The profits many make from cryptocurrency trading are currently eclipsing $10,000s for larger traders. Considering the significant part of many people income crypto trading has become, Japanese authorities have proposed increased powers to be given to the National Tax Agency to crack down on tax evaders. Currently the powers of the government remain limited as reforms only allow require who earn over 200,000 Yen a year via crypto trading are required to disclose their earnings…
South Africa has become one of the unlikely crypto hubs in the continent. Along with other markets including Nigeria, he country has seen a boom in crypto traders. Despite the positive reception to crypto, the state remains concerned due to the significant number of crypto traders evading tax bills and failing to reveal profits and assets to the South African Revenue Service. This has prompted the South African Revenue Service to ramp up its efforts…
Bitcoin prices have had a bumpy ride as last week saw prices push well into the $8460 price range. Seeing a significant jump from the sub $7k range, bitcoin holders remain positive despite the incoming price drop and market correction which will take place. Not only has the rate of growth bee implicated in the current market movements, being tax day for Americans many have resorted to selling bitcoin to raise the necessary funds. As…
Coinbase remains one of the biggest crypto exchanges on the planet, having served over 10million customers and exchanged over $50 Billion, the exchange is by far one of the most established services in operation. However, the exchange has been forced to hand over customer details in order to comply with local regulations amid pressure from the IRS. This comes as the IRS piled pressure on the District court allowing over 13k users data to be…
India has become the latest Asian country to launch a quiet clampdown on bitcoin users. While not legally outlawing bitcoin, many bitcoin users and traders are set to be hit with heavy tax rates as the state takes steps toward the financial regulation of markets and exchanges. “We cannot turn a blind eye. It would have been disastrous to wait until the final verdict was out on its legality … We found that investors were…
Bitcoin is seeing increased demand as prices fall but Belarus is already looking much further into the future as it announced changes to current regulation allowing bitcoin start ups to run tax free in most cases. In a bold move, President Alexander Lukashenko signed the decree on the 22nd of December effectively pulling the trigger for crypto development throughout the nation. The decree has been implemented with the intention of allowing the Hi-Tech park to…
Bitcoin markets have rebounded spectacularly from the bearish trends seen last week to break the $4000 price point once again earlier today. Currently markets stand at $3888 as significant resistance is encountered at the $4000 figure. As markets are peaking above $4000 many believe current conditions can allow for the all time high to be achieved again. As seen on the graph below markets have come back fighting despite china announcing a huge ban on…
Prime Minister Nguyen Xuan Phuc has given the greenlight for the official regulation of bitcoin in Vietnam . The plan will allow the currency to be officially and legally recognized by the state. Enlisting the experience of the Ministry of Justice, Ministry of information and communications among a number of other departments, the effort is set to intergrade bitcoin into current legal frameworks as well as planning tax tariffs which will be enforced on Bitcoin…
Japan has finally announced its plan to remove the Bitcoin sales tax on Bitcoin transactions. While the tax currently stands on purchases, it is anticipated that by early 2017 the ruling will officially be implemented. The huge announcement came recently in the tax document that was released by the ruling party. Currently the sales tax stands at 8%, restricting many opportunities for financial expansion. Negotiations for the tax cut had started last year but have…
Bitcoin use in the real world has become undeniable. Currently unregulated in many countries users are often unsure if they are legally using Bitcoin. This applies specifically to the US where states can govern themselves. A landmark ruling recently changed the fortune of Bitcoin as a trader was freed on money laundering charges as Bitcoin isn’t technically considered “currency”. “This court is not an expert in economics, however, it is very clear, even to someone…