South Africa Leverages AI to Track Down Tax-Dodging Crypto Traders

September 6, 2024 Bitcoin.com

The South African government is tightening its grip on cryptocurrency trading. Tax authorities (SARS) are issuing tax notices and clarifying regulations, likely using AI to identify non-compliant traders. The central bank meanwhile has clarified rules for crypto purchases, allowing individuals limited investment but restricting companies. SARS Using AI to Track Down Tax Dodgers South African […]

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New Zealand Seeks to Adopt OECD’s Crypto Asset Reporting Framework

August 28, 2024 Bitcoin.com

bitcoin.com

The New Zealand government has introduced a bill to implement the OECD’s Crypto Asset Reporting Framework (CARF). This framework aims to increase transparency in the crypto asset market. Effective April 1, 2026, New Zealand-based crypto-asset service providers (CASPs) must collect and report information on reportable users’ transactions. Penalties are proposed for non-compliance by CASPs and […]

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Thai Authorities Raid Illegal Bitcoin Mine After Power Outages Spark Resident Complaints

August 26, 2024 Bitcoin.com

Bitcoin Miners

Thai authorities successfully raided an illegal bitcoin mining operation in Ratchaburi on August 23. The raid came after residents reported frequent power outages. The bitcoin mining operation was found to be consuming electricity that the occupants of the house were not fully paying for. Bitcoin Mine Raided Amid Resident Power Outage Complaints Authorities in Thailand […]

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Binance’s return to India comes with $86M tax demand

August 20, 2024 Coin Telegraph

Binance’s return to India comes with M tax demand

AML

While Indian AML agencies have given Binance the green light to resume operations, authorities are still seeking $86 million in tax liabilities from the firm.

Binance recently announced its return to India on the occasion of the country’s 78th independence day — marking a fresh start to crypto adoption in one of the world’s fastest-growing digital economies.

However, the exchange still faces an $86 million tax demand from Indian authorities under the Goods and Services Tax.

Binance’s return to India is the culmination of a complex regulatory process. In December 2023, the Indian Ministry of Finance’s Financial Intelligence Unit (FIU) issued notices to several offshore crypto exchanges, including Binance, KuCoin, Bittrex, Gate.io and OKX, among others, for operating illegally in India.

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IMF execs float raising crypto mining electricity prices by 85%

August 16, 2024 Coin Telegraph

Carbon Emissions

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.

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IRS Unveils Overhauled Crypto Tax Form With No Address Disclosure Requirements

August 10, 2024 Bitcoin.com

bitcoin.com

The U.S. Internal Revenue Service (IRS) has unveiled an updated Form 1099-DA for reporting digital asset transactions, introducing key changes that may address past criticism and privacy issues. This new version, reportedly set to be partially implemented in 2025, removes several contentious elements from earlier drafts. IRS Revamps Crypto Reporting Form On Aug. 8, 2024, […]

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IRS updates draft of crypto reporting form for US taxpayers

August 10, 2024 Coin Telegraph

Coin Telegraph

The latest draft form eliminated asking US taxpayers the time of day a crypto transaction occurred and identifying the “broker type.”

The United States Internal Revenue Service (IRS) has updated its draft form for taxpayers to report digital asset transactions starting in 2026.

In an Aug. 8 notice, the IRS released a draft of Form 1099-DA, “Digital Asset Proceeds From Broker Transactions.” The form, if approved by the tax service, the form would allow US taxpayers to report crypto transactions from 2025 by the filing deadline in April 2026.

Compared to the draft released in April, the latest proposed 1099-DA removed a box asking taxpayers to identify the “broker type” for digital asset transactions. It eliminated asking filers for the precise time of day the transaction occurred rather than just the date. The draft also removed spaces for taxpayers to report wallet addresses and transaction IDs.

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Binance Hit With $87 Million Tax Bill in India

August 6, 2024 Bitcoin.com

Binance Hit With Million Tax Bill in India

anti-money laundering

Global crypto exchange Binance has received a goods and services tax (GST) bill of Rs 722 crore ($87 million) in India for non-compliance with the country’s tax regulations. This is the first instance of a cryptocurrency firm facing such scrutiny in India. A source claimed that Binance earned over Rs 4,000 crore from transaction fees […]

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India demands $86M from Binance in unpaid GST taxes

August 6, 2024 Coin Telegraph

Binance

Binance faces a demand for nearly $86 million in unpaid GST from Indian authorities, aiming to resume operations after a previous ban.

Indian law enforcement agencies have demanded 722 crore Indian rupees ($86 million) in unpaid taxes from crypto exchange Binance.

Binance, along with numerous other offshore crypto exchanges, was banned in India in January 2024 for noncompliance with local regulations. However, in April, Binance revealed its intent to restart its crypto trading operations in the region after paying pending taxes.

On Aug. 6, the Directorate General of Goods and Service Tax Intelligence (DGGI) — an Indian law enforcement agency — demanded 86 million from Binance under the Goods and Services Tax (GST), according to The Times of India. A local source cited in the report said:

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Senator Cynthia Lummis releases report attacking Biden’s mining tax

July 23, 2024 Coin Telegraph

Bitcoin mining

The pro-crypto senator claimed that Bitcoin mining consumes as much energy as household appliances such as tumble dryers.

On July 23, Senator Cynthia Lummis released a report arguing against the Biden administration’s proposed 30% excise tax on the energy consumed by Bitcoin miners.

The report, titled Powering Down Progress: Why A Bitcoin Mining Tax Hurts America, put the Bitcoin (BTC) mining industry into sharper focus, highlighting the benefits of the critical mining infrastructure to the United States' energy grid.

Lummis cited the Bitcoin Energy and Emissions Sustainability Tracker as evidence that Bitcoin mining is cleaner than is commonly imagined, noting that up to 52.6% of BTC mining might be emissions-free.

Taxes