An early crypto investor has pleaded guilty to filing tax returns that underreported the capital gains he earned from selling millions of dollars worth of Bitcoin (BTC). According to the U.S. Department of Justice (DOJ), Frank Richard Ahlgren III bought approximately 1,366 BTC in 2015 when the flagship cryptocurrency was still trading for less than […]
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International Monetary Fund (IMF) economists have warned of the environmental impact of crypto mining and AI data centers, which are projected to increase global electricity consumption to 3.5% by 2027, leading to higher carbon emissions. Proposing a targeted electricity tax, the authors estimate a potential reduction in emissions by 100 million tons annually, while generating […]
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.
Two executives from the International Monetary Fund (IMF) say increasing the average crypto mining electricity costs globally by as much as 85% through taxes could put a huge dent in carbon emissions.
A tax of $0.047 per kilowatt hour “would drive the crypto mining industry to curb its emissions in line with global goals,” the IMF Fiscal Affairs Department’s deputy division chief Shafik Hebous and climate policy division economist Nate Vernon-Lin wrote on Aug. 15.
If accounting for miners’ local impact on health, the tax would rise to $0.089 per kilowatt hour, the pair said.
Welcome To Latam Insights Encore, a deep view of Latin America’s most relevant economic and cryptocurrency-based news last week. In this edition, we discuss the import duties exemption measure President Nayib Bukele pushed for and passed in Congress and its possible effects on El Salvador. Bukele Passes Import Duties Exemption Bill for a Decade in […]
The Swedish Tax Agency found several crypto firms provided misleading business descriptions to avoid paying taxes between 2020 and 2023.
Swedish crypto miners owe over $90 million in taxes after government investigations revealed four years of misappropriations.
The Swedish Tax Agency —Skatteverket — investigated the operations of 21 crypto-mining firms between 2020 and 2023. The investigation revealed that 18 crypto-mining firms filed “misleading or incomplete” information to benefit from tax incentives.
According to the agency, some crypto firms provided misleading business descriptions to avoid paying value-added tax (VAT) on taxable operations. Others found ways to avoid paying import taxes on mining equipment or income tax on mining revenue.
EY said it chose Ethereum instead of a private network as it is cheaper, more confidential and prevents a party from gaining a “strategic advantage” over another.
Big Four accounting firm Ernst & Young has launched an Ethereum-based solution using zero-knowledge proofs aimed at helping its private business clients facilitate complex contracts.
Called the EY OpsChain Contract Manager (OCM), the solution will help private businesses execute complex business agreements in a timely, confidential and cost-effective manner, the firm explained in an April 17 statement.
Among the types of contracts that can leverage EY’s Ethereum-based solution are purchase agreements, standardized rate cards, volume discounts, rebates and strike prices.
The U.S. Internal Revenue Service (IRS) is gearing up for a new campaign to tackle the digital assets industry and the tax implications that come with it. To prepare for collecting crypto tax, the IRS recently hired industry veterans Sulolit “Raj” Mukherjee and Seth Wilks to serve as executive advisers for the agency. Mukherjee previously […]
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FTX Trading said the firm “never earned anything anywhere near the amount” that would justify a $24 billion tax bill.
A proposed $24 billion tax bill from the United State IRS will likely suck up any “meaningful recovery” that was meant for victims of FTX, according to the bankrupt crypto exchange.
The United States tax authority has been trying to chase tax arrears from the crypto exchange and its sister firm Alameda Research since May this year. The IRS initially claimed $44 billion across 45 separate claims against FTX and its subsidiaries in May. 10, but recently brought that number down to $24 billion.
However, in a Dec. 10 filing to a Delaware-based bankruptcy court, FTX said the claims put forth by the Internal Revenue Service were “meritless” and would also impact the funds meant to reimburse impacted FTX users.
Australians are increasingly adding cryptocurrency to their “self-managed super funds” as a means to secure their retirement life, according to newly released data.
Australians are increasingly looking to cryptocurrency to secure a peachy retirement, with allocation to the asset class from self-managed retirement funds increasing 400% in just four years — with the growth rate surpassing stocks and bonds.
As of the quarter ending in September, the nearly 612,000 self-managed super funds (SMSFs) are holding a total of $658.6 million (992 million Australian dollars) worth of cryptocurrencies, statistics released on Nov.
The latest figure is a 400% increase from the same quarter in 2019 — which closed out at just under $131.5 million (198 million Australian dollars).
In Australia, self-managed super funds — also known as private superannuation funds — allow individuals to control how their retirement funds are invested.
Crypto tax provider Koinly’s head of tax Danny Talwar told Cointelegraph this makes crypto the “largest growing asset class in SMSFs.”
In comparison, listed shares — representing the largest allocation category for SMSFs at the end of the last quarter — grew 28% over the same time.
However, total SMSF allocations to crypto saw a slight 0.8% drop from the quarter ending June 2023 and a 2.4% drop compared to the previous year.
