The Japan Association of New Economy (JANE) has asked the Japanese Financial Services Agency (FSA) to reduce the current tax rate for crypto trading income, Cointelegraph Japan reported on Feb. 14. Led by Hiroshi Mikitani, the CEO of Japanese e-commerce giant Rakuten, JANE has reportedly sent a proposal request to the country’s financial regulator asking them to tax crypto in compliance with progressive taxation instead of general taxation. According to the article, income from trading cryptocurrencies is currently taxed at 55 percent. Imposing progressive taxation on crypto gains intends to reduce the tax to 20 percent — the same rate …

The Venezuelan government has introduced regulations for crypto remittances within the country, according to a decree published on Feb. 7 in the country’s official media outlet, Gaceta Oficial. According to the document, the National Superintendency of Crypto Assets and Related Activities (SUNACRIP) will now be responsible for taxation related to the sending and receiving of cryptocurrencies. The new legislation will reportedly be applied both to individuals and legal entities. According to the new requirements, the state has set out monthly limits and commissions, payable to SUNACRIP, on cryptocurrency remittances. The decree states that the maximum fee for a transfer has …

United States tax preparation software TurboTax Online has reportedly partnered with CoinsTax, LLC to offer cryptocurrency tax calculation to its services, a press release reveals Monday, Feb. 4. As the U.S. Internal Revenue Service (IRS) has just opened tax return filing, TurboTax is launching a new section for crypto taxation. The new service will be available for those who purchased 2018 premier and above versions. The service will allow users to import trading data directly from major exchanges, such as Coinbase, Gemini, and Poloniex. Once calculated, capitals gains and income reports can be downloaded or uploaded directly into Form 1040 …

American cryptocurrency exchange and wallet service Coinbase has added resources for customers in the United States to claim crypto trades on their taxes, according to an official blog post on Jan. 24. In addition to adding an educational guide on crypto and taxes, Coinbase has also integrated with popular tax software TurboTax. According to the blog post, users of Coinbase.com and Coinbase Pro will be able to automatically import transactions into a new, crypto-specific section of TurboTax Premier. Coinbase says that it provided the new resources in order to make the platform easier to use after hearing confusion from the …

Lawmakers in the U.S. state of New Hampshire are currently considering a bill to legalize payment of fees and taxes in Bitcoin (BTC), documents originally published on Jan. 3 reveal. NH HB470 is currently making its way through chambers of the local government, with a public hearing to introduce having took place yesterday, Jan. 23. A subcommittee is due to examine it on Jan. 29, with a due date for a decision set for Mar. 14, a summary of the bill’s passage confirms. Sponsored by Republicans Dennis Acton and Michael Yakubovich, the bill is the latest attempt to get New …

United States entrepreneur and serial cryptocurrency advocate John McAfee has fled the country to conduct his 2020 presidential campaign, he said in a video statement Jan. 22. McAfee claims he has been indicted by U.S. tax authorities and plans to run his campaign from a boat in international waters. The controversial crypto community figure, who plans to run for president of the U.S. next year, said he had learned that a grand jury had been convened against him by the Internal Revenue Service (IRS). While he said he did not know the exact nature of the allegations against him, McAfee …

Switzerland-based Falcon Private Bank has introduced support for direct transfers and storage of select cryptocurrencies, according to an official press release published on Jan. 21. The bank announced that both private and institutional investors can now directly transfer a selection of major cryptocurrencies to and from the institution's own “segregated Falcon wallets,” as well as convert crypto into fiat money. To start, Falcon reportedly only supports four major cryptocurrencies, Bitcoin (BTC), Bitcoin Cash (BCH), Ethereum (ETH), and Litecoin (LTC), the press release notes. With the recent move, Falcon claims its has made blockchain assets “fully bankable,” with the select cryptos …

Chilean taxpayers must report their cryptocurrency profits to the Chilean Internal Revenue Service (SII), Spanish crypto media Diario Bitcoin reports on Jan. 17. The SII reportedly decreed in 2018 that digital currencies weren’t subject to Value Added Tax (VAT), but should still be considered when calculating annual income tax, as they fall into the definition of intangible assets. Because of this consideration, the dedicated income tax form 22 will reportedly include — for the first time — a special section dedicated to “other own and/or third-party income from companies that declare their effective income and do not declare it to …

Crypto investors in the United States who sold their Bitcoin (BTC) holdings lost $1.7 billion, but many do not plan to deduct the losses, a survey conducted by personal finance company Credit Karma published on Jan. 15. The survey was conducted by research firm Qualtrics for Credit Karma, and surveyed 1,009 American BTC investors over the age of 18 in November 2018. According to the aforementioned survey, a slight majority of Americans — 53 percent — plan to report their Bitcoin gains and losses for their taxes, while 19 percent are still undecided. The survey also found that 35 percent …

The Bulgarian National Revenue Agency (NRA) has announced the launch of inspections of cryptocurrency-selling companies, English-language Sofia-based news outlet novinite reports on Jan. 14. The objective of the investigation is to assure compliance with tax and social security regulation, as the agency is reportedly worried about the use of crypto-assets for revenue concealment and tax evasion. The Bulgarian RSA reportedly conducted a survey of the companies that own online platforms for the sale and purchase of cryptocurrencies — like cryptocurrency exchanges — and already assigned control actions (which presumably means checks) to nine companies. After the completion of the checks, …

Denmark’s Tax Authority has been authorized by the country’s Tax Council to obtain information regarding all trades of cryptocurrencies across three domestic crypto exchanges. An official announcement published on the agency’s website reported this development on Jan. 14. The authorization means that three unspecified Danish crypto exchanges now have legal disclosure obligations to hand over identity information that includes names, addresses and personal tax numbers, as well as details of all crypto transactions made on their platforms between Jan. 1 2016 to Dec. 31 2018. The Tax Authority has said it will use the information to ensure that citizens who …

South Korea’s government has added blockchain to the fields of research and development eligible for a tax credit meant to boost innovation, English-language local media TheNews.Asia reports on Jan. 8. The local Ministry of Strategy and Finance announced the proposed changes to the enforcement decree of last year’s tax law, which will be enforced in February. The proposed amendments also include among the eligible fields wearable robots and fine dust reduction technology. According to the aforementioned article, a result of this amendment will be that 30 to 40 percent of the research and development expenses of small enterprises and 20 …