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In a move aimed towards attracting investors, authorities in El Salvador are reportedly set to exempt them from all forms of capital gains and income tax related to Bitcoin.
The House Rules Committee has blocked infrastructure bill changes and voted 220-212 to lock in the procedure, with a resolution approved on Tuesday afternoon.
Cardano (ADA) founder Charles Hoskinson recently addressed the new provision in the bipartisan bill that proposes stricter tax regulation on crypto transactions, intended to contribute to the historic infrastructure funding.
US President Joe Biden and the bipartisan group announced the details of a historic $550 billion federal investment in the country’s infrastructure as the Senate intends to tighten crypto taxes in order to raise $28 billion that would contribute to the funding, Bloomberg reported.
Bitcoin (BTC) and other cryptocurrencies bought from exchanges outside the country could cost Indian investors additional tax, while the tax department is looking into whether crypto falls subject to the 2% equalization levy, reported the Economic Times.
El Salvador president Nayib Bukele said in a tweet last night that investors will pay no capital taxes on Bitcoin gains, a day after announcing the asset could soon be ‘legal tender’ in the country.
The adoption of crypto in the US got a new push as Colorado Governor Jared Polis is eager to accommodate legislation for state tax payments via cryptocurrencies, as per a report on news outlet The Independent.
A new survey in South Korea has shown that 53.7% of respondents support the upcoming implementation of capital gain taxes on profits from crypto trading, local outlet Yonhap News Agency reported today.
The chairman of South Korea’s Financial Services Commission (FSC), Eun Sung-soo, has ordered the regulator’s employees involved in digital assets-related policymaking to disclose their crypto holdings by May 7, local outlet The Korea Times reported today.
South Korean officials are in talks to delay a crypto taxation law scheduled for later this year, as per a report by local daily Hankyung today.
South Korea’s Seoul metropolitan government has seized 25 billion won ($22 million) worth of crypto from tax evaders—directly out of their exchange accounts, local news outlet Yonhap reported yesterday.
Shortly after getting a court authorization to obtain records of cryptocurrency exchange Circle’s customers, the US Internal Revenue Service (IRS) is now seeking to get access to similar data from trading platform Kraken.
An official from India’s ministry of finance said Monday that all gains from trading cryptocurrencies like Bitcoin were liable to income tax, as per a report on markets outlet Financial Express.
United Kingdom crypto investors braced themselves for significant changes in the treatment of Capital Gains Tax (CGT).
South Korean economists aren’t happy with the government’s proposal to tax Bitcoin and other cryptocurrencies, days after reports suggested the latter.
Algorand and Blockchain dot com are getting a much-needed boost, the two firms are integrating with a crypto accounting and tax platform to help users easily manage financial implications on decentralized transfers and crypto storage.
There is an abundance of new and existing crypto tokens, coins crypto wallets, service providers and decentralized financial instruments powered by blockchain.
Seattle-based cryptocurrency tax analysis firm ZenLedger has raised $3.35 million in a seed round after processing more than $1 billion crypto transactions.