Tax regulations implemented even before dedicated legislation has been adopted have hit Brazilian cryptocurrency exchanges. Digital asset brokers failing to comply with the new reporting requirements face fines and the stricter rules are hurting smaller platforms, which are shutting down due to dwindling trading volumes. Also read: Tax Agents ‘Confiscate’ Bitcoin From Criminal but Keep […]
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A new presidential decree in Uzbekistan envisages the introduction of tax exemptions for income obtained from operations involving crypto assets. The draft document published recently also incorporates proposals for the establishment of a blockchain valley and licensing regime for cryptocurrency miners. The country has just launched its first licensed crypto exchange. Also read: Uzbekistan to […]
Most personal transactions where a capital gain occurs are subject to taxation. A newly proposed bill in the US House of Representatives could change things up a bit in this regard. Do not expect the taxable gain to be eradicated completely, however. Changing Crypto Taxation for the Better This peculiar proposal aims to take a slightly different approach to capital gains taxes. Any personal transactions with a profit of under $200 would no longer be taxable. That would be rather significant if approved. Nearly 90% of personal transactions have a profit of under $200, except for speculative dealings. Although this 
Bithumb, a major crypto exchange in South Korea, has taken the country’s tax authority to court over a “groundless” tax imposed on the exchange. Experts explain that currently there are no grounds to tax crypto transactions in South Korea and existing tax laws do not apply to crypto transactions. Also read: Regulatory Roundup: EU-Wide Crypto […]
The National Tax Service of South Korea (NTS) has decided to withhold income tax from Bithumb’s foreign customers. The total tax to be imposed on their transactions amounts to more than 80 billion won (over $69 million), the leading Korean cryptocurrency exchange announced. Also read: Poles Hit With Backdated Tax on Crypto Trades Bithumb to […]
Crypto traders in Poland have been unpleasantly surprised with a controversial tax they thought they wouldn’t have to pay. The Civil Law Transactions Tax (PCC) is applicable to digital asset trades conducted before the introduction of last year’s moratorium on its collection, the Polish tax administration recently clarified. The matter has been discussed on European […]