Tag Archives: Taxation

The US government is still working on regulations on third-party reporting for cryptocurrency trades. The transactions will be reported by crypto exchanges in accordance with Section 6045 of the Internal Revenue Code (IRC), a Treasury attorney said.Cryptocurrency Exchanges Will Share Client Data as Stipulated in Section 6045Erika Nijenhuis, senior counsel at the US Treasury’s Office of the International Tax Counsel, said in a webinar that the government was still preparing rules on...

A local report indicates that South Korea’s Minister of Finance and Economy believes that the country should impose a tax on cryptocurrency trading and investing. He added that South Korea has been discussing with other countries the introduction of a new digital law.South Korea To Impose Tax On Crypto?The Asian country has been rather indecisive regarding whether or not to tax cryptocurrency profits. At the start of the new decade, the Ministry of Economy and Finance said that the existing...

The man, known as Bitcoin Jesus, has urged people to start using cryptocurrencies instead of what he calls “police money,” if they want to show their opposition to a corrupt justice system.Founder and Executive Chairman of Bitcoin.com, Roger Ver, said in a YouTube video posted on June 3 that the best way to prevent police injustice is to stop participating in the financial system which supports it. Ver said:“I think the best way anybody can help prevent this sort of injustice continuing in...

The majority of participants in a recent poll support some forms of cryptocurrency taxation. Contrary, 20% are against, outlining that current laws are not functioning accordingly to cope with the rising role of digital assets in the modern online world.66% Support Crypto TaxationThe topic of taxation in the cryptocurrency scene has been openly discussed for years without a definitive and precise solution. The divided evaluations are spread among countries but also digital asset investors.A...

The dreadful situation in Spain caused by the COVID-19 outbreak is not delaying local authorities to send notices to taxpayers. Those include traders and investors in cryptocurrencies, who have quadrupled in the past year to 66,000.Spain To Tax 66k Crypto InvestorsThe Spanish Tax Agency (Agencia Estatal de Administracion Tributaria or AEAT) began sending the notices on April 1st and will continue until June 30th, according to a local report.AEAT has been increasing the number of notices for a...

The Australian Taxation Office (ATO) is currently working on contacting hundreds of thousands of cryptocurrency investors in the country, reminding them about their tax obligations for trading digital currencies like Bitcoin over the last few years, Australia’s leading media reported Wednesday. Cryptocurrencies Are Digital PropertiesAccording to news.com.au, the tax regulator is in the process of contacting as many as 350,000 crypto traders over the next two months, either via email or post...

South Korea might be changing its stance regarding taxing cryptocurrency trading profits. Just weeks after the government said that they wouldn’t tax any profits made from digital assets, a new report indicates otherwise. The country could purportedly classify crypto gains in the same category as lottery winnings and thus tax them with 20%.South Korea To Tax Crypto Profits?At the start of 2020, the Ministry of Finance and Strategy said that the current tax law does not consider cryptocurrency...

The largest cryptocurrency exchange in South Korea, Bithumb, has filed a complaint with the Tax Tribunal against the National Tax Service (NTS). The company wants the Tribunal to nullify a tax for nearly $70 million, which was previously imposed by the NTS on its customers.Bithumb Fires BackAt the end of 2019, NTS imposed $69.3 million of withholding tax on the exchange’s foreign customers, according to a report. At the time, this was the first confirmed case where the Korean government has...