Australian Tax Office seeks data from 1.2M crypto exchange users: Report

The personal and crypto-transaction related details could help identify users who failed to report their tax obligations, according to the Australian Tax Office.

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Recto Pushes Tax Hike on Capital Gains; Salceda Warns of Capital Flight

The Philippine DOF plans to raise capital gains, donor, and estate taxes from 6% to 10% under the Growth Bill, aiming to generate 300 billion. Rep. Salceda warns the move may trigger capital flight and hurt the middle class.

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Slovenia Moves to Impose 25% Crypto Tax On Sales Profits, Effective 2026

Slovenia’s Finance Ministry has proposed a 25% tax on crypto profits such as  capital gains crypto sales. The proposal, which is has been opened for public participation, seeks to balance crypto taxation and capital investment taxes. The proposed legislation imposes a tax on crypto-to-fiat conversions or when individuals use crypto to pay for goods and […]

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US Crypto Tax Law Study

Indiana and Maine universities publish a study examining US cryptocurrency tax law. The paper proposes a new tax framework for cryptocurrency losses, which would prevent taxpayers from using them against other capital gains. (Read More)

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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. (Read More)

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UK Treasury seeks input on taxing DeFi staking and lending

The proposed regulatory changes seek to simplify how DeFi returns are taxed and reduce the “administrative burden” for taxpayers.

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Biden's Budget Proposal Includes Crackdown on Crypto Wash Sales and Doubling of Capital Gains Tax for Certain Investors

U.S. President Joe Biden's fiscal 2024 budget plan proposes a crackdown on crypto wash sales and a doubling of the capital gains tax for certain investors, which could raise $24 billion. The proposed changes to crypto tax treatment aim to reduce the deficit by nearly $3 trillion over the next decade. The budget proposal seeks to eliminate the tax-loss harvesting strategy used by crypto traders, which allows them to sell assets at a loss for tax purposes before immediately repurchasing them. The proposal also aims to raise the capital gains tax rate for investors making at least $1 million to 39.6%. (Read More)

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Why More People Need To Start Spending Bitcoin

Bitcoin hasn’t reached mass adoption because it isn’t being used as a medium of exchange. By spending bitcoin, we can demonstrate its usefulness as money.

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Crypto capital gains one of four key areas for Australian Tax Office

“Remember, you can’t offset your crypto losses against your salary and wages,” said ATO assistant commissioner Tim Loh.

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South Korea to Delay 20% Capital Gains Tax on Digital Asset Investments until Jan 2025

Before levying income taxes on virtual assets, South Korean lawmakers have called for the government to prepare for effective implementation of new rules. (Read More)

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Bipartisan Bill to Eliminate Taxes for Small Bitcoin Transactions

The proposed legislation seeks to reduce friction in the usage of bitcoin as a daily currency.

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An Unrealized Capital Gains Tax Would Wallop Big Stock And Bitcoin Investors

If an unrealized capital gains tax is enacted, it could have major ramifications for the economy and create a dangerous precedent.

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US Presidential Candidate Robert Kennedy Jr Unveils Plan to Back US Dollar With Bitcoin

U.S. presidential candidate Robert F. Kennedy Jr. (RFK Jr.) has unveiled two new reforms for bitcoin if he is elected president. He plans to back the U.S. dollar with the cryptocurrency and eliminate capital gains taxes on the conversion of bitcoin to USD. RFK Jr. stressed that his administration’s mission is to make America “the [...]

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Czech govt moves to exempt crypto held for 3+ years from being taxed

The prime minister said Czech residents would not have to report crypto transactions under $4,200 per year or pay taxes for selling digital assets held for more than three years.

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Ukraine set to legalize crypto by 2025 under strict regulations

Ukraine plans to legalize cryptocurrencies by early 2025, applying standard taxation rules without offering tax incentives.

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Italy scales back plans to hike crypto tax rate: Report

A Bloomberg report suggested Italian Prime Minister Giorgia Meloni could accept a proposal for a 28% tax hike on crypto rather than a 42% one.

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Chainalysis hit with $650M lawsuit, Italy to hike Bitcoin tax: Law Decoded

Chainalysis faces a $650 million defamation lawsuit, the EUs ESMA pushes for MiCA amendments, Cyprus and Ireland scramble to align with regulations, and Italy plans to hike tax on Bitcoin.

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Italy considers raising capital gains tax on Bitcoin to 42% from 26%

Italy plans to raise the tax on Bitcoin capital gains to 42% and remove the 750 million euro minimum revenue requirement for the Digital Services Tax.

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What is profit and loss (PnL) and how to calculate it

Anyone who has dealt with trading in traditional finance is likely to be aware of profit and loss (PnL). But is PnL in the cryptocurrency world the same? The ability to comprehend terms like mark-to-market (MTM), realized PnL and unrealized PnL will help develop a better understanding of the cryptocurrency a person holds. Without a [...]

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Alleged Kenyan Bill Proposes Widening Definition of Securities to Include Crypto Assets

A bill seeking to put blockchain and crypto assets under the purview of the Kenyan Capital Markets Authority is supposedly set to be debated in the country’s parliament. The bill also seeks to “widen the meaning of ‘securities’ to capture digital currencies.” The persons that receive licenses from the regulator are also required to maintain [...]

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