The eighth-largest economy in continental Europe is reportedly proposing a new tax on crypto transactions. According to a new report by Bloomberg, Turkey is seeking to raise taxes as a means of recovering its budget after it was ravaged by earthquakes in 2023. The plan would haul in an estimated $7 billion for the Turkish […]
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Between 72% and 80% of Africa’s total artisanal gold production is often undeclared for export, a new study has found. A significant portion of this gold is said to often end up in major gold-importing countries, such as the United Arab Emirates. According to a new study by Schulz and Ummel, Switzerland has a unique […]
A Nigerian court is reportedly ruling that a detained Binance executive can face trial as a representative of the crypto exchange platform. According to a new report by Reuters, a Nigerian court ruled that U.S. citizen Tigran Gambaryan – Binance’s chief financial compliance officer – can stand trial on behalf of the world’s largest crypto […]
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Based on a report by the National Post, Canada’s Revenue Agency (CRA) is actively searching for uncollected taxes on cryptocurrencies. The agency estimates that there is nearly $40 million in undeclared taxes related to digital currencies. Concurrently, Prime Minister Justin Trudeau is proposing an increase in capital gains taxes from 50% to 66% for any […]
The Australian Tax Office reportedly has requested that cryptocurrency exchanges share both personal and transaction details of as many as 1.2 million cryptocurrency users. The revenue collector recognized that some users are fulfilling their tax obligations unknowingly, but maintained that others are intentionally avoiding payment. Australian Tax Office Targets 1.2 Million Cryptocurrency Users The Australian […]
Early crypto investor ‘Bitcoin Jesus’ faces extradition to the U.S. after being charged with evading nearly $50 million in taxes.
Officials with the United States Department of Justice announced charges against early Bitcoin (BTC) investor Roger Ver, known by many as ‘Bitcoin Jesus.’
In an April 30 notice, the Justice Department said authorities in Spain had arrested Ver based on criminal charges in the United States, including mail fraud, tax evasion and filing false tax returns. The U.S. government alleged Ver defrauded the Internal Revenue Service (IRS) out of roughly $48 million with his failure to report capital gains on his sale of Bitcoin and other assets.
According to the indictment, Ver allegedly took control of roughly 70,000 in June 2017 — before the now famous bull run — and sold many of them for $240 million. U.S. officials said they planned to extradite Ver from Spain to the United States to stand trial.
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 […]
The fake letter addressed to U.S. President Joe Biden suggested a 1% wealth tax on crypto holdings exceeding $500,000.
Many social media users appeared to be fooled by an anti-crypto policy proposed by Massachusetts Senator Elizabeth Warren. The problem is the letter containing the proposal was fake.
On April 21, many on Crypto Twitter erupted in dismay at a seemingly real letter from Senator Warren to United States President Joe Biden. The letter — which misspelled the senator’s first name — proposed a 1% wealth tax on crypto holdings exceeding $500,000.
The letter called for President Biden to support crypto-related legislation from Senator Warren as part of efforts to address issues in the U.S. financial system. Even after many on social media pointed out discrepancies between the letter and reality, some crypto users seemed to refuse to acknowledge the truth.
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 […]
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The U.S. Internal Revenue Service (IRS) has released a draft tax Form 1099-DA for reporting digital asset proceeds from broker transactions. Brokers, including unhosted wallet providers, are required to report proceeds from digital asset dispositions to the IRS. A crypto tax expert has highlighted that the collection of certain data points, such as wallet addresses, […]