system, the Arbitrator Virtual Asset Tracking Electronic Management System. This innovative approach has led to collection of approximately 6.2 billion won (~$4.7 million) in tax arrears in the past year, marking a substantial achievement in […]
Brazil tax authority uncovers 25,000 Bitcoin tax evaders
In a significant move to tighten the reins on cryptocurrency taxation, Brazil’s Receita Federal do Brasil (RFB) has uncovered discrepancies in the tax declarations of over 25,000 individuals. The authority’s investigation revealed that these taxpayers held at least 0.05 BTC in their accounts but failed to report these assets in their income tax filings. This […]
Florida’s tax climate attracts crypto investors – Why?
When it comes to cryptocurrency, the Sunshine State shines brightest, vaulting to the top of the leaderboard as the ultimate haven for digital currency aficionados. Florida’s ascent to the pinnacle of crypto-friendly locales isn’t just by chance; it’s a calculated result of its zero state income tax and an innovative regulatory approach that embraces rather […]
South Korea reviews crypto tax policy amid financial reforms
South Korea is evaluating the possibility of amending its tax regulations concerning cryptocurrency gains, aligning them with broader changes in the country’s financial investment taxation policies. This development comes as the nation prepares to implement a new tax regime for financial investments to foster wealth accumulation and prudent financial planning among its citizens. Implications of […]
The economic upside of India reducing crypto tax
In the virtual corridors of X (formerly known as Twitter), a formidable movement is gaining momentum – #ReduceCryptoTax. This is the voice of the Indian crypto community, a clarion call to the nation’s Finance Ministry. In this digital age, hashtags have transcended their role as mere metadata tags, morphing into powerful tools of advocacy and […]
Americans to face felony charges by the IRS over crypto
In a significant shift in regulatory approach, American cryptocurrency users are now under heightened scrutiny from the Internal Revenue Service (IRS). A new mandate requires U.S. citizens to report any digital asset transactions worth more than $10,000 within 15 days. Failure to comply with this directive could result in felony charges, marking a stringent step […]
The IRS intensifies crypto tax investigations – How much trouble are you in?
The Internal Revenue Service (IRS) has significantly heightened its scrutiny of cryptocurrency transactions, leaving many individuals and businesses navigating the murky waters of potential tax liabilities. The surge in popularity of cryptocurrencies has not only caught the attention of investors and enthusiasts but has also become a focal point for tax authorities seeking to ensure […]
Brazil announces 15% tax on offshore crypto earnings
Brazil is on the cusp of a significant change in its cryptocurrency taxation policy. The nation’s Senate has recently passed a new income-tax regulation, signaling a potential shift in how Brazilians with cryptocurrency earnings from international exchanges are taxed. This groundbreaking decision, subject to President Luiz Inacio Lula da Silva’s approval, is slated to take […]
48 countries join forces to tackle crypto tax evasion by 2027
48 countries have unified to combat tax evasion in the cryptocurrency sector. Spearheaded by the U.K., Singapore, and Luxembourg, this coalition marks a new era in international financial transparency. The commitment, set to commence in 2027, focuses on the automatic exchange of critical information between jurisdictions. This initiative aims to tighten the noose around tax […]
Turkey eyes crypto taxation in 2024 financial strategy
Turkey has officially declared its stance on the buzzing topic of cryptocurrencies. The 2024 President’s Annual Plan, recently published in the Official Gazette, reveals the nation is gearing up to introduce taxation on digital virtual assets. Moreover, the government plans to initiate new regulatory measures targeting cryptocurrency exchanges. Previously, discussions surrounding digital currencies in Turkey […]
IRS pushed by U.S. lawmakers: Crypto tax clarity by 2026
The IRS finds itself in the crosshairs of congressional scrutiny as prominent U.S. senators demand rapid action on crypto tax requirements. There’s a growing consensus that the agency’s lethargy could cost the federal coffers significantly, and some believe this could be the window the crypto industry needs to wriggle out of oversight. Mounting Pressure for […]
Crypto community slams the upcoming crypto tax law
The recent announcement of new crypto tax reporting rules by U.S. President Joe Biden has triggered strong criticism from several well-known voices in the crypto community. The Internal Revenue Service (IRS) proposed on August 25 that brokers adhere to stricter guidelines for the sale and trade of digital assets. This move, aimed at curbing tax […]
US crypto tax plan will have decentralized exchanges trapped
The crypto world finds itself on the edge as the U.S. Treasury Department unravels its definition of a “broker” in the sphere. This newly released framework stands as a potential barricade for decentralized finance platforms. While the move attempts to bring clarity to the murky waters of crypto tax regulations, it also hints at the […]
Japan Blockchain Association(JBA) requests for crypto tax revision to promote web3
The Japan Blockchain Association(JBA) has asked the government to change the tax system to consider cryptocurrency. JBA asserted that their analysis of the present tax structure shows that the development of web3 businesses in Japan is constrained. In particular, it asked to cancel taxes on earnings from cryptocurrency transactions and set the tax on personal […]
US prosecutors investigate misuse of Puerto Rico’s tax breaks
In recent developments, US prosecutors, in collaboration with the Internal Revenue Service (IRS), are reportedly conducting investigations into wealthy crypto traders and fund managers suspected of illegally benefiting from Puerto Rico’s tax breaks. These tax breaks, introduced in 2012, have attracted over 5,000 American individuals to relocate to the island, enticed by the opportunity to […]
Navigating Nigeria’s crypto tax debate – Assessing prematurity from local stakeholders perspective
