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Russian lawmakers have dropped the term “mining” from a bill to regulate digital assets, following the earlier removal of references to “cryptocurrency.” In addition, the proposed legislation no longer covers the taxation of mining profits, as such matters will fall under the oversight of the Federal Tax Service. Also read: Despite Setbacks Crypto Wages Still … Read more
Several financial institutions in Europe, like Danske Bank and Swedbank, have been mentioned in a Lithuanian report investigating large-scale crypto-fiat transactions that took place in the past two years. Some of the banks’ clients traded digital coins worth millions of euros and the Baltic nation’s financial crime combating agency wants to know where the first … Read more
On Wednesday September 19, a committee of US bureaucrats sent an open letter to the Internal Revenue Service (IRS) in regard to the way cryptocurrencies are taxed. The representatives’ letter directed towards IRS commissioner David Kautter wants the taxation office to publish provisional guidelines on how digital currency transactions and investments should be handled when US … Read more
In the absence of dedicated regulation, Ukrainians are expected to pay the regular 19.5% income tax rate on their profits from crypto-related activities like trading and mining, a high-ranking official from the Finance Ministry in Kiev explained. Crypto investors are free to report their digital funds as either property or financial assets. Also read: Uzbekistan … Read more
A Russian design studio has developed a “beautiful” cryptocurrency mining rig. The fashionable “Freer” is a modular, customizable home mining device. It comes in different colors, displays and sets of ports, depending on the requirements of the client. Meanwhile, members of the Russian crypto community have urged the government to classify individual miners as self-employed which … Read more
The number of jobs and job seekers in the Asian crypto space is growing, according to leading recruiters in the region. Also in The Daily, Colombia may soon become a crypto-friendly nation, California and Russia want to use blockchain tech for insurance and pensions, and Malaysians remain bullish on cryptocurrencies, despite market trends this year. … Read more
A new draft introducing amendments regarding the taxation of crypto incomes has been published in Poland. The bill differentiates between decentralized cryptocurrencies and centralized virtual money, and clarifies the tax regime applicable to crypto trading and mining. Also read: Eastern Europe: Regulation Postponed, Tax Abandoned, Banks Enlightened Draft Distinguishes Between Cryptos and Centralized Coins … Read more
The South African Revenue Service is working to improve the tracking of cryptocurrency traders and their transactions in order to verify if they are paying taxes. According to its Commissioner, the agency is exploring ways to better identify those that are profiting from trading digital assets and check if they are evading taxation. Also read: … Read more
August is not the best period for important decisions but it seems a good time to sketch plans for the second active half of the year. Authorities in several countries have shared their intentions regarding the regulation and oversight of the crypto space. The club of crypto-friendly jurisdictions may accept new members this fall. Others … Read more
A draft law prepared by deputies and representatives of the industry aims to introduce light taxation of crypto incomes in Ukraine. Businesses and individuals will be required to pay 5% on their profits from trading and mining cryptocurrencies when exchanged to fiat. Add to that the mandatory ‘military charge’ of 1.5% all Ukrainians owe the … Read more
