Guidance

IRS Explains What Crypto Owners Must Know to File Taxes This Year

</header> <strong>Kicking off this year’s tax filing season, the U.S. Internal Revenue Service (IRS) has published important tips for crypto owners to properly file their tax returns. This is the first time a cryptocurrency question has been included in the tax form. The IRS expects more than 150 million filers to reveal whether they acquired …

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Malaysia Announces Digital Asset Guidelines

</header> <strong>The Securities Commission Malaysia has published the country’s guidelines on digital assets which set out the regulatory framework for token sales. All token offerings must now be carried out only through platforms approved by the commission. The guidelines also detail the obligations of approved platforms as well as the requirements token issuers must meet.</strong> …

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New Guidelines Subject Canadian Crypto Exchanges to Securities Laws

</header> <strong>Canadian regulators have issued new guidance determining when current securities legislation applies to operations conducted by cryptocurrency exchanges. According to the clarifications in the document, many domestic and foreign entities serving Canadian users, for example those that provide custodial services, will have to abide by the country’s securities laws and act like securities dealers. …

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FATF Holds Global Forum to Discuss Crypto Supervision

</header> <strong>The Financial Action Task Force (FATF) and over 50 delegations involved in crypto supervision recently gathered to discuss how to regulate crypto assets and related service providers. While examining three key areas, they stressed the importance of international cooperation, citing that cryptocurrencies are global products.</strong> Also read: Regulation Roundup: EU-Wide Crypto Regulations, New Rules …

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Lawmakers Want Answers From IRS, Citing Major Issues With Crypto Tax Guidance

</header> <strong>Eight lawmakers have sent a letter to the IRS seeking answers to new questions stemming from the latest crypto tax guidance. They pointed out a number of major issues including unwarranted tax liabilities for crypto users who unwillingly receive forked or airdropped coins.</strong> Also read: Regulatory Roundup: Crypto ‘Inevitable’ in India, China Rankings, NY …

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FATF Starts Checking How Well Countries Implement Crypto Standards

<header class=”article__header”> </header> <strong>The Financial Action Task Force (FATF) has agreed on how it will assess whether countries have taken the necessary steps to implement the crypto-related requirements. “Given the global nature of the virtual asset industry, it is essential that countries implement these requirements swiftly,” the FATF emphasized.</strong> Also read: Where US Regulators Stand …

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Tax Guide: What Crypto Owners Should Know

<header class=”article__header”> </header> <strong>With the rise in price and the growing adoption of cryptocurrencies, more governments worldwide have been ramping up efforts to tax them. Some countries are using extreme measures to get their hands on this new source of untapped revenue, but there are also tax-friendly countries that are not taxing crypto transactions. Furthermore, …

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IRS to Require 150 Million Tax Filers to Disclose Crypto Dealings

<header class=”article__header”> </header> <strong>The U.S. Internal Revenue Service (IRS) has unveiled a new draft tax form used by some 150 million people in the country to file tax returns. It has a section that requires them to answer whether they have received, sold, sent, exchanged, or acquired any financial interest in any cryptocurrencies during the …

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V20 Summit Concludes With Promises for Crypto Industry

<header class=”article__header”> </header> <strong>As the G20 leaders’ summit came to a close, the nearby V20 summit concluded with a set of promises for the crypto industry in response to the global crypto standards set by the Financial Action Task Force. A group of national crypto associations aims to engage with government agencies and global policymakers …

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FATF Releases Global Standards for Crypto Assets

<header class=”article__header”> </header> <strong>The Financial Action Task Force adopted its new rules on crypto assets and published its updated Guidance on Virtual Assets and Virtual Asset Service Providers Friday. Under these new measures, crypto service providers will be required to implement the same requirements as traditional financial institutions.</strong> Also read: Indian Cryptocurrency Regulation Is Ready, …

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