Coinbase CEO Brian Armstrong wants to scrap income taxes entirely, dumping the 150,000-page tax code and shifting the chaos to businesses. Coinbase’s CEO Challenges America’s Tax Code Chaos With Controversial Idea Brian Armstrong, CEO of cryptocurrency exchange Coinbase (Nasdaq: COIN), has proposed a sweeping change to the U.S. tax system, calling for the elimination of…
The Kenyan government collected $77.5 million tax revenue from cryptocurrency traders in the last fiscal year. Kenya Seeks $465 Million in Crypto Taxes The Kenyan government collected $77.5 million (10 billion shillings) in taxes from cryptocurrency traders during the 2023-24 financial year, Anthony Mwaura, head of the Kenya Revenue Authority (KRA), recently disclosed. Mwaura, speaking…
Crypto rewards received before an account freeze are taxable in the year they’re received, even if holders can’t access their funds later, the IRS says. IRS Clarifies Tax Rules for Digital Assets in Locked Accounts The Internal Revenue Service (IRS) issued a memorandum in October, addressing the tax obligations of digital asset rewards in accounts…
Welcome to Latam Insights, a compendium of Latin America’s most relevant crypto and economic news from the past week. In this issue, Brazil declares the necessity of creating a BRICS-centric financial system, President Javier Milei axes the tax collection agency in Argentina, and crypto volumes spike in Brazil. Brazil Calls for Unified BRICS Financial System,…
The lawyer mentions the rule of crypto taxation as ruthless and says that it is because the officials do not have that much understanding of the technology. Tech startups have continued to work on Web3 projects in the country in spite of the unpredictability of regulations in the country. Every transaction carried out by users…
From 2024 beginning till the end of Q3, 2024 over 10 nations have upgraded their tax slabs for cryptocurrencies, especially for BTC, some of them reduced the imposed taxes and others have tightened their slabs. As per a fresh update, the government of Italy is geared up to raise its capital gain taxes over the…
Jarretts argue staking rewards should be taxed only when sold, not upon creation. This is the Jarretts’ second legal attempt to clarify crypto tax rules. On October 10, 2024, Josh and Jessica Jarrett, Tezos network stakers, again filed a lawsuit against the IRS, challenging its taxation of block rewards from staking on the Tezos network….
Mayor Ward Roddam of Rockdale, Texas, sees bitcoin mining as the key to his town’s resurgence after the devastating closure of its largest employer, Alcoa. Comparing it to Texas’ oil boom, Roddam highlights how this modern technology is creating jobs, boosting revenue, and funding essential services. With over $1 billion in investments, bitcoin mining could…
Christian Angermayer, a billionaire crypto investor, has reportedly moved from London to Switzerland as the UK considers tightening tax policies on offshore wealth. Angermayer’s relocation signals the potential departure of other wealthy individuals fearing future tax hikes on non-domiciled tax arrangements. Crypto Investor Angermayer Leaves London Over Tax Concerns Billionaire crypto investor Christian Angermayer has…
Turkey has decided not to move forward with a new tax targeting stock market and cryptocurrency gains, according to Vice President Cevdet Yilmaz. While previously discussed, the plan has been dropped, with the government focusing instead on reducing tax exemptions. This shift follows concerns about the stock market and broader efforts to stabilize the economy…
A bitcoin investor has pleaded guilty to underreporting his cryptocurrency gains, including $3.7 million from BTC sales, resulting in a tax loss to the Internal Revenue Service (IRS) of over $550,000. The Department of Justice emphasized that taxpayers must accurately report crypto transactions to the IRS. The bitcoin investor now faces up to three years…
Following the surging popularity of digital assets globally, various nations have already introduced laws concerning crypto assets. Some countries have already considered it a taxable investment under the nation’s financial regime. According to recent information, Japan’s Financial Services Agency (FSA) is gearing up for reforms in the nation’s current tax code. Earlier, the agency urged…
August 29, 2024 at 11:02 PM GST 2 mins read News Kamala Harris recently endorsed a plan that would introduce an annual tax on any ‘locked-in’ gains above $100 million; this tax targets the top 1% of 2% of the U.S. population. Opponents have claimed that the taxation of unrealized gains is unconstitutional and could…
Vice President Kamala Harris has declared her support for President Joe Biden’s 44.6% capital gains tax proposal. The proposal would be the highest in history. It also includes a 25% tax on unrealized gains for high-net-worth individuals (more than $100 million in wealth). JUST IN: 🇺🇸 Kamala Harris backs President Biden’s 44.6% capital gains tax…