Taxation

Tax Rules Hit Brazilian Crypto Exchanges, Forcing Trading Platforms Acesso Bitcoin and Latoex Out of Business

</header> <strong>Tax regulations implemented even before dedicated legislation has been adopted have hit Brazilian cryptocurrency exchanges. Digital asset brokers failing to comply with the new reporting requirements face fines and the stricter rules are hurting smaller platforms, which are shutting down due to dwindling trading volumes. </strong> Also read: Tax Agents ‘Confiscate’ Bitcoin From Criminal …

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Blockfolio and TokenTax Join Forces to Make Taxes Easier

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 how to declare their crypto assets and not run afoul of the IRS. …

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Uzbekistan Prepares Crypto Tax Exemptions, Launches Licensed Exchange

</header> <strong>A new presidential decree in Uzbekistan envisages the introduction of tax exemptions for income obtained from operations involving crypto assets. The draft document published recently also incorporates proposals for the establishment of a blockchain valley and licensing regime for cryptocurrency miners. The country has just launched its first licensed crypto exchange. </strong> Also read: …

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Crypto Exchange Bithumb Takes Korean Tax Authority to Court Over $69 Million ‘Groundless’ Tax

</header> <strong>Bithumb, a major crypto exchange in South Korea, has taken the country’s tax authority to court over a “groundless” tax imposed on the exchange. Experts explain that currently there are no grounds to tax crypto transactions in South Korea and existing tax laws do not apply to crypto transactions.</strong> Also read: Regulatory Roundup: EU-Wide …

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South Korea Imposes $69M Tax Obligation on Crypto Exchange Bithumb

</header> <strong>The National Tax Service of South Korea (NTS) has decided to withhold income tax from Bithumb’s foreign customers. The total tax to be imposed on their transactions amounts to more than 80 billion won (over $69 million), the leading Korean cryptocurrency exchange announced. </strong> Also read: Poles Hit With Backdated Tax on Crypto Trades …

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Around the World in 2019 — A Landmark Year for Crypto Taxation

2019 was, without a doubt, a milestone for crypto taxation. Countries around the world realized cryptocurrencies are here to stay and adjusted their crypto tax policies as a result. This year alone, several countries have been busy establishing and amending crypto tax legislation. Governments around the world have published updated guidance, changed crypto tax rules, …

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Poles Hit With Backdated Tax on Crypto Trades

</header> <strong>Crypto traders in Poland have been unpleasantly surprised with a controversial tax they thought they wouldn’t have to pay. The Civil Law Transactions Tax (PCC) is applicable to digital asset trades conducted before the introduction of last year’s moratorium on its collection, the Polish tax administration recently clarified. The matter has been discussed on …

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Regulatory Roundup: Bitcoin Futures Fund Approved, India’s RBI-Backed Digital Currency

</header> <strong>In this regulatory roundup, we cover the U.S. SEC approving a bitcoin futures fund, the new IRS tax form targeting crypto owners, and several more steps taken by the U.S. government toward crypto regulation. We also cover India’s central bank digital currency plan, South Korea’s crypto taxation plan, and the European Commission’s announcement regarding …

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Missouri Firm Launches New Software For Reporting Crypto Taxes

Missouri-based software maker CryptoTrader.Tax has launched a new product facilitating cryptocurrency tax reporting. As the 2019 tax year comes to an end, the software is designed to help firms, certified public accountants and professionals counsel their clients about reporting their taxes from crypto in accordance with the tax guidelines set out by the United States …

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Her Majesty the Queen Rules Out Crypto as Currency

Only a few weeks after the United States Internal Revenue Service published new guidance for crypto taxation, the United Kingdom’s tax, payments and customs authority, Her Majesty’s Revenue and Customs, has updated its cryptocurrency taxation policy paper for businesses and individuals. The HMRC’s approach in this policy paper is, as expected, conservative, and it stands …

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