Taxes Financial News

20.09 / 20:43

Adoption Taxes Colorado is now accepting tax payments in cryptocurrency, as Gov. Polis promised

The American state of Colorado now accepts cryptocurrency for tax payments, Gov. Jared Polis announced on Monday. The option is already available on the state Department of Revenue website.

20.09 / 03:41

Blockchain Gaming Taxes Koinly NOT P2E gamers, minors not any safer from the tax man, says Koinly

Modern parents are going to need to keep an even closer eye on their kids’ gaming habits, as some of them may be accumulating a hefty tax bill, according to a crypto tax specialist.

30.08 / 07:27

Blockchain Adoption Taxes Argentina's Mendoza province now accepting crypto for taxes and fees

In another shift toward widespread crypto adoption in Argentina, citizens from the Mendoza Province can now pay government fees and taxes using cryptocurrencies.

25.08 / 22:05

business Blockchain Taxes crypto startups Japan considers implementing tax reforms to prevent capital flight of crypto startups

According to local news outlet Yomiuri, Japan's Financial Services Agency is considering amending the virtual currency taxation system for corporate entities ahead of the country's 2023 tax reform. Proposed change includes removing capital gain liabilities for undisposed corporate crypto assets at the end of each taxation year, as well as changing the classification of virtual assets, so the maximum capital gains tax applicable is reduced to 20% from 55%.

22.08 / 11:33

Adoption regulation Taxes Crypto tax can wait, free coins can't: S. Korea mulls 'gift tax' for airdrops

The South Korean Ministry of Strategy and Finance on Monday cleared that virtual asset airdrops, staking rewards and hard forked tokens would be subject to a "gift tax" under the Inheritance and Gift Tax Act despite the postponement of crypto gains tax to 2025.

17.08 / 13:09

Government Central Bank Taxes National tax evasion Colombia to prevent tax evasion with national digital currency: Report

Amid Colombia’s economic growth beat expectations in the second quarter, an official at the country’s tax and customs agency has hinted at some national digital currency plans.

17.08 / 01:07

regulation Taxes Customers IRS takes out John Doe summons on crypto prime dealer SFOX to find tax cheat customers

The Central District of California federal court entered an order Monday to authorize the United States Internal Revenue Service (IRS) to serve a John Doe summons on SFOX, a Los Angeles-based cryptocurrency prime dealer. The IRS filed suit to receive the order, which directs SFOX to reveal the identities of customers who are U.S. taxpayers and documents relating to their cryptocurrency transactions equivalent to at least $20,000 carried out between 2016 and 2021.

04.08 / 23:35

regulation Taxes policies lawmaker Backed Crypto firms failed to deliver 'promised benefits' from lawmaker-backed incentives, says nonprofit

The Tech Transparency Project, or TTP, a research initiative of the United States-based nonprofit watchdog group Campaign for Accountability, has released a report claiming crypto firms “provided little in return” for state governments offering financial incentives.

04.08 / 16:33

business Banks Taxes Portuguese banks shutting crypto accounts citing risk management concerns

Several large banks in Portugal have reportedly begun closing the accounts of cryptocurrency exchanges due to "risk management" concerns, suggesting a shift in Portugal's pro-crypto position. The country's central bank appears to have given the financial institutions the green light to take action.

04.08 / 14:21

Adoption regulation Taxes Japan may see a reduced 20% tax on crypto earnings with new proposal

The Japan Crypto-Asset Business Association (JCBA) and the Japan Crypto-Asset Exchange Association (JVCEA), the two prominent crypto advocacy groups in Japan, released a tax reform request that calls for lowering taxes for individual investors on crypto earnings.

28.07 / 09:03

Digital regulation CEO Taxes end Japan’s crypto groups call for end of taxing paper gains

Japan’s leading crypto lobby groups plan to submit a proposal to Japan’s financial regulatory body to address its high crypto taxes, which experts warn make Japan less competitive as a crypto hub.

26.07 / 21:41

regulation Senate Taxes Senate Virtual Currency Tax Fairness companion bill drops purchase exclusion to $50

The Virtual Currency Tax Fairness Act of 2022 was introduced into the United States Senate on Tuesday by the bipartisan team of Senators Patrick Toomey and Kyrsten Sinema. The bill is a companion to the one already before the House of Representatives, although it differs in one key detail.

21.07 / 15:09

regulation Taxes South Korea postpones 20% tax on crypto gains to 2025

The South Korean government has reportedly postponed the 20% tax crypto gains by two years. The controversial 20% tax on crypto gains was supposed to come into effect from January 1, 2023, but now has been deferred to 2025.

18.07 / 13:09

Adoption Taxes Bitcoin Future India needs global collaboration to decide on crypto's future, says finance minister

Indian finance minister Nirmala Sitharaman has called for global collaboration on cryptocurrencies, assessing their pros and cons to form a common standard and taxonomy.

06.07 / 14:13

Adoption Zebpay Taxes Bitcoin Indian Crypto tax deters 83% Indian investors from crypto trading: WaxirX report

The implications of what anti-crypto regulations can do to a thriving economy can be seen first-hand unfolding in India. Supporting the massive decline in trading volumes across all Indian crypto exchanges, a report from WazirX reveals a change in investor sentiment as the Indian government imposed its second crypto law — a 1% tax deduction at source (TDS) on every crypto transaction.

05.07 / 15:25

regulation Taxes UK government UK government seeks public input on DeFi taxation

The government of the United Kingdom is asking the public for input on the taxation of crypto asset loans and staking in the context of Decentralized Finance (DeFi).

05.07 / 05:31

regulation income Taxes Indian Crypto trading volumes Indian crypto trading volumes slump following hefty taxes

Trading volume on three major Indian crypto exchanges plummeted 72.5% on average since July 1, when a 1% tax per transaction was enforced in the country.

30.06 / 06:31

business Polygon virtual reality Taxes Nifty news: Sandbox LAND on Polygon, ETH gain a tax loss and more...

Popular Ethereum-based Metaverse gaming platform The Sandbox has unveiled a bridge that enables users to transfer their virtual NFT LAND and native SAND tokens over to Layer-2 network Polygon (MATIC).

30.06 / 00:05

Government IRS Taxes Broker US govt delays enforcement of crypto broker reporting requirements: Report

The provision in the U.S. infrastructure bill signed into law in November, which will require financial institutions and crypto brokers to report additional information, could reportedly be delayed.

29.06 / 00:21

regulation Taxes Tax reduction Russian Duma passes bill to remove VAT, lower income tax rates on digital asset sales

The State Duma, the lower house of the Russian legislature, has passed a bill on the taxation of digital assets that exempts their sale from value-added tax (VAT) in the Russian Federation. Some other services of digital asset exchanges will also be exempted, according to state-run news service RIA Novosti.

17.06 / 05:22

business Taxes Bitcoin Portfolio in the red? How tax-loss harvesting can help stem the pain

Crypto investors — particularly those that bought in toward the top of the market in 2021 — may be able to find some salvation through a tax-saving strategy called “loss harvesting” according to Koinly’s head of tax.

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