PYMNTS

JANUARY 7, 2021

South Korea will begin taxing crypto benefits 20 percent, from both buying and selling, beginning in 2023, according to a report from Asia Today. million won (about $2,200) from digital assets will be hit with the 20 percent tax. The report stated the tax announcements were made Wednesday (Jan.

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Bitcoin Taxes Washington Report 276

PYMNTS

FEBRUARY 10, 2019

In other news, New Hampshire is considering a law that would allow residents to pay their taxes with cryptocurrency. CoinDesk reported that NH House Bill 470 would allow state agencies to accept digital currency for tax payments. Last week, the legislation unanimously passed, with amendments that added protections for the state.

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Bitcoin Taxes New Hampshire Payments 184

PYMNTS

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. Arizona State Rep.

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Arizona Taxes New Hampshire cryptocurrency 111

Bank Innovation

JANUARY 25, 2018

The cryptocurrency bitcoin, which shocked everyone by surpassing $17K, further shocked everyone by dropping below $10K. Then of course there are various other events sweeping the financial services space, from new tax laws in the U.S., EXCLUSIVE — It’s not even a month into 2018 and already so much has changed.

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Trends Bitcoin cryptocurrency Taxes 299

PYMNTS

JANUARY 4, 2019

A New York State politician announced the creation of what he called the nation’s first cryptocurrency task force, to “study how to properly regulate, define and use” the currency, according to a Facebook post and reports. Cryptocurrency, however, is more than just an asset that stores value.

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cryptocurrency New York New York City Study 163

PYMNTS

FEBRUARY 26, 2019

When the state of Ohio partnered with cryptocurrency company BitPay last year, it meant the state would become the first in the U.S. to allow businesses to pay their corporate taxes in bitcoin. Ohio’s effort signaled a renewed push for corporate adoption of cryptocurrency.

Taxes 145

Taxes Ohio cryptocurrency Payments 145

PYMNTS

JANUARY 30, 2020

Zermatt, a ski resort town of 5,400 residents in Switzerland, has decreed that cryptocurrency bitcoin can now be utilized to pay taxes and other government services, Bloomberg reported. Everyone is talking about cryptocurrencies and blockchain, and if you don’t try it out, you don’t get smarter,” Biner-Hauser said.

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Bitcoin Taxes cryptocurrency blockchain 153

PYMNTS

NOVEMBER 26, 2018

Ohio is leading the charge in terms of accepting bitcoin as a payment method, as it is the first state to accept bitcoin to cover tax bills. The state will eventually open it up to individual tax filers as well. Jerry Brito, director of Coin Center, a Washington, D.C.-based

Ohio 185

Ohio Taxes Bitcoin Arizona 185

Bobsguide

MAY 19, 2020

The IRS is evolving its efforts to crack down on crypto tax non-compliance, recruiting independent contractors obtain cryptocurrency transactions data. On May 12, software provider CryptoTrader.Tax released an email it received from the IRS, in which the government body said it was “placing.

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Taxes cryptocurrency Compliance Software 167

Perficient

JUNE 30, 2022

Highlights From Federal Bank Regulators’ Joint Statement on Cryptocurrency Assets – Perficient Blogs. As stated by FTX founder Sam Bankman-Fried, “The proactive stance taken by The Bahamas and its regulatory bodies on cryptocurrencies” was a primary motivator for the move.” The Pros and Cons of a Potential U.S.

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cryptocurrency Regulation Conference Taxes 472

PYMNTS

MARCH 6, 2019

EY announced in a press release this week that its new crypto accounting tool targets the tax preparation process. The company noted the solution was developed in response to a growing number of clients with cryptocurrency. “EY professionals and clients alike are eager to leverage this technology.

Taxes 139

Taxes cryptocurrency blockchain Tools 139

PYMNTS

JULY 13, 2020

South Korean crypto users might soon see 20 percent taxes on their currency, according to Cointelgraph. Proposed amendments to existing bills want to classify cryptocurrencies as goods rather than currencies. Lawmakers’ discussions established that the virtual assets can be construed as electronic certificates of economic value.

