crypto tax evasion – DIGIT INFO

South Korean city threatens to sell crypto of tax debtors

DIGIT — Mon, 18 Nov 2024 09:03:00 +0000

Paju city officials in South Korea target citizens with unpaid taxes, threatening to seize and sell their crypto assets if debts are not cleared by the end of November.

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Brazilian Tax Watchdog Uses AI Tool to Identify Operations Linked to Over $180 Million in Crypto-Related Tax Fraud

DIGIT — Tue, 10 Sep 2024 07:00:32 +0000

The Federal Revenue Service, the Brazilian tax watchdog, recently revealed that it has been using an in-house tool that leverages AI to detect money laundering and tax evasion transactions involving crypto. The tool has already been proven useful in identifying over $180 million in funds involved in the illicit usage of cryptocurrency. Brazilian Tax Watchdog […]

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IRS Building ‘Hundreds’ of Crypto Cases — Official Says $7 Billion in Crypto Seized in 2022

DIGIT — Tue, 08 Nov 2022 02:00:34 +0000

The Internal Revenue Service (IRS) is building “hundreds” of crypto cases to crack down on tax evasion, an official reportedly said. In the fiscal year 2022, the IRS Criminal Investigation Division seized about $7 billion in cryptocurrency, which was double the previous year’s total. IRS Building ‘Hundreds’ of Cases to Crack Down on Tax Evasion […]

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US Treasury Unveils Biden’s Proposed Tax Measures — Cryptocurrency Transfers Over $10,000 to Be Reported to IRS

DIGIT — Thu, 20 May 2021 17:32:51 +0000

The U.S. Department of the Treasury has announced measures to crack down on tax evasion involving cryptocurrencies as part of President Joe Biden’s proposed tax compliance measures. Among the measures is a requirement for businesses that receive crypto assets with a fair market value of more than $10,000 to report transactions to the IRS. Treasury […]

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South Korean Government Announces Crackdown on Illicit Crypto-Related Transactions in an ‘Overheated Market’

DIGIT — Sat, 10 Apr 2021 03:30:41 +0000

Adding to the South Korean cryptocurrency industry’s stricter regulations, the central government is focusing on the “crackdown” of illegal crypto transactions. A meeting over the week held with high-ranked politicians resulted in a campaign that will soon be deployed. Government Seeks International Help to Monitor International Crypto Exchanges According to Chosun, the South Korean Government […]

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Spanish Treasury Releases Guidelines to Minimize the Risk of Tax Evasion With Cryptocurrencies

DIGIT — Fri, 05 Feb 2021 01:30:36 +0000

The State Agency for Tax Administration of Spain published guidelines to reduce tax evasion for cryptocurrencies, such as bitcoin. The document is part of the general program of the so-called Annual Tax and Customs Control Plan. Spanish Tax Authorities Could Ask Local Exchanges for Customers Data According to the paper, the Spanish Treasury’s entity seeks […]

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Economics Professor Tyler Cowen Says Cryptos Useful as Hedges or Forms of Payments – ‘Not Both’

DIGIT — Mon, 04 Jan 2021 18:30:20 +0000

Tyler Cowen, an economist and professor at George Mason University, has suggested that the key use cases of cryptocurrencies are mutually exclusive. He argues that cryptos can either be important inflation hedging tools or useful forms of payment but not both. The Regulation Threat The professor adds that despite the popular assertions by some that […]

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