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The Brazilian Congress is set to debate the legality of a new cryptocurrency taxation scheme imposed by President Lula, which eliminated the income tax exemption for minor trading operations and targeted decentralized finance activities through a Provisional Measure that took effect in June. Brazilian Congress to Decide Fate of Cryptocurrency Taxation Provisional Measure Brazilian lawmakers … Read more
The Internal Revenue Service’s new Form 1099-DA, while designed to streamline tax reporting for cryptocurrency users, may inadvertently trigger audits due to incomplete cost basis data provided by exchanges, an expert warns. The ‘Phantom Gain’ Trap The Internal Revenue Service (IRS)’s new Form 1099-DA, though well-intentioned, could unfairly target many cryptocurrency users for audits due … Read more
A tax expert has warned traders, particularly those operating discreetly, about the upcoming requirement to file Form 1099-DA starting in 2026. The expert also highlights the importance of reporting, even if one disagrees with the 1099-DA, to avoid being flagged for underreporting. IRS to Track Crypto Across Wallets and Chains A cryptocurrency capital gains expert … Read more
The U.S. Treasury Department and IRS have officially tossed out a controversial rule that would’ve forced non-custodial crypto service providers to report customer transactions—bringing an end to a lengthy regulatory standoff. Controversial Crypto Reporting Requirement Officially Nullified Finalized in December 2024, the rule sought to widen broker reporting under Section 6045 of the tax code … Read more
The United Kingdom’s tax authority will implement new regulations starting January 1, 2026, requiring crypto asset users to provide tax identification numbers and other personal information to service providers. Streamlining Tax Assessments and Penalties The United Kingdom’s tax authority, His Majesty’s Revenue and Customs (HMRC), has announced new regulations that will require crypto asset users … Read more
Bybit is hitting Indian crypto traders with an 18% GST and widespread service shutdowns as strict new regulations reshape the nation’s rapidly evolving digital asset landscape. Bybit Hits India With 18% GST as Multiple Crypto Services Begin Final Shutdown Cryptocurrency exchange Bybit is introducing higher transaction costs for Indian users, as it prepares to implement … Read more
A sweeping crypto tax overhaul promises to unlock everyday digital asset use by slashing compliance burdens, exempting small transactions, and aligning crypto with traditional finance rules. De Minimis Rule Aims to Eliminate Tax Headaches for Small Crypto Payments Tax policy momentum is building as lawmakers aim to dismantle outdated financial frameworks that hinder digital innovation … Read more
The Internal Revenue Service (IRS) has significantly increased the number of warning letters sent to crypto investors, causing anxiety among users. This uptick is seen as a precursor to a broader enforcement initiative, especially with new 1099-DA regulations set to take effect next year. Looming Enforcement Wave Warning letters sent to crypto investors by the … Read more
Welcome to Latam Insights Encore, a deep dive into Latin America’s most relevant economic and crypto news from the past week. This edition explores how the Brazilian government’s intentions to tax all crypto holders will likely cause users to go underground. Latam Insights Encore: Brazil’s Tax Greed Will Lead Crypto Underground In the last year, … Read more
Brazilian authorities issued a Provisional Measure that terminates the previous tax regime and introduces a new ruleset to tax all crypto-derived profits. The new rule also states that these measures apply to crypto held in self-custody wallets and digital assets held abroad. Brazilian Government Announces New Crypto Tax Regime, Throws Self-Hosted Assets in the Mix … Read more
