South Korea Plans Imposing Capital Gain Tax of Cryptocurrencies

South Korea Plans Imposing Capital Gain Tax of Cryptocurrencies

South Korea’s Ministry of Economy and Finance has declared that from next year, it will be introducing new measures to impose taxes on cryptocurrency holdings. This move comes after South Korea has already established a legal framework for crypto. According to new regulations by the South Korean government, the country will now be imposing taxes on capital gains from virtual transactions of digital currencies. The information was shared by government sources last week. One South…

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Brazil’s IRS Sets Rules to Fine Citizens Who Don’t Declare Crypto Holdings

Brazil’s IRS Sets Rules to Fine Citizens Who Don’t Declare Crypto Holdings

The Internal Revenue Service (IRS) in Brazil has established a specified code to categorize punishment for taxpaying citizens who fail to declare their cryptocurrency operations and holdings. This can be seen as Brazil’s major attempt to take a stronger control over the Bitcoin(BTC)trade and other digital currencies trade and exchange in the country. The new rules have already been enforced in Brazil as per the Federal Official Gazette’s publication of the briefings of the executive…

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IRS Wants to Investigate Crypto ATMs and Kiosks for Tax Evasion

IRS Wants to Investigate Crypto ATMs and Kiosks for Tax Evasion

An official from the U.S. Internet Revenue Service (IRS) has stated that the agency is going to investigate crypto-based ATMs and kiosks for potential criminal activities that include tax evasion and money laundering. Cryptocurrency ATMs and kiosks are increasingly gaining popularity among digital currency users in the United States as many owners of cryptocurrency use these machines to withdraw crypto funds. However, recently, the growing threat of money laundering and tax evasion has been surfacing…

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IRS: Reinvested Crypto Holdings Are Not Exempted from Taxation

IRS: Reinvested Crypto Holdings Are Not Exempted from Taxation

According to an official from the United States Internal Revenue Service (IRS), ‘like-kind’ tax exemption has not been applied for taxpayers with crypto transaction records. This holds true for transactions even before 2018. After changes were introduced to the 2017 taxation structure, taxpayers were prohibited from utilizing the tax exemption scheme to defer the payments. A like-kind exchange can be defined as a tax-deferred transaction that allows for the disposal of an asset and the…

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IRS Successfully Unraveled ‘Dozens’ of New Cryptocurrency Cybercriminals

IRS Successfully Unraveled ‘Dozens’ of New Cryptocurrency Cybercriminals

With cybercrimes associated with virtual currencies are continuously on the rise, it is more critical than ever to have security agencies and financial regulators actively scouting this emerging crypto space. Although cyber crimes have been around for several decades now, we can all attest to the fact that these criminals take on new skills and methods with time. This makes it inherently essential for law enforcement agencies and other authorities to be on top of…

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United Kingdom to Tax Crypto Transactions; Does Not Recognize It as Currency

United Kingdom to Tax Crypto Transactions; Does Not Recognize It as Currency

As the development of blockchain technology and cryptocurrency around the globe increases, more nations have already started recognizing their use, and shifting and renewing their laws accordingly to suit the new world of digital transactions. The department of Her Majesty’s Revenue and Customs in the United Kingdom has also made alterations in its policies and recently updated the forms with new information regarding the processing of taxes for cryptocurrency transactions. Previously the tax agency has…

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IRS Issues New Tax Guidelines to Accommodate Crypto Investors and Holders

IRS Issues New Tax Guidelines to Accommodate Crypto Investors and Holders

The issue of crypto taxation has attracted a monumental crowd of opinions lately in the U.S. While the government believes turning to virtual currency as a means of payment could pose a threat to the economy in terms of taxation, regulators are working hard to ensure this emerging class of assets can fit the bill of a currency – like the traditional fiat currency. Due to the controversies and blurry lines surrounding taxation and the…

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H&R Block Wants to Help Crypto Holders Who Received Letters from the IRS

H&R Block Wants to Help Crypto Holders Who Received Letters from the IRS

H&R Block, a global consumer tax services provider, warns taxpayers that the increased volume of letters and notices sent by the Internal Revenue Service (IRS) indicates the possibility of cryptocurrency holders interacting with the tax agency would become much more difficult compared to what it used to be. And the company offers solutions to this growing predicament. The IRS has started sending letters to 10,000 taxpayers associated with cryptocurrencies and potentially failed to pay the…

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France Exempts Crypto-to-Crypto Tax But Not Upon Conversion to Traditional Money

France Exempts Crypto-to-Crypto Tax But Not Upon Conversion to Traditional Money

France’s economy minister Bruno Le Maire declared that France will exempt tax on crypto-to-crypto trade but will impose tax when cryptocurrency is converted to traditional money. Le Maire stated that when the capital gain of cryptocurrency is converted into traditional fiat currency, it is the ideal time to implement taxation. The United States has previously set a precedence for taxation on cryptocurrency by taxing the profits of crypto trades at short-term and long-term capital rate….

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Portugal Reiterates a Tax Free Policy for Cryptocurrency Earnings

Portugal Reiterates a Tax Free Policy for Cryptocurrency Earnings

Cryptocurrency payments and trading using digital currencies are now tax free in Portugal, the European country’s tax authority has clarified. It should be noted that there is no income tax on cryptocurrency earnings in the country. Local Business newspaper Jornal de Negócios has reported earlier this week that the relevant tax authorities have maintained that both cryptocurrency trading in real currencies and remuneration in cryptocurrencies will be exempted from value-added tax (VAT). According to Portuguese…

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