Damien Vanderwilt, the co-president of Galaxy Digital, believes that security and taxes may be acting as deterrents for crypto investing. Vanderwilt said: “When we think about the conversations we have with corporates and institutional clients and any part of those constituencies considering investing in the sector, the first order problem is safety and are the assets that they’re buying going to be safe and available and secure.” He added: “The second order problem, particul
The South Korean government has finalized a 20% tax rate for income generated from cryptocurrency trading. July 22, the Ministry of Economy and Finance published its revised tax code detailing the new rules. 정부, ‘2020년 세법개정안’ 확정·발표…증권거래세 내년부터 선제적 인하 https://t.co/LCBfHXcrmz
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July 22, 2020 In a section headed, “Taxation on Virtual Asset Transaction Income,” the ministry introduced the highlighted that the new rules at present, both personal (
South Korea’s crypto capital gains taxes could rise as high as 20% as discussed by members of the South Korean private sector on a crypto-related taxation bill. A bill was proposed by the National Assembly to impose taxes on cryptocurrencies. Proposed amendments to the existing laws of South Korea also plans to classify cryptocurrencies as “goods,” rather than currencies. According to the lawmakers, virtual assets can be considered as electronic certificates of economic value
Cryptocurrency data startup Nomics has partnered with Nexo to introduce algorithmic rankings of crypto wallets, lenders, custodians, tax services, and over-the-counter desks. Eventually, the plan is to eventually extend these rankings to every crypto product category, including even media outlets. New partnership!
Nexo is very proud to be partnering with #cryptocurrency aggregator @NomicsFinance to offer #crypto’s first algorithmic product rankings.
See reviews & rankings o
One of the Big Four Accounting Firms Ernst & Young (EY) has announced that a new crypto tax app called EY CryptoPrep will help crypto investors in US with tax filings. EY CryptoPrep is a fully automated, web-based Software as a Service (SaaS) product to assist clients with U.S. tax filings. The app takes data from numerous exchanges and major cryptocurrencies while automatically applies relevant tax rules and completes Form 8949. Clients can choose to use the program themselv
South Korea’s Ministry of Economy and Finance is preparing an amendment to the nation’s Income Tax Law. It could include rules for profitable sales of cryptocurrencies as well as profits from national crypto mining projects. On May 27 E Daily reported that the ministry also mentioned including profits generated by initial coin offerings despite ICOs still being banned across the country. The report specifies that crypto-to-crypto transactions will be “likely” exempt from the
Crypto custodian BitGo has acquired Lumina, a firm that provides an integrated tax service for institutional traders. The deal is part of BitGo’s year-long strategy to diversify its crypto business. On April 16. BitGo announced on the acquisition whose value remains undisclosed. Lumina raised $4 million in a seed funding in 2018 and is backed by notable investors, including Bain Capital Ventures and Dragonfly Capital Partners. BitGo acquires Lumina! “The acquisition and integ
Tax regulations implemented before dedicated legislation has been adopted have hit Brazilian cryptocurrency exchanges, as digital asset brokers failing to comply with the new reporting requirements face fines and the stricter rules are hurting smaller platforms, which are shutting down due to dwindling trading volumes. Tax Rules Hit Brazilian Crypto Exchanges, Forcing Trading Platforms Acesso Bitcoin and Latoex Out of Business https://t.co/2fz11bMk9k pic.twitter.com/q7Y8iKgXZ
Multinational media conglomerate, Thomson Reuters announced a partnership with Verady, a firm that specializes in the accounting and reporting of cryptocurrencies and blockchain assets on bringing a new cryptocurrency tax tool to market. On De. 12 the firm announced that the partnership, the tax tool will serve as a single point of data entry and review for virtual currency transactions including: Exchanges Forks Purchases and payment for services rendered. Kell Canty, CEO of
Crypto accounting firm Lukka has announced a “do-it-yourself” crypto tax preparation product tailored for retail investors. The product also known as LukkaTax is evolved from LibraTax, a commercial crypto tax calculator Lukka released in 2014 when the company was first formed. A Solution For Taxpayers Lukka has been focused on providing institutional-grade solutions to crypto funds, fund administrators and enterprises. The company is now catering to retail investors who must
Tax agency of Brazil- The Department of Federal Revenue (RFB) published a new tax code specifying on fines for taxpayers who fail to declare their Bitcoin (BTC) and cryptocurrency transactions. On Dec. 6 Cointelegraph Brasil reported that the new crypto tax code is a follow-up to provisions made by the RFB in August that require Brazilian citizens to report all transactions involving cryptocurrencies, in accordance with rules established by Normative Instruction 1,888 introdu
Thailand’s excise department is looking to initiate a new way of refunding overpaid taxes to oil exporters by using blockchain technology. On Nov. 25, the Bangkok Post reported that Thailand’s director-general, Patchara Anuntasilpa says that the excise department in Thailand will change its current tax refund practice by introducing a blockchain-based tax payback system. The report notes that it hopes to implement the new system by the middle of 2020. Blockchain Will Make It