The Marshall Islands have signed a bill to legalize its sole currency as a cryptocurrency. This means that it would be illegal to not accept the cryptocurrency in exchange for goods since it’s now considered as legal tender. The new currency is called sovereign or SOV, and the token sale… – Continue reading
When it comes to cryptocurrencies, an area that is often overlooked is that of exchange control, and whether the acquisition or trading in cryptos may (even inadvertently) lead to a transgression under the exchange control regulations. According to Leon Rood, director at Werksmans Attorneys, while the South African Reserve Bank… – Continue reading
Bitfinex is a cryptocurrency exchange that is registered in the British Virgin Islands. The choice of location for the popular exchange is strategic for tax purposes. The British Virgin Islands are known to be tax havens for corporations that want to keep as much of their profits as possible. This… – Continue reading
KAMPALA, May 16 (Xinhua) — The World Bank in its new report has urged Uganda to improve its tax revenue if the east African country is to sustain economic growth. The Bank in its 11th Uganda Economic Update issued on Tuesday said while the economic growth has rebounded from 4.5… – Continue reading
(CNS): As the global cryptocurrency sector heats up, job creating international investment is seeking out suitable jurisdictions and Cayman Islands’ offshore rivals are looking to steal a march on this growth by introducing crypto-friendly laws and legislation, with Bermuda in pole position. Bermuda’s government said recently that it wants to… – Continue reading
A regulatory framework for cryptocurrencies has come into effect by royal decree in Thailand, the Bangkok Post reported Sunday, May 13. The 100-section law, published yesterday in the country’s Royal Gazette, defines cryptocurrencies as “digital assets and digital tokens,” and brings them under the regulatory jurisdiction of the Thai Security… – Continue reading
It has emerged that Israel Tax Authority is hunting for crypto traders on social media. Local sources indicate that various local branches of the organization are sending out letters to those they suspect to be trading crypto without reporting it. In the letters, the authorities demand that the recipients should… – Continue reading
Capital gains taxes will always remain a controversial topic. This is especially true in Thailand, by the look of things, as the cryptocurrency community wants the nation’s Finance Ministry to rethink its guidelines in this regard. For most people, this is also an effort to create a more lenient ecosystem… – Continue reading
The Bermuda Monetary Authority has issued a consultation paper on draft regulations pertaining to “virtual currency businesses” and initial coin offerings (ICOs). The proposed bill seeks to create a framework that encourages and fosters the development of Bermuda’s nascent cryptocurrency industry. Bermuda Reveals Regulatory Proposals for Crypto Industry The minister… – Continue reading
In what appears to be an attempt to test their ability to distribute Bitcoin Gold (BTG), a Coinsecure weakness was apparently exposed, and over 3 million dollars worth of bitcoin were stolen as a result. The large crypto exchange based in India filed a First Information Report (FIR) with police,… – Continue reading
Assets seized by Polish police are reportedly linked to the cryptocurrency exchange’s account in the country. Following a couple of days of rumours, Bitfinex – currently the fifth largest cryptocurrency exchange based on volume, according to Coinmarketcap – has been moved to deny it is embroiled in an investigation regarding… – Continue reading
The Agencia Estatal de Administración Tributaria (AEAT), more commonly known as the Agencia Tributaria, the tax agency of the Spanish government is set to take a hard-line stance on what it suspects to be tax evasion activities aided and abetted by cryptocurrencies. The move comes as yet another chapter in… – Continue reading
Kazakhstan’s National Bank is considering banning cryptocurrency use, exchanges, and mining, saying virtual currencies are an ideal vehicle for fraud, money-laundering, and tax evasion. “In Kazakhstan, the National Bank is taking a very conservative approach toward the matter, and it welcomes nothing but extremely tough restrictions,” Daniyar Akishev, the chairman… – Continue reading
Thailand’s awaited tax framework for cryptocurrencies has been announced this week by the Thai Finance Minister, local news outlet Nikkei Asian Review reported Friday, March 30. Apisak Tantivorawong reported during a March 27 cabinet meeting that crypto trades will be taxed with a 7 percent value added tax (VAT), and… – Continue reading
The Australian Tax Office (ATO) has launched a community consultation to seek feedback on practical compliance issues arising from complying with taxation obligations in relation to cryptocurrency transactions. On March 13, the ATO updated its web guidance tax treatment of cryptocurrencies to address some of the common enquiries in relation… – Continue reading
The United States Internal Revenue Service (IRS) recently published a document reminding taxpayers that income derived from virtual currency transactions must be reported on income tax returns. The IRS states that taxpayers who fail to report virtual currency earning may be audited or made liable for “penalties and interest.” IRS… – Continue reading
One of the fastest growing crypto exchanges over the past year, Binance, announced on its official blog its intention to move operations to the European island of Malta. This decision comes after the difficulties experienced to operate under the conditions imposed by the Japanese government. A few weeks ago the… – Continue reading
