Detroit residents will be able to pay taxes with crypto from mid-2025

November 8, 2024 Coin Telegraph

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.

Detroit will soon allow its residents to pay their taxes and other city fees with cryptocurrency as the city looks to “modernize” and attract blockchain companies to the city, according to an announcement from Detroit’s Office of Treasury.

In a Nov. 7 statement, the Detroit Treasury said the new crypto payment options would be offered through a “secure payment platform managed by PayPal” from mid-2025.

The announcement did not clarify which cryptocurrencies Detroit would accept as payment, but PayPal currently provides support for a small number of major crypto assets, including Bitcoin (BTC), Ether (ETH), Bitcoin Cash (BCH), Litecoin (LTC), and its own in-house stablecoin PayPal USD (PYUSD).

Crypto Trader Says One Top-50 Altcoin Could Go Up by Over 100%, Updates Outlook on Bitcoin and Ethereum

Netherlands seeks input on crypto tax monitoring laws to align with EU

October 25, 2024 Coin Telegraph

Coin Telegraph

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.”

The Dutch government has asked for public input on proposed laws that would require crypto service providers, such as exchanges, to collect and share user data with the local tax authority — aligning with European Union rules.

“The aim of the bill is to create more transparency about the ownership of cryptocurrencies, which can prevent tax avoidance and evasion,” the Netherlands Ministry of Finance said in an Oct. 24 press release.

It added “nothing will change” for crypto owners under the proposed rules as they’re already required to file a tax return of their holdings to the country’s tax authority, the Belastingdienst.

Crypto Trader Says One Top-50 Altcoin Could Go Up by Over 100%, Updates Outlook on Bitcoin and Ethereum

Denmark Unveils Crypto Tax Plan, Recommendations Draw Fire From Bitcoiners

October 24, 2024 Bitcoin.com

Bitcoin

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 […]

Crypto Trader Says One Top-50 Altcoin Could Go Up by Over 100%, Updates Outlook on Bitcoin and Ethereum

Kenya’s Crypto Landscape Set for Major Overhaul With New Tax System

October 18, 2024 Bitcoin.com

Africa

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 […]

Crypto Trader Says One Top-50 Altcoin Could Go Up by Over 100%, Updates Outlook on Bitcoin and Ethereum

South Africa’s Tax Agency Adds Crypto to Compliance Programs

October 13, 2024 Bitcoin.com

Africa

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 […]

Crypto Trader Says One Top-50 Altcoin Could Go Up by Over 100%, Updates Outlook on Bitcoin and Ethereum

Nigeria Aims to Include Cryptocurrencies in Tax System Overhaul

August 20, 2024 Bitcoin.com

Africa

The Nigerian government is looking to impose taxes on the cryptocurrency industry. The Federal Inland Revenue Service (FIRS) plans to introduce a new tax law to achieve this. Despite being a major crypto market, Nigeria currently receives minimal tax income from crypto-related activities. The FIRS is seeking support from the Nigerian National Assembly to implement […]

Crypto Trader Says One Top-50 Altcoin Could Go Up by Over 100%, Updates Outlook on Bitcoin and Ethereum

South Africa’s Regulator Tightens Rules for Crypto Asset Transfers via Latest Directive

May 28, 2024 Bitcoin.com

bitcoin.com

The Financial Intelligence Centre (FIC) has proposed a directive regarding crypto asset transfers. This directive follows the licensing of 75 crypto asset service providers (CASPs) by the Financial Sector Conduct Authority in South Africa. The FIC aims to tighten regulations by requiring CASPs to implement more detailed and stricter requirements for digital transactions. The directive’s […]

Crypto Trader Says One Top-50 Altcoin Could Go Up by Over 100%, Updates Outlook on Bitcoin and Ethereum

Australian, Indonesian Tax Bodies Sign Agreement to Share Crypto Information

April 25, 2024 Bitcoin.com

bitcoin.com

The tax authorities of Australia and Indonesia have signed a memorandum of understanding to share information on cryptocurrency. Under this agreement, both entities will exchange data on crypto assets and share knowledge to ensure adherence to tax obligations. Agreement Underscores Two Countries’ Willingness to Adopt The Australian Taxation Office (ATO) and its Indonesian counterpart have […]

Crypto Trader Says One Top-50 Altcoin Could Go Up by Over 100%, Updates Outlook on Bitcoin and Ethereum

New IRS Draft Tax Form Proposes Tracking of Certain Crypto Transactions

April 22, 2024 The Daily Hodl

CEX

A new draft tax form by the Internal Revenue Service (IRS) is proposing tracking specific crypto transactions. The Digital Asset Proceeds From Broker Transactions draft indicates that taxpayers must fill out Form 1099-DA, which collects trader identification and detailed transaction data from crypto “brokers.” According to Shehan Chandrasekera, a crypto accountant and the head of […]

The post New IRS Draft Tax Form Proposes Tracking of Certain Crypto Transactions appeared first on The Daily Hodl.

Crypto Trader Says One Top-50 Altcoin Could Go Up by Over 100%, Updates Outlook on Bitcoin and Ethereum

Nigerian Court Postpones Detained Binance Executive’s Tax Evasion Case to April 19

April 5, 2024 Bitcoin.com

Africa

A Nigerian court has postponed the tax evasion case of the detained Binance executive to April 19, while the hearing for the cryptocurrency exchange itself is scheduled for April 8. The court also ordered that the executive Tigran Gambaryan be held in the custody of the Economic and Financial Crimes Commission. Tigran Gambaryan Accused of […]

Crypto tax