Taxes

South Korean Economist Warns New Tax Laws May Slow Down Crypto Market Growth

The South Korean government recently announced their intention to impose a tax on cryptocurrency, leading to backlash. Korean Yonsei University economist, Sung Tae-yoon, warned that the decision to tax crypto capital gains may slow the technology’s emerging market, according to Koreatimes on June 21.  Sung said that taxing the crypto market while it is still …

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Ernst & Young Launches Application to Help US Crypto Investors With Tax Filings

Not So Private: 99% of Zcash and Dash Transactions Traceable, Says Chainalysis Chainalysis says it can track 99% of transactions involving Zcash, and almost all of Dash’s – coins that both fancy themselves as private and untraceable. Now, that’s because the majority of users do not utilize the optional privacy-enhancing features available … read more. …

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IRS Tells Couple With $7 Million in Bitcoin to Liquidate Crypto Assets and Pay off Tax Debt

Leaked Pentagon War Game Shows Gen Z Using Bitcoin to Battle the Corrupt State The United States has been creating military simulations, otherwise known as ‘war games,’ for years now. In fact, the Pentagon and various professional analysts created a permanent war gaming facility for simulations. This week a report indicates that Pentagon officials … …

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Loophole in U.S. Tax Law Could Allow Bitcoin Traders to Write off Unlimited Losses

Amid Youtube Censorship, Individuals Flock to Decentralized Video Sharing Apps Like Lbry.tv In mid-May, news.Bitcoin.com reported on one of our mining pool videos being censored and banned from the video-sharing platform Youtube. The report had shown how Youtube has been censoring videos for a long time now, and the CEO specifically told … read more. …

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66% of Coinbase Users Willing to Leave the Exchange Due to Mounting Privacy Concerns

Two-thirds of people who use Coinbase are willing to leave the platform following reports that the U.S. exchange plans to sell user data to two government agencies for $250,000. Cryptocurrency trader and analyst John Rager carried out a poll on Twitter, asking his 73,000 followers: “Would you actually delete or stop using your Coinbase account?” …

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Japanese Finance Minister Shoots Down Plan to Cut Bitcoin Tax to 20%, Cites Crypto-Divide

Grayscale: Central Bank Digital Currencies Will ‘Neither Replace nor Harm Scarce, Uncompromising Bitcoin’ Central bank digital currencies (CBDCs) pose no threat to Bitcoin’s value proposition, instead, they will spur its growth toward mass adoption. In a new report, Grayscale Investments said CBDCs will never replace BTC because unlike the top cryptocurrency, they can … read …

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South Korea to Start Taxing Bitcoin Profits in 2021

South Korea will start taxing profits from bitcoin (BTC) and other cryptocurrencies next year, according to local media reports. The taxation will also apply to bitcoin mining operations and income from initial coin offerings, should it be approved by Parliament. South Korea’s Ministry of Economy and Finance proposed the amendments to the existing tax law …

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IRS Solicits Contractors to Help Examine Crypto Traders’ Tax Returns

The Internal Revenue Service (IRS) is seeking third-party contractors to help it assess whether certain U.S. taxpayers have properly paid taxes on their crypto holdings. According to an email posted online by CryptoTrader.Tax and verified by CoinDesk, IRS Assistant Deputy Commissioner John Cardone said the agency is looking for contractors to “assist our Revenue Agents …

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Guide Highlights Patchwork of Crypto Tax Laws in Latin America

Research from Latin American crypto exchange Buda has highlighted a patchwork of laws, confused regulations and unusual concepts governing crypto taxation in the region. Buda has provided a series of tax guidelines outlining measures crypto traders should take into consideration when looking to comply with the authorities in Chile, Colombia, Peru, and Argentina. In various …

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