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Cryptocurrency Steps Closer To Legalization In South Korea

South Korea is showing that it isn’t overly difficult to create the necessary framework for the cryptocurrency industry. According to the Korea Joongang Daily, government officials are closer to legitimizing Bitcoin, thanks to the passage of a bill that creates the foundation for virtual assets in the country.The South Korean National Assembly, through its national […]

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Judge Tells IRS to Narrow Summons on Cryptocurrency Exchange

The IRS will be able to proceed with a summons on the cryptocurrency exchange Bitstamp—despite a taxpayer’s attempt to intervene—if it sufficiently narrows its request, a federal judge said.“The summons requests information that is irrelevant to the IRS’s stated purpose of auditing Petitioner’s 2016 amended return,” Judge John C. Coughenour of the U.S. District Court […]

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IRS Dispels Crypto Tax Confusion

The U.S. Internal Revenue Service (IRS) has cleared up some confusion about how cryptocurrency transactions are taxed, particularly regarding like-kind exchanges and promotional airdrops. As the tax agency intensifies its enforcement efforts, more people are seeking the best tax software to help them.Pre-2018 Like-Kind ExchangesThe latest IRS cryptocurrency tax guidance has raised a number of […]

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Iran Offers Bounty for Illicit Cryptocurrency Mining Operations

Iranian authorities are offering a bounty to anyone who exposes unauthorized mining operations in the country, Iranian news outlet PressTV reports on Nov. 13.A spokesman of the Energy Ministry announced the bounty program during an interview with local news outlet IRIB News, while illustrating the new electricity pricing mechanism for miners.Mostafa Rajabi, the spokesman in […]

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Russia Prepares Law to Allow Cryptocurrency Confiscation

According to local reports, Russia’s Ministry of Internal Affairs and other law enforcement agencies are developing proposals to confiscate cryptocurrencies. These proposals could evolve into Russian laws as soon as 2021. “Russia plans to develop a legal mechanism for the seizure of virtual assets for their confiscation,” according to a translated report from RBC. “The relevant […]

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Lawmakers Pummel Zuckerberg But Don’t Have A Clue How To Regulate Cryptocurrency

The rapid pace of technological change provides a breathtaking opportunity to challenge and change the world. We are moving toward a technology space that is swift, connected and digitized. This will not only reshape industries but also the regulatory frameworks around them.With this in mind, regulators must reimagine how they oversee new technology and how […]

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US Congressman: Default Reaction to Bitcoin, Blockchain Must Be ‘Yes’

U.S. Congressman Patrick McHenry, who represents North Carolina’s 10th District, says he wants regulators’ default reaction to crypto innovation to be “yes.” The Congressman — who goes by the moniker of “Mr. Fintech” on Capitol Hill — made his remarks during an interview for Laura Shin’s Unchained podcast, published on Oct. 22.Reintroducing the Financial Services Innovation […]

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Bitcoin Plummets To Lowest Level Since June As Cryptocurrencies Come Under Fire From Congress

Bitcoin nosedived Wednesday as Congress members highlighted the downsides of cryptocurrency on Capitol Hill.The world’s largest digital currency fell as much as 9% to a low of $7,435.26 Wednesday. That marked bitcoin’s lowest level since June.The plunge came as Facebook CEO Mark Zuckerberg appeared before the House Financial Services Committee to defend plans for a […]

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The IRS’ Latest Cryptocurrency Tax Guidance Shows It Still Doesn’t Get It

The US Internal Revenue Service (IRS) issued updated guidance for calculating taxes owed on cryptocurrency holdings yesterday. It’s the organizations first update in five years and it asks more questions than it answers.In short, the IRS has firmed its stance that cryptocurrency should be taxed under the same rules as any other property or capital […]

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