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US Experts Debate Who Has the Last Word On Crypto Regulation, State or Fed

US Experts Debate Who Has the Last Word On Crypto Regulation, State or Fed

State or Fed? That is the question. Three cryptocurrency experts debated the why’s and why not’s on the subject of leaving crypto legislation to either the US federal government or giving the final authority to the individual states. The three experts Peter Van Valkenburgh, Gary Gensler, and Caitlin Long debated the topic as part of a panel discussion at the …

Australian Taxation Office to Tighten Tracking of Crypto Ownership

The Australian Taxation Office (ATO) is stepping its up its database in order to monitor if the correct taxation is being gathered from cryptocurrency holders across the country. Part of the move will involve collecting information from Australian cryptocurrency designated service providers (DSPs) regarding crypto purchases and sales. This follows on from a call for public information in 2018 when …

US Congress to IRS: Ambiguous Tax Treatment, a Serious Problem to Taxpayers

US Congress to IRS: Ambiguous Tax Treatment, A Serious Problem to Taxpayers

The US Internal Revenue Service (IRS) commissioner Charles Rettig received a request from members of the Congress on the blockchain committee chaired by Congressman Tom Emmer; to provide clarity about filing crypto-related taxes before tax day. A bipartisan letter drafted by Congressman Emmer along with 20 others in the committee expressed their concerns in the form of questions about the …

Crypto Considered to Plug Legalized Cannabis Payments Hole in California

Crypto Considered to Plug Legalized Cannabis Payments Hole in California

Two Democratic members of the state assembly in California have filed a bill to enable legal cannabis operators in that US state to pay their bills in Stablecoin rather than fiat. The two Democrats, Kevin McCarty and Phil Ting, are protesting against US federal restrictions that are still out of tune with the legalized cannabis industry, which make the use …

Canada Revenue Agency’s Crypto Audit Raises Some Hackles

Canada’s tax department appears to be ramping up the pressure on cryptocurrency holders with its latest questionnaire to taxpayers. Canada Revenue Agency (CRA), the government body responsible for tax collection across the provinces has sent out a detailed questionnaire to those suspected of owning cryptocurrencies. The survey targets those who may not have revealed the total and circumstances of their …

Crypto Tax Returns Need Extra Care with Increasing State Scrutiny

Cryptocurrency investors are needing to treat their income tax returns with more care as increasing scrutiny is cast over private crypto assets as the industry continues to develop. Many countries around the globe have revised their tax laws over the past 12 months in order to integrate cryptocurrency assets into the annual tax return procedure. Last year, the G20 had …

US State of Wyoming: Bill Recognizes Cryptocurrency as Money

US State of Wyoming_ Bill Recognizes Cryptocurrency as Money

The US State of Wyoming has recently thrown more weight behind the existence of cryptocurrency by allowing the class of asset to be treated as financial assets under the existing law, according to a bill passed on Thursday last week. The bill sponsored by Senator Nethercott, Driskill, Perkins and Rothfuss and Representatives Harshman, Lindholm, Loucks, Olsen and Wilson, was first …

Indiana Proposes Bill for Tax Payment in Crypto

Indiana Proposes Bill for Tax Payment in Crypto

The State of Indiana in the US has introduced a bill that will allow it to accept tax payments with cryptocurrency if passed. The bill tagged House Bill No. 1683 is targeted at amending the Indiana Code concerning taxation. It was introduced to the house on 24 January and is expected to be effective by 1 July 2019 and 1 January …

Kraken Bucks the Trend Regarding IRS Request For Users’ Crypto Details

Cryptocurrency exchange Kraken, the world’s largest bitcoin exchange in euro volume and liquidity, has said that it does not hand its client details to the Internal Revenue Service. It has become common for some cryptocurrency exchanges to share their clients’ details with the IRS for tax purposes; a practice that continues to annoy many investors in their quest for true …

Capital Gains Reminder for Crypto Investors as UK Tax Year Ends

Capital Gains Reminder for Crypto Investors As UK Tax Year Ends

Tax on cryptocurrency earnings has become an important factor at year’s end, which many UK cryptocurrency investors will soon find out as their 31 January deadline approaches. New regulations created in 2018 means that this month’s tax returns will need a little more care when completed by crypto enthusiasts and exchanges as well, although companies are still awaiting more details. …

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