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Blockchain Cruise Asia • January 15-19, 2018

CoinsBank took its maiden voyage when it held the first ever CoinsBank Blockchain Cruise aboard the Anthem of the Seas,…

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Tag: tax

The Indian Government has begun Issuing Notices to High Net-worth Bitcoin Traders

Category: Bitcoin, News, Regulation

The Indian Government has begun Issuing Notices to High Net-worth Bitcoin Traders

Earlier in December 2017, the Indian Income Tax (IT) department reportedly surveyed all major cryptocurrency exchanges based in the country to investigate instances of money laundering. Now, on December 18, 2017, the IT department has announced that it will be issuing notices to half a million high net-worth individuals that participated in high volume digital currency trading on these exchanges….

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Vietnamese Prime Minister Moves to Legalize Bitcoin

Category: Bitcoin, News, Regulation

Vietnamese Prime Minister Moves to Legalize Bitcoin

Vietnamese Prime minister approves plan to reevaluate the legal charter for the use of cryptocurrencies, such as bitcoin, in Vietnam. On August 25, VNA reported that Prime Minister Nguyen Xuan Phuc has charged the country’s relevant ministries to reassess its status in regards to cryptocurrencies. This signifies a legislative turn of heart that could soon legally recognize cryptocurrencies in Vietnam….

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The IRS Hopes to Combat Bitcoin Tax Evasion with Tracking Software

Category: Bitcoin, Finance, News, Regulation

The IRS Hopes to Combat Bitcoin Tax Evasion with Tracking Software

Bitcoin’s anonymity or rather, the lack thereof, has become a major talking point in the Bitcoin community and a focus of investigation for law enforcement agencies as well as, as it turns out, the taxman. According to a report by The Daily Beast, the US Internal Revenue Service (IRS) has contracted the blockchain start-up Chainalysis Inc. to use their bitcoin…

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Coinbase and the Evolving Crypto Taxation Landscape

Category: Bitcoin, Interviews, News, Regulation

Coinbase and the Evolving Crypto Taxation Landscape

Further reflecting the ongoing uncertainty around today’s cryptocurrency tax environment, newly released court documents appear to reveal the intention of the U.S. Internal Revenue Service (IRS) to more narrowly focus its investigation in its ongoing saga on obtaining user information from Coinbase. According to the July 6 notice, the IRS is only going to be seeking records on users who…

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Australia Sets Out to Improve Regulatory Framework for Bitcoin and Fintech

Category: Bitcoin, Finance, News, Regulation

Australia Sets Out to Improve Regulatory Framework for Bitcoin and Fintech

The Australian government has released a statement called ‘Response to The Productivity Commission Inquiry into Business Set-up, Transfer, and Closure’ detailing its plans to make changes to its regulations on blockchain and cryptocurrencies as well as creating a better working environment for fintech innovation in the country. These changes are now being implemented through the 2016/2017 national budget. In the…

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Crypto and the IRS: Why It Doesn’t Have To Be So Taxing

Category: Altcoins, Bitcoin, Finance, News, Regulation

Crypto and the IRS: Why It Doesn’t Have To Be So Taxing

With cryptocurrency prices and trading volumes soaring, more and more Americans lament having to figure out how to report their earnings to the taxman. Inaccurate reporting on a tax return could land one in hot water and create lots of hassles. With the Coinbase/IRS saga continue to garner a lot of attention, it is clear that the U.S. Department of…

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The Taxing Coinbase-IRS Dilemma: And Now, 1099-B Reporting?

Category: Bitcoin, Business, News, Regulation

The Taxing Coinbase-IRS Dilemma: And Now, 1099-B Reporting?

“The 1099-B solution being suggested by Coinbase CEO Brian Armstrong isn’t going to help matters unless they are dealing solely with investors who keep their assets within the Coinbase ecosystem. As soon as a customer removes bitcoin from Coinbase, you have to track the valuation changes along the way.” Perry Woodin, CEO of Node40 It goes without saying that the…

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Bitcoin and the March Toward the Abolition of State Control

Category: Bitcoin, Commentary, News

Bitcoin and the March Toward the Abolition of State Control

Since the birth of bitcoin, this has motivated many aspects of the blockchain on its way to reshaping society and the nation state. Bitcoin separates money and state, reducing the power of central banks. Moreover, bitcoin provides some anonymity to support a perpetual traveler lifestyle, as people begin to protest against governments by not complying with taxes and as blockchain…

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Judge Ruling May See Coinbase Hand Over Client Data to IRS

Category: Bitcoin, News, Regulation

Judge Ruling May See Coinbase Hand Over Client Data to IRS

Users of Coinbase may have their identities and personal information handed over to the IRS thanks to the ruling made in a federal court in the Northern District of California. While the request was made early November 2016, it was only granted on November 30. Case No. 3:16-cv-006658-JSC was set into motion by the IRS on the basis that some…

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IRS Report Validates Bitcoin as a Common Method of Exchanging Value

Category: Bitcoin, Finance, News

IRS Report Validates Bitcoin as a Common Method of Exchanging Value

A new report by the IRS has many Bitcoin users concerned right now. According to the document, there is no clear plan in place to address bitcoin taxation, should that ever become a factor. It is evident there are still a lot of misconceptions surrounding Bitcoin and the lack of coordination between different branches of the IRS is not helping…

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