Weekly update: Important developments in cryptocurrency space
The next six months are going to see a flurry of activity and this past week has continued to help refine the forward progress the industry is making.
Latest taxes News
IRS rejects ‘surveillance conspiracy’ as it demands Coinbase turn over user records
The Internal Revenue Service has ordered California-based cryptocurrency exchange Coinbase to turn over records about one of its users.
US crypto tax bill would give holders a little relief
IRS has already started going after crypto holders in an effort to get them to pay up, but a bill submitted to the House of Representatives could limit how much they could collect.
Dr. Craig Wright weighs in on taxing cryptocurrencies
Dr. Craig stated that Bitcoin was never designed to circumvent legal financial obligations but to work within the system and function, in many ways, as a currency.
Own cryptocurrencies? Be prepared for the taxman cometh
Australia and several other major companies are making moves to get their cut of cryptocurrency profits.
Canada sends out crypto questionnaire to find money laundering
: The Canada Revenue Agency have sent out a 13 page questionnaire, hoping to find out more about Canadian crypto investors, and what money they may be hiding.
California proposes cannabis-related businesses to pay tax in crypto
To help cannabis companies with their banking problems, California has proposed allowing them pay taxes with crypto.
China’s Guangdong gets blockchain-based tax invoice for e-commerce
The Guangdong Municipal Taxation Bureau announced its intents to implement an electronic invoice platform for the e-commerce industry based on the blockchain.
Venezuela’s Petro just got even more ridiculous
Although the Petro still has no clear definition, users of the crypto are going to have to dig deeper into their digital wallets, as the country is imposing a significant tax on all transactions.
Crypto creating revenue for governments, despite a lack of definition
Around the world, cryptocurrency taxation is beginning to gain favor, despite attempts by many governments to suppress widespread adoption of digital assets.
Indiana considering crypto tax payment laws
Ohio may have been the first state in the U.S. to legalize cryptocurrencies for tax purposes, but that was just the beginning. Since making the move last November.
New Hampshire could allow crypto tax payments
Ohio may soon not be the only state in the U.S. to allow taxes to be paid in cryptocurrencies. A new bill would allow all of New Hampshire’s state-level agencies to receive crypto, including the taxman.