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South Korea Supports Blockchain Development With Tax Incentive

South Korea Supports Blockchain Development With Tax Incentive

The government of South Korea has taken an initiative to boost the development of blockchain industry in the country by adding the sector to the fields of research and development eligible for tax credit, as reported earlier this week by the Ministry of Strategy and Finance. The Ministry of Strategy and Finance had announced the proposed amendments to the enforcement …


Venezuela Calls for Crypto as Tax Payment

Venezuela Calls for Crypto as Tax Payment

The Venezuela state government now requires operators with crypto business in the country and overseas operators dealing in foreign countries to pay relevant taxes using cryptocurrency to boost the economy. The move further illustrates the move towards digital currencies, as the value of the bolivar continues to fall. Given the economic crisis, Bitcoin has fast become a financial refuge for …


Chile Looks to Incorruptible Tax Collection Using DLT

Chile Looks to Incorruptible Tax Collection Using DLT

Chile’s Treasury Department is looking to blockchain technology in order to streamline its tax collection programme. The Chilean Government has taken this step due to losses incurred over time in the process of collecting taxes. The new programme under consideration would use DLT to create an incorruptible automatic quadrature system hosting multiple nodes. The current system has resulted in losses …


Overstock, First to Pay Tax in Ohio Using Bitcoin

Overstock, First to Pay Tax in Ohio Using Bitcoin

As the tax season approaches, popular US-based online retailer Overstock has said in a press release on 3 January that it will be the first US company to pay some of its Commercial Activities Tax (CAT) to the Ohio State in Bitcoin. According to the press release, the payment will be done through the “state’s new cryptocurrency taxpayer platform, OhioCrypto.com,” …


WSJ Offers Creative Bitcoin Tax Avoidance Scheme

US business-focused news outlet the Wall Street Journal (WSJ) advised readers they could avoid shelling out taxes for their Bitcoin holdings by selling and quickly repurchasing the asset. The analysis assumes Bitcoin to be regulated in the US by tax laws akin to that of other traditional investment forms such as bonds, as the Internal Revenue Service (IRS) first advised in …


French Parliament Rejects Another Taxation Policy for Crypto

French Parliament Rejects Another Taxation Policy for Crypto

As reported by the French media outlet Capital yesterday, the lower house of the French parliament in the Assemblée Nationale has rejected the amendments made to the 2019 finance bill with regards to cryptocurrency taxation. This makes it the fourth rejection so far in an attempt to provide a compromise on cryptocurrency tax policy that makes it easy to blend …


HMRC Publishes Comprehensive Guide for UK Crypto Tax

HMRC Publishes Comprehensive Guide for UK Crypto Tax

Thorough crypto tax guidelines have been published in the United Kingdom by the nation’s tax agency, Her Majesty’s Revenue and Customs (HMRC). Published on 19 December, the comprehensive guide details the circumstances or instances in which a crypto holder, trader or someone who receives payment in the form of crypto would need to pay taxes. At present, the HMRC report refers …


US Crypto Tax Liability Confusion Prompts Specialized Software Use

tax, income tax

Cryptocurrency users are beginning to realize that no matter which part of the world they call home, the taxman has woken up to the fact that there is government revenue to be harvested from these digital assets. Many countries are beginning to revise tax laws to incorporate cryptocurrency profits into end-of-year declarations. This is a time of confusion for many …


Law Professor’s Paper Targets US Regulatory Confusion over Crypto

Law Professor's Paper Targets US Regulatory Confusion over Crypto

A professor from the University of Arkansas School of Law has written a paper essentially claiming that US regulators are in a state of confusion over exactly what cryptocurrency is. The article, entitled ‘U.S. Law: Crypto is Money, Property, a Commodity, and a Security, all at the Same Time’, written by professor Carol Goforth for the Journal of Financial Transformation, …


South Africa Considers Crypto as Part of National Payment System

South Africa’s Reserve Bank (SARB) alongside the country’s National Treasury has been discussing the possible implementation of new measures for the National Payment System (NPS) with cryptocurrency as one option. The National Payment System is regarded by South Africa as “one of the pillars of financial stability of the economic system” and the SARB “oversees the safety and soundness of …


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