The May 2 blog post by the White House’s Council of Economic Advisers (CEA) has already attracted strong criticism from the community.
White House Pushes for Punitive Tax on Crypto Mining
UK Crypto Tax Advisors Welcome Proposed Changes to DeFi Lending, Staking Treatment
The country’s tax authority is consulting the public on new rules it said are aimed at reducing the burden on crypto users.
Crypto Tax Guidance Could Come ‘in 12-ish Months,’ Says IRS Official
The IRS’ point person for taxation of cryptocurrencies stresses need for community engagement at Consensus 2023
Revolut taps Koinly for automated cryptocurrency tax reports
Digital bank Revolut has partnered with Koinly to integrate cryptocurrency tax report services for users.
UK Tax Authority Proposes Legislative Change to Treatment of DeFi Lending, Staking
The proposed framework, now open for public consultation, will also apply to crypto lending and staking through intermediaries, the authority said.
Sweden Drives Final Nail Into Its Bitcoin Mining Industry With Tax Hike
The 6,000% increase in taxes per kilowatt hour of energy will likely kill any potential bitcoin mining investments in the country.
Japan Approves Web3 White Paper to Promote Industry Growth in the Country
The white paper proposes more tax reform, clearer accounting standards and a DAO law.
El Salvador President Bukele to Introduce Bill That Would Eliminate Taxes on Technology Innovations
The bill will strip technology innovations such as software programming, coding, apps and Artificial Intelligence development from tax obligations on income, property, capital gains and import tariffs, Bukele said in the tweet.
UK to Add Crypto Declaration in Tax Forms
Taxpayers will have to record their crypto gains separately as of next year, the U.K. Treasury said.
Biden wants to double capital gains and clamp down on crypto wash sales: Reports
The Biden administration wants to apply the wash sale rule to digital assets.
Thailand Offers $1B Tax Break for Firms Issuing Investment Tokens: Reuters
The waiving of corporation and sales taxes targets companies that issue digital tokens for investment
Puerto Rico Extends 4% Tax Incentive to Crypto and Blockchain Activities
“A win for Puerto Rico,” said a blockchain trade association executive.
Tax attorney breaks down the MicroStrategy Bitcoin sale
MicroStrategy’s recent sale of a portion of its Bitcoin treasury holdings puts cryptocurrency tax-loss harvesting into the spotlight.
Japanese Government To Ease 30% Crypto Tax Requirement – A Good Move?
Presently Japanese crypto firms pay a set 30% corporate tax rate on their holdings, regardless of whether or not they made a profit. Due to this stringent tax law over the past years, some local crypto firms reportedly chose to move their business elsewhere.
This development has impacted the country’s economic growth, and the LDP, having identified it as its primary task, wants to set things right.
The Liberal Democratic Party (LDP) of Japan addresses issues with administrative reform and collaborates with the U.S. to enact defensive and foreign policies.
The term Administrative Reform refers to multiple themes in the nation. An example of such themes is adopting measures like tax reform to stand the test of economic strain.
Japan Set To Ease Stringent Tax Rules
In line with its objectives to promote fast economic growth, the Japanese ruling party’s (LDP) tax committee held a meeting on December 15. The meeting was to deliberate on tax reforms. While at it, they approved an August-tabled proposal. The proposal seeks to remove taxes on crypto companies’ paper gains from issuance or custody tokens.
The Japanese government seeks to ease tax requirements on domestic crypto firms to facilitate the growth of the tech and finance sectors. Submission of more lenient crypto tax laws to parliament will commence in January and will take effect in the next financial year beginning in April.
LDP lawmaker and member of the Web3 policy office, Akihisa Shiozaki, spoke on the recent development in an interview with Bloomberg. Shiozaki noted that the move is a step forward in the economic reforms. He added that it would allow more companies to start token issuance businesses.
Japan’s Passion For Digital Currency Remains Unfazed Despite Crypto Winter
The new move from the Japanese government suggests it is keen to promote and foster the growth of the domestic crypto and Web3 sector. It also indicates that the current bearish trend in the crypto industry, including FTX’s crisis, did not affect its interest in blockchain technology.
Japanese Prime Minister, Fumio Kishida, hammered on the roles of NFTs, blockchain, and Metaverse in the county’s digital evolution in a statement in October. He cited practical examples using the digitization of national identity cards.
In October, the Japan Virtual and Crypto Assets Exchange Association announced plans to ease the strict screening process for listing tokens on exchanges. Kishida addressed this issue in June, asking the organization to loosen its stringent rules on the screening process.
Some top leaders in the private sector also shared the same thoughts with the Prime Minister. On December 8, Sumitomo Mitsui Financial Group (SMBC) announced an ongoing project to explore use cases of soulbound tokens (SBTs).
SBTs were part of Vitalik Buterin’s, co-founder of Ethereum, proposal to use tokens to represent people’s digital identity.
IRS introduces broader ‘Digital Assets’ category ahead of 2022 tax year
An early draft of the 2022 IRS tax form sees cryptocurrencies, stablecoins and nonfungible tokens grouped under a new ‘Digital Asset’ category.
Portugal proposes 28% tax on annual crypto trading profits next year
The cryptocurrency tax haven could see taxes levied on profits realized from cryptocurrency trading or capital gains within a year of their acquisition.
Tax on income you never earned? It’s possible after Ethereum’s Merge
IRS rules weren’t ready for the Ethereum upgrade. It’s unlikely to become the fiasco that taxpayers experienced when Bitcoin forked in 2017, but there are measures they can take to prepare for whatever the IRS decides.
P2E gamers, minors not any safer from the tax man, says Koinly
Earning an income from play-to-earns is “complicated” without tax guidance, advises Australian crypto tax specialists.
ECB needs ‘globally coordinated regulatory action’ on crypto, says official
One of Fabio Panetta’s concerns seemed to be how the ECB and lawmakers address the taxation of cryptoassets, describing current requirements as “minimal.”