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Taxes Bitcoin Capital cryptocurrency 170

PYMNTS

JANUARY 22, 2018

Due to high risks and “insufficient” protection, the Nordic region’s largest bank will ban its approximately 31,000 employees from trading in cryptocurrencies such as bitcoin, the company said on Monday (Jan. While Nordea will not force employees to sell cryptocurrencies that they currently own, the bank recommends that they do so.

cryptocurrency 140

cryptocurrency Bitcoin Taxes America 140

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. His charges involve Q3 telling investors the company used a proprietary algorithm that guaranteed returns trading on cryptocurrency.

Taxes 160

Taxes Bitcoin cryptocurrency New York 160

PYMNTS

MAY 28, 2020

South Korea is pondering a modification to its tax law which could place taxes on cryptocurrencies. Though not much information is currently available, the new rules could impose restrictions on profitable sales of cryptocurrency and revenues gleaned from national crypto-mining projects, according to Cointelegraph.

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Taxes Bitcoin cryptocurrency blockchain 142

PYMNTS

JULY 22, 2020

This opinion clarifies that banks can continue satisfying their customers’ needs for safeguarding their most valuable assets, which today for tens of millions of Americans includes cryptocurrency.” In other news, South Korea intends to levy a two-tenths tax on income made via digital currency transactions, The Block reported.

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Taxes National Bitcoin US 159

PYMNTS

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. It said the GST may be dropped in terms of cryptocurrencies.

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Taxes Bitcoin Operations cryptocurrency 141

PYMNTS

AUGUST 7, 2019

The European Central Bank (ECB) said in a report that fixing cryptocurrency asset data gaps still presents a sizable challenge for financial institutions as well as regulators, Cointelegraph reported. Ted Budd (NC) has reintroduced the Virtual Value Tax Fix Act, Coindesk reported. Budd’s legislation comes after U.S.

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Taxes Bitcoin cryptocurrency Regulation 129

PYMNTS

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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Taxes US Report social media 243

PYMNTS

JULY 1, 2019

With the idea of pegging Libra’s value to a basket of international currencies, Facebook ’s proposed cryptocurrency would bring tax challenges to European users, per tax lawyers. However, the tax would only be payable in the event that total capital gains are more than the annual capital gains tax exemption of £12,000.

Taxes 115

Taxes social media cryptocurrency Capital 115

PYMNTS

SEPTEMBER 30, 2019

Scrutiny of tech firms is spreading across the globe, hinting at broader regulations over privacy and, possibly, bigger tax bills. In one example, Indonesia is “already preparing legislation” that would require tech companies with online services to pay value-added tax on local sales, the report noted. Libra, Too.

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Taxes Regulation cryptocurrency Google 133

PYMNTS

DECEMBER 27, 2020

PayPal has dropped its bid to acquire bitcoin wallet purveyor BitGo but remains interested in investing in the cryptocurrency space, Fortune reported. PayPal had just announced that beginning in 2021 it would let customers transact in a number of cryptocurrencies, among them bitcoin, Ether, Bitcoin Cash and Litecoin.

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Report cryptocurrency Bitcoin Taxes 245

PYMNTS

JANUARY 21, 2020

To get a better handle on crypto – and to boost government coffers, perhaps – change the tax designation (and rules, of course). Under rules governing “other income,” a 20 percent rate is levied on 40 percent of total other income; the remaining 60 percent can be tax-deductible. Tax Policy Still Fluid.

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Taxes Policies Capital United States 130

PYMNTS

JANUARY 25, 2021

Officials have until April 1 to divest from any foreign cryptocurrencies, although they won’t be required to report any crypto holdings for the year 2020, the report stated. In other news, in an attack on Indian cryptocurrency exchange BuyUCoin , hacker group ShinyHunters leaked the private information of over 325,000 users, Inc42 reported.

