Tax services are getting pushy to have crypto declared: Law Decoded, Nov. 27–Dec. 4
Spain and Brazil are chasing cryptocurrency stored abroad, while the U.K. wants taxes paid for crypto assets that weren’t previously declared. Go to Source
Taxes
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UK crypto hodlers get a call from the tax grinch
HMRC has issued a stark warning to crypto, NFT and utility token holders that they must pay their taxes on time or face the consequences. Go to Source
Spanish citizens to declare foreign crypto holdings by end of March 2024
Only individuals with balance sheets exceeding the equivalent of 50,000 euros in crypto assets are obliged to declare their foreign holdings. Go to Source
Average value of undeclared crypto in Japan dropped 19% in 2022
The number of tax evasion cases featuring crypto assets rose 35% last year when compared to 2021. Go to Source
Australia to impose capital gains tax on wrapped cryptocurrency tokens
Delivering a major hit to Australian crypto investors, the ATO stated that wrapping or unwrapping tokens — irrespective of their price at the time — will be subject to capital gains tax. Go to Source
First deadline window looms for SEC to approve Bitcoin ETFs: Law Decoded
Even if approved by Nov. 17, the spot Bitcoin ETFs are unlikely to come to market for at least a month after approval. Go to Source
Crypto advocacy group pushes back against proposed IRS rules on brokers
The Blockchain Association claimed the U.S. Treasury overstepped its authority in proposing crypto tax rules difficult or impossible to follow by many in the space. Go to Source
47 countries pledge to authorize the crypto-asset reporting framework by 2027
The Crypto-Asset Reporting Framework is the new international standard for the automatic exchange of information between tax authorities. Go to Source
How to manage crypto losses on tax returns in the US, UK and Canada
Unlock the complexities of cryptocurrency taxation and learn how crypto losses impact your tax liability in the United States, United Kingdom and Canada. Go to Source
Expect new IRS crypto surveillance to come with a surge in confiscation
The Justice Department is claiming that it’s “critical” for it to have the power to seize cryptocurrency from Americans — even if a judge never signs off. Go to Source
