Taxes

Court Authorizes IRS to Summon User Records From Kraken Cryptocurrency Exchange

<div class=”featured_image_container”> </div> <strong>The Internal Revenue Service (IRS) has obtained court authorization to serve a John Doe summons on cryptocurrency exchange Kraken. The tax agency is seeking data of users with $20,000 or more in cryptocurrency transactions during the years 2016 to 2020.</strong> IRS Wants User Information From Crypto Exchanges The U.S. Department of Justice …

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Young Koreans Less Keen on Crypto Taxation Than Older Generations, Poll Finds

<div class=”featured_image_container”> </div> <strong>Opponents of the government’s plan to tax gains from cryptocurrency trading outnumber supporters among South Koreans in their 20s, a new survey shows. Representatives of other age groups are more open to the proposed taxation of investments in virtual assets.</strong> Nearly Half of Young Koreans Reject Tax on Crypto Profits According to …

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Indonesian regulators consider tax on cryptocurrency transactions

Indonesia’s Commodity Futures Trade Regulatory Agency (known as Bappebti) is considering levying a tax on all cryptocurrency transactions taking place on regulated exchanges within the country. Currently, 13 cryptocurrency exchanges fall under Bappebti’s regulatory oversight, and the tax would be automatically applied by these platforms should it be approved, according to a report by the …

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Tax Authority Seizes Cryptocurrencies Worth $25 Million From Hundreds of Crypto Investors in South Korea

<div class=”featured_image_container”> </div> <strong>The tax department of the Seoul metropolitan government in South Korea has reportedly seized cryptocurrencies worth about $25 million from hundreds of crypto investors with delinquent taxes. The cryptocurrencies, including bitcoin, were seized from three exchanges. The tax authority is now going after hundreds more taxpayers who are delinquent on paying their …

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Miami-Dade Officials Hope to Launch a Crypto Task Force, Residents Could Pay Taxes in Bitcoin Soon

<div class=”featured_image_container”> </div> <strong>Back in mid-February, Bitcoin.com News reported on Miami’s Mayor Francis Suarez supporting the idea of the city holding bitcoin in the treasury and allowing tax payments in bitcoin as well. On April 15, 2021, reports show that the city may introduce the tax payments concept soon, as the District 8 county commissioner …

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Crypto-focused software firm Lukka raises $53M in funding round

Just a few weeks before the filing deadline for U.S. taxpayers, cryptocurrency accounting and data company Lukka said it had raised an additional $53 million in a new funding round. In an announcement today, Lukka said it had completed a $53 million Series D funding round led by Soros Fund Management — a fund created …

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South Koreans Are Required to Pay Taxes for Crypto Holdings in Overseas Exchanges, Authorities Warn

<div class=”featured_image_container”> </div> <strong>South Korean tax authorities are unstoppable in keeping crypto holders in their eyes and making them accountable to pay taxes. The National Tax Service (NTS) has issued a warning to the crypto traders that they have to report their earnings even from tokens held in foreign exchanges.</strong> No Details on How the …

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Would a US wealth tax push millionaires to Bitcoin adoption?

Levying a progressive tax on the ultra-wealthy has been a talking point long popular with many United States Democrats, yet such a policy would have been unimaginable under a Republican administration and a split Congress. Now that the Democratic Party is back in control of both the White House and Capitol Hill, the initiative is …

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US-based crypto users likely still have to pay taxes on NFTs, says CNBC

Tax season is almost upon crypto users based in the United States, and even if they plan on keeping their assets digital, nonfungible token — or NFT — buyers might not get off scot-free. According to a CNBC report today, people who use the profits from their crypto holdings to purchase NFTs will likely still …

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‘Inhospitable to capitalism’ US can target those ditching dollar for Bitcoin — Ray Dalio

The United States and other countries could “impose prohibitions” on Bitcoin (BTC) as part of “shocking” tax changes, investor Ray Dalio has warned. In his latest article on LinkedIn, Dalio, a recent convert to Bitcoin as an investment opportunity, laid out a stark future for U.S. investors. Dalio: Prepare for “shocking” tax changes With the …

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