Nigeria’s recent move to tax crypto transactions has sparked a discussion among local stakeholders. The Nigerian government wants to control and bring in money from the digital asset market. However, critics say the move is too soon and could slow down innovation and economic growth. Nigeria’s crypto tax concerns On May 28, the day before […]
Breaking: Indian Tax portal – AIS, now shows Digital Currency Transactions
Is crypto taxed in India? Yes, virtual digital assets, or crypto assets, are taxed in India after the Union Budget 2022. For the first time, the government officially termed digital assets, including crypto assets, under “Virtual Digital Assets.” And now, the Indian Tax Portal, known as the Account Information System (AIS), has undergone a significant […]
White House advisors still want that 30% tax on crypto mining
In an effort to address the environmental and economic costs associated with cryptocurrency mining, the White House has introduced the Digital Asset Mining Energy (DAME) excise tax as part of the President’s Budget for Fiscal Year 2024. This proposal would require firms to pay a tax equal to 30% of the cost of electricity used […]
Spanish tax agency tightens the reins on crypto holders
The Spanish Tax Administration Agency (AEAT) is ramping up efforts to charge local holders of cryptocurrency. As the popularity of crypto assets increases, the government has responded by increasing tax impositions on investors trading and buying crypto. Several taxpayers in Spain have attempted to evade digital asset taxation in recent years. In response, the Spanish […]
Will the 2023 R&D tax regulations drive crypto companies out of the US?
Recent tax regulations targeting research and development (R&D) in the United States could potentially result in an exodus of crypto companies from the country. The regulations, which mandate the amortization of software development costs over 5 or 15 years, depending on whether the work was done domestically or internationally, are expected to have far-reaching consequences […]
Why did the crypto market crash today? Return of the bear market
Today’s crypto market is in the red. On Friday, the digital asset market experienced a broad sell-off as investors became concerned about the future of crypto-friendly banks based in the United States. The total crypto market cap has dropped by 7% in the last 24 hours, losing more than $60 billion. It is now worth […]
China’s step towards cryptocurrency regulations
The relationship between China and the crypto market is very complicated, and one cannot sum it up in a few words. There have been some restrictions on cryptocurrency since the beginning of the crypto market. Despite this restriction, China is one of the top 10 countries with the most crypto users. When FTX collapsed a […]
Crypto Taxes in the UK: What’s the Simple Solution from Cryptiony?
Without a doubt, crypto taxes have always been complicated and continue to be among the biggest obstacles to widespread cryptocurrency adoption. Calculating how much you owe in taxes can be a very complicated and tiring process, especially in countries like the UK, where crypto traders and users are subjected to capital gains tax on top […]
UK offers a crypto tax break for foreign investors using local brokers
Beginning in 2023, non-UK residents who purchase digital currencies through authorized local brokers and investment managers will be eligible for tax benefits. According to HMRC, the exemption is “an important factor in attracting global investors.” The tax exemption, which was announced in December, is part of Prime Minister Rishi Sunak’s plans to transform the UK […]
Italy has introduced a 26% tax on crypto gains
Under a new budget bill that received approval from the Italian parliament just last week, cryptocurrency dealers in Italy would be subject to a capital-gains tax of 26% beginning in the year 2023. The Italian government under Prime Minister Giorgia Meloni has proposed a measure that would provide taxpayers the option of reporting the value […]
Apple issues new updates and invites doom for NFTs and Web3
Apple announced guidelines on Monday, October 24, regarding the inclusion of NFTs and other material on crypto trading apps. For the first time, Apple has specified explicit regulations governing the acquisition of non-fungible tokens (NFTs). The Cupertino, California-based corporation has no problem with crypto exchanges or other apps that facilitate the trade of digital tokens […]
New orders to IRS: More crackdown on crypto traders?
The United States IRS has been ordered to investigate crypto traders that have fallen short of their duties of paying taxes on their digital assets. The market has grown considerably over the years, with more participants entering the sector across the United States. The new update is an effort pulled by the government to help […]
This US state is now accepting tax payments in crypto
US state Colorado has announced that residents of the city that wish to pay their taxes in digital assets are now open to doing so. According to a Monday announcement by Governor Jared Polis, users can leverage the crypto option on the Revenue Department website to pay their taxes. The US states have also leveraged […]
Japan’s new crypto tax reform, good news for traders?
Japan has announced that it is making a new reform that will change the taxation system for the crypto sector. According to several media houses in the country, the new reform will see some fundamental changes be made to favor corporate entities that are in the crypto sector. One of the core changes includes eliminating […]
IRS expands crypto question on tax forms 1040
The US Internal Revenue Service has continued looking for extended crypto investors’ details. The ongoing global changes and increased regulations demand detailed answers from taxpayers regarding crypto. IRS has expanded the area in form 1040, which included a query about crypto investments. The updated form has been expanded and includes some new questions. It had […]
Portugal unveils capital gains tax on crypto
Portugal has announced that it will levy capital gains tax on digital assets in the coming months. According to a statement by the country’s finance minister, the move is presently in progress, although a set date has not been chosen. This will trigger a big blow on the majority of the crypto population hoping to […]
