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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.
Crypto-to-crypto trades will remain tax exempt, iterated French finance minister Bruno Le Maire.
The IRS plans to interview family and friends, search through social media posts, and issue subpoenas to ensure people pay taxes on their Bitcoin, according to a presentation given to the IRS Criminal Investigation division.
Taxes, in and of themselves, can be complex, and throwing your crypto gains on top of it makes things even more challenging.
Some traders are using cryptocurrency as collateral to secure loans, allowing them to keep their bitcoin and get cash while avoiding capital gains tax.
Former vice president of payments at Starbucks, Maria Smith, promised that Starbucks would play a “pivotal role in developing practical, trusted and regulated applications for consumers” to pay for coffee with Bitcoin.
Stablecoins are the latest innovation to emerge over the past year and have the potential to revolutionize not only virtual currency markets but to also become a new mechanism for worldwide commerce.
Delinquent federal and state tax filings or unreported 2017 or prior tax years’ transactions may force taxpayers dealing in crypto to liquidate significant positions in cryptocurrencies at lower values to pay outstanding tax liabilities to the IRS, including interest and penalties.