Up to $40 billion a year (AU$60 billion), could be added to Australia's national GDP with the right regulatory framework and could lead to enormous cost savings for consumers and businesses according to a new report. The Nov. 29 Digital assets in Australia report was commissioned by the Tech Council of Australia (TCA), one of the country's technology industry advocacy groups, and written by technology consulting firm Accenture, which outlined a number of potential benefits the growth of the digital assets sector in Australia could deliver, stating: “Digital assets (DA) have the potential to transform our lives offering significant time …

An amendment was introduced to the Kenyan law in capital markets on Nov. 21 that would require those who own or deal in cryptocurrencies to provide the country’s Capital Markets Authority with information on their activities for tax purposes, local media report. This is the first time Kenya has extended financial regulation to cryptocurrency. Under the Capital Markets (Amendment) Bill, Kenyans would pay capital gains taxes to the Kenyan Revenue Authority when they sell or use digital currencies. Cryptocurrency held for less than a year would be subject to income tax, while after that capital gains tax would apply. Kenya …

Satoshi Nakamoto developed the first decentralized cryptocurrency called Bitcoin (BTC) and referred to it as “a peer-to-peer electronic cash system.” As per Bitcoin’s white paper, online payments could be made directly from one party to another without going through a banking institution with a peer-to-peer version of electronic cash. READ ALSO Who is the mysterious Bitcoin creator Satoshi Nakamoto? by Cointelegraph 8 months ago That said, other than using Bitcoin as an investment vehicle or a store of value, it can be used to pay for goods and services. Similarly, other cryptocurrencies like Dogecoin (DOGE) can be used to pay …

In his regular column, J.W. Verret, a law professor, attorney, CPA, and head of the Crypto Freedom Lab, covers law and regulation of cryptocurrency with a focus on decentralized finance (DeFi) and financial privacy. Institutional adoption is an exciting yet frustrating topic in crypto. The true modern-day crypto inheritors of the 90s cypherpunk legacy have a vision for crypto as human empowerment through decentralization. That vision includes breaking down the intermediaries that charge rents and threaten human freedom and privacy. On the other hand, Crypto Twitter becomes abuzz when a large financial institution makes new moves into crypto. Dogecoin (DOGE) …

The United States Internal Revenue Service (IRS) criminal investigation division is ramping up for tax season with its sights set on the crypto community. According to a report from Bloomberg Law, the division chief Jim Lee said they are preparing “hundreds” of crypto-involved cases, many of which will soon be available to the public. Lee said in the last three years, there has been a major shift in digital asset investigations conducted by the IRS. Previously these investigations were mostly money-laundering related, whereas now tax-related cases make up nearly half. This includes what is often called “off-ramping” transactions where digital …

The first federal budget under the Anthony Albanese led-government has outlined that Bitcoin (BTC) will continue to be treated as a digital asset, and not taxed like a foreign currency. This clarification comes in response to El Salvador’s adoption of BTC as legal tender in September last year, with the Australian government essentially ruling out a shift in classification despite it being used as a currency in El Salvador and the Central African Republic. The federal budget was released on Oct. 25, and states that BTC will fall under the “current tax treatment of digital currencies, including the capital gains …

In this week’s newsletter, read about how Apple released its first-ever set of rules for nonfungible tokens (NFTs), including a 30% “tax” and limits on how NFTs can be bought and exchanged. Check out how NFTs have the potential to change museum experiences in the future and how OpenSea revised its NFT rarity ranking protocol after feedback from the community. In other news, find out how NFTs are used to democratize scheduled TV programming in the era of Web3. Last but not least, NFT trading volume on Reddit hit an all-time high with nearly 3 million wallet holders. New Apple …

Nobody can be sure where the country’s antagonism to crypto originated or why it still persists even after the nonfungible token (NFT) and crypto “boom” of 2021, which took off in a major global way and prompted officials in the United States and Europe to backtrack on their initial antipathy for the space, finally opening up to regulations. The White House just released its first crypto regulatory framework in September 2022, and the European Parliament Committee followed up in October 2022 by approving the Markets in Crypto-Assets framework, also known as MiCA, with a landslide vote. As the first European …

Ethereum’s Merge dominated the crypto world in September with promises of quicker transaction times, improved security and a 99% reduction in energy consumption. However, will you end up with a surprise tax bill too? Let’s examine. During the Merge event, the Ethereum mainnet — the then current proof-of-work (PoW) blockchain — merged with the proof-of-stake (PoS) Beacon Chain, marking the end of PoW as the consensus mechanism for the Ethereum blockchain. On the Beacon Chain, Ethereum joined ranks of other major PoS blockchains such as BNB Chain, Cardano and Solana. Ether (ETH) is the second largest cryptocurrency by market cap …

American taxpayers will find a broader, more defined category encompassing cryptocurrencies and nonfungible tokens (NFTs) in their 2022 IRS tax forms. The draft bill released by the Internal Revenue Service features a well-defined Digital Assets section that outlines if and how taxpayers will account for the use of cryptocurrencies, stablecoins and NFTs. Page 16 of the draft defines Digital Assets as any digital representations of the value recorded on a ‘cryptographically secured distributed ledger or any similar technology.’ 2021's tax form required taxpayers to indicate whether they had received, sold or exchanged in 'virtual currency' - with this term changing …

The city of Rio de Janeiro is seeking crypto firms to operate its tax property seasoning in 2023, according to a decree published on Oct. 11, allowing taxpayers to use crypto alongside fiat currency to pay tributes. The move makes Rio the first Brazilian city to accept digital assets as payment for taxes. It is expected that taxpayers will be able to pay with more than one crypto asset and that other types of taxes will be enabled in the future, the city stated. The decree also states that companies willing to provide the services must be registered with the …

Long considered a cryptocurrency tax haven, Portugal's government has proposed a 28% tax on capital gains from cryptocurrencies held for less than a year. The 2023 State Budget document published on Oct. 10 featured a short section addressing the taxation of cryptocurrencies, which to date have been untouched by the Portuguese tax authorities, given that digital assets were not recognized as legal tender. The section notes that the Portuguese government intends to create a ‘broad and adequate’ tax framework aimed at cryptocurrencies in terms of their taxation and classification. A proposed income tax from operations involving cryptocurrencies through activities such …