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The ruling party of South Korea is, once again, considering the postponement of the enactment of crypto-specific taxes, as this could influence public opinion towards the government. The party aims to implement these taxation rules by 2028, citing a lack of necessary regulations and institutional infrastructure as the primary reasons for this measure. South Korea … Read more
The U.S. Department of the Treasury and the IRS have released final regulations for tax reporting on digital asset sales, as part of the Biden-Harris administration’s implementation of the Infrastructure Investment and Jobs Act. Additionally, the Treasury and the IRS revealed that they anticipate issuing further rules later this year to establish reporting requirements for … Read more
The Internal Revenue Service did not include decentralized exchanges or self-custodial wallets under its broker reporting requirements. Go to Source
U.S. Congressman Matt Gaetz has introduced a bill to allow federal income taxes to be paid with bitcoin. Inspired by El Salvador’s success with the cryptocurrency, the lawmaker believes this move will modernize the U.S. tax system, promote innovation, and maintain America’s technological leadership. Lawmaker Proposes Bill to Allow Federal Income Taxes to Be Paid … Read more
Between 72% and 80% of Africa’s total artisanal gold production is often undeclared for export, a new study has found. A significant portion of this gold is said to often end up in major gold-importing countries, such as the United Arab Emirates. According to a new study by Schulz and Ummel, Switzerland has a unique … Read more
The agreement, which is subject to a court approval, resolves a major hurdle for FTX bankruptcy process. Go to Source
Based on a report by the National Post, Canada’s Revenue Agency (CRA) is actively searching for uncollected taxes on cryptocurrencies. The agency estimates that there is nearly $40 million in undeclared taxes related to digital currencies. Concurrently, Prime Minister Justin Trudeau is proposing an increase in capital gains taxes from 50% to 66% for any … Read more
The Australian Tax Office reportedly has requested that cryptocurrency exchanges share both personal and transaction details of as many as 1.2 million cryptocurrency users. The revenue collector recognized that some users are fulfilling their tax obligations unknowingly, but maintained that others are intentionally avoiding payment. Australian Tax Office Targets 1.2 Million Cryptocurrency Users The Australian … Read more
Turkey was expected to introduce crypto legislation in early 2024, but the local parliament is yet to report on the process. Go to Source
If incorporated into U.S. tax law, the bill would require block rewards from proof-of-work and proof-of-stake networks to be taxed when sold rather than when they were acquired. Go to Source
