Coinbase CEO Advocates Ending Individual Income Tax Entirely, Shifting Burden to Businesses

November 19, 2024 Bitcoin.com

bitcoin.com

Coinbase CEO Brian Armstrong wants to scrap income taxes entirely, dumping the 150,000-page tax code and shifting the chaos to businesses. Coinbase’s CEO Challenges America’s Tax Code Chaos With Controversial Idea Brian Armstrong, CEO of cryptocurrency exchange Coinbase (Nasdaq: COIN), has proposed a sweeping change to the U.S. tax system, calling for the elimination of […]

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MicroStrategy completes $3 billion convertible notes offering to buy more Bitcoin

Kenya Collects Over $77M in Taxes From 384 Crypto Traders

November 6, 2024 Bitcoin.com

Kenya Collects Over M in Taxes From 384 Crypto Traders

bitcoin.com

The Kenyan government collected $77.5 million tax revenue from cryptocurrency traders in the last fiscal year. Kenya Seeks $465 Million in Crypto Taxes The Kenyan government collected $77.5 million (10 billion shillings) in taxes from cryptocurrency traders during the 2023-24 financial year, Anthony Mwaura, head of the Kenya Revenue Authority (KRA), recently disclosed. Mwaura, speaking […]

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IRS: Frozen Crypto Rewards Taxable Despite Account Lockdowns

November 2, 2024 Bitcoin.com

bitcoin.com

Crypto rewards received before an account freeze are taxable in the year they’re received, even if holders can’t access their funds later, the IRS says. IRS Clarifies Tax Rules for Digital Assets in Locked Accounts The Internal Revenue Service (IRS) issued a memorandum in October, addressing the tax obligations of digital asset rewards in accounts […]

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Latam Insights: Brazil Pushes for BRICS Unified Financial System, Milei Axes Tax Enforcement Agency

October 27, 2024 Bitcoin.com

bitcoin.com

Welcome to Latam Insights, a compendium of Latin America’s most relevant crypto and economic news from the past week. In this issue, Brazil declares the necessity of creating a BRICS-centric financial system, President Javier Milei axes the tax collection agency in Argentina, and crypto volumes spike in Brazil. Brazil Calls for Unified BRICS Financial System, […]

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Pennsylvania House of Representatives Passes Bi-Partisan Crypto Bill Protecting Citizens’ Rights to Self-Custody

October 25, 2024 The Daily Hodl

Bitcoin

Pennsylvania’s House of Representative is passing a new bi-partisan crypto bill that protects the self-custody rights of customers, establishes Bitcoin (BTC) as a valid payment method, and provides clear guidelines on how BTC transactions should be taxed. According to new documents, Pennsylvania’s House passed the bill – known as the “Bitcoin Rights bill” – earlier […]

The post Pennsylvania House of Representatives Passes Bi-Partisan Crypto Bill Protecting Citizens’ Rights to Self-Custody appeared first on The Daily Hodl.

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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.

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Bitcoin Is Digital Oil Well Fueling Rural Texas Economic Revival, Mayor Says

October 8, 2024 Bitcoin.com

Alcoa

Mayor Ward Roddam of Rockdale, Texas, sees bitcoin mining as the key to his town’s resurgence after the devastating closure of its largest employer, Alcoa. Comparing it to Texas’ oil boom, Roddam highlights how this modern technology is creating jobs, boosting revenue, and funding essential services. With over $1 billion in investments, bitcoin mining could […]

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Crypto Billionaire Flees London Over Offshore Tax Concerns

October 1, 2024 Bitcoin.com

billionaire

Christian Angermayer, a billionaire crypto investor, has reportedly moved from London to Switzerland as the UK considers tightening tax policies on offshore wealth. Angermayer’s relocation signals the potential departure of other wealthy individuals fearing future tax hikes on non-domiciled tax arrangements. Crypto Investor Angermayer Leaves London Over Tax Concerns Billionaire crypto investor Christian Angermayer has […]

MicroStrategy completes $3 billion convertible notes offering to buy more Bitcoin

Investor That Bought Bitcoin in 2015 Pleads Guilty to Falsely Reporting Crypto Gains

September 16, 2024 The Daily Hodl

Bitcoin

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 […]

The post Investor That Bought Bitcoin in 2015 Pleads Guilty to Falsely Reporting Crypto Gains appeared first on The Daily Hodl.

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IMF Economists Suggest Electricity Tax to Lower Crypto and AI Environmental Impact

August 17, 2024 Bitcoin.com

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 […]

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