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Bithumb goes for Olympic gold; India crypto tax questions
South Korean crypto exchange Bithumb goes for Olympic gold, meanwhile in India clouds cast over crypto tax questions
North Korea gains from cyberattacks; Russia crypto mining tax?
North Korea is benefits financially from the crypto cyberattacks. Also, is Russia looking to tax crypto mining soon?
US taxpayer rejects IRS refund for staking rewards
A U.S. taxpayer fighting the Internal Revenue Service (IRS) over whether newly created tokens are taxable income announced Thursday that he has rejected the government’s offer of a refund in order to force the government to clarify its policy. Fast facts On Thursday, Joshua Jarrett shared on Twitter that the IRS had offered him a […]
Indian investors want government to reconsider crypto tax rate
Over 54,000 crypto investors have signed a petition urging the Indian government to reconsider a planned 30% tax rate announced earlier this week. Fast facts Blockchain and crypto education provider Crypto India co-founder Aditya Singh started the petition on Thursday to stop the government from comparing crypto to “social evils like betting and gambling.” The […]
India crypto tax: Exchanges cheer, investors jeer
A 30% tax doesn’t legalize cryptocurrencies but exchanges no longer worry about a ban, while investors would pay taxes at twice the rate of other asset gains.
Indian crypto exchanges trading volumes surge since tax news
Indian crypto exchanges are experiencing a surge in trading volume since finance minister Nirmala Sitharaman announced a 30% tax on crypto transfers at the budget session of parliament on Tuesday. Fast facts Binance-owned WazirX’s 24-hour trading volume has soared by 56.26% while its WRX token price jumped 25.3%, as of press time. The trading volume […]
India to place 30% tax on crypto income
Indian Finance Minister Nirmala Sitharaman said in her budget speech on Tuesday that a 30% tax will be levied on income from all cryptocurrency or digital assets transfers. Fast facts The levy on cryptocurrency will also apply to non-fungible tokens (NFTs) and gifts, where the recipient will be taxed. In case of losses from crypto […]
Thailand scraps proposed 15% crypto withholding tax after backlash
Thailand has axed plans to apply a 15% withholding tax on crypto transactions after a backlash from crypto traders within the country, the Financial Times reported. Fast facts Last week, Thailand’s financial authorities announced plans to tighten regulation on the industry — including the 15% tax — aimed at limiting the widespread adoption of digital […]
S.Korea adds crypto to annual finance survey as household asset
South Korea’s statistics bureau announced on Sunday that it will include virtual assets in its annual household finances report, which can set the stage for incoming crypto tax rules next year. Fast facts Statistics Korea (KOSTAT) will sample 20,000 households on their crypto holdings valued on March 31, but the survey results will not be […]
Indian government may double tax on crypto, report says
The Indian government is mulling the taxation of cryptocurrencies as business income, in a decision which could double the tax burden on investors, according to a local report. Fast facts Currently, crypto earnings are taxed as capital gains, which stand at 20%, while business income rates reach as high as 42%. Taxing each crypto transaction […]
South Koreans required to report overseas crypto accounts
In South Korea, virtual asset investors with more than 500 million Korean won, or approximately US$418,935, worth of crypto assets in overseas accounts must report to their regional tax authorities beginning in 2023. Fast facts According to a new year guidebook by the Ministry of Economy and Finance, any resident or domestic corporation with overseas […]
S. Korean blockchain VC Hashed under tax investigation as CEO denies tax evasion
South Korea’s National Tax Service (NTS) recently launched an intensive tax investigation into blockchain and crypto venture capital firm Hashed, while its CEO denies any involvement in slush fund raising or tax evasion, according to local media reports. Fast facts Hashed confirmed that it had cooperated with the 4th Bureau of Investigation from the Seoul […]
Can Thailand emerge as a ‘crypto-positive’ travel destination?
Tourism officials want to attract more crypto-wealthy travelers to Thailand’s shimmering shores. But will the crypto faithful come if Thailand still has a ban on SHIB and Dogecoin?
Crypto tax delay is a chance for South Korea to fix loopholes, experts say
Now that South Korea’s crypto tax is delayed a year, what will the final form look like? Should crypto gains be taxed like stock profits — or winning the lottery?
South Korea and Japan grapple with how to define, and tax, cryptocurrency gains
South Korea reaches a tentative agreement to delay a pending tax on virtual assets. Crypto investors in next-door Japan already face taxation up to 55%.
Bill to delay 20% crypto tax in deadlock in South Korea
A bill to delay a pending tax on virtual assets failed to pass the National Assembly’s standing committee at a meeting yesterday, while the topic remains a huge factor in the upcoming presidential election. Fast facts The South Korean National Assembly’s tax subcommittee under its Strategy and Finance Committee had discussed an amendment to the […]
How to survive an IRS crypto tax audit
The US Internal Revenue Service is taking a hard look at cryptocurrency transactions to crack down on tax dodgers. How can crypto holders protect themselves?
South Korea financial authority now says NFTs can be taxed
South Korea’s Financial Services Commission (FSC) says some NFTs (non-fungible tokens) will be taxed from next year, overturning the finance minister’s stance on the topic announced just last month. The scope of taxable NFTs is yet to be determined by the tax authorities. Fast facts The FSC’s vice chairman Doh Kyu-sang said at the national […]
Are surveillance and taxation coming soon to a blockchain near you?
