The recent decision to exclude South Korean cryptocurrency exchanges from the proposed tax benefits for “New-Growth Technologies” has been met with significant backlash from three leading blockchain associations. Controversial proposal The South Korean Ministry of Small and Medium-sized Enterprises (SMEs) has ruled that cryptocurrency trading platforms are to be treated in the same ilk as […]
Hungary is reported to working on a framework to regulate cryptocurrency trading through a joint workgroup set up for this purpose. The county is currently far from being a crypto haven with steep taxation and a lack of recognition by the country’s ministry of finance and banking system. Despite this stance, the country, like a […]
The Chinese State Aerospace Industry is looking to utilizing blockchain technology to update some of its electronic invoicing. According to a government announcement posted by State Administration of Science, Technology and Industry for National Defence, China Aerospace Science and Industry Corporation Ltd will be fulfilling state plans for using blockchain for invoicing for tax purposes. […]
Several blockchain associations in South Korea are pushing back against a government proposal they fear will stifle industry innovation.
With US government scrutiny focusing in on cryptocurrencies, hedge funds face tense uncertainty due to the unclear tax regulations regarding digital currency assets. Trying to play by the rules With billions of dollars on the line, cryptocurrency hedge fund managers face a challenge when trying to fully comply with tax laws just as individual investors […]
New regulations under discussion as part of reviewing South Africa’s Taxation Laws Amendment Bill (TLAB) suggest that Bitcoin trades may become exempt from value-added tax (VAT) The South African government has already begun to examine how to address cryptocurrency as part of the economy due to its rising popularity in the country. The South African […]
South Korea is planning to cut tax for companies developing nascent technologies such as blockchain as part of its push for innovation growth.
The Japanese NTA (Tax Agency) has announced a new strategic policy put in place by July 15th to promote and improve the environment for people and companies to spontaneously declare their virtual currency income tax returns. Also read: Japan Contemplates Scrapping Its Progressive Crypto Tax Rate NTA to Devise Simplified and Automated Tax Return Filing Method […]
Australia’s tax authority has declared intentions to track citizens who hide their cryptocurrency gains offshore using data-matching services that also target “unexplained assets and wealth”. Taxation Earlier in 2018, the Australian Tax Office (ATO) published guidelines on the taxation of virtual currencies. It highlighted Bitcoin and other cryptocurrencies that behave similarly to Bitcoin as neither […]
Tax enforcement authorities from five nations announced that they have created a united alliance, the Joint Chiefs of Global Tax Enforcement, known as “the J5.” The J5 said they are committed to combating transnational tax crime “through increased enforcement collaboration,” in other words: working together to gather information, share intelligence, and conduct joint operations. Also […]
Tax authorities from five different nations are coming together to combat international financial crimes, with a focus on cryptocurrencies.
India’s central bank won a key victory in court this week.
Japan’s top financial official is cautious about the idea of his nation changing how it taxes gains from cryptocurrencies.
DarkTower director Scott Dueweke said cryptocurrencies are “tailor made” for foreign powers hoping to influence American elections.
Japan’s minister of finance, Fukushiro Nukaga, doubts that the public would condone a change in cryptocurrency taxation in the Asian country, write Cointelegraph. Any change would essentially create a special case for cryptocurrency by lowering taxation to 20% from the standard rate which could be as much as 55%, which would be called a “separate […]