cryptocurrency taxation
UK Tax Authority Updates Its Guidelines for Crypto Taxation
HMRC updates its guidelines for crypto – taxation, relating to both individuals and businesses. The new guidelines explicitly state that crypto-currencies are not considered as ‘money.’
South Korean Tax Specialists Advocate for Lowered Crypto Taxation
Members of the Korean Tax Policy Association are calling on the government to consider applying a low-level tax on crypto transactions. The South Korean administration is contemplating taxing cryptocurrencies as part of its tax reform plan for 2021, but specialists feel it requires in-depth conceptualization.
PwC Expert's Take: What Are the 3 Grey Areas to Crypto Taxation in Hong Kong?
The Inland Revenue Department (IRD) of Hong Kong took a step further to provide clarity in taxing digital assets. In the recent press release titled “LCQ20: Regulation of virtual asset investment activities”, James Lau, the Secretary for Financial Services and the Treasury answered the queries raised by the Hon Wu Chi-wai on taxation of virtual assets, tax evasion of virtual asset-related business and latest effort to regulate virtual assets by the Hong Kong Securities and Futures Commission (SFC).
South Korean Stakeholders Opposes the Proposed "Know-the-Sender" Rule
Some stakeholders are pushing back against the proposed Know-the-Sender (KTS) rule that the South Korean parliament is looking to pass into law.
US Treasury Official says IRS is Assessing Models for Crypto Tax Reporting Rules
The IRS is developing domestic reporting rules for cryptocurrency taxation and assessing different models, according to a Treasury Department official at an OECD event.
Shenzhen Taxation Bureau to Launch New Blockchain Tax System with Ping An Group
Ping An Insurance and the Shenzhen Taxation Bureau in China signed an agreement to start using blockchain, artificial intelligence (AI), big data, cloud computing, and other technologies to develop a management platform for taxation for all types of taxpayers in the Greater Bay Area.
South Korea Contemplates Imposing 20% Tax on Cryptocurrency Proceeds
The South Korean administration might consider categorizing proceeds from cryptocurrency transactions as other income that is subjected to 20% tax, such as prize-winning or lottery.
US Congress Reveals most Countries Fail to Tax Staked Crypto, Will This be Resolved as Ethereum Launches Staking?
Taxation for cryptocurrencies differ from one country to another and most have yet to provide clear guidelines on how to tax staked crypto.
New Zealand Permits Cryptocurrency Remunerations
New Zealand sets the precedent by being one of the first nations to permit salaries to be made in the form of cryptocurrencies.
South Korea Proposes 20% Capital Gains Tax on Cryptocurrency Commodities
South Korea’s parliament has put forward a bill that could see crypto profits taxed by up to 20% as members argue that cryptocurrencies are commodities.
PayPal CEO Announces Plans for Cryptocurrency Business Expansion to Reach More Users
PayPal CEO discussed the integration of cryptocurrency into its business and potential business partnerships with central banks.
Facebook to Launch Libra Cryptocurrency in January 2021, But in Limited Format
According to a new developing story, Facebook expects to launch its Libra cryptocurrency in January next year, but in a limited format.
Reserve Bank of India Says Banks Are Authorized to Provide Accounts to Cryptocurrency Traders
The Reserve Bank of India recently responded to an information query, saying that Indian banks are not prohibited from dealing with crypto businesses.