Category: Taxation

Opposing Political Party Suggests One Year Delay on South Korea’s Crypto Tax Law: Report

The People Power Party – the opposition party in South Korea – has reportedly proposed a one-year delay on the upcoming taxation rules on trading with digital assets. The lawmakers also intend to revise the tax rate percentage suggesting that investors who generate profits of more than $42,000 should pay 20%, while the initial legislation […]

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South Korean financial regulators move forward on crypto taxation and exchange oversight

South Korean financial regulators move forward on crypto taxation and exchange oversight

According to a report this week from the Korea Times, South Korea’s financial leadership is fighting to implement crypto taxation on time.  The Finance Ministry has already pushed back a 20% tax on gains of over 2.5 million won ($2,100 USD) from October 1 to January 1.  Further delays threaten enforcement actions, according to Deputy […]

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Miami Working on Allowing Tax Payments in Bitcoin, Promised Mayor Suarez

Miami Working on Allowing Tax Payments in Bitcoin, Promised Mayor Suarez

A few months after hinting that Miami residents could soon be able to pay their taxes with bitcoin, the city’s mayor – Francis Suarez – said the process has begun as his team will issue the request in October. Separately, Suarez also touched upon the most recent actions undertaken by the Chinese government, adding that […]

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US President Joe Biden Pushes for Tax Hikes, Here’s How it Could Affect Crypto (Opinion)

With his approval ratings battered by several failures in the withdrawal from Afghanistan, Joe Biden is turning his attention to massive infrastructure spending and expanding the government’s programs to provide a social safety net for Americans who are struggling. Biden Proposes Tax Hikes to Boost Washington’s Budget If passed, Biden’s tax plan would raise the […]

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South Korea to Delay Cryptocurrency Taxation Laws: Report

The ruling Democratic Party of South Korea intends to delay the upcoming taxation policy of digital assets. According to the officials, taxing bitcoin and altcoin investors still lacks proper infrastructure. Delaying The Crypto Taxation The Democratic Party of South Korea has objections in regards to the upcoming law that plans to start taxing gains made […]

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House committee approves crypto tax provisions as budget reconciliation package advances

House committee approves crypto tax provisions as budget reconciliation package advances

The tax section of the $3.5 trillion “Build Back Better” reconciliation package has left the House of Representatives committee responsible for ensuring revenue, with new rules for cryptocurrency attached.  Wednesday afternoon, the Ways and Means Committee voted to transmit its draft to the Budget Committee. The vote was 24-19, with Democratic Representative Stephanie Murphy being […]

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El Salvador Won’t Tax Foreign Investors on Bitcoin Profits

El Salvador’s President Nayib Bukele is looking to attract foreign capital to boost the Bitcoin industry in his country, especially after the controversial path he has gone through to get the cryptocurrency adopted as legal tender. A supposedly recent executive decision could be very favorable for bitcoiners in El Salvador… as long as they’re foreigners. […]

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Mining Is Not Banned in Ukraine and Does Not Require Licensing, Key Crypto Advisor Says

Mining Is Not Banned in Ukraine and Does Not Require Licensing, Key Crypto Advisor Says

The regulatory status of cryptocurrency mining remains somewhat undetermined in Ukraine, even after the recent adoption of the law “On Virtual Assets.” However, albeit unregulated, the minting of digital coins isn’t prohibited either, according to a leading advisor on crypto matters at the Ukrainian parliament. Amendments to Ukraine’s Tax Law to Regulate Accounting for Crypto […]

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India Reportedly Considering Taxing Gains from Cryptocurrency Trading

The Indian government continues with its indecisive approach towards the crypto industry. A recent report claimed that the authorities plan to implement new taxation on gains from digital asset operations instead of the recently-discussed ban. Citing sources familiar with the matter, the Economic Times reported that India is contemplating taking a different approach to the […]

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Crypto Mining Should Be Registered and Taxed in Russia, Financial Market Committee Chair Says

Crypto Mining Should Be Registered and Taxed in Russia, Financial Market Committee Chair Says

Cryptocurrency mining should be registered as entrepreneurial activity and taxed as such, according to Anatoly Aksakov, chairman of Russia’s parliamentary Financial Market Committee. The lawmaker also thinks Russian digital currency regulations need refinement. Amendments Likely to Affect Mining, Taxation, Definition of Digital Currency Discussing upcoming changes in the legislation regarding digital currencies in Russia, head […]

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