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Bitcoin cryptocurrency Data National 261

PYMNTS

OCTOBER 14, 2020

The head of the country’s only licensed and publicly traded cryptocurrency broker says tighter regulation and exponentially higher yields are causing corporate treasury and cash management accounts to seriously consider this alternative asset class. This in the wake of the OCC’s Sept.

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cryptocurrency Regulation Trends Bitcoin 323

PYMNTS

AUGUST 15, 2019

The Internal Revenue Service has issued another warning to cryptocurrency investors with federal returns that don’t match the information received from virtual currency exchanges. Bloomberg reported that in letters to the investors, the agency did acknowledge that the trading exchanges may have made the errors.

Taxes 116

Taxes cryptocurrency Analytics Report 116

PYMNTS

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. “It

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Ohio Taxes Bitcoin Payments 109

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

PYMNTS

NOVEMBER 14, 2018

As a November 21 tax due date nears, the office said, “the ATO wants Australians to be on high alert for tax scams, especially the increasing trend of scammers demanding payment through Bitcoin ATMs.” According to TNW, tax scammers in Australia seek payments for bogus government debts through victims.

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Bitcoin Taxes blockchain ATM 174

PYMNTS

NOVEMBER 25, 2019

Amid the continuing drumbeat for taxes on global commerce done through digital means, the Czech government has approved a new seven percent digital tax on global Internet firms which will, as Reuters reports , be levied on revenues tied to Czech users across advertising, digital marketplaces and data sales. In Japan, Crypto Scrutiny.

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Taxes Google Data Regulation 130

PYMNTS

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.

Taxes 103

Taxes Bitcoin cryptocurrency Capital 103

PYMNTS

JANUARY 26, 2018

By now you know South Korea is a prime mover for cryptocurrencies — be it up or down. And lest you think changes in tax policy sow confusion only in the United States, think again. he continued, there’s almost no reason to use cryptocurrencies across an actual use case. Which cryptocurrencies will dominate?

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Bitcoin Taxes cryptocurrency Regulation 123

PYMNTS

JANUARY 22, 2018

Bitcoin, the marquee name and poster child for cryptocurrencies, had a rough go of it on Monday (Jan. As for the rumors (confirmed through a government announcement), in South Korea, several exchanges might be on the hook to pay taxes of as much as 24 percent on earnings from 2017. And the wild ride, of course, continues.

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Taxes Bitcoin cryptocurrency Regulation 111

PYMNTS

OCTOBER 7, 2020

The Bank of Korea dissolved a committee dedicated to cryptocurrency research in January 2019 but has since revisited the issue, the report stated. In January, PYMNTS reported that the Ministry of Economy and Finance in South Korea was considering a 20 percent tax on income generated from cryptocurrencies.

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cryptocurrency Taxes Comparison blockchain 209

PYMNTS

FEBRUARY 28, 2019

Wirex, a cryptocurrency and fiat (real money) payments platform, is releasing a beta version of a regulated crypto-oriented business account, according to reports. Cryptocurrency and business relationships have been slowly becoming more mainstream. to allow businesses to pay their corporate taxes in bitcoin.

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Ohio cryptocurrency Taxes Bitcoin 162

PYMNTS

AUGUST 24, 2017

Rising up over the last few decades, the latest to possibly join the bubble club has come in the form of cryptocurrencies. In a sense, digital currencies began via online payments, which have then shifted into the creation of cryptocurrency like bitcoin, Ethereum and dogecoin. The supply of a cryptocurrency is fixed in a very hard way.

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cryptocurrency Bitcoin Study Tools 117

PYMNTS

AUGUST 29, 2019

Cornell University tops the Coinbase 2019 Leaders in Crypto Education list, currently offering 14 classes on cryptocurrency and/or blockchain. In other news, Portugal’s Tax Authority has announced that both cryptocurrency trading and payments in crypto will not be taxed in the country.

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Course Taxes Bitcoin blockchain 116