Archive | tax

Blockchain Gains US Momentum as Ohio Examines New Bill

The US state of Ohio is currently proposing a change to state law through a bill which will legally recognize smart contracts and storage of records on a blockchain, according to Coindesk. There are several states in the US that have adopted blockchain-associated laws. Vermont, Arizona, Delaware, Illinois, Nevada, and Tennessee are among these states. […]

Crypto Tax Lifted as Poland Heeds Public Demand

Poland has reviewed its position on cryptocurrencies in the country, as part of a thorough analysis of the crypto space, announcing that it is to temporarily suspend tax collection for digital currencies, according to Cointelegraph. In a similar move to the French government’s, who recently heavily reduced its taxation on sales of cryptocurrency, Poland’s ministry […]

Seminole County Tax Collector Starts Accepting Crypto Payments

The Seminole County, Florida tax collector office headed by Joel Greenberg announced today that they would begin accepting cryptocurrency payments for their services. Specifically, they will be accepting Bitcoin and Bitcoin Cash through BitPay. This is a major milestone for BitPay since it is their first partnership with a government agency. Launched in 2009, Bitcoin […]

Azerbaijan’s Central Bank: Profits from Cryptocurrency Trading Must be Taxed

Azerbaijan, taking another step towards the legitimization and mainstream adoption of cryptocurrencies, has declared that the coins are subject to taxation in the country. Specifically, revenues generated by entities will face ‘profit tax,’ and individuals trading cryptocurrencies will be subject to ‘income tax.’ These clarifications come from Nijat Imanov, deputy director general of the Tax… […]

Bank of Korea Considers Crypto and Blockchain as Part of “Cashless Society”

South Korea is making huge waves in the cryptocurrency and blockchain space yet again, having announced recently that its central bank, the Bank of Korea (BOK), is considering cryptocurrency and blockchain applications for a “cashless society” project. As reported by local news source TokenPost on 1 May, the BOK had announced the official launch of […]

Vive la France! Bitcoin Tax Slashed by Republic

According to Le Monde, France’s State Council of taxation has announced a severe lowering of financial penalties on gains from cryptocurrencies such as bitcoin. The agency is signaling crypto tax will plummet from its current 45% to an across the board flat 19%. It’s a dramatic change in orientation from the government. Could it be […]

French Introduce Massive Drop in Crypto Tax After Appeal

The French government has announced that it has significantly lowered the tax rate for gains generated by cryptocurrencies after a Conseil d’Etat (Council of State) decision this week. Gains from the sale of cryptocurrencies were previously labeled as industrial and commercial profits under French tax law and therefore could have up to as much as 45% […]

French Government Lowers Tax on Cryptocurrencies From 45% to 19%

The French government has altered the tax rate for gains generated by cryptocurrencies, which will be subject to a flat tax rate of 19%, as opposed to the current rate of as high as 45%. The Council of State decided yesterday, April 26, that the gains generated by cryptocurrencies should be considered as capital gains of… […]

Survey: Almost Half of Crypto Investors Who Profited in 2017 Are Not Disclosing to the IRS

Today, April 17th, is tax day here in the U.S, but a significant number of investors have apparently not reported gains from digital currency trading to the Internal Revenue Service (IRS). TeamBlind and Credit Karma According to a survey from TeamBlind, the anonymous messaging app popular in fintech circles, 46% of people who made money trading cryptocurrencies in… […]