The price of BTC had increased in value significantly over the years, reaching $19,600 at its highest peak – and the exchange rate rests at $8,500 today. This is a stark contrast to just over a year ago when the digital currency’s value was under $1,000 per coin. Since the… – Continue reading
The Australian Taxation Office (ATO) has warned taxpayers to beware of scammers demanding Bitcoin or other cryptocurrency as a form of payment for fake tax debts. Assistant Commissioner Kath Anderson said that the ATO became aware of scammers seeking payment in Bitcoin in late 2017, with over AUD50,000 (USD38,974) paid… – Continue reading
Coinbase has announced that it is the first crypto exchange to obtain a U.K. bank account. According to CNBC, the account is with Barclays. Coinbase, which has nearly 12 million users, also announced it was granted an eMoney license by the U.K. regulator the Financial Conduct Authority (FCA). “The license… – Continue reading
“The important thing to remember here is this is a brand-new, very complicated space,” warned John Oliver on last weekend’s episode of “Last Week Tonight.” “Literally nobody knows how it’s going to develop, so you need to be careful.” Oliver was discussing cryptocurrencies and blockchain on his show, highlighting the… – Continue reading
Decentralized cryptocurrencies like Bitcoin and Ethereum have strong advantages over centralized financial systems, primarily because of their ability to function and operate without a single point of failure, which hackers and bad actors can target. Transaction processing On Feb. 19, Jameson Lopp, the lead engineer at multi-signature Blockchain security firm… – Continue reading
The Belgian Special Tax Inspectorate (STI) is looking for Belgian individuals who have invested in cryptocurrencies in foreign exchanges, local news outlet De Standaard reported Friday, March 2. After receiving information from Finnish authorities that several Belgian taxpayers had been trading on Finnish crypto exchanges, the STI started looking into… – Continue reading
According to regional reports, China’s police agency is allegedly monitoring cryptocurrency exchanges based outside of the country. An informant details that China’s Public Information Network Security Supervision task-force is closely watching both domestic and foreign trading platforms involved with cryptocurrencies to prevent fraud, pyramid schemes, and money laundering. China’s Regulators… – Continue reading
Russian president stresses the need for Russia to increase its involvement in blockchain tech, in order to avoid being “late in the race”. Russian president Vladimir Putin has fully endorsed blockchain technology, acknowledging its significance and emphasizing the importance of early adoption in order to avoid being left behind. As… – Continue reading
Virtual currencies exploded onto the investment scene last year, due in large part to the astronomical rise in the popularity of Bitcoin and its many successors. Interest in this exciting new investment shows no signs of slowing, and soon cryptocurrency will be as ubiquitous as the other traditional securities traded… – Continue reading
Puerto Rico’s Governor, Ricardo Rossello in a move to attract crypto investors and holders to live in its land made an open call to everybody to come and take advantage of the tax haven. Puerto Rico recently got devastated by hurricanes Maria and Irma and is trying to recover slowly… – Continue reading
It is a known fact that many of the cryptocurrency traders, as well as investors, are not paying taxes. The reason for this is that there is no proper legal framework to pay taxes. Moreover, the exchanges are not compliant with the tax laws. Owing to this very reason, investors,… – Continue reading
The Russian Ministry of Finance is drafting a bill to allow the creation of offshore companies to trade cryptocurrencies. This follows the bill which the ministry recently published on the legal framework for cryptocurrencies. Crypto Trading Offshore “The Ministry of Finance proposed to create offshore companies in Russia for trading… – Continue reading
After a B.C. resident was swindled out of $3,000 in a bitcoin tax scam, the RCMP is warning the public not to pay any tax bill using cryptocurrency. The incident occurred in North Vancouver on Jan. 18 when the victim received a phone call from someone claiming to be an… – Continue reading
India’s tax dept. orders investors to pay up after national survey reveals $3.5 billion worth of transactions during a 17-month period. Indian cryptocurrency investors have been issued notices by the income tax department, after a national survey revealed that cryptocurrency transactions during a 17-month period amounted to more than $3.5… – Continue reading
French finance minister, Bruno Le Maire wants a new legal framework for cryptocurrency regulations to overcome tax evasion and terrorist funding The finance minister has ordered France’s central bank chief to design the new regulations framework cautioning against ‘risk of speculation and possible financial manipulation‘ associated with cryptocurrencies. Cryptocurrency sceptics… – Continue reading
Police and tax agencies raided South Korea’s largest cryptocurrency exchanges this week for alleged tax evasion South Korean financial authorities had previously said they are inspecting six local banks that offer virtual currency accounts The crackdown comes as the South Korean government attempts to calm frenzied demand for cryptocurrency trading… – Continue reading
