Category: Cryptocurrency
ATO cracks down on crypto tax dodgers
A '28 days' countdown' starts for taxpayers to clarify their information on cryptocurrency. ... - Continue reading
A Run Through On Tax Evasion By Bitcoin Criminals
A report released by the Internal Revenue Service (IRS) has put quite some focus on Bitcoin’s scope for committing tax evasion ... - Continue reading
Taxing the world of cryptocurrencies is complicated
An insight into the world of "cryptocurrencies" ... - Continue reading
Brazil: Brazilian Tax Review – August 2019
After 20 years of negotiations, the European Union and Mercosur have moved forward with the free trade agreement between the two blocs. ... - Continue reading
Seven Countries Where Cryptocurrency Investments Are Not Taxed
Here are a few countries where cryptocurrencies are not taxed under some or all circumstances ... - Continue reading
Tax cheats no longer safe from Australian Taxation Office
The good old days of buying and acquiring cryptocurrency without having to worry about government intervention have come to an end. This is the case in Australia, where cryptocurrency investors will likely soon receive a letter from the Australian Taxation Office (ATO) informing them that they owe back taxes on… – Continue reading
Mauritius, first jurisdiction globally to legally protect crypto
The Mauritius International Financial Centre (IFC) claims to be the first jurisdiction globally to offer a regulatory landscape for the custody of digital assets. This is according to communication from the country’s integrated regulator for the non-bank financial services sector and global business, the Financial Services Commission (FSC). The FSC… – Continue reading
Spanish Crypto Holders Under Scrutiny as Authorities Seek to Prevent Tax Fraud
The Spanish Ministry of Finance is to inspect some 15,000 individuals who have engaged in cryptocurrency transactions over the last year, Spanish-language news outlet El Pais reported. The announcement follows on from the introduction of compulsory reporting of cryptocurrency transactions for Spanish taxpayers, and will investigate whether there is any… – Continue reading
Gibraltar targets crypto funds
Having established a groundbreaking regulatory framework for companies using distributed ledger technology, Gibraltar is now poised to publish draft legislation for initial token offerings and is setting its sights too on the market for crypto funds. These were among the key messages signalled at a breakfast briefing for fund managers… – Continue reading
Cryptocurrencies Could Emerge As Top Save Haven For Chinese Investors Amidst Govt Crackdown
The Chinese government has decided to tight policies that target investors in the country and that hold their wealth overseas with the intention to avoid paying taxes. However, these investors that are now threatened by the government might move to cryptocurrencies and avoid being investigated by Chinese authorities. Most of… – Continue reading
India planning to launch its own cryptocurrency?
In the wake of blowing hot and cool on bitcoin, the government of India is thinking about drawing out its very own cryptocurrency. A board comprised by India’s finance ministry suggested that the nation launch a government-backed cryptocurrency. “We are assessing the government-backed cryptocurrency and crypto-token,” said a senior government… – Continue reading
New Zealand Law Foundation Report suggests accepting cryptocurrency
A recent report published by the New Zealand Law Foundation on regulating cryptocurrencies in New Zealand suggests the regulators of the country to start taking tax in crypto and trial a CBDC. The report, that is commissioned by the New Zealand Law Foundation and written by the University of Auckland… – Continue reading
Confusion Over Bitcoin Taxation Leads to Poor Reporting of Gains and Losses
With Bitcoin and other cryptocurrencies making huge sums of money for those adept at timing the market, the U.S. Internal Revenue Service (IRS) is keen to make sure it receives its cut of the profits. However, a lawyer from Morgan Lewis & Bockius states that many users do not realise… – Continue reading
Crypto Tax Rules Need Clarity, US Congress Tells Revenue Agency
The federal tax-collecting authority should update its virtual assets guidance because the lack of clarity creates uncertainty for citizens, Capitol Hill lawmakers said in an open letter. The US House of Representatives has urged the Internal Revenue Service (IRS) to release a new, comprehensive version of its cryptocurrency guidance because… – Continue reading
Don’t make extra income a tax time headache
The Australian Taxation Office (ATO) is increasing its efforts to identify taxpayers who fail to report all their income this tax time, as it strives to recover an annual tax shortfall of nearly $1.4 billion caused by individuals who leave income out of their return. “Tax lost from under-reported income… – Continue reading
Poland Rolls Out New Bill Clarifying Crypto Taxation
When it comes to taxation, in most cases there is a cloud of uncertainty surrounding cryptocurrency. Certainly, legislation is swiftly evolving to make sure crypto traders don’t sneak off without paying their taxes. Now over to Poland, lawmakers are finally unveiling long anticipated clarifications to the existent tax policy. Such… – Continue reading
Crypto in Israel: Deep Likelihood Analysis of Mass Adoption, Tax Evasion Issue
On Aug 26, the Jerusalem Post wrote a very good story about the chances of Israel adopting a state-backed crypto just like Venezuela did a few days ago, although for completely different reasons. While Venezuela launched the Petro recently as an outrageous Hail Mary as it faces 6-figure inflation, Israel’s… – Continue reading
Crypto Islands as Double Offshore
There is a small island in the Caribbean … You immediately imagine relaxation, a beach, palm trees. However today in these small areas a really big crypto history is being created. The crypto business is increasingly mastering the jurisdiction of “dwarf” states, such as Cyprus, Malta, Gibraltar, The Republic of… – Continue reading
Bitcoin Hedge Funds Caught in IRS Crypto Tax Crosshairs Amidst Unclear Regulations
Hedge Funds Are Struggling to Correctly Tax Crypto Holdings Amidst Unclear Regulations According to US law, bitcoin and other cryptocurrencies are taxed like property – similar to real estate. Amidst unclear regulations, however, hedge funds are struggling to correctly pay their taxes, which is a problem because the IRS just… – Continue reading
How Will the UK Deal With Crypto After Brexit: Expert Take
The United Kingdom and the European Union failed to reach an agreement on an orderly uncoupling, which is a major geopolitical and strategic event, with global implications. Uncertainty about the outcome of the Brexit referendum has already started to weaken growth in the U.K. — which is expected to get… – Continue reading
Which Countries is The Cryptocurrency Taxed In?
