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Tag: crypto taxes

Binance May Get Banned For Illegal Sales Promotion In This Nation

Binance has been receiving a heavy backlash from global regulators and think tanks over its trading and promotion policies. In the latest development, World’s...

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Crypto Taxes 2022: Here’s What You Need to Know According to CoinTracking

Tag Template - News Hub PRO CoinGenius Hosts Virtual Crypto Event The Road To Mass AdoptionPRESS RELEASE. Crypto changes quickly, with new tax laws and regulations coming to several countries in 2022, impacting how people need to report their crypto gains on taxes. New regulations in the US are a hot discussion topic among crypto investors, with a bill coming to fruition severely increasing the reporting needs for crypto brokers […]

Cointelli Makes It Easy to Report Coinbase, Binance, and Kraken Transactions to the IRS

Tag Template - News Hub PRO CoinGenius Hosts Virtual Crypto Event The Road To Mass AdoptionMany crypto exchanges send tax forms to the IRS, each with their own list of supported tokens and info that doesn’t necessarily match up. This can create a lot of confusion for U.S. taxpayers. Luckily, Cointelli can swiftly and reliably create a unified tax report with the push of a button. And if there are […]

How to navigate cryptocurrency tax implications amidst the CPA shortage

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High demand for CPAs has left many to fend for themselves when it comes time to figure out the complex tax landscape marked by virtual currencies.

2022 Crypto and Bitcoin Tax Guide For U.S. Taxpayers

Cryptocurrency taxes needn't be complicated. Here's our step-by-step guide to filing your crypto taxes in the U.S.

Coming soon: Blockchain.com Tax Center

New to crypto taxes? So is everyone. That’s why later this month, we’re introducing a new Tax Center to help users simplify their...

The 3 most common US crypto tax questions

With another US tax season in full swing, many crypto users are wondering:Do I need to pay taxes on my crypto?What tax rates...
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Rakuten Launched NFT Market To Capitalize On The Growing Adoption

Rakuten launched NFT market to capitalize on the growing adoption in Japan after the surge of NFT sales in 2021 as we can see more in today’s latest cryptocurrency news. Major Japanese e-commerce company Rakuten launched NFT market to capitalize on the growing adoption in Japan. The company initially revealed plans to launch a proprietary […]

How to Avoid the Five Most Common Crypto Tax Mistakes I Cointelli

Tag Template - News Hub PRO CoinGenius Hosts Virtual Crypto Event The Road To Mass AdoptionThe 2022 U.S. tax season is upon us and cryptocurrency traders need all the help they can get. Here are five common crypto tax misconceptions you should look out for, courtesy of crypto tax software provider, Cointelli. “You don’t have to pay taxes on crypto” One very common mistake that people make is thinking they […]

Out Phishing: OpenSea NFTs Disappear

February 21, 2022       /       Unchained Daily       /       Laura Shin Daily Bits ✍️✍️✍️ Nexo, a crypto lender, has stopped paying interest on new deposits[...]

The post Out Phishing: OpenSea NFTs Disappear appeared first on Unchained Podcast.

