Tag: taxes

Jul 27 2022

Japan’s top crypto lobbies push for lower taxes to attract talent

Jul 27 2022 Published at CryptoSlate under tags  legal regulation taxes

Japan's strongest crypto lobbying groups say that current tax rates prevent industry growth and call for lower taxes to prevent talent outflow. Bloomberg News reported that two of the top lobbying groups, the Japan Cryptoasset Business Association (JCBA) and the Japan Virtual and...

Rio De Janeiro Moves Forward With Bitcoin Integration

The secretary of finance and planning commented on the city’s plans to put a percentage of the treasury into bitcoin. Brazil has tax breaks for bitcoin miners.This is an opinion editorial by João, founder of Boletim Bitcoin, a Brazilian website focused on Bitcoin, and contributor at Bitcoin Magazine.In an exclusive interview with the Brazilian portal...

Jul 26 2022

US Senators propose bill to exempt crypto transactions under $50 from taxation

Jul 26 2022 Published at CryptoSlate under tags  adoption legal regulation taxes

A bipartisan bill from Senators Patrick Toomey (R-Pa.) and Kyrsten Sinema (D-Ariz.) proposes tax exemptions on crypto transactions up to $50. If passed, the Virtual Currency Fairness Act will unburden U.S. crypto users from reporting digital asset transactions below the threshold amount. Senator Toomey said the current tax rules on cryptocurrencies hinder the...

Jul 23 2022

Is your crypto exchange prepared to issue 1099-Bs? Here’s how to do it easily

Jul 23 2022 Published at CryptoSlate under tags  exchanges guest post taxes

Taxes are one of the few certainties in life, and big tax changes are coming for crypto exchanges and wallets very soon. Will you be ready for them? While cryptocurrency owners have been required to report their crypto gains and losses on their income taxes for a few years now, crypto exchanges and wallets haven't needed to provide information to the IRS on...

Jul 21 2022

India’s finance minister says punitive crypto taxes will remain in force

Jul 21 2022 Published at CryptoSlate under tags  taxes

Local media outlet Financial Express reported that the Indian government has no plans to reduce taxation on crypto transactions. On April 1, India implemented a 30% tax on income gained from cryptocurrency...

South Korea defers 20% crypto tax implementation to 2025

Jul 21 2022 Published at CryptoSlate under tags  crypto crypto tax south korea taxes terra

The South Korean government on July 21 reportedly postponed the implementation of its 20% crypto tax to 2025, according to South Korean news outlet hankyung. Crypto tax delayed According to the report, the government cited the lack of a proper investor protection system alongside the current unfavorable market condition as why it decided to defer the crypto tax implementation by...

Jul 13 2022

Kazakhstan imposes new tax rules on crypto miners

Jul 13 2022 Published at CryptoSlate under tags  mining taxes

The President of Kazakhstan signed a bill to apply a differentiated tax rate based on the energy consumption of crypto miners on July 11. The new bill altered the country's law on Taxes and Other Mandatory Payments to the Budget. The tax rates start...

Jul 07 2022

Belgium starts consultation on classification of crypto as securities and investment instruments

Jul 07 2022 Published at CryptoSlate under tags  legal regulation taxes

Belgium is holding an open consultation to determine if it should classify certain crypto assets as securities, investment instruments, or financial instruments. The Financial Services and Markets Authority (FSMA), the country's financial regulator, said in a statement: "…the FSMA wishes to provide clarity, while awaiting a harmonized European approach...

Jul 06 2022

India’s crypto tax impacted trading frequency of 83% of traders, says survey

Jul 06 2022 Published at CryptoSlate under tags  regulation taxes trading

A survey conducted by crypto exchanges WazirX and Zebpay found that 83% of traders believe India's 30% tax on all cryptocurrency and non-fungible token (NFT) transfers has impacted their trading frequency. The survey shared with CryptoSlate included 9,500 respondents who had actively traded between January 1 and April 15, 2022. The respondents were divided into traders and holders — traders were those who...

Jul 05 2022

U.S. states rethinking crypto tax payments amid bear market

Jul 05 2022 Published at CryptoSlate under tags  taxes

U.S. states except for Colorado and Utah are rethinking allowing tax payments due to bear market prices, Bloomberg News reported July 5. While Colorado and Utah didn't flinch, they have logistical problems to solve before launching crypto tax payments. A total of 37 U.S. states, especially...

