TAXATION
Spain Strengthens Crypto Oversight to Settle Tax Debts
Spanish Ministry of Finance is implementing legislative reforms to increase cryptocurrency monitoring, enabling seizure of digital assets for tax debt resolution, aligning with EU regulations.
India's Crackdown on Crypto Exchanges: Binance, Kraken, Mexc, and Kucoin Delisted from App Store
India's FIU removes apps of major crypto exchanges, including Binance and Kraken, from the App Store, enforcing compliance with anti-money laundering laws amid new crypto tax policies.
Honduras Breaks Ground by Officially Recognizing Bitcoin in Economic Transactions
Próspera ZEDE, a Honduran special economic zone, officially adopts Bitcoin as a unit of account, signaling a shift towards enhanced financial autonomy and the progressive integration of cryptocurrency in mainstream finance.
UK Considers New DeFi Tax Regime
The UK's taxation arm of the Treasury, HM Revenue and Customs, has launched a consultation seeking input from individuals and entities engaged in DeFi activities on a possible new tax regime. Under the proposed changes, crypto used in DeFi transactions would not be treated as a disposal for tax purposes, but a Capital Gains Tax would be triggered when cryptocurrencies are disposed of in a non-DeFi transaction.
Crypto Traders Exodus from Indian Exchanges due to High Tax Rate
With Binance app downloads skyrocketing to 429K in August, traders are leaving Indian crypto exchanges based on a fallout triggered by a significant tax change.
South Korea to Introduce 10%-50% Gift Tax on Crypto Airdrops
Users who receive crypto airdrops in South Korea could be taxed at 10%-50%. The virtual asset gains tax will start taking effect in 2025.
Indonesia Rakes in Approximately $6.8m Monthly from Fintech & Crypto Transaction Taxes
Since the rollout of fintech and crypto transaction taxes in May, Indonesia has amassed nearly $6.8 million, according to the nation’s tax official.
High Taxation in Japan is Driving Crypto Businesses Away, Entrepreneur Says
To prevent entrepreneurs from leaving the nation, Japan should minimize corporate taxes on crypto businesses, according to Sota Watanabe, the CEO of Stake Technologies Pte.
Albania to Begin Levying Crypto Tax Next Year, Report says
Southern European country Albania is reportedly on track to begin taxing digital currency earnings as of 2023. Individual miners could be charged up to 15% of capital gain tax.
Rio de Janeiro to Accept Crypto Property Tax Payment from 2023
Rio de Janeiro is gearing up to be the first city on Brazilian soil to accept tax payments in cryptocurrencies from 2023.
Swiss City Lugano Partners with Tether to Adopt Crypto Tax Payments
The City of Lugano in Switzerland has entered into a partnership with Tether Operations Limited to drive its technological advancement while enabling its capabilities to allow its residents to pay their taxes through cryptocurrencies.
South Korea Plans to Suspend Crypto Taxation Until 2023
Crypto investors in South Korea might have a sigh of relief because the government intends to delay imposing crypto taxation until 2023.
Argentina Enacts New Tax Policy for Crypto Transactions
The Argentinian government has had a change of mind for making the country a tax haven for digital currencies as all individual transactions involving the nascent asset class will now be subjected to taxation.
South Korea May Have to Postpone Crypto Taxation, Lawmaker Declares
A push from one of the South Korean top lawmakers may stir the postponement of the crypto taxation billed to commence on January 1, local media reported.
Bitcoin Bleeds Across the Board as BTC Drops to a 6-Week Price Low
Market analyst Joseph Young believes that fear is causing the Bitcoin market to drop.