UK Treasury seeks input on taxing DeFi staking and lending

The proposed regulatory changes seek to simplify how DeFi returns are taxed and reduce the “administrative burden” for taxpayers.

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Biden's Budget Proposal Includes Crackdown on Crypto Wash Sales and Doubling of Capital Gains Tax for Certain Investors

U.S. President Joe Biden's fiscal 2024 budget plan proposes a crackdown on crypto wash sales and a doubling of the capital gains tax for certain investors, which could raise $24 billion. The proposed changes to crypto tax treatment aim to reduce the deficit by nearly $3 trillion over the next decade. The budget proposal seeks to eliminate the tax-loss harvesting strategy used by crypto traders, which allows them to sell assets at a loss for tax purposes before immediately repurchasing them. The proposal also aims to raise the capital gains tax rate for investors making at least $1 million to 39.6%. (Read More)

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Crypto capital gains one of four key areas for Australian Tax Office

“Remember, you can’t offset your crypto losses against your salary and wages,” said ATO assistant commissioner Tim Loh.

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South Korea to Delay 20% Capital Gains Tax on Digital Asset Investments until Jan 2025

Before levying income taxes on virtual assets, South Korean lawmakers have called for the government to prepare for effective implementation of new rules. (Read More)

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US Presidential Candidate Robert Kennedy Jr Unveils Plan to Back US Dollar With Bitcoin

U.S. presidential candidate Robert F. Kennedy Jr. (RFK Jr.) has unveiled two new reforms for bitcoin if he is elected president. He plans to back the U.S. dollar with the cryptocurrency and eliminate capital gains taxes on the conversion of bitcoin to USD. RFK Jr. stressed that his administration’s mission is to make America “the [...]

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Ukraine set to legalize crypto by 2025 under strict regulations

Ukraine plans to legalize cryptocurrencies by early 2025, applying standard taxation rules without offering tax incentives.

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Chainalysis hit with $650M lawsuit, Italy to hike Bitcoin tax: Law Decoded

Chainalysis faces a $650 million defamation lawsuit, the EUs ESMA pushes for MiCA amendments, Cyprus and Ireland scramble to align with regulations, and Italy plans to hike tax on Bitcoin.

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Italy considers raising capital gains tax on Bitcoin to 42% from 26%

Italy plans to raise the tax on Bitcoin capital gains to 42% and remove the 750 million euro minimum revenue requirement for the Digital Services Tax.

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Alleged Kenyan Bill Proposes Widening Definition of Securities to Include Crypto Assets

A bill seeking to put blockchain and crypto assets under the purview of the Kenyan Capital Markets Authