Bank Innovation

FEBRUARY 20, 2018

Israel is going to put a tax on cryptocurrencies including bitcoin, regulators in the country said yesterday. According to a circular by Israel Tax Authority yesterday, the government said it looks at cryptocurrencies as a property rather than a currency, and therefore it will be taxable.

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cryptocurrency Taxes Bitcoin Regulation 240

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MAY 28, 2020

Bitcoin transaction fees are simmering back down to ordinary levels after a heavy wave of them in early May, reports suggest. South Korea is pondering a modification to its tax law which could place taxes on cryptocurrencies. The transaction fees are now around 80 BTC paid to miners on Tuesday (May 26).

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OCTOBER 4, 2019

The state of Ohio has decided to end its support for bitcoin tax payments, state Treasurer Robert Sprague announced this week. In a statement published on Sprague’s official website this week, the treasurer said “OhioCrypto.com,” the website that allows businesses to pay their taxes in cryptocurrency, would be suspended immediately.

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Ohio Taxes Bitcoin Payments 109

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OCTOBER 21, 2020

A hacking organization released receipts for $10,000 in charitable contributions to two groups made through bitcoin, the BBC reported. The hackers published the contribution in addition to tax receipts for 0.88 in bitcoin ( valued at approximately $10,515 as of 7:04 P.M. The price of bitcoin was $11,954.07

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AUGUST 7, 2019

Ted Budd (NC) has reintroduced the Virtual Value Tax Fix Act, Coindesk reported. Budd noted prior to an introduction of the bill earlier in the summer that the code puts a 40 percent tax rate on transactions. Tom Emmer (MN) reintroduced the Safe Harbor for Tax Payers with Forked Assets Act of 2019 in July.

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JULY 13, 2020

South Korean crypto users might soon see 20 percent taxes on their currency, according to Cointelgraph. ” But Sung Tae-yoon , an economist with Yonsei University, warned that taxing cryptocurrencies could slow the country’s tech markets.

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PYMNTS

DECEMBER 29, 2020

On another note, professional football player Russell Okung will be the first player from a significant American sports league to get paid via "bitcoin," CoinDesk reported. Half his salary is going to bitcoin and the other half is going to fiat, the athlete told CoinDesk.

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JANUARY 26, 2018

And lest you think changes in tax policy sow confusion only in the United States, think again. Bitcoin breeched a key psychological barrier on news that the South Korean government would tax income earned by virtual currency exchanges to the tune of 24.2 Thus, bitcoin traded below $10,000, and cryptos traded down in sympathy.

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Bitcoin Taxes cryptocurrency Regulation 123

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FEBRUARY 25, 2020

New Zealand is considering changes to its treatment of cryptocurrencies, including dropping a tax on goods and services that many people are unhappy with, according to CoinDesk. The goods and services tax (GST) is unpopular with some. That means a “double tax” could later be applied with income tax, after the coin has changed hands.

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JANUARY 22, 2018

Bitcoin, the marquee name and poster child for cryptocurrencies, had a rough go of it on Monday (Jan. The rumors were enough to send several dozen brethren down in crypto-land, as Barron’s noted that the top 60 coins — ranked by market cap — slipped in tandem with bitcoin. And the wild ride, of course, continues.

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MAY 13, 2020

The IRS is seeking to have contractors assist in auditing digital currency tax returns, according to a post on CryptoTrader.Tax ‘s website. CryptoTrader.Tax is a tax software platform and is used by bitcoin as well as digital currency investors to manage their reporting. Phemex publicized a $3.5

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PYMNTS

NOVEMBER 5, 2019

s tax authority has released cryptocurrency tax guidance for businesses, revealing that crypto assets will still be defined as commodities. That means that companies that participate in trading exchange tokens must make tax payments.

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APRIL 17, 2018

In bitcoin news, cryptocurrency pundits are hoping that the world’s top cryptocurrency will rebound after Tax Day (April 17), CNBC reported. Tax-selling has been a significant factor in downward crypto prices over the past few weeks. Bitcoin has fallen more than 40 percent since the beginning of the year. as of 7:31 p.m.

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Bank Innovation

APRIL 2, 2018

Taxes on cryptocurrency? According to a report by Nikkei Asian Review, after a cabinet meeting suggested that crypto traders could be charged with as much as 7% value added tax as well as up to 15% tax on capital gains. Taxing cryptocurrency is a way for […].

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FEBRUARY 26, 2019

to allow businesses to pay their corporate taxes in bitcoin. While B2B use cases of blockchain are plenty (and gaining greater traction in use cases such as trade finance and cross-border corporate payments), adoption of bitcoin and other cryptocurrencies themselves remains muted in the business community.

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JULY 22, 2020

In other news, South Korea intends to levy a two-tenths tax on income made via digital currency transactions, The Block reported. The country had been looking to tax digital currency income for more than half of a year. 3, while the revamped tax code could become live as of Oct. 1 of next year.

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PYMNTS

AUGUST 12, 2020

Venezuela may be going forward with a plan to allow the use of the Petro (PTR) cryptocurrency to pay taxes, according to Cointelegraph. Because of the new campaign, Petro’s usage has seen a surge in recent days, according to the report.

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Payments Source

FEBRUARY 12, 2021

Miami Mayor Francis Suarez proposed paying municipal workers and collecting taxes in bitcoin, expanding a campaign to promote cryptocurrencies.

