In recent times, Italy has emerged as a focal point in the crypto regulatory landscape, spurred by proposed changes to tax laws on digital assets. As the Italian government navigates the balance between fiscal responsibility and maintaining a competitive environment…
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Will Detroit Soon Allow Residents to Pay Taxes with Cryptocurrency?
Beginning in 2025, Detroit will join the forefront of financial technology in the United States by enabling its residents to pay taxes and other city fees using cryptocurrency. This strategic shift places Detroit among a select few cities embracing digital…
Why is Italy raising Bitcoin capital gains tax to 42% from 26%?
The Italian government’s latest budget proposal has stirred significant debate, especially with its focus on increasing the capital gains tax for Bitcoin and digital assets. The Deputy Economy Minister, Maurizio Leo, highlighted several critical fiscal changes aimed at enhancing Italy’s…
Turkey Drops Plans to Tax Profits from Crypto
Turkey has been a focal point in recent economic discussions due to its evolving fiscal policies, fluctuating market conditions, and efforts to stabilize an inflation-hit economy. Vice President Cevdet Yilmaz’s recent statements shed light on the current economic strategy, particularly…
Joe Biden’s Latest Budget Targets Crypto Mining Tax and Increased Regulations for Digital Asset
U.S. President Joe Biden has recently unveiled his proposed budget for the upcoming fiscal year, which includes several key provisions aimed at regulating the cryptocurrency industry and generating significant tax revenue. These measures, if implemented, could have far-reaching implications for…
South Korea’s National Tax Service Partners with GTIC to Develop Cutting-Edge Virtual Asset Management System
In a bid to combat illegal activities and effectively monitor crypto transactions, Korea’s National Tax Service has embarked on the development of a cutting-edge management system. The initiative aims to enhance regulatory measures and address the growing concerns surrounding illicit…
Rising Crypto Tax Violations in Japan: Findings, Factors, and Calls for Reform
In a recent announcement, the Japanese National Tax Agency (NTA) disclosed that it has intensified its efforts to investigate and address tax violations related to cryptocurrencies. The NTA’s annual report on tax investigations revealed a surge in the number of…
Senator Warren Grills US Gov’t Over 2-Year Delay on Crypto Tax Rules
Senator Elizabeth Warren has articulated her apprehensions and reservations regarding the decision by the US government to delay the implementation of crucial crypto tax rules until 2026. In a detailed and strongly worded letter addressed to both Janet Yellen, the…
Crypto Electricity Tax Nixed in Important Debt Ceiling Deal
Crypto miners in the United States can now breathe a sigh of relief as plans by the Biden administration to impose a 30% tax on their electricity consumption have been scrapped in the latest deal to raise the country’s debt…
Biden’s administration Advocates for 30% Cryptocurrency Mining Electricity Tax in the US
The White House is seeking to implement a 30% tax on the electricity consumed by cryptocurrency mining in the next federal budget to minimize the industry’s impact on climate change. The president’s Council of Economic Advisers (CEA) highlights the negative…