Taxes Financial News

25.01 / 13:47

Blockchain Investments Taxes Trying to meet the UK tax deadline in January 2023? Here’s what to do

With the Jan. 31 deadline for filing tax returns in the United Kingdom fast approaching, crypto investors who haven’t yet submitted their crypto tax returns are in a tight spot. From figuring out how crypto is taxed in the U.K. to accurately computing net tax liability, it can be a perplexing and complex process for new investors.

25.01 / 01:37

regulation Taxes lawmakers Arizona lawmakers seek to make crypto a tax-exempt property

Lawmakers in the Arizona State Senate are considering a bill aimed at having voters decide whether virtual currency is exempt from property taxation.

10.01 / 13:56

Blockchain regulation Taxes Terra accidental airdrop leads to smear campaign, community member claims

Terraform Labs (TFL), the firm behind the defunct algorithmic stablecoin TerraUST (USTC), and its co-founder Do Kwon is back in the limelight again for allegedly running a smear campaign and issuing threats against one of their own community members.

05.01 / 22:51

CBDC regulation Taxes ECB official urges CBDC development for the good of cryptocurrency and consumers

European Central Bank (ECB) executive board member Fabio Panetta has been a vocal supporter of central bank digital currency (CBDC) and cryptocurrency sceptic, and he presented his latest argument for CBDC on Jan. 5. Writing on the official ECB blog, he said that, by developing CBDCs, central banks “will safeguard the trust on which private forms of money ultimately depend.”

03.01 / 16:49

regulation MicroStrategy Taxes Bitcoin Tax attorney breaks down the MicroStrategy Bitcoin sale

Business intelligence firm MicroStrategy made headlines ahead of New Year’s Eve as the sale of a portion of its Bitcoin (BTC) holdings drew the attention of industry experts and critics.

02.01 / 20:37

business Blockchain Taxes Italy approves 26% capital gains tax on cryptocurrencies

On Dec. 29, 2022, days before the year’s end, Italy’s Senate approved its budget for 2023, which included an increase in taxation for crypto investors — a 26% tax on capital gains on crypto-asset trading over 2,000 euros (approximately $2,13 at time of publication).

26.12 / 23:21

regulation Taxes bail SBF stays at parents’ house on a $250 million bail: Law Decoded, Dec. 19-26

Former FTX CEO Sam Bankman-Fried landed in the United States on Dec. 21. And, at least till the end of his court cases, he will live with his parents in Palo Alto, California. A bail was granted to SBF on the conditions of a $250 million bond, home detention, location monitoring and the surrender of his passport. His parents secured his bail with the equity in their house. Some Twitter users found this development either amusing or suspicious.

23.12 / 14:11

Blockchain Taxes Bitcoin end How to reduce your crypto tax bill before year-end

While 2022 has been a year to forget for most crypto investors, the daunting task of filing crypto tax returns before the end of December remains. Many investors worry about unrealized losses on their crypto portfolio, while a failure to report crypto assets and transactions on tax returns could land North American investors into hot water with the IRS.

16.12 / 09:07

Government regulation Taxes Japan set to ease 30% crypto tax on paper profits for token issuers

The Japanese government is set to ease tax requirements for local crypto firms, as it pushes to stimulate growth in the domestic finance and tech sectors.

21.11 / 22:07

regulation Africa Taxes Kenyan legislation establishes crypto taxation, creates consumer protections

An amendment was introduced to the Kenyan law in capital markets on Nov. 21 that would require those who own or deal in cryptocurrencies to provide the country’s Capital Markets Authority with information on their activities for tax purposes, local media report. This is the first time Kenya has extended financial regulation to cryptocurrency.

09.11 / 12:51

Ethereum Taxes bills Bitcoin How to pay your bills with cryptocurrency?

Satoshi Nakamoto developed the first decentralized cryptocurrency called Bitcoin (BTC) and referred to it as “a peer-to-peer electronic cash system.” As per Bitcoin’s white paper, online payments could be made directly from one party to another without going through a banking institution with a peer-to-peer version of electronic cash.

04.11 / 14:09

IRS Taxes Bitcoin IRS prepares for an increase in crypto cases in the upcoming tax season

The United States Internal Revenue Service (IRS) criminal investigation division is ramping up for tax season with its sights set on the crypto community.

27.10 / 05:39

Government regulation Taxes foreign Aussie federal budget reaffirms BTC won’t be treated as foreign currency

The first federal budget under the Anthony Albanese led-government has outlined that Bitcoin (BTC) will continue to be treated as a digital asset, and not taxed like a foreign currency.

23.10 / 00:09

Gaming Taxes place Japan is losing its place as the world's gaming capital because of crypto hostility

A marked hostility toward new and emerging Web3 technologies like cryptocurrencies runs the risk of costing Japan its place as the world’s gaming capital. We’re getting dangerously close to the point of no return, and here’s why.

19.10 / 11:59

regulation IRS Taxes IRS introduces broader ‘Digital Assets’ category ahead of 2022 tax year

American taxpayers will find a broader, more defined category encompassing cryptocurrencies and nonfungible tokens (NFTs) in their 2022 IRS tax forms. The draft bill released by the Internal Revenue Service features a well-defined Digital Assets section that outlines if and how taxpayers will account for the use of cryptocurrencies, stablecoins and NFTs.

06.10 / 18:31

regulation Taxes Electricity Norway's government proposes eliminating reduced electricity tax for Bitcoin miners

Trygve Slagsvold Vedum, the finance minister of Norway, has suggested the government abolish a scheme that allows crypto data centers to pay a reduced rate on electricity.

04.10 / 19:17

Blockchain regulation European Union Taxes European Parliament members vote in favor of crypto and blockchain tax policies

Members of the parliament of the European Union voted in favor of a non-binding resolution aimed at using blockchain to fight tax evasion and coordinate tax policy on cryptocurrencies.

03.10 / 05:15

business Court Taxes Bankruptcy Ft Celsius founder reportedly withdrew $10M before bankruptcy filing: FT

Celsius Network founder and former CEO Alex Mashinsky allegedly withdrew $10 million from the crypto lending platform just weeks before the company froze customer funds and declared bankruptcy.

25.09 / 08:27

business Altcoin Taxes Burn Terra LUNC investors react to CZ's 1.2% trading tax recommendation on Binance

The infamous collapse of the Terra ecosystem, which erased market prices of TerraUSD (UST) and LUNA tokens, continues to trouble anxious investors as co-founder Do Kwon, crypto exchanges and the community together tries to identify the best route for a sustainable price recovery.

23.09 / 12:07

regulation IRS Taxes IRS to summon users who don't report and pay tax on crypto transactions

With the crypto community growing bigger and as trading volumes reach new highs, the United States is also making more effort to ensure that its Internal Revenue Service (IRS) could properly collect cryptocurrency tax.

22.09 / 18:53

business Blockchain Taxes South Korean gov has confiscated 260B KWR in crypto for non-payment of taxes since 2021

According to local news outlet mk.co.kr, the South Korean government has seized over 260 billion Korean won ($180 million) worth of cryptocurrencies in the past two years due to tax arrears. The country's politicians enacted regulations allowing for the seizure of digital currencies for tax delinquencies and began enforcing them last year.

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