The Internal Revenue Service is looking to tax early adopters of cryptocurrencies who profited from it. Now the Internal Revenue Service (IRS) has set its sights on the early adopters of cryptocurrencies, particularly those who earned from the blockchain technology. The IRS is concerned that between 2013 and 2015, only… – Continue reading
On December 13, 2017, the Indian income-tax department reportedly conducted surveys at bitcoin exchanges across the country to assess the risk of individuals who may have evaded taxes. Surveying Indian Exchanges Typically such surveys are conducted by the department without prior warning and include relatively extensive scrutiny of the assessee’s… – Continue reading
Bitcoin is referred as cryptocurrency and would be the first decentralized digital currency, as the system works without a central bank or single administrator. The circulation of Bitcoin has been a cause of concern among central bankers across the world. The Reserve Bank of India too has cautioned users, holders… – Continue reading
The European Union is reportedly threatening to blacklist Antigua and Barbuda if it does not harmonise its tax rates for onshore and offshore financial services. This is according to Prime Minister Gaston Browne who was speaking in the parliament on Tuesday during the presentation of the Automatic Exchange of Financial… – Continue reading
Coinbase, the world’s largest Bitcoin brokerage and wallet platform, has won a partial but significant victory in its fight against the Internal Revenue Service (IRS), as Cointelegraph previously reported. Brief history of Coinbase v. IRS On January 15, Coinbase CEO Brian Armstrong revealed that the IRS sent the company a… – Continue reading
Hong Kong recently finalized a series of agreements that, taken together, shift Asia’s trade and investment landscape. On November 12, Hong Kong and ASEAN signed the ASEAN-Hong Kong, China Free Trade Agreement (AHKFTA), and the ASEAN-Hong Kong Investment Agreement (AHKIA). Prior to this, on November 10, Hong Kong and India… – Continue reading
THE Attorney General yesterday lamented that “riding behind our competitors” had caused “incalculable” damage to the financial services industry, accusing the former government of failing to act on tax information exchange changes. Carl Bethel QC, addressing the Senate, said the Christie administration had “done nothing’ for three years in relation… – Continue reading
The Internal Revenue Service has signed a contract with a company called Chainalysis that offers software for analyzing and tracking bitcoin transactions. The IRS has been pushing for ways to tax bitcoin transactions. In 2014, it issued basic guidance in Notice 2014-21 stating that virtual currencies such as bitcoin should… – Continue reading
Among the products purchased by the Ministry are: Onesource Benchmark and Onesource TP Loan Module. Thomson Reuters and Ministry of Taxes of the Republic of Azerbaijan have signed an agreement under which the Ministry will use Thomson Reuters tax solutions aimed at implementing tax control in the sphere of transfer… – Continue reading
It has been more than a year since the Australian government committed itself to remedying the nation’s double taxation scheme for cryptocurrencies. The delay in crafting a fix has left some observers wondering whether the issue had been set aside entirely. In a statement released this week, the government has… – Continue reading
The Government is considering making companies include detail of who their supervisor is under the Anti-Money Laundering and Countering Financing of Terrorism Act (AML/CFT Act) as it strives to clean up the Financial Service Providers Register (FSPR). This suggestion is included in a consultation paper on a Financial Services Legislation… – Continue reading
The IRS has been using a John Doe summons to get access to taxpayers’ bitcoin information and is now using the same tactic to get debit card information. According to a report by Forbes, a federal court in Montana gave the IRS permission to serve Michael Behr of Bozeman, Montana,… – Continue reading
Given the recent developments in the Indian economy, the upcoming Union Budget will certainly be critical and important in determining the future outlook of the economy. The financial services industry has been one of the key drivers of growth due to its strong cause and effect relationship with the economy…. – Continue reading
The Israeli Tax Authority has issued an official draft circular to clarify the tax guidelines that apply to bitcoin adopters. In an announcement last week, the Israel Tax Authority released its draft [PDF] on the proposed taxation of virtual currencies which are considered “assets”. Pointedly, the announcement also cites the… – Continue reading
The US government is facing calls to delay the introduction of a new tax on foreign investors in US equity-linked derivative transactions, after the G5 group of countries signalled their opposition and the US Securities Industry and Financial Markets Association (SIFMA) indicated its members would not be ready for the… – Continue reading
In light of the Coinbase case, expert Perry Woodin explains how the American tax system needs to deal with Bitcoin. It was recently reported that the IRS filed a petition in US federal court seeking full disclosure of Coinbase’s American customers records over just two alleged cases of tax avoidance… – Continue reading
The financial regulator of Central American nation Belize has issued a public warning against XMAXBIT, a company that claims to provide returns for investors by investing in cryptocurrencies like bitcoin. Published on Monday, the Office of the International Financial Services Commission (IFSC), Belize’s financial regulator, has warned users against dealing… – Continue reading
