Though the Democratic presidential race in the United States may have lost its most forward-thinking candidate when it comes to cryptocurrency, that doesn’t mean it’s not still a hot button issue across party lines. The number of patents and companies associated with cryptocurrencies and blockchains continues to rise in the US market, making it both […]
The UK has opened a contract worth £100,000 ($130,000) to procure software to identify when cryptocurrency is used to avoid paying taxes.In particular, HMRC is seeking the ability to cluster cryptocurrency transactions, identifying those linked to service providers such as mixing, gambling, and dark market services.The contract, posted on January 17, notes the tool must […]
Last Thursday, the Virtual Currency Tax Fairness Act of 2020 was introduced in Congress. The bill has the potential to solve a major issue with payments made via Bitcoin, Ethereum, and other major cryptocurrency networks in that an exception would be created for the potential capital gains taxes that often occur when these digital assets […]
On December 17th, the European Central Bank published a new proof-of-concept project called EUROchain. The report published on the ECB’s website states, “That proof of concept boasts several novel features developed by the ESCB’s EUROchain research network (with the support of Accenture and R3) using distributed ledger technology (DLT).” Based on the R3’s Corda platform, […]
Eight lawmakers have sent a letter to the IRS seeking answers to new questions stemming from the latest crypto tax guidance. They pointed out a number of major issues including unwarranted tax liabilities for crypto users who unwillingly receive forked or airdropped coins.Guidance Comes Years After Major ForksEight members of the U.S. Congress have sent […]
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 […]
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 […]
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 […]
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 […]
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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