Taxation – Page 8 – Ƀitsell X

Crypto Mining Should Be Registered and Taxed in Russia, Financial Market Committee Chair Says

September 12, 2021

Cryptocurrency mining should be registered as entrepreneurial activity and taxed as such, according to Anatoly Aksakov, chairman of Russia’s parliamentary Financial Market Committee. The lawmaker also thinks Russian digital currency regulations need refinement. Amendments Likely to Affect Mining, Taxation, Definition of Digital Currency Discussing upcoming changes in the legislation regarding digital currencies in Russia, head…
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Seoul government seizes $22M worth of crypto from tax evaders

April 23, 2021

The City of Seoul becomes the first city in South Korea to confiscate cryptocurrencies owned by tax delinquents. The city government of South Korea’s capital Seoul has announced the seizure of cryptocurrencies worth 25 billion won ($22 million) from individuals and company heads. According to a report by The Korea Times, the confiscated crypto came…
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How the IRS tracks down people who don’t report their crypto

October 31, 2020

The United States tax authority doesn’t seem to be very efficient when it comes to tracking down who owes crypto taxes — for now. Crypto income taxation is a murky arena at present. It would seem that even the U.S. Internal Revenue Service, or IRS, has a tough time figuring out who owes what, according…
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Tax professional explains the most important thing for US crypto holders

October 30, 2020

Tax season is confusing, especially when it comes to crypto. Wendy Walker, solution principal at the tax compliance company Sovos, described reporting as the most important aspect of tax filing that people in the blockchain industry should know about. “Even if you don’t owe income taxes, you still have to report details of the transactions,”…
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Winklevoss’ Gemini exchange to count crypto taxes in real time

October 29, 2020

TaxBit’s tool will allow Gemini customers to increase their tax refund. American cryptocurrency exchange Gemini is partnering with tax compliance firm TaxBit to help its customers treport their crypto taxes with TaxBit’s Tax Center Suite solution. Tyler Winklevoss, CEO of Gemini exchange, said that TaxBit’s software will help reduce the “pain point of crypto tax,”…
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OECD calls out countries for their inconsistent rules on crypto taxation

October 15, 2020

The report suggests giving preferential tax treatment to PoS over PoW-based crypto assets. A study of cryptocurrency taxation regimes from around the world by the Organization for Economic Co-operation and Development, or OECD, found that global crypto taxation laws are highly inconsistent. Source: OECD Report. The way crypto assets are defined vary greatly by jurisdiction.…
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EU removes this crypto hotspot from tax haven blacklist, clearing path for further adoption

October 6, 2020

Yet, the biggest crypto hub remains on the blacklist. The EU decided to remove Cayman Islands from its blacklist of tax heavens on Tuesday. The Cayman Islands is a popular jurisdiction for crypto businesses. It was added to the EU’s blacklist in February of this year, so it has spent fewer than six months on…
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PwC’s global crypto tax report reveals the need for further regulatory guidance

October 2, 2020

The majority of global jurisdictions have crypto asset taxation guidelines, yet additional frameworks are required to keep up. One of the Founding Fathers of the United States, Benjamin Franklin, once said: “But in this world, nothing can be said to be certain, except death and taxes.” While this phrase was realized in 1789, the same…
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Tokenization Holds the Key to Sustainable Platform Business Model Growth

July 27, 2020

In a global economy becoming more and more digitized, blockchain-based tokenization could become a powerful and even perfect tool. Platform business models have become all but the de facto business model for the digital economy. This dependence means that unsustainable practices of platform business models impact the overall sustainability of the digital economy. Regarding the…
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Things to Consider When Giving Crypto to Charities or Others

July 25, 2020

Here are some important things to know before giving donations in cryptocurrency for charitable purposes. Last month, the United States Congress increased the tax benefits of charitable giving in the CARES Act in hopes that people will give more. Some give money; others give property; and a growing number have been giving crypto assets. Once…
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Category: Taxation