Lawmakers with the U.S. Senate Financial Services Committee announced in July they would be accepting suggestions on how to tax crypto until Sept. 8.
Japanese regulator seeks to scrap “unrealized gains” tax on crypto
Financial Services Agency has proposed to change the tax code around digital assets in a bid to free domestic firms from the end-of-the-year “unrealized gains” tax on crypto.
Failure to tax the metaverse ‘will create a tax haven’ — Harvard legal expert
Harvard scholar Christine Kim writes that income and wealth in the metaverse should be subject to immediate taxation.
Kentucky regulator denies plan for subsidizing crypto mining facility
A proposed contact with the Kentucky Power Company would have allowed Ebon International to receive a discounted rate for service at its crypto mining facility over a decade.
Tornado Cash Indictments May Prove to Be Just a Localized Storm After All
The Tornado Cash indictments could be another tipping point for crypto. How the case plays out could define how the federal government can deal with decentralized trading platforms if they’re seen as broad precedents. But the case may be much more straightforward than initial reactions suggested.
Indian crypto exchanges CoinSwitch, CoinDCX cut staff amid market slump
Indian crypto exchanges like CoinSwitch and CoinDCX have been struggling to maintain headcount amid bear market and TDS.
New tax rules for crypto in the US: Law Decoded
The United States Internal Revenue Service has released proposed regulations on the sale and exchange of digital assets by brokers.
IRS releases draft of proposed reporting rules for digital asset brokers
House Financial Service Committee chair Patrick McHenry said the rules are part of “the Biden Administration’s ongoing attack on the digital asset ecosystem.”
U.S. Crypto Tax Proposal Lets Miners off the Hook, Snares ‘Some’ Decentralized Exchanges
The U.S. Treasury Department has finally unveiled its definition of a “broker” for the crypto industry, defining how crypto companies and investors will need to meet tax reporting obligations and answering a years-old question over whether decentralized finance platforms and miners will need to gather their users’ personal data.
South Korean city to seize crypto from thousands of tax evaders: Report
City authorities of Cheongju are looking to seize cryptocurrency from anyone who owes at least $750 in crypto taxes to the government.
Coin Center responds to US lawmakers’ request for crypto tax guidance
The crypto advocacy group’s suggestions included a de minimis exemption for crypto transactions and having the IRS provide guidance on block rewards, airdrops and hard forks.
Brazil’s Congress moves to levy higher taxes on cryptocurrencies
If approved, the legislation would place crypto assets held by Brazilians overseas subject to the same tax rules governing traditional assets.
Brazil’s Congress moves to levy higher taxes on cryptocurrencies
If approved, the legislation would make crypto assets held by Brazilians overseas subject to the same tax rules governing traditional assets.
FTX has a plan, but creditors are not impressed: Law Decoded
A body representing FTX customers said it is “extremely disappointed” by the company’s reorganization plan.
Ukraine Government Reveals Crypto Firms Have Cost The Country $81 Million In Lost Taxes
According to data released by the Ukrainian government, cryptocurrency firms offering services in Ukraine have failed to contribute over $81 million in taxes to the country’s budget in the past decade. This comes after the country passed a crypto bill into law in 2022 that amends its tax code to allow the country to generate taxes from cryptocurrency transactions.
A Huge Loss In Revenue For Ukraine
In a notice released on Wednesday, the Economic Security Bureau of Ukraine stated that unrelated cryptocurrency exchanges were responsible for the loss of approximately 3 billion hryvnia in taxes (roughly $81 million) between 2013 to 2023.
The country’s foremost regulator noted that it had evaluated the trading actions of exchanges founded by residents of the country, which had $55 billion in Bitcoin (BTC), Ether (ETH), and Tether (USDT) volume in rough estimates over the same period.
Speaking to local media following the announcement, Deputy Director of the Economic Security Bureau Andriy Pashchuk stated that there were different perspectives on “how these transactions should be taxed and (the bureau) will act in accordance with the provisions adopted by the deputies.” He opined that while these issues drag on, the country keeps losing “..tens of millions in taxes every month.”
Crypto Tax Losses Follow Passage Of Landmark Bill
The recent loss of revenue follows the recent passage of the legislation “On Virtual Assets” by the Ukrainian parliament in 2022. The law was enacted amid the growing adoption of cryptocurrencies as a valid means for conducting transactions.
The bill, which was signed into law in March 2022 by Ukrainian President Volodymyr Zelenskyy, sought to create a regulatory framework for cryptocurrency transactions in the country.
At the time of passing the bill, the government stated that it was looking to amend the country’s civil and tax codes to accommodate the new legal framework. However, as of August 2023, no such amendments have been executed.
Ukraine also brought some minor amendments to the legislation in September 2022 to ensure that the law was in sync with the European Union’s Markets in Crypto Asset (MiCA) regulation.
Since then, many crypto users in Ukraine have taken to Telegram to ask whether they would be mandated to provide “backpay” of taxes based on transactions over the last decade. Some noted the government’s failure to properly adopt the regulations despite the passage of the law in 2022. According to one Telegram user with the username Vini2010w, had the government adopted the law, “everything would have been settled a long time ago.”
Ukraine has been heavily reliant on cryptocurrency donations amid the ongoing war with Russia. About $225 million in cryptocurrency donations have been pledged in support of the country since 2022 following Russia’s invasion. The vast majority of the donations were made in Ethereum and Bitcoin, the two most popular cryptocurrencies and the largest by market cap.
Ukrainian government reports $81M tax loss from unregulated crypto exchanges since 2013
A crypto bill signed into law in 2022 paved the way for the Ukrainian government to amend its tax code, but local exchanges still largely operate outside this framework.
Japan Blockchain Association demands tax cuts for crypto
Advocates of the crypto industry in Japan demand the revision of the national tax regime for digital assets.
Judge suggests IRS issued $4K refund over tax lawsuit based on quality of lawyers: Report
A couple who filed a lawsuit over how staked Tezos tokens were taxed has gone to appellate court after refusing to accept a refund check from the IRS.
Thodex CEO sentenced to Turkish prison for failure to submit tax documents
Faruk Fatih Özer failed to submit the requested documents to the Tax Inspection Board. He denied being Thodex’s official at the time, which prevented him from presenting the requested books.
US Senate Finance Committee asks digital asset community how to tax it in open letter
Community members may want to read up on the intricacies of tax law before they respond, but they have two months to do so.