South Korea’s crypto market braces for a 20% tax on gains over $1,800 starting in 2025. Major exchanges like @Upbitglobal warn of a potential drop in trading volumes. New regulations will increase scrutiny on altcoins. #CryptoTax #Update
In 2024, crypto tax tools like @CoinTracker, CoinLedger, TokenTax, and ZenLedger help investors in the U.S., U.K., Canada, Australia, and India report crypto transactions accurately. #Update #CryptoTax #Crypto
Bitcoin user sends on-chain message to German govt, calling taxes “robbery,” as over 50% of seized BTC is sold on exchanges like $COIN, $BTS, and $KRKN. Prices dip but recover 2.1% in 24 hours. TRON’s @justinsuntron offers to buy the BTC directly. #CryptoNews
India’s Union Budget on July 23 could bring tax relief for the crypto industry. Firms seek reduced taxes, ability to offset losses, and lower TDS from 1% to 0.01%. These changes aim to align crypto with other assets and reduce administrative burdens. #Crypto #Update
On June 25, 2024, @RepMattGaetz introduced a bill to allow federal income tax payments in Bitcoin. This move, inspired by El Salvador’s success, aims to modernize the U.S. tax system. Approval from Treasury Secretary Janet Yellen is required. #CryptoTax #Update
Florida Rep. Matt Gaetz introduces a bill to allow Bitcoin for federal tax payments, inspired by El Salvador’s success with $BTC. This move could modernize the tax system and boost innovation. #CryptoTax #Update
The Digital Chamber has flagged privacy concerns in the IRS’s draft 1099-DA for digital assets, which demands detailed taxpayer info like wallet addresses. They urge for simpler regulations to protect user privacy and boost crypto growth. #CryptoNews
Malaysia’s Inland Revenue Board launches “Ops Token” to tackle crypto tax evasion, targeting RM1.441 trillion in transactions. 38 personnel raided 10 locations, tracing digital assets to ensure tax compliance. #CryptoTax #Update
Donald Trump proposed replacing U.S. income tax with higher tariffs, aiming to ease the tax burden on Americans. Ripple CTO David Schwartz warns this could devalue the USD, causing economic instability. #EconomicPolicy #Update
Ledgible launches a tax solution for tokenized assets, aligning with new IRS Form 1099-DA regulations. Partnered with @FTI_US, it streamlines compliance without altering operations. #Blockchain #TaxTech
Turkey’s Treasury Minister Mehmet Şimşek proposes taxing stock and crypto gains to combat high inflation. New crypto regulations to protect investors are expected by early 2024. #crypto #Turkey
FTX settles $24B tax claim with IRS for $885M in bankruptcy case. $200M in priority claims due within 60 days; remaining $685M paid as funds are available. #TaxNews #FTX
Michael Saylor and @MicroStrategy agree to a $40M settlement with D.C. over unpaid taxes (2014-2022). This is the largest tax fraud case under the updated “False Claims Act.” #Crypto #TaxFraud
Michael Saylor, CEO of @MicroStrategy, settles with Washington D.C. for $40M over tax evasion claims. This is the largest income tax settlement in city history. #TaxNews #CryptoRegulation
