G20 call for Crypto taxation

  The latest G20 meeting took place in Buenos Aires, Argentina over the weekend, and this meeting saw G20 leaders call for the taxation of cryptocurrency.     A document jointly delivered by G20 leaders called for “a taxation system for cross-border electronic services”, with a final version of regulations expected to be in place by 2020 which will be in line with Financial Action Task Force (FATF) standards.  Is this a positive move?  We hear from industry leaders on this call for action.   Brent Jaciow, Head of Blockchain Affairs…

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What are the Bitcoin Tax guidelines?

Many Governments are concerned that they are missing out on tax revenues from cryptocurrency enthusiasts, the USA in particular.   UPDATED – Latest Taxation News A document jointly delivered by G20 leaders on the weekend 1st and 2nd December 2018 called for “a taxation system for cross-border electronic services”, with a final version of regulations expected to be in place by 2020 which will be in line with Financial Action Task Force (FATF) standards. Read further here     It has been reported by Reuters that less than 100 people…

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Coinbase will send details of 13k Customers to IRS

In what Coinbase calls a “partial, but still significant, victory, the company sent out an official notice on Friday, Feb 23 to about 13,000 customers that it is legally required to turn over their details to the US Internal Revenue Service (IRS).     The IRS had initially asked Coinbase in July 2017 to hand over even more detailed information on every one of its then over 500,000 users in an attempt catch those cheating on their taxes. This number has now been reduced to around 14,000 “high-transacting” users.  …

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Bitcoin and the Taxman

The classification of Bitcoin and cryptocurrency differs globally, however, some countries are moving forward with guidelines and rulings.   The burning question – Is Bitcoin an Asset, Property or Currency?   Here are some reasons why Bitcoin represents a new Asset Class:- Investability considering Liquidity, Politico-Economic Profile, Price Independence and Risk-Reward Profiles – Read full article here.  Download a white paper on Bitcoin as a new Asset Class.   Is Bitcoin money or property?  A Judge of the 11th Judicial Circuit Court of Florida ruled Bitcoin was property.  “It is uncertain whether…

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