Crypto Tax

The Internal Revenue Service will be putting a pause on its contentious $10,000 cryptocurrency tax rule. What Happened: As reported by Decrypt, the IRS and the Treasury Department jointly issued a statement on Tuesday, signaling their updated stance concerning the new tax rule. This rule has...

Argentina's newly elected President Javier Milei has introduced a draft bill that could significantly impact cryptocurrency holders in the country. This legislation, part of a broader economic and political reform package, aims to incentivize Argentines to declare both their domestic and...

The U.K. Government announced that crypto users must disclose any unpaid capital gains or income taxes to avoid penalties. What Happened: HM Revenue and Customs disclosed guidance on how to pay taxes on Bitcoin (BTC), non-fungible tokens (NFTs), and utility tokens. Crypto tax disclosures to the U.K...

On Wednesday, Coinbase Global Inc (NASDAQ:COIN) Chief Legal Officer Paul Grewal voiced his opposition to the Treasury’s proposed regulations for tax reporting of digital assets, emphasizing the potential harm to innovation and fairness in the industry. What Happened: Grewal argued that the...

Prominent U.S. Sens. Elizabeth Warren (D-Mass.) and Bernie Sanders (I-Vt.) penned a letter to Treasury Secretary Janet Yellen and IRS Commissioner Daniel Werfel expressing their concerns over the delay in implementing tax reporting requirements for crypto brokers. They emphasized the...

The U.S. Treasury Department has put forth new guidelines suggesting that crypto brokers be treated on par with those handling traditional investments, such as stocks and bonds. Crypto brokers and exchanges must report specific crypto sales, from Bitcoin (CRYPTO: BTC) to non-fungible tokens (NFTs...

India-based cryptocurrency exchange CoinDCX has announced a 12% reduction in its workforce due to a decline in virtual currency trading revenues. “Startups and businesses globally are going through challenging times due to tough macro conditions, more so in crypto because of the prolonged...

The Treasury Department's delay in implementing a law designed to catch cryptocurrency tax evaders is raising concerns. What Happened: The law, aimed at closing a loophole that allows cryptocurrency investors to evade taxes, was projected to raise $28 billion over a decade. As a result of the...

Members of the Slovakia Parliament cast their votes in favor of an amendment that will bring down the tax on cryptocurrency profits, among other measures impacting cryptocurrency holders. What Happened: Lawmakers in Slovakia approved an amendment on June 28 that entails a reduction...

Japan's National Tax Agency stated that cryptocurrency issuers in the country will not be required to pay capital gains taxes on unrealized gains. This follows the approval of a proposal last December by the tax committee of the ruling Liberal Democratic Party (LDP) to exempt crypto startups...

China’s implementation of taxes on cryptocurrency transactions signals the country's increasing embrace of digital currencies, according to Justin Sun, founder of TRON DAO. Tax authorities in China have begun imposing a flat 20% tax on cryptocurrency transactions. In a series of Twitter...

All digital assets, including stablecoins, non-fungible tokens (NFTs), and cryptocurrencies, will be subject to the same tax laws in the United States, according to the Internal Revenue Service’s 2022 tax year guide. The Details: Last year’s IRS guide addressed only the regulations...

Conservative Yoon Suk-yeol, who supported deregulation of the cryptocurrency sector and issued non fungibe tokens (NFTs) during his election campaign, has been elected as South Korea’s next president. What Happened: South Korean ruling party candidate Lee Jae-myung admitted defeat...

The head of the Central Board of Direct Taxes (CBDT) in India said the recent announcement of a 30% tax on crypto holdings doesn’t necessarily make the crypto trade legal in India. The finance minister of India announced a 30% tax on crypto holdings during the budget session on Feb. 1,...

On Friday, the House of Representatives passed a $1.2 trillion infrastructure bill in a 228-206 vote, sending the legislation to President Joe Biden for his signature. The bipartisan infrastructure bill contains a cryptocurrency tax reporting requirement. The Infrastructure Investment and Jobs Act...