The Internal Revenue Service (IRS) is once again sending letters to crypto holders, this time claiming some owe the regulator dollar amounts in the hundreds of thousands. CryptoTrader.Tax, a crypto tax service, noticed the issue earlier this week when the firm began receiving an influx of concerns related to CP2000 notices. CP2000 notices indicate the […]
Quick Take Japan continues to build its regulatory framework for digital assets. After difficult years due to heavy-handed regulation in light of several hacks, Japanese cryptocurrency businesses might finally be able to expand at home and abroad. This research piece is available to members of The Block Genesis. You can continue reading this Genesis research […]
Quick Take Singapore continues to build its regulatory framework for digital assets. Regulatory uncertainty and overregulation in some aspects may turn away potential businesses. This research piece is available to members of The Block Genesis. You can continue reading this Genesis research on The Block.
Canadian news outlet National Post reports that the country’s tax authority has gone to court in an effort to press crypto exchange Coinsquare to divulge information about its clients. The November 6 report cites court documents from September, stating that “Canada’s tax agency is asking a judge to force Toronto-based crypto trading platform Coinsquare to hand […]
Quick Take By now, guidelines for taxation of cryptocurrency activities exist in most EU member countries. However, grey areas remain. Highly favorable tax treatments in some, and lack of taxation in other EU member countries enables regulatory arbitrage. This research piece is available to members of The Block Genesis. You can continue reading this Genesis […]
Quick Take Portugal implemented favorable tax policies for foreign residents after the Great Financial Crisis. With recent clarifications on cryptocurrencies, the country is morphing into a desirable work and lifestyle hub. This research piece is available to members of The Block Genesis. You can continue reading this Genesis research on The Block.
Spain’s government is working on a bill that would require the country’s crypto investors to disclose their holdings and profits if passed. The bill is planned to catch tax evaders and prevent tax fraud, said government spokeswoman Maria Jesus Montero after the weekly cabinet meeting, as Reuters reported on Tuesday. Details of the proposed bill […]
The Organisation for Economic Co-operation and Development (OECD), an intergovernmental organization that promotes better economic policies, is planning to issue a tax reporting framework for cryptocurrency assets by 2021. In a report published Monday, the OECD said it is “advancing its work to design a tax reporting framework that will ensure tax transparency with respect […]
Quick Take A report from the Treasury Inspector General for Tax Administration shows crypto exchanges are taking different approaches to tax compliance. According to the report, this is because the IRS needs to issue additional clarifying guidance, including a possible move to Form 1099-B required filing for exchanges. The IRS responded in the report by […]
New Zealand’s tax agency has requested that crypto firms in the country share their customers’ personal details and cryptocurrency asset values. According to a statement from the Inland Revenue Department (IRD) issued to Radio New Zealand, the agency has requested this information in order to enhance its understanding of the crypto-asset environment in the country, […]