Russia Gears Up For Upcoming Crypto Bill

Russian Central Bank cryptocurrency exchanges

The Russian Federation’s Ministry of Finance has published the first public notice on the federal legal web announcing the start of work on the country’s cryptocurrency regulatory bill. The Russian finance ministry filed two development notifications on Thursday, declaring the start of the process of building a legal framework for activities involving digital currency transactions and issuance.  The first notice, titled On Digital Currency, tells the public that the government is holding a public consultation on rules for digital asset transactions and that financial market actors, people, and legal entities are invited to submit recommendations. The second notice lays out a similar procedure for amending other federal legislation that On Digital Currency may require. The ministry aims to wrap up public comments on the crypto bill by March 18, according to the announcements. Document To Come Out For Public Soon At the time of writing, the bill’s draft had not been made public. The authority aims to make the paper public in the next three weeks, according to a ministry official. ‘There are various steps to the public discussion procedure. The official stated, “We are currently in the basic stage of informing about the beginning of development.’ According to reports, Russian Finance Minister Anton Siluanov expects the crypto bill to pass by the end of 2022. According to local media, the Russian government plans to introduce federal crypto legislation by Friday, to eventually reach an agreement on crypto regulation with Russia’s central bank. The Finance Ministry earlier proposed regulating the crypto market by limiting non-professional investors’ crypto exposure and putting the crypto infrastructure under the control of a single ‘digital currency exchange organizer.’ Siluanov stated that his government advocated identifying crypto dealers to distinguish between the ‘white’ and ‘grey’ markets. Giving law enforcement the ability to track money movements and transactions could jeopardize one of the main selling features of cryptocurrencies, said anonymity. David Henderson, senior associate at Browne Jacobson “The Russian government…appears to have taken the position that crypto-assets are here to stay and is contemplating legislation to bring the industry ‘out of the shadows and creating an opportunity for legal business.” The yearly amount of cryptocurrency transactions in Russia is estimated to be around $5 billion, according to the central bank. Andrey Kladov, a former cryptocurrency expert at Russia’s Internet Initiatives Development Fund who now works in digital banking in South Africa, believes their divergent perspectives would stifle market development, making the grey market greyer. Regulator Insists on Imposing Fines of up to 1M rubles for Violations of Restrictions The CBR has proposed a ban on a wide range of coin operations, including issuance, trading, and mining, while Minfin has campaigned for legalization under rigorous controls. Based on the Treasury’s concept, the federal government authorized a plan to control the crypto area. Meanwhile, according to media reports, the Bank of Russia has produced its legislative proposals aimed at prohibiting the issuance, distribution, and use of ‘private digital money’ in Russian Federation payments. According to RIA Novosti, the regulator wants to punish violators up to 1 million rubles ($13,000) for breaking the rules. According to Tass, which claims to hold the documents, the central bank’s draught laws have been submitted to the finance ministry, according to a source in the financial industry. The monetary authority states in an explanatory note that sanctions should be imposed on businesses and persons participating in unlawful operations. The regulator also seeks to prohibit the spread of knowledge about this type of currency, as well as any of the other actions specified. Banks, other financial institutions, and companies operating inside Russia’s national payment system should be forbidden from holding cryptocurrencies under pain of administrative action, according to the CBR, while crypto-related transfers on behalf of individuals should be disallowed. A Regulation or a Prohibition? The Bank of Russia’s recommendations reflects the bank’s stance on cryptocurrencies, which has isolated it among Russian government institutions that prefer regulation over prohibition. They come on the heels of the trial phase of its own central bank digital currency (CBDC) project. The CBR announced this week that it had completed the first transactions between digital ruble wallets with the assistance of commercial banks that took part in the trials, which were completed in December. Cryptocurrency prohibition is as impossible in Russia as internet prohibition, according to Siluanov, who spoke at the ministry’s briefing with the central bank last Wednesday. Rather than outright prohibiting it, Siluanov proposed regulating the already-existing digital token industry so that the government can monitor it while also allowing it to contribute to the country’s capital growth. Russia stands to benefit greatly from crypto taxes based on realized gains on the amount of deposited and withdrawn fiat assets. According to a government document, analysts predict that the country will collect more than $13 billion in tax … Continued

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India Crypto Taxation Leads To Daily Sign-Up Increase For Exchanges

The India crypto taxation rules lead to a daily sign-up increase for the exchanges like WazirX which witnessed a 30% jump in sign-ups since the country decided to impose a 30% tax on the profits from crypto trading so let’s find out more in today’s latest cryptocurrency news. While the rival CoinSwitch saw a daily […]

Russia Looks At $13B In Tax Collection If Crypto Bill Gets Approved

Russia looks at $13B in tax collection if the crypto bill gets approved and it is making headways now in finalizing the legislation with the Ministry of Finance seeking the assistance of the public to improve the regulation so let’s find out more in our latest cryptocurrency news. A prior notice of the ministry calls […]
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