The US Infrastructure Act has provisions that should make crypto advocates shudder, writes Alex Shipp of Offshift. Who will stand up for crypto’s core values?
Biden signs new crypto reporting measures into law with infrastructure bill
While a significant legislative achievement for U.S. President Joe Biden, the US$1 trillion bipartisan infrastructure bill signed into law on Monday included provisions relating to cryptocurrency tax reporting requirements that has many in the industry nervous. Fast facts As Forkast.News previously reported, provisions were added to the bill as it was being drafted in August […]
South Korea’s finance minister still believes in 20% crypto tax for 2022
Despite movement from both the ruling Democratic Party and the conservative party to delay the 20% virtual asset gains tax, South Korean finance minister still thinks it should start as planned for Jan. 1, 2022.
Ethereum drives crypto comeback as US tax fears leave market unfazed
Top blockchain and crypto news: Ethereum rises and rivals follow. Taxing times for US investors. New life for reborn crypto miner.
South Korean regulator confirms that NFTs are not virtual assets
The country will follow global crypto guidelines in excluding non-fungible tokens (NFTs) from its categorization of virtual assets — meaning income from NFTs may remain untaxed in Korea.
South Korea crypto debate heats up; Bitcoin mining ETF starts trading
South Korea crypto debate heats up, also Bitcoin mining ETF starts trading
Crypto tax critical to Korean election: China crackdown continues
South Korean presidential hopefuls lean towards delaying crypto tax to impress younger voters.
CoinSwitch Kuber becomes unicorn; Australians reminded over crypto tax
Coinswitch Kuber becomes unicorn meanwhile Australians reminded over crypto tax
Australian Tax Office warns: taxpayers on the hook for crypto tax earnings
Officials are concerned that many investors may not be aware crypto trading is taxed in a similar way to share trading.
Korea crypto tax pause called for; TikTok jumps into NFTs
Korea crypto tax pause called for meanwhile Tiktok jumps into NFTs
Petitioners oppose looming 20% crypto tax in South Korea
Crypto investors say virtual asset gains will be taxed on uneven grounds compared to stock capital gains.
Investors get ready, India crypto tax in the works
The Indian ministry of finance has formed a panel to examine how income from crypto investments can be taxed, according to a report by Inc42. Fast facts The panel will evaluate whether crypto income can be taxed as capital gains or if it requires the formation of a new category. The committee is required to […]
Canaan reports record revenues; Korea says no to crypto tax delay
Canaan reports record revenues meanwhile Korea says no to crypto tax delay
South Korea’s finance minister stands by 20% crypto income tax plan
South Korea’s finance minister Hong Nam-ki gave a firm “no” at the National Assembly to lawmakers asking for crypto taxation to be delayed until the industry is fully prepared. Fast facts Minister Hong insisted the plan to tax capital gains from cryptocurrency transactions should be executed as planned. The amended tax law stipulates that crypto […]
US Senate passes $1 trillion infrastructure bill with crypto tax requirements
Despite strong lobbying attempts from the crypto industry for last-minute amendments, the Biden administration’s US$1 trillion infrastructure bill passed the Senate last night with heightened tax reporting requirements for crypto “brokers” and possible ramifications for crypto miners, as Yahoo News reports. Fast facts A compromise amendment requiring unanimous consent to be added to the bill […]
Taxing times for crypto. Ethereum hard fork takes knife to fees. Tencent bets on NFTs.
Top blockchain and crypto news: Is Ethereum’s price flatlining on eve of revolution? Uncle Sam wants pay to play. China’s Big Tech toes the line with NFTs.
South Korea will tax overseas crypto assets starting next year
S. Korea residents with accounts in foreign crypto exchanges may have to report their crypto holdings starting in 2022. Above what amount is taxable?
Australian Tax Office issues reminder of cryptocurrency tax obligations
ATO will contact 400,000 Australian crypto holders over concerns that they may not be fully aware of their crypto tax obligations. Tax cheats beware!
US Treasury calls on firms to report to IRS on crypto transactions over US$10K
The U.S. Department of the Treasury is calling for business to report cryptocurrency transactions worth more than US$10,000 to the Internal Revenue Service.
Ethereum breaks new records; South Korea split on crypto tax | The Daily Forkast
As Ethereum continues to soar to new all-time highs, South Korean crypto investors express mix sentiments on crypto tax.
New year brings new crypto actions from FinCEN, OCC and IRS
New US government rules and guidance aim to boost cryptocurrency taxes, clarify legal liability related to STABLE Act and require more KYC reporting.
Top 3 predictions about bitcoin and other cryptos in 2021
What can bitcoin and other cryptocurrency investors expect in 2021? Here are three emerging trends that could reshape the crypto world.
OECD shines light on the future of cryptocurrency taxation
As nations grapple with fitting cryptocurrency into existing tax regimes, OECD examines the crypto tax gaps and issues at its blockchain forum this week.
Crypto tax in Australia: what investors need to know
Australians can buy bitcoin from post offices and use cryptocurrency in soda vending machines. But are confusing tax policies discouraging wider adoption?
How IRS treats crypto staking: tax issues every crypto investor should know
Crypto tax expert Vamshi Vangapally explains the impact on coins like NEO, Stellar, VeChain, Ontology, Tezos and soon, ETH 2.0.
IRS crypto summit airs many questions
Specific identification, hard forks and mainstream use: U.S. crypto investors are scrambling to figure out how new guidelines will affect their tax returns.