Organizing taxes has always proved a difficult process for companies and individuals during the yearly tax season. With crypto, this process becomes even more complicated. Although cryptocurrencies like Bitcoin (BTC) and Ethereum (ETH) appear similar to fiat currencies, in the eyes of the taxman, these digital assets need to be treated differently. This means cryptocurrency transactions may need to be reported as capital gains or losses. That is why it’s important to keep track of crypto transactions over time. Software like Cointelli makes it easy for both individuals to file crypto tax returns and for tax professionals to offer crypto-tax …

After a banner year of 2021 for individual object sales through nonfungible tokens (NFTs), 2022 is poised to be the year of MetaFi. A recap of Beeple, Christie’s, Visa and endless aping-in celebrities hardly feels necessary, except to point out that we seem to be standing on (or perhaps have already crossed over) a fundamental precipice. While the rocket-propelled ascent of NFT prices will not continue forever, numerous voices have predicted that a mature tech stack for discovering, vetting, valuing, trading and protecting collections of digital assets will soon emerge, without a crash. But these optimistic takes may even be …

Earlier in February, Indian Finance Minister Nirmala Sitharaman announced a tax proposal that would bring the relatively unregulated digital asset space under the purview of tax authorities. The proposal includes a 30% income tax on crypto returns and a 1% tax deducted at source (TDS) by crypto exchanges on transactions above 10,000 Indian rupees ($133). The announcement came during the parliamentary budget session for 2022, and the government has already set April 1 as a deadline for crypto exchanges to comply with the new tax regulations. The introduction of the crypto tax was widely misreported as a form of legal …

Jared Polis, the governor of Colorado, has announced that the state government plans to allow residents to pay taxes in cryptocurrencies as early as summer 2022. In a Tuesday CNBC interview, Polis said crypto holders in Colorado could have the option of sending tax payments in digital currency, which the state would then convert back into fiat. The governor said that an unnamed intermediary would likely handle the exchange of crypto to fiat. “We expect by this summer — pretty soon — to accept crypto for all of our state tax-related purposes,” said Polis. “Then we plan to roll that …

While Switzerland holds the spotlight for being the most crypto-friendly jurisdiction in Europe, Portugal is picking up the pace. Indeed, the Republic offers more than just quality of life improvements for Bitcoin (BTC) owners, including an attractive fiscal environment and a growing Bitcoiner community. Cointelegraph recently interviewed the Bitcoin Family, who recently relocated to Portugal, learning that there was more to the move than pursuing "300 days of sunshine" and "cheap coffee." Didi Taihuttu, father and husband to the Bitcoin Family, first spoke to Cointelegraph six years ago. In 2016, he rose to crypto fame after selling all his family’s …

HM Revenue and Customs (HMRC), the chief tax authority in the United Kingdom, have seized three nonfungible tokens (NFTs) associated with a suspected tax evasion fraud. The tax watchdog claimed it was the first U.K. law enforcement agency to seize NFT. The NFT seizure came along with the arrest of three people who are suspected of evading taxes using various sophisticated means, reported BBC. The arrested suspects in the case reportedly used fake identities and created 250 fake ‘shell’ companies to evade £1.4 million ($1.8 million) in value-added taxes (VAT). HMRC obtained a court order to confiscate $6,765 (£5,000) worth …

The cryptocurrency industry in the United States is about to score a major legal win as the U.S. Treasury Department plans to spare crypto miners, and other "ancillary parties" from tax reporting rules. In a letter to a group of senators on Friday, the U.S. Treasury indicated that it plans to exempt crypto miners, stakers and other market participants from rules that would require crypto brokers to share data on their clients’ transactions with the Internal Revenue Service. “Appreciate the Treasury Department affirming that crypto miners, stakers and those who sell hardware and software for wallets are not subject to …

The Central Bank of Ireland has stated that it is unlikely to approve investment funds for retail crypto investors because they lack the know-how to navigate the high-risk asset class. The February 2022 report Securities Markets Risk Outlook Report: A Changing Landscape described crypto assets as a new product offering in securities markets that is complex and a “potential threat to investor protection.” Although the bank fielded many queries last year about Alternative Investment Funds (AIF) regarding crypto, it is now not expected to approve an AIF for retail crypto investors. The bank feels that such investments “may be suitable …

In May 2021, a Nashville couple known as the Jarretts filed a lawsuit against the United States Internal Revenue Service (IRS) over taxes they had paid on unclaimed and unsold Tezos (XTZ) staking rewards. At the beginning of February, news broke that the lawsuit filed by the Jarretts had come to an end, resulting in the IRS issuing the couple a tax refund for $3,793. Confusion among crypto holders Not long after this news made headlines, confusion among the crypto community piqued. One crypto media publication sent a tweet from its official account on Feb. 2, 2022, saying, “BREAKING: IRS …

The Russian government is expected to collect up to 1 trillion rubles ($13 billion) in crypto tax each year, as per an estimation by the authorities. The Bell, a local Russian publication, reportedly got its hands on the government analytic note that estimated the yearly tax revenue. According to the letter's authors, Russians hold 12% or nearly $214 billion in crypto. The number of users on foreign exchanges is estimated to be about 10 million, added with the significant number of over-the-counter (OTC) crypto trades. The government agency believes even the most straightforward tax imposition can generate anywhere from 146 …

Every global event or major political crisis these days can trigger a digital asset-related conversation. As China welcomes the world’s top athletes to the Beijing 2022 Winter Olympics, showing off ultra-high-tech facilities and sports infrastructure, some United States politicians have raised concerns over the Games’ potential to act as a booster to the digital yuan’s adoption. In neighboring Myanmar, the military government that had overthrown the nation’s elected leadership a year ago is now looking into launching its own digital currency, not to project economic influence but to improve the domestic payments system and the struggling economy more broadly. Below …

The Venezuelan government has approved a new tax bill aiming to collect up to 20% in taxes from cryptocurrency transactions, according to local reports. Venezuela’s National Assembly held the second discussion session on Thursday for a new draft bill targeting taxes on “large financial transactions” in cryptocurrencies like Bitcoin (BTC). The Venezuelan government reportedly approved the draft bill last Thursday, requiring local firms and individuals to pay up to 20% for operations carried out in cryptocurrencies as well as foreign currencies like the U.S. dollar. Filed on Jan. 20, the draft law aims to collect from 2% to 20% over …