reporting – DIGIT INFO

IRS Unveils Overhauled Crypto Tax Form With No Address Disclosure Requirements

DIGIT — Sat, 10 Aug 2024 18:05:25 +0000

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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Tax Authority Slated to Become Main Crypto Regulator in Russia

DIGIT — Wed, 17 May 2023 10:25:56 +0000

Russia’s tax administration is going to be tasked with overseeing the crypto industry in the country, a high-ranking government official has indicated. According to the regulatory concept that’s currently under consideration, the revenue service will also serve as an entry point for market participants. Russians to Report Crypto Holdings and Transactions to Their Tax Service […]

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Revised Bill Suggests Prison Time for Russian Crypto Miners Evading Taxation

DIGIT — Sun, 12 Mar 2023 08:30:46 +0000

A draft law designed to regulate crypto mining in Russia introduces harsh penalties for miners failing to report digital assets to the state. In its latest revision, the bill also threatens to punish those who organize illegal trading of cryptocurrencies with imprisonment and hefty fines. Forced Labor Awaits Miners and Traders Who Operate Outside Law, […]

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US Government Delays Tax Reporting Rules for Cryptocurrency Brokers

DIGIT — Sun, 25 Dec 2022 10:00:23 +0000

The enforcement of a requirement for brokers to report gains made by crypto investors has been postponed by the U.S. Treasury Department and the IRS. The new tax rules, incorporated into the $1 trillion infrastructure bill passed by the U.S. Congress in 2021, were to be imposed in 2023. Crypto Brokers Told to Comply With […]

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Bank of Russia Moves to Safeguard Crypto Companies Against Sanctions

DIGIT — Fri, 16 Dec 2022 02:30:45 +0000

The Central Bank of Russia has introduced measures to protect entities working with digital assets from sanctions pressures. These businesses will be exempted from some reporting requirements as part of a regulatory relief intended to minimize the burden on financial organizations. Russia’s Central Bank Eases Supervision of Digital Asset Platforms Amid Sanctions The Central Bank […]

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Brussels Wants All Crypto Service Providers to Report Transactions of Europeans

DIGIT — Fri, 09 Dec 2022 12:30:00 +0000

The European Commission has set out to oblige platforms processing crypto transactions for EU residents to share information with tax authorities in the Union. According to the proposal, all crypto service providers, regardless of where they are based, will have to abide by the new rules. EU to Consider New Reporting Requirements for Crypto Platforms […]

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Crypto Influencer Bitboy Flies to the Bahamas to Question Former FTX Exec Sam Bankman-Fried

DIGIT — Sun, 27 Nov 2022 15:00:58 +0000

Its been 16 days since FTX filed for Chapter 11 bankruptcy protection in the U.S. and the former FTX CEO Sam Bankman-Fried (SBF) is allegedly still hunkering down at his seaside resort in the Bahamas. This weekend, the Youtuber known as Bitboy decided to fly down to Nassau in order to question SBF about the […]

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Swiss Financial Watchdog Releases Revised AML Ordinance, Clarifies Crypto Requirements

DIGIT — Fri, 04 Nov 2022 05:30:07 +0000

The Swiss financial regulator has published its updated anti-money laundering (AML) ordinance, noting it’s extending the coverage to include blockchain trading platforms. It also clarified certain reporting and identification requirements that apply to crypto transactions. Financial Authorities Adjust Swiss Anti-Money Laundering Rules Concerning Crypto Transfers Following consultations that started earlier this year, the Swiss Financial […]

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Tax Agency Starts Checking Crypto Traders in Romania

DIGIT — Sun, 03 Jul 2022 13:00:43 +0000

Authorities in Romania are going after investors who failed to report revenues from crypto trading and pay tax. The offensive is part of efforts to respond to financial trends, the country’s tax body said in a statement, unveiling it was able to identify almost €50 million of undeclared crypto gains. Tax Authority in Romania Verifies […]

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Australian Taxation Office to Focus on Capital Gains From Crypto Assets

DIGIT — Wed, 18 May 2022 10:00:21 +0000

The Australian tax agency has listed crypto-related profits among several priority areas where more efforts are needed to ensure correct reporting. The authority has reminded taxpayers they need to calculate any capital gain or loss from the sale of digital coins and tokens and record it in their tax returns. Australian Taxpayers Warned They Should […]

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