Existing outside of the realm of traditional finance and with no central point of authority, digital assets have posed several challenges to governments worldwide. Many nations have struggled with how to define and regulate cryptocurrencies, and there is no uniformity because each country has developed its own unique approach. Data and transparency seem to be some of the best tools on the road to regulatory certainty and institutional demand. While some countries like the United States and the United Kingdom are taking advantage of this to build a better tax and regulatory framework, others don’t deal with crypto quite as …

Cryptocurrency accounting and tax software provider, Lukka, has announced the launch of the Lukka Library — an interactive collection of academic papers addressing legal, accounting, and tax questions pertaining to crypto assets. On March 26, Cointelegraph spoke to Lukka co-CEO, Robert Materazzi, and Lukka Library creator and head of tax and regulatory affairs, Roger Brown. “People weren’t interested in paying their taxes in 2014” Materazzi states that the company was formed under its former brand, Libra, in 2014 after the founder “Googled how to pay his capital gains tax and found that there wasn't any solution that was out there.” …

During 2019 alone, thousands of merchants worldwide were accepting Bitcoin (BTC) as a payment method. Despite this, a lot of current and would-be merchants are confused about how to pay taxes on their cryptocurrency sales. This guide was created by a United States business owner that advocates for cryptocurrency and a crypto tax expert to cover both practical aspects and tax tips for businesses that wish to accept cryptocurrencies. So whether your clients are asking or you desire to support the growth of the crypto ecosystem, here is the right way to do it. Cryptocurrency tax law varies by country …

Payments and cryptocurrency platform Crypto.com has simplified cryptocurrency tax reporting for its users through a new partnership with three tax providers. On March 24, Crypto.com announced the collaboration with crypto tax calculator CoinTracker, crypto tax software platform TokenTax and crypto tax reporting firm CryptoTrader.Tax. Now, Crypto.com’s users can import their historical crypto transactions from the platform into one of the aforementioned tax reporting platforms to generate necessary tax reports. Users then can pass the forms along to a tax professional or transfer to tax filing software for further processing. A response to crypto taxation around the world The new option …

Like other financial markets, crypto investors have seen wild swings and devaluations in recent weeks as Coronavirus, also known as COVID-19, issues have hit many people all over the world. With safety concerns paramount, it can be easy to forget for a time about more pedestrian issues like taxes. But taxes won’t go away entirely. The United States Internal Revenue Service’s main tax filing deadline remains as April 15, but there is a 90-day reprieve on payments to the IRS until July 15, according to IRS Notice 2020-17. Does this mean you don’t have to file by April 15? For …

The United States Internal Revenue Service (IRS) will defer tax payments below $1 million from April 15 to July 15. Crypto traders can also take advantage of the measure to ease the strain from the market fall due to the coronavirus outbreak. According to a March 18 statement from the Department of the Treasury, individuals and non-corporate entities can defer their tax payments for three months without suffering any penalty or interest. Corporations are also exempt for up to $10 million of income tax payments. The tax returns will still need to be filed for their original deadline of April …

This week, the Australian authorities launched a major campaign to prompt as many as 350,000 crypto investors to comply with their tax obligations. In an interview with Cointelegraph on March 12, a spokesperson for the Australia Tax Office (ATO) said the campaign was designed to help raise awareness and give taxpayers “the opportunity to fix any mistakes” they may have made in reporting their capital gains on crypto trades. Encouraging voluntary compliance As of 2019, Bitcoin (BTC) and other crypto assets have been defined as taxable forms of property under the ATO’s guidance framework. In sending letters to as many …

In the coming weeks, hundreds of thousands of Australian crypto investors are set to receive a reminder of their tax obligations from the country’s authorities. Citing an unnamed Australian Tax Office (ATO) representative, news.com.au reported on the forthcoming campaign on March 11. “Up to a million” Australians estimated to be buying or selling crypto In 2019, ATO had published its guidance framework on the taxation on cryptocurrencies, defining Bitcoin (BTC) and other crypto-assets as taxable forms of property. In addition to this, the office published a Data Matching Protocol for cryptocurrency, which it uses to obtain transaction data from crypto …

Following a successful rollout in Shenzhen last year, China’s blockchain invoicing system is being introduced to the capital. On March 2, the Beijing Municipal Office of the State Administration of Taxation announced its decision to launch a city pilot for the blockchain-based system, with immediate activation for taxpayers in selected industries. The platform is a tool for the Chinese tax bureau to tackle the underground “fapaio” market, where fraudulent receipts have been used to evade taxes, defraud employers, or claim falsified expenditures for reimbursement. In China, “fapiao” is a term for official invoices issued by the Chinese Tax Bureau for …

So, how high is Bitcoin about to go? Analyst Willy Woo thinks it’s going to hit $135,000. It’s a “common-sense prediction” he told RT’s Keiser Report. Tim Draper is betting even higher. The venture capitalist has moved his money out of the stock market (too “frothy”) and put it into Bitcoin and other cryptocurrencies (a “safe haven.”) He expects BTC to reach $250,000 in 2022 or the start of 2023. It’s no wonder that so many Bitcoin whales continue to hodl. According to one study, only 41.6 percent of BTC supply moved over the last twelve months. Some 42 percent …

In a United States congressional meeting titled “Building Blocks of Change: The Benefits of Blockchain Technology for Small Businesses,” one of the testifying witnesses called out current cryptocurrency taxation expectations for their overbearing complexity. “Doing your taxes for crypto is the worst nightmare,” said Michael Ammori, General Counsel of Protocol Labs, answering a question from U.S. Representative Steve Chabot on blockchain’s status in terms of whether or not the tech is ready for mass adoption. A gathering on blockchain’s potential and application On March 4, parties gathered for a hearing on blockchain’s impact on small businesses. Four witnesses sat in …

The tax bureau of Beijing has officially announced that it will start implementing blockchain invoicing within the city on March 2. Beijing hopes blockchain invoicing can bring more transparency to taxpayers Beijing aims to bring blockchain’s unique transparency, traceability and immutability to its future governance with the usage of blockchain invoicing. The official announcement said that: “To reduce taxpayers operating costs, save social resources, increase consumer convenience for saving invoices and build a healthy and fair tax environment [...]The tax bureau of Beijing has decided to pilot the application of blockchain electronic general invoice” According to the announcement, the Beijing …