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AUGUST 7, 2020

The crypto company operates 17 of the 67 bitcoin ATMs in Germany, according to CoinDesk. The police worked with the FBI to trace and identify the Bitcoin involved. He has agreed to hand over the Bitcoin and is reportedly helping authorities find the second operator, who remains elusive. Movie2k.to Movie2k.to

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AUGUST 29, 2019

In other news, Portugal’s Tax Authority has announced that both cryptocurrency trading and payments in crypto will not be taxed in the country. Coin Telegraph reported that the confirmation follows a previous tax ruling by the regulator that cryptos should not be taxed in Portugal.

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APRIL 14, 2018

Tax Day for Americans is here, or at least it will be on Tuesday, April 17. This year is a bit of an unusual year as far as taxes are concerned, since April 15 actually falls on a Sunday. Back then, taxes weren’t due on April 15. Tax season used to be a month and a half shorter.

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MAY 23, 2019

On Tuesday (May 21) it was reported that the agency had awarded self-proclaimed bitcoin inventor Craig Wright registrations for a white paper and early computer code related to the cryptocurrency. “As And the Central District Court in Israel has ruled that bitcoin is an asset and subject to capital gains tax (CGT). million).

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NOVEMBER 25, 2020

The potential amendment to bring in the tax plan is intended to take effect in October of next year, but the legislative body is aiming to have the taxation timeframe begin in the first month of 2022.

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PYMNTS

NOVEMBER 11, 2016

In this week’s Bitcoin Tracker, bitcoin soars, then settles down and plans for its yearly sale abound. Switzerland gives bitcoin a hand by way of rail ticket machine sales, an Australian startup banks on the aptly named Dash and Zcash fervor fades. But as markets saw their prices fall, bitcoin’s numbers went up.

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FEBRUARY 9, 2018

Two years after legislators in New Hampshire decided that they would not allow their citizens pay their taxes with bitcoin, the Arizona state legislature is mulling a bill that would pave the way for people to pay their Arizona taxes with cryptocurrencies, Coindesk reported.

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OCTOBER 14, 2019

The Internal Revenue Service (IRS) now has a question on crypto ownership on its 1040 income tax form. And Block Matrix , which created an app that allows users to send bitcoin through their social media accounts, has secured a $2 million investment for the development of a new app for the retail sector.

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PYMNTS

APRIL 6, 2018

And the jump in bitcoin prices in 2017 has created massive tax liabilities – to the tune of $25 billion, per a research note from Fundstrat Global Advisers , Reuters reported. dollar before the April 15 tax filing deadline. dollar before the April 15 tax filing deadline. Even so, bitcoin’s future is not dim.

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OCTOBER 9, 2019

Ransom is demanded in bitcoin, upon threat of releasing damaging information to family, friends, and co-workers. But now the hackers are asking for alternative crypto currencies to bitcoin in their ransom demands. This latest sextortion version is using a Litecoin wallet address instead of bitcoin to evade detection,” Johnson wrote.

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AUGUST 13, 2019

Companies that opt to pay employees in crypto will be able to deduct tax under the country’s pay-as-you-earn income tax scheme. Securities and Exchange Commission ( SEC ) has delayed a decision on approving two bitcoin exchange-traded funds. The ruling excludes the self-employed from earning incomes in digital currencies.

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Bitcoin Taxes cryptocurrency blockchain 123

PYMNTS

JANUARY 16, 2020

In other news, South Korean cryptocurrency exchange Bithumb is going to court to fight an almost $69 million tax bill from the National Tax Service (NTS), according to a report Thursday (Jan. The tax is called a retention tax, which is an income tax paid to the government by the income payer and not its recipient.

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Taxes Bitcoin cryptocurrency National 131

Bank Innovation

DECEMBER 10, 2016

Bank depositors get tax-payer funded insurance in many jurisdictions (such as FDIC in America) in case a bank goes bankrupt. Your Bitcoin in Mt.Gox or BitFinex….buyer Once you send those Bitcoin it is like handing over cash…buyer Read More. buyer beware. People paying by Credit Card can fight back against a fraudulent charge.

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JANUARY 17, 2018

Bitcoin took a tumble on Wednesday, dropping as much as 20 percent and dipping below the $10,000 mark, Reuters reported. Bitcoin wasn’t alone in its fall, as other cryptocurrencies lost value over investor concerns that regulators would take measures to curb speculation. at 5:25 P.M. according to CoinDesk.

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Bitcoin cryptocurrency Taxes Regulation 126

Bank Innovation

AUGUST 12, 2016

Two years ago the IRS issued a brief notice on the status of bitcoin and all its digital cousins stating that for tax purposes these items are property — not currency.

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Bitcoin Taxes cryptocurrency Compliance 150

PYMNTS

JANUARY 7, 2020

In other crypto news , cryptocurrency tax automation software TaxBit has raised $5 million in funding. TaxBit was founded by software developers, tax attorneys and CPAs to automate and simplify tax compliance for crypto users. ” TaxBit will use the funding to speed up customer growth, and make its products better.

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APRIL 30, 2019

A venure that would make it easier for consumers to pay for purchases in bitcoin is applying for a license from New York state regulators. bitcoin will be stored at a regulated custodian, and traded and cleared on a federally regulated exchange and clearinghouse. Suspension, Taxes and a Breach.

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FEBRUARY 20, 2020

Steve Chen, the mastermind behind a $147 million gemcoin fraud from 2013 to 2015, pleaded guilty of his crimes of tax evasion and conspiracy to commit wire fraud, reported on Wednesday (Feb. According to the court, Collins potentially began investing in bitcoin at an early stage, increasing his value over time.

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DECEMBER 19, 2019

Cryptocurrency accounting firm Lukka has released a new service that will figure out the taxes on crypto assets, according to a report by CoinDesk. The new service comes on the heels of an announcement by the Internal Revenue Service (IRS) that it was changing the guidelines for how taxes were calculated. In other bitcoin news, U.K.-based

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