U.K. tax authorities seek public consultation on DeFi tax treatment

Jul 05 2022 Published at CryptoSlate under tags  defi regulation taxes

U.K. tax authority H.M. Revenue and Customs (HMRC) opened a public consultation on the tax treatment of DeFi lending and staking on July 5. The Lead Official in the inquiry, Alex Bosinceanu,...

India’s 1% tax has dealt a heavy blow to crypto trading volumes

Jul 05 2022 Published at CryptoSlate under tags  exchanges taxes trading

The trading volumes on Indian cryptocurrency exchanges have come under added pressure from the 1% tax that came into effect on July 1. The trading volumes have been on a downward slope ever since India imposed a 30% tax on all cryptocurrency and non-fungible token (NFT) transactions and transfers from April 1. The 1% tax is to be levied on all transactions of...

Jun 29 2022

Russia approves tax exemptions for issuers of cryptocurrency

Jun 29 2022 Published at CryptoSlate under tags  taxes

The lower house of the Federal Assembly of Russia approved a draft bill on June 28 that could exempt cryptocurrency issuers from Value Added Tax (VAT). Sanctions are hurting "unfriendly nations" more than Russia The decision to cut Russia from the...

CAR’s President announces crypto-hub “Sango” launch date

Jun 29 2022 Published at CryptoSlate under tags  adoption legal people politics regulation

Central African Republic President Faustin-Archange Touadéra, on June 27, announced the country's crypto hub "Sango" launch date. The crypto hub will go live on July 3 during a conference organized to mark its launch....

Jun 24 2022

Conservative MP Matt Hancock advocates for “attractive” tax and regulatory regimes in the U.K.

Jun 24 2022 Published at CryptoSlate under tags  adoption nfts regulation taxes

Conservative MP and crypto advocate Matt Hancock in a keynote speech delivered at Crypto A.M.’s 4th anniversary on June 22 called for a crypto-friendly tax and regulatory regime. Despite the extreme downturn in the market, the MP argued that the UK should be liberal in its approach to crypto regulation. He stated that the UK needs to introduce an "attractive" tax system...

Jun 23 2022

India will consider 28% additional tax on crypto sales next week

Jun 23 2022 Published at CryptoSlate under tags  regulation taxes

Federal and Finance Ministers of India will join a panel on 28-29 June to decide whether to implement an additional 28% tax on cryptocurrency transactions. The tax in question will be implemented in addition to the 30%...

Jun 07 2022

Australian mayor suggests crypto as tax payment option

Jun 07 2022 Published at CryptoSlate under tags  adoption australia bitcoin crypto crypto tax

Gold Coast Mayor Tom Tate has said residents could pay taxes and rates with cryptocurrency in the future, even as critics and experts point to volatility as a major concern, ABC News reported....

Jun 06 2022

Indian Terra investors facing 30% tax on LUNA 2.0 airdrop despite losses

Jun 06 2022 Published at CryptoSlate under tags  crypto tax india tax taxes terra

After losing millions to Terra's crash, Indian investors who have recovered part of their losses through the LUNA 2.0 airdrop may have to pay taxes equivalent to 30% of the value due to India's...

May 31 2022

From boom to gloom, the crypto investors now unable to pay their tax bill

May 31 2022 Published at CryptoSlate under tags  taxes

2021 was a record-breaking year, as the total crypto market cap hit a high of just short of $3 trillion, with the market leader, Bitcoin, peaking at $69,000. Six months from the peak, an enduring downtrend has tanked token values, and the overriding sentiment is now fear. During the boom, US crypto investors filed staggering gains with the Inland Revenue Service (IRS) for...

May 26 2022

Turkey drafts new bills to increase regulatory oversight of crypto

May 26 2022 Published at CryptoSlate under tags  exchanges politics regulation rumors taxes

Turkey is drafting new crypto laws that would introduce more regulatory oversight in the crypto market and possibly impose some transactions involving digital assets - as discussed by two officials on the matter. The officials requested to stay anonymous, seeing as this information is not yet public. Allegedly, the ruling party, AK, which President Recep Tayyip Erdogan leads, is expected to submit bills...

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