Trading volume on three major Indian crypto exchanges plummeted 72.5% on average since Friday, when a 1% tax per transaction was enforced in the country. The Tax Deducted at Source (TDS) came into effect on Friday and appears to have negatively affected traders as exchange volumes dropped from 37.4% on BitBNS and 90.9% on CoinDCX by Sunday. Volumes have stabilized slightly since hitting lows but are still down 56.8% on average, according to CoinGecko. Indian YouTube channel Crypto India tweeted on Monday that exchange revenues, based on a 0.1% trading fee, are abysmal due to the low volume levels. At …

Argentina’s tax authority has seized more than 1,000 cryptocurrency wallets linked to delinquent taxpayers in the country. According to a report from local media outlet iProUP, courts across Argentina authorized the seizure of 1,269 cryptocurrency wallets belonging to citizens with outstanding debt to Argentina’s Federal Administration of Public Income (AFIP). AFIP signaled its intent to go after cryptocurrency wallets belonging to tax delinquents in May, ordering cryptocurrency exchanges and payment service providers to deliver monthly reports on users of their platforms. Crypto services were requested to verify the identity of clients and keep records of user accounts as well as …

Popular Ethereum-based metaverse gaming platform The Sandbox has unveiled a bridge that enables users to transfer their virtual nonfungible token (NFT) LAND and native SAND tokens over to layer-2 network Polygon. While The Sandbox will live on Ethereum for the most part, the platform has emphasized that conducting SAND and LAND transactions on Polygon will result in lower gas fees, faster transaction speeds and greener interactions on the blockchain. The firm stated via Twitter on Wednesday that it is now ready to start deploying LAND on Polygon, and users will be able to receive a 10 mSAND cashback worth roughly …

The provision in the U.S. infrastructure bill signed into law in November, which will require financial institutions and crypto brokers to report additional information, could reportedly be delayed. According to a Wednesday report from Bloomberg, the United States Department of the Treasury and Internal Revenue Service may not be willing to enforce crypto brokers collecting information on certain transactions starting in January 2023, citing people familiar with the matter. The potential delay could reportedly affect billions of dollars related to capital gains taxes — the Biden administration’s budget for the government for the 2023 fiscal year previously estimated modifying the …

The State Duma, the lower house of the Russian legislature, has passed a bill on the taxation of digital assets that exempts their sale from value-added tax (VAT) in the Russian Federation. Some other services of digital asset exchanges will also be exempted, according to state-run news service RIA Novosti. In addition, the bill established income tax rates of 13% for Russian exchanges on the first 5 million rubles (currently about U$93,000) of the taxable base annually, 15% on amounts above that limit and 15% across the board for foreign exchange operators. The current tax rate for companies is 20%. …

Crypto investors — particularly those that bought in toward the top of the market in 2021 — may be able to find some salvation through a tax-saving strategy called “loss harvesting,” according to Koinly’s head of tax in Australia. Koinly is one of the most widely-used crypto tax accounting firms online. Australian head of tax Danny Talwar told Cointelegraph that while most retail investors are aware of their obligation to pay capital gain taxes (CGT) when they make profits, many are unaware that the opposite holds true and that losses can be used to reduce their overall tax bill by …

Major cryptocurrency wallet provider Exodus continues paying its employees in Bitcoin (BTC) despite the ongoing bear market, with the total market cap dropping below $1 trillion on Monday. Since launching its software crypto wallet back in 2015, Exodus has been paying its staff 100% in BTC, Exodus co-founder and CEO JP Richardson told Cointelegraph. The company continued to pay all its 300 employees in BTC even during major market downturns, by providing monthly payroll based on their salary in U.S. dollars. “For example, if Bitcoin is $30,000 per token, and someone makes $15,000 a month, they’ll get half a Bitcoin …

Tom Tate, the mayor of the Gold Coast, Australia, has suggested that cryptocurrency could be used by residents to pay local taxes in future years, though critics have flagged volatility and the recent market crash as a cause for concern. "Why can't we pay rates on cryptocurrency if the risk is not high?" asked Tate, speaking to local media outlet ABC News on June 5, just over a week before the council is due to hand down its annual budget. "The volatility is not that bad.” Tate was elected as mayor of the Gold Coast, Australia’s sixth-largest city in 2012, …

Crypto volatility is nerve-wracking, and it may not be over yet. The turmoil may make crypto investors and crypto-related businesses less enthusiastic than when prices seemed ever to be climbing. With the market falling off a cliff, there will be big losses to claim on your taxes, right? Not necessarily. As your United States dollars shake out in the digital world, it is worth asking whether there is any lemonade you can make by claiming losses on your taxes. First, ask what happened from a tax viewpoint. If you’ve been trading and triggering big taxable gains, but then the floor …

The Portuguese congress, the Assembleia da Republica, has rejected two bills that would have imposed a tax on cryptocurrencies. Portugal has long been regarded as a cryptocurrency tax haven, and the trading of cryptocurrencies has been tax-free since 2018. In addition, trading digital assets is not considered investment income in Portugal. This has attracted crypto startups and events to Lisbon, despite the fact that businesses that accept Bitcoin must pay income tax on it. The Portuguese Minister of Finance, Fernando Medina, had recently declared that cryptocurrencies in the country will soon be subject to capital gains taxes. However, two separate …

To the chagrin of many Golden Visa seekers, Portuguese Finance Minister Fernando Medina has confirmed that his country will begin taxing cryptocurrency but has not committed to a date. The move to start taxing crypto was seconded by Secretary of State for Tax Affairs António Mendonça Mendes on Friday, according to Sapo, a local news outlet. There is not yet an effective date for the tax to start or a set rate, however. It will be levied on investment gains made from cryptocurrencies like Bitcoin (BTC), the largest crypto by market cap. This would reverse the tax law that was …

The Australian Taxation Office (ATO) has outlined crypto capital gains as one of four key areas of focus in 2022. A capital gain or loss refers to the price difference between the time an asset was purchased and the time it was sold. The percentage owed to the ATO varies between income brackets and duration of ownership, but in general, the rate is reduced for assets held longer than 12 months. The ATO, which has fired off many warnings to crypto investors over the past few years, has also directly mentioned nonfungible tokens (NFTs) as an asset class that will …