Key Takeaways In a major regulatory development, Turkish lawmakers submitted legislation this week that would impose a 10% tax on cryptocurrency profits, targeting one of the world’s most active digital asset market. The country’s ruling Justice and Development Party filed…
Key Takeaways In a major regulatory development, Spain’s left-wing Sumar coalition party is pushing for a sweeping overhaul of how the country taxes and regulates cryptocurrencies, introducing a set of amendments that could potentially reshape obligations for both individual investors…
Key Takeaways The Australian Taxation Office (ATO) has clarified its position on the capital gains tax (CGT) treatment of decentralized finance (DeFi) and the wrapping of crypto tokens, emphasizing its commitment to taxing Australians on capital gains during the wrapping…
Key Takeaways The UK government has announced stringent crypto regulations that would require a user’s full name, home address and tax identification number to be reported for every crypto transaction they make. The move will enforced starting Jnauary 1, 2026,…
Key Takeaways China’s foreign exchange regulator, the State Administration of Foreign Exchange (SAFE), has introduced new rules requiring banks to closely monitor and report crypto-related transactions that may pose financial risks. As per reports, the regulations aim to prevent illicit…
Key Takeaways The United States Internal Revenue Service (IRS) has provided temporary relief for crypto holders by postponing the enforcement of a new rule regarding how gains and losses are calculated for tax purposes. This reprieve, which applies until December…
Key Takeaways The Czech Republic is moving toward a more streamlined tax framework for crypto transactions with proposed pro-crypto legislative changes. Prime Minister Petr Fiala announced plans to exempt digital asset sales from capital gains tax if the assets are…
Key Takeaways Russia’s Federation Council has passed a significant new bill that outlines a taxation framework for digital currencies, following a similar approval in the State Duma. The law imposes a 13%–15% personal income tax on crypto sales. As per…
Key Takeaways The IRS has released its final draft of new cryptocurrency broker reporting requirements, with a clear mandate for industry participants. On June 28, the IRS and the Treasury Department outlined new rules requiring most crypto brokers to disclose…
They argue it's unreasonable to spend $254 billion to close a $10 billion tax gap. They argue that enacting these rules would overwhelm the system with 8 billion 1099-DA tax forms.
