The United States Internal Revenue Service classifies crypto as property, meaning you can trigger taxes every time you use crypto to buy something. You might be using it to pay for a Tesla electric vehicle — oh, sorry, that’s not possible anymore — a cup of coffee or even a castle in Europe. You might be paying someone for services, either as an independent contractor or as an employee. But no matter what the transaction, you may have a gain or a loss, something quite apart from the income tax impact on the person you are paying. Not so simple …

At a meeting in London earlier this month, the finance ministers from the G7 — the United States, Japan, Britain, Germany, France, Italy and Canada — unanimously agreed to begin creating the framework for a global corporate tax rate. The framework laid out a “two pillar” principle. The first pillar ensures that companies that make a 10% profit margin would be subject to the tax rate. The second pillar ensures that countries will charge a 15% minimum tax rate. Under all of this, the new rules will focus on where the profit was made and not where the company is …

South Korea’s Financial Services Commission has moved to ban cross trading on crypto exchanges in the country. The move is part of a raft of amendments to the country’s Act on the Reporting and Use of Certain Financial Transaction Information. Cross trading, an illegal practice in many jurisdictions, involves offsetting buy and sell orders for the same asset (at the same price) without recording the transaction on the order book. However, according to a report by local media outlet Newsis, exchange operators in South Korea have bemoaned the planned prohibition stating that the move would cause significant disruptions to their …

The Australian Taxation Office has urged citizens to accurately report any profits made in the process of trading cryptocurrencies like Bitcoin (BTC), anticipating tax filings from a pool of 600,000 Aussies who it now believes to be invested in digital assets. The ATO’s assistant commissioner, Tim Loh, told News.com.au that people still make the mistake of treating crypto like a currency as opposed to an asset. The ATO wants to rid citizens of the myth that cryptocurrency profits are tax-free, or that they only need to be declared when cashing back out to fiat money. Loh said the tax office …

Over the past year or so, the crypto community in South Korea has had to adapt to a suite of new regulations and government frameworks tailored to the growing industry. With the regulatory landscape for digital assets thus undergoing a marked shift, there has nonetheless been some confusion as to which Korean government agency or regulatory authority is tasked with overseeing various aspects of crypto-related activities. According to a local report, a joint statement released on Friday aims to clarify these questions for a society of undeniable crypto enthusiasts. The statement outlines that the Financial Services Commission, or FSC, will …

A couple investing in crypto have claimed that coins gained by mining or staking are untaxable until sold, in a complaint filed to federal court. The Tennessee couple is seeking a refund from the United States Internal Revenue Service and filed a complaint with the U.S. District Court for the Middle District of Tennessee on Tuesday. Joshua and Jessica Jarrett claim that earnings from staking are not taxable transactions because they constitute the creation of property. They compared this to a baker making a cake or an author writing a novel. Law360 reported that the court heard Joshua Jarrett used …

As the debate surrounding crypto regulations heats up, tax professionals are taking a more cautious approach to deal with Bitcoin (BTC) and other earnings. The United States-based tax preparation service company H&R Block is looking for more precise regulations before handling their customers’ crypto holdings. Answering tax-related questions on CNBC, H&R Block CEO Jeff Jones called crypto an interesting thing in terms of taxation: “Because it’s not federally regulated, it’s really not a place we weigh in with consumers much.” While the current regulatory state of crypto is muggy, Jones doesn’t expect a total crypto ban and expects crypto taxing …

Coinciding with news that United States President Joe Biden’s proposed tax plan would require tax reporting on business transactions exceeding $10,000, the value of privacy coin Monero (XMR) climbed 31% on Friday. Biden’s American Families tax plan would require exchanges and custodians to implement tighter reporting measures to help detect tax evasion and money laundering. Banks and financial institutions would also be required to report account inflow/outflow information to the Internal Revenue Service to help uncover unreported income. The Treasury Department’s agenda, which was published on Thursday, stated that cryptocurrency business activity remained relatively small but was expected to increase …

The founder and CEO of Avanti Financial, Caitlin Long says the “U.S. crypto regulatory crackdown” has begun, but emphasized it’s not a “Bitcoin ban.” She said she was optimistic that the forthcoming regulations would simply bring crypto laws into line with standard financial rules around taxes and compliance. 1/ IT'S CLEAR a US #crypto regulatory crackdown is starting but I'm optimistic bc most of the major players/agencies have spoken already & the policy is taking shape: it's "pay taxes, comply w/ laws & don't take shortcuts, & we'll enable the innovation." It's NOT a "#bitcoin ban" — Caitlin Long (@CaitlinLong_) …

Minnesota Rep. Tom Emmer has reintroduced a bill aimed at preventing the IRS from imposing penalties or fees on crypto taxpayers with forked assets. In an announcement from Emmer on Monday, the congressperson from Minnesota said he had once again introduced the Safe Harbor for Taxpayers with Forked Assets bill in the United States House of Representatives. If passed in its current state, the bill would create a safe harbor for crypto holders with forked assets, allowing them to be nontaxable events. Further, these conditions would be continued until the Internal Revenue Service provides “clear and consistent guidance on how …

A tax authority in Argentina is reportedly looking to scrutinize operations involving cryptocurrencies like Bitcoin (BTC). Argentina’s Federal Administration of Public Income, or AFIP, has ordered domestic crypto exchanges and payment firms to provide monthly reports of all kinds of operations by users on their platforms, local news agency Buenos Aires Económico reports Tuesday. In a notice to local crypto firms, the authority asked virtual currency service providers to maintain regular lists of all user accounts and identity verifications of clients, as well as their income, expenses, and monthly balance. The AFIP reportedly cited an information regime form 8126 comprising …

The United States Internal Revenue Agency is prepared to seize the holdings of cryptocurrency owners who are struggling to pay their unpaid tax debts, sending a strong signal that the agency is treating digital assets the same as any other type of property that can be confiscated. Robert Wearing, deputy associate chief counsel for the IRS, told a virtual conference held by the American Bar Association that the government classifies digital assets as property. As such, these assets may be confiscated to satisfy outstanding tax debt that hasn’t been repaid. “The IRS will seize that property and will attempt to …