India Maintains Crypto Tax Regulations in 2024/25 Budget

July 23, 2024 Bitcoin.com

bitcoin.com

Indian Finance Minister Nirmala Sitharaman’s 2024-25 Union Budget keeps the existing cryptocurrency tax regulations unchanged, disappointing local crypto advocates. They argue that reducing the 1% tax deducted at source (TDS) is essential for reviving the struggling crypto industry in India. Industry leaders emphasize the need for ongoing dialogue with regulators to foster a supportive environment […]

Canada’s new prime minister once said Bitcoin had ‘serious deficiencies’

South Korea Considers Deferring Crypto Taxation Until 2028

July 17, 2024 Bitcoin.com

bitcoin.com

The ruling party of South Korea is, once again, considering the postponement of the enactment of crypto-specific taxes, as this could influence public opinion towards the government. The party aims to implement these taxation rules by 2028, citing a lack of necessary regulations and institutional infrastructure as the primary reasons for this measure. South Korea […]

Canada’s new prime minister once said Bitcoin had ‘serious deficiencies’

Biden Administration Finalizes New Crypto Rules to Crackdown on Tax Evasion

July 1, 2024 The Daily Hodl

Biden

The Biden administration is imposing reporting requirements for crypto platforms to ensure that Americans file accurate taxes on digital asset transactions. On Friday, the U.S. Department of the Treasury and the Internal Revenue Service (IRS) finalized rules that require crypto brokers to report to the IRS digital asset sales and exchanges starting in the calendar […]

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Canada’s new prime minister once said Bitcoin had ‘serious deficiencies’

Treasury and IRS Announce Digital Asset Tax Reporting Regulations

June 30, 2024 Bitcoin.com

biden-harris

The U.S. Department of the Treasury and the IRS have released final regulations for tax reporting on digital asset sales, as part of the Biden-Harris administration’s implementation of the Infrastructure Investment and Jobs Act. Additionally, the Treasury and the IRS revealed that they anticipate issuing further rules later this year to establish reporting requirements for […]

Canada’s new prime minister once said Bitcoin had ‘serious deficiencies’

IRS reveals final regulations for crypto broker rules

June 28, 2024 Coin Telegraph

Coin Telegraph

The Internal Revenue Service did not include decentralized exchanges or self-custodial wallets under its broker reporting requirements.

The United States Internal Revenue Service (IRS) revealed its final draft of the new crypto broker reporting requirements on June 28, and clarified the scope of industry participants affected by the new rule changes.

According to the IRS' new reporting guidelines, decentralized exchanges and self-custody wallets will not be subject to the new reporting rules. In the recent update, the IRS explained that it reviewed the widespread comments and complaints from industry respondents, ultimately deciding it needed "more time to consider the nuances" of completely decentralized networks.

Moreover, stablecoins and tokenized real-world assets were not exempt from the government agency's new reporting requirements and will be treated the same as other digital assets.

Canada’s new prime minister once said Bitcoin had ‘serious deficiencies’

US Lawmaker Pushes Bill to Allow Bitcoin Payments for Federal Income Taxes, Citing El Salvador’s Success

June 26, 2024 Bitcoin.com

Bitcoin

U.S. Congressman Matt Gaetz has introduced a bill to allow federal income taxes to be paid with bitcoin. Inspired by El Salvador’s success with the cryptocurrency, the lawmaker believes this move will modernize the U.S. tax system, promote innovation, and maintain America’s technological leadership. Lawmaker Proposes Bill to Allow Federal Income Taxes to Be Paid […]

Canada’s new prime minister once said Bitcoin had ‘serious deficiencies’

Europe’s Eighth-Largest Economy Proposes New Tax on Crypto Transactions: Report

June 14, 2024 The Daily Hodl

Bloomberg

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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Canada’s new prime minister once said Bitcoin had ‘serious deficiencies’

Swissaid Study: Three Quarters of Africa’s Artisanal Gold Goes Undeclared for Export

June 5, 2024 Bitcoin.com

Africa gold production

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 […]

Canada’s new prime minister once said Bitcoin had ‘serious deficiencies’

Detained Crypto Executive Can Face Trial as a Binance Representative, Says Nigerian Court: Report

May 17, 2024 The Daily Hodl

Binance

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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Canada’s new prime minister once said Bitcoin had ‘serious deficiencies’

Canada’s Tax Agency Targets $40M in Uncollected Crypto Taxes as Trudeau Seeks Major Capital Gains Hike

May 14, 2024 Bitcoin.com

Canada’s Tax Agency Targets M in Uncollected Crypto Taxes as Trudeau Seeks Major Capital Gains Hike

bitcoin.com

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 […]

Taxes

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