#Cryptocurrency Taxation News

Australian Tax Office to scale up Surveillance on Cryptocurrency Traders

Unified Crypto Tax Reporting Standard Coming in 2021, Says OECD Director

November 27, 2020 by Anthonia Isichei at Regulation

Crypto tax may soon see its own version of the Common Reporting Standard (CRS) as the Organisation for Economic Co-operation and Development (OECD) is reportedly working on a unified approach to handling virtual currency taxation. The news comes as several G20 countries are mandating stricter compliance to national tax laws...

Confirmed - South Korea to Impose Tax on Cryptocurrency

South Korea: Crypto Tax Law Might Be Postponed Until 2022

November 25, 2020 by Anthonia Isichei at Regulation

South Korea's National Assembly may grant a three-month extension for the enactment of its planned crypto tax policy following consultations with industry stakeholders. Several commentators within the country's cryptocurrency space still argue that levying taxes on virtual currency trading gains will likely stifle the growth of crypto commerce in the...

U.S.: Cryptocurrency Investors Are Better Off Declaring Their Holdings and Paying Their Taxes

US: IRS Sets Sights on Crypto Tax Compliance for Exchanges

October 9, 2020 by Osato Avan-Nomayo at Regulation

Having consistently warned crypto traders to avoid cryptocurrency tax evasion, the U.S. tax authority is now telling exchange platforms to improve their reporting standards. However, some level of clarity is required for exchanges to maintain crypto tax reporting compliance. Monitoring Crypto Exchange Tax Reporting Compliance According to an Internal Revenue...

Singapore: No Income Tax on Cryptocurrency Airdrops and Hard Fork Tokens, IRAS Says

April 20, 2020 by Osato Avan-Nomayo at Regulation

The Internal Revenue Authority of Singapore (IRAS) has published new crypto tax guidelines indicating a tax exemption for hard forks and airdrops. Also, the guide outlines Singapore’s tax treatment scheme for digital tokens and securities. IRAS Guide on Digital Tokens and ICOs Singapore’s tax office has issued revised policies regarding...

Australia warnings bitcoin ethereum crypto

Australia: Tax Agency to Contact 350,000 Cryptocurrency Holders Concerning Tax Obligations

March 12, 2020 by Anthonia Isichei at Regulation

Australia’s tax authority, the Australia Taxation Office (ATO), is planning to contact thousands of Australian crypto traders to remind them of their tax obligations. The move is in line with the ATO's aim to clampdown on crypto tax offenders. 350,000 Bitcoin Traders to Receive Warning from the ATO According to...

Man sitting down calculating bitcoin Tax

Crypto Tax: IRS Invites Industry Stakeholders to Parley in March

February 19, 2020 by Osato Avan-Nomayo at Regulation

The United States Internal Revenue Service (IRS) is inviting cryptocurrency stakeholders to a crypto tax summit in March. The move comes as the IRS has declared its intention to pursue robust virtual currency tax enforcement in 2020. IRS and Crypto Groups to Discuss Taxation Policies According to Bloomberg Tax, the...

IRS Considering Tax Guidance for Hard Fork "Hodlers"

IRS Mute on Calls to Clarify Foreign Crypto Tax Reporting Rules

February 13, 2020 by Osato Avan-Nomayo at Regulation

The U.S. Internal Revenue Service (IRS) is yet to clarify which Foreign Account Tax Compliance Act (FATCA) rules apply to crypto tax filings. Meanwhile, a U.S. Congress watchdog is saying aspects of the updated crypto taxation guidelines published by the IRS in 2019 are not enforceable. Concerning FATCA Compliance for...

Bank of Korea to Establish Digital Asset Task Force

South Korea Set to Impose Crypto Tax on Trading Profits

January 20, 2020 by Osato Avan-Nomayo at Bitcoin

The South Korean government is making plans to implement a 20 percent crypto taxation policy on income and profits made from crypto trading and transactions. 20 Percent Crypto Tax Coming to South Korea According to reports from PulseNews, the South Korean government is making plans to implement a new crypto...

Tax Evasion with Cryptocurrencies Could rise due to De Minimis Exemption

November 20, 2019 by Osato Avan-Nomayo at Regulation

While calls continue for a lenient crypto tax regime, one commentator says a ‘de minimis’ exemption status for virtual assets will encourage Bitcoin tax evasion, reports Law 360. Crypto Tax Evasion Will Become Commonplace According to Law360, Omri Marian of the University of California’s Irvin School isn’t in support of...

U.S. Reps Tell IRS to Publish New Crypto Tax Guidelines

April 13, 2019 by Ogwu Osaemezu Emmanuel at Adoption, Finance, News

Since it has now become mandatory for digital assets traders to remit taxes, 21 members of the United States Congress, led by congressman Thomas Earl Emmer, have jointly sent a bipartisan letter to the United States Internal Revenue Service (IRS) urging it to publish new guidelines on crypto tax remittance,...