The cryptocurrency industry is still at a very early stage of its development, so there are no single international rules yet. The governments of individual countries independently try to regulate digital assets. The tax on the cryptocurrency varies in different countries. Within the framework of this article, we will try… – Continue reading
Parliament approves Bitcoin BCH payments for Antigua and Barbuda citizenship
Securing citizenship in the Eastern Caribbean jewel of Antigua and Barbuda is now easier for Bitcoin Cash (BCH) investors. Early this week, the parliament of Antigua and Barbuda unanimously approved the resolution to amend the Citizenship by Investment Program (CIP) Act, allowing for payments to be made in Bitcoin BCH… – Continue reading
Malta Tells Crypto Companies To Step On The Brakes
As nations around the globe roll out crypto regulations and tax schemes, blockchain startups eagerly eye the next crypto-friendly destination. Malta has modeled itself as exactly that and firms have been flocking there in droves. So much so that the government has told them to hold their horses while it… – Continue reading
Australia to Fight Crypto Tax Avoidance with Bilateral Data Sharing
Australian Tax Authority will use bilateral data sharing agreements to collect taxes on cryptocurrency income. The Australian Tax Authority (ATO) will seek international cooperation to tackle hiding of cryptocurrency income, ATO acting deputy commissioner Martin Jacobs told local media on Friday. This year Australian traders must file tax declarations about… – Continue reading
Tax chiefs unite to tackle international tax crime
HMRC has formed an alliance with tax enforcement bodies in 4 countries to share intelligence and expertise in the battle against international tax crime. The UK has joined forces with Canada, the Netherlands, the United States and Australia to launch the Joint Chiefs of Global Tax Enforcement (J5) – a… – Continue reading
Japan Undecided On Crypto Gains Taxing
Japanese politicians are questioning their Minister of Finance, Taro Aso, on the type of taxes they are applying on cryptocurrency gains in the country. While the politicians are demanding to treat profits from these virtual currencies as a ‘separate declared taxation,’ financial officials in the island country prefer to continue… – Continue reading
Australia: Experts Say Tax Office on ‘Warpath’ Against Crypto Investors
Australian tax experts have confirmed that the Australian Taxation Office (ATO) is cracking down on cryptocurrency investors this year, local news outlet The New Daily reports Friday, June 15. The ATO had said in early March that they would be using a combination of data matching and “100-point identification checks”… – Continue reading
Marshall Islands Replaces the USD With Own Cryptocurrency
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
What you need to know about buying Bitcoin from an offshore exchange
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 Now Wants Your Tax Information ‘In Case’ Authorities Ask For It
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
Cayman’s offshore rivals target crypto market
(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
Thailand: Legal Framework For Cryptocurrencies Comes Into Force
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
Israel Tax Authority is hunting for crypto traders on social media
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
Crypto Enthusiasts Demand Thailand’s Finance Ministry Revamp Taxation Guidelines
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
Bermuda Reveals Draft Crypto Regulations, Plans to Embrace ICOs
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
Bitfinex denies links to Colombian drug money
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
Spanish Tax Authority Set for Showdown Over Crypto Tax Evasion
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 May Ban Cryptocurrencies Citing Money-Laundering Concerns
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
Thai Finance Ministry Releases Final Version Of Cryptocurrency Tax Framework
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
Australian Tax Office Seeks Input On Cryptocurrency Tax Obligations
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
IRS Reminds Taxpayers to Report Virtual Currency Earnings
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
