There’s no getting around Denmark’s tax agency, Skattestyrelsen, so don’t even try. The agency is pursuing Denmark crypto taxes with vigor and is leaving no stone left unturned!
It seems China really wants to give cryptocurrencies a hard time. The country has always been strict against the blockchain and crypto industry, and now it’s taking that to another level. Beijing has just declared Security Token Offerings, or STOs, illegal.
China does not like cryptocurrency. The country has repeatedly imposed strict sanctions against its use and relative businesses. Now the central bank of China is adding to its list by banning crypto airdrops.
China’s ban on crypto continues across the country as the Guangzhou Development District is next to be hit.
The IRS may be cracking down on crypto bought on foreign exchanges as part of a technicality involving overseas holdings. Americans who hold more than $10,000 abroad are required to file Foreign Bank and Financial Accounts (FBAR) reports each year with the U.S. Treasury Department. They are also required by the Foreign Account Tax Compliance Act (FATCA) to describe their overseas accounts on Form 8938 of their IRS tax forms. The penalty for non-compliance? A potential $100,000-plus fine, plus prison time.
Operation Crypto-Sweep – The North American Securities Administrators Association (NASAA) just announced that they sent out 70 cease-and-desist letters to operations they believe to be scam crypto companies. The operation is being called ‘Operation Crypto-Sweep’ and it has first reached 40 jurisdictions in both Canada and the United States.
Crypto investors aren’t exempt from taxation: The U.S. tax authority has already provided a guideline for cryptocurrency taxation; they believe cryptocurrency transactions are taxable and these currencies should be treated as an intangible asset. When anyone buys crypto coins and sells them in a market, the investor is liable to pay capital gain tax if he realized any gain.
Thai crypto regulations are on the horizon. Find out what has been discussed so far.
Another day, another discussion on crypto regulation. That’s not an exaggeration, either. Both BIS general manager Agustin Carsten and members of the parliament of Singapore discussed regulating virtual currencies this week. As for this article, we are going to focus primarily on the latter.
To regulate cryptocurrencies or not to regulate cryptocurrencies? That is the question that will be in focus at the next G20 Summit in March. It seems that most countries will have something to say about the regulation of it. In fact, last week UK Prime Minister Theresa May disclosed that the country is going to implicate some new cryptocurrency rules. This week, Steven Mnuchin, who is the U.S. Treasury Secretary, joined the conversation.
Woody Allen once said the world is divided into two groups of people: good and bad. There is a part of me that feels I could make the same argument in regards to the cryptocurrency market. Cryptocurrencies, in general, are both good and bad. For the most part, we’ve seen a lot of good come out of the cryptocurrency market, which has caused the vast majority of the world to forget about the downside to the market. Or, we simply choose to ignore the various discussions happening, like the topic of cryptocurrency regulation.
Last month former U.S. Federal Deposit Insurance Corporation chair Sheila Bair announced that she believes that there should be more regulations on digital currency like bitcoin, but she doesn’t necessarily believe that there should be bans against it.