Tag Archives: Taxation

The Brazil Senate has approved new rules that will mandate locals to pay up to 15% tax on income generated from cryptocurrencies on offshore exchanges. According to a live recording from the Federal Senate, the new rule applies to crypto users with assets worth more than R$6,000 ($1,200) on all offshore exchanges. Brazilian Crypto Users to Pay 15% Tax The proposed bill has gained approval from the Chamber of Deputies and the Senate’s Economic Affairs Committee. It is on its...

With growing efforts to regulate the taxation of virtual assets around the world, Spain has introduced new laws requiring residents holding crypto assets on non-Spanish platforms to declare them by March 31, 2024. The Spanish Tax Administration Agency – Agencia Tributaria – unveiled form 721, a dedicated tax declaration form for virtual assets held abroad. Spanish Tax Authorities Set Threshold of $55K The latest announcement, made in the official state gazette on July 29,...

The Indian government has lost $420 million in what could have been a substantial revenue stream as a result of its taxation, forcing traders to move their transactions outside the country. Experts are now suggesting that the Indian government should take a more relaxed approach to its controversial stance on crypto taxation. According to a recent study by Delhi-based think tank Esya Centre, the highly debated crypto policy in India, involving a 1% transaction tax deducted at...

Amir Bruno Elmaani, famously known in the cryptocurrency world as “Bruno Block” and the founder of the Oyster Protocol has been sentenced to four years in prison for tax offenses amounting to over $5.5 million. The United States Attorney for the Southern District of New York, Damian Williams, announced the verdict, highlighting the severity of Elmaani’s actions that violated both tax laws and investor trust. Conviction of Tax Offenses Elmaani’s conviction stems from a series...

Japan just established a whole new level of clarity to its crypto tax agenda. Up to this point, all unrealized gains from crypto assets were subjected to the country’s present 30 percent corporate tax rate, though now, it appears this is coming to an end. Japan is Putting an End to Some Crypto Taxation The news came from Japan’s National Tax Agency (NTA). The agency explained in a statement that crypto assets will be excluded from any company’s asset valuation...

The Internal Revenue Service (IRS) has ruled that U.S. cryptocurrency investors must include staking rewards in their gross income since crypto assets are treated as property for federal income tax purposes. According to an official document, taxpayers must include the fair market value of their staking rewards in their gross income as soon as they gain control of the crypto assets. IRS Declares Crypto Staking Rewards Taxable In the Proof-of-Stake consensus mechanism, crypto...

Kraken has been ordered to turn over sensitive user information for clients that had transactions worth in total over $20,000 over the course of a year. The tax agency said it wants to determine whether crypto investors have been cheating on their tax reports. The IRS filed the initial court petition in the Northern District of California earlier this year, claiming that it had previously issued summons to the exchange in 2021 that the latter ignored. The agency also said it...

Kim Nam-kuk – a South Korean lawyer and politician – will reportedly sell his cryptocurrency holdings amid a conflict of interest that surrounds his stash.  The Democratic party (DP), which he is part of, will also launch an investigation to determine whether he complied with local requirements when acquiring the tokens.  Inspection Could Reach Other Members of the Party According to a local media outlet, the DP urged Nam-kuk to sell his approximately 800,000 Wemix coins...

U.S. President Joe Biden is advocating for an end to tax loopholes that benefit what he described as “wealthy crypto investors.” In a Twitter post late Tuesday, Biden shared an infographic that read: “We think Congress should cut tax loopholes that help wealthy crypto investors.” According to the post, these loopholes have cost the government around $18 billion in revenue. In his tweet, the president mentioned “MAGA House Republicans” as opposers of his tax plans. Biden...

The government of Kenya plans to impose a 3% tax on cryptocurrency transfers to narrow the fiscal deficit of the country and boost its domestic revenues. Kenya is among the leaders on the African continent in terms of crypto adoption. Patrick Njoroge – Governor of the Central Bank – has previously suggested that bitcoin could solve the nation’s problems with its depreciating official currency. Crypto Included in the New Bill As reported by Bloomberg, Kenya’s lawmakers might...