Representatives from Coinbase and Kraken fear that the IRS is overestimating the threat they pose to U.S. regulation. Representatives of major crypto exchanges today told the United States Internal Revenue Service that they want to see clear regulations rather than vague suspicion from the tax authority. In a March 3 panel that is a continuation…
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Due to a proposed tax plan and a multimillion-dollar hack, it’s been a rough couple of weeks for BCH. Each crypto token commands a small army of fierce supporters. For many, the sole cryptocurrency that is worthy of such staunch support is Bitcoin (BTC). But what truly is Bitcoin, what is its purpose, and how…
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Bithumb, South Korea’s largest crypto exchange, has taken another step towards global expansion by strengthening integration with its international arm. South Korea’s largest cryptocurrency exchange, Bithumb, has announced it will take another step towards global expansion by strengthening integration with its international arm. On Feb. 26, Bithumb launched a new digital asset transfer service between…
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New Zealand’s tax authority has issued new proposals on taxation of crypto and is seeking public feedback on the issue. New Zealand’s tax authority has issued new proposals on the Goods and Services tax (GST)-related policy in regard to cryptocurrencies and is seeking public feedback on the issue. On Feb. 24, New Zealand’s Inland Revenue…
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The mastermind behind the $147 million Gemcoin cryptocurrency scam, has admitted to wire fraud and tax evasion. Steve Chen, the mastermind behind the $147 million Gemcoin cryptocurrency scheme, has admitted to wire fraud and tax evasion in a plea agreement. The 62-year-old Southern California resident agreed that he and other co-conspirators fraudulently promoted a cryptocurrency…
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Cryptocurrency companies and advocates will meet in DC to discuss how the IRS can “balance taxpayer service with regulatory enforcement.” With the 2019 tax season upon us, the IRS is leaving nothing off the table. Cryptocurrency holders are looking for ways to avoid reporting failures on their returns, and the agency has noticed. According to…
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Russia is taking the lead in issuing a multinational stablecoin backed by commodities with the Eurasian Economic Union, or EAEU, and BRICS countries. Russian President Vladimir Putin is the most influential person in the blockchain industry, according to Changpeng Zhao, the CEO of major cryptocurrency exchange Binance, which added five trading pairs: Binance Coin (BNB),…
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Blockfolio users can now import their existing crypto portfolios into TokenTax’s automated software. The deadline for filing 2019 taxes in the United States is quickly approaching. Even for those declaring traditional income, the process can be lengthy to say the least. One of the biggest challenges for crypto holders in the US and beyond is…
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Video game currencies have been stricken off an official IRS guidance as examples of virtual currencies, as the agency ups its scrutiny of crypto transactions. The Internal Revenue Service (IRS) removed wording on its website that put game currencies as examples of a convertible virtual currency. This clarification is important as a new tax filing…
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Britain’s tax agency is inviting contract applications for a tech tool to help combat crypto tax evasion. Britain’s tax agency is inviting contractors to provide a tech tool to help Britain’s tax agency combat crypto cybercriminals. What the agency wants The technology, which Her Majesty’s Revenue & Customs (HMRC) posted on Jan. 17 in an…
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