South Korea's Minister of Strategy and Finance Hong Nam-Ki said that the planned law on taxing cryptocurrencies will come into effect at the beginning of next year. During a meeting of the National Assembly on September 15th, Hong said that the ruling Democratic Party and the opposition agreed to take legislative action to tax cryptocurrencies last year and that there is no...
Governments truly wanting to “beat Bitcoin” may carefully consider siphoning the value gained through bitcoin.I think at the end of the day if it’s really successful, they will kill it and they will try to kill it. And I think they will kill it because they have ways of killing it. -Ray Dalio on BitcoinBanning Bitcoin is a practical impossibility. The...
“There will be no taxes to pay on either the capital increase or the income,” the legal adviser to President Nayib Bukele said.Foreign investors will not be required to pay taxes on profits from Bitcoin, a government adviser told the AFP this week.Javier Argueta, legal adviser to...
Congressman Gabriel Silva presented a Crypto Law project. Even though Silva’s profile picture has laser eyes, the congressman doesn’t even mention Bitcoin in the video with which he announces his accomplishment. Is this bullish for cryptocurrencies in general? Or is it another case of a politician trying to make a name for himself using buzzwords that he doesn’t understand? Let’s dig deeper....
The House Rules Committee has blocked infrastructure bill changes and voted 220-212 to lock in the procedure, with a resolution approved on Tuesday afternoon. The Committee that determines the rules...
The U.S. “wash sale rule” gives bitcoin investors the chance to realize tax breaks. Here’s how.Bitcoin has digitized the transfer of value at the speed of the internet. Yet such technological leaps tend to temporarily overload a bureaucracy’s ability to keep up with regulations, laws and taxation. Currently, the IRS designates bitcoin as “property” rather than currency, and characterizes the sale of...
How IRAs can solve Bitcoin’s capital gains tax problem, enable a Bitcoin standard and push the Bitcoin circular economy forward.In May 2021, I had just finished a pretty intense 12 months of helping take OC Bitcoin Network from a monthly meetup to a weekly meetup. In addition to the meetup work, over that same 12 months I...
The bitcoin price fell slightly after an amendment clarifying cryptocurrency tax rules in the proposed U.S. infrastructure bill was rejected.The below is from a recent edition of the Deep Dive, Bitcoin Magazine's premium markets newsletter. To be among the first to receive these insights and other on-chain bitcoin market analysis straight to your inbox,...
In one of the earliest opposition to the move to adopt the provision of a crypto tax provision in the $1.2 trillion infrastructure bill, United States Senator, Mike Lee, has raised concerns that the move would send more citizens below the poverty benchmark...
Cardano (ADA) founder Charles Hoskinson recently addressed the new provision in the bipartisan bill that...
The language in the infrastructure bill is an example of why the Bitcoin community has to engage politically.Authored August 3, 2021In recent days, draft language in the proposed infrastructure bill raised a flurry of concerns for the Bitcoin community and the larger digital asset space. Congress proposed heightened reporting requirements for “brokers'' of digital assets. The current draft bill...
This is simply the latest development that shows the lack of understanding amongst policy makers.The Senate procedural vote held late Wednesday night was a big step forward in the difficult process of brokering such a large infrastructure package in Congress. This is, however, the very first step for the package, and requires a few more hurdles before it reaches President Biden’s desk...
US President Joe Biden and the bipartisan group announced the details of a historic $550 billion federal investment in the country’s infrastructure as the Senate intends to tighten crypto taxes in order to raise $28...
In its attempt to adjust its operation to appeal to heightening regulatory efforts, Binance, the most prominent cryptocurrency exchange, has rolled out the Tax Reporting Tool. The new Tax Reporting Tool is a fulcrum of a broader scheme by Binance that's geared towards the expansion of user protection and risk management protocols. Besides the Tax Reporting Tool, the exchange is slashing the amount...
Plan B Passports offers Bitcoiners the ability to legally avoid taxes on their BTC profits.If you would like to avoid onerous capital gains taxes after spending or selling BTC following boom cycles, then there is a service just for you.Bitcoin maximalist and entrepreneur Katie Ananina helps bitcoiners who have made significant gains on their BTC holdings to legally avoid such taxes...
Bitcoin (BTC) and other cryptocurrencies bought from exchanges outside the country could cost Indian investors additional tax, while the tax department is looking into whether crypto falls subject to the 2% equalization levy,...
El Salvador president Nayib Bukele said in a tweet last night that investors will pay no capital taxes on Bitcoin gains, a day after announcing the asset could soon be ‘legal tender' in the country. “No capital gains tax for Bitcoin, since it will...
The adoption of crypto in the US got a new push as Colorado Governor Jared Polis is eager to accommodate legislation for state tax payments via cryptocurrencies, as per a report on news outlet The Independent....
May 27, 2021 / Unchained Daily / Laura Shin Daily Bits ✍️✍️✍️ SEC Commissioner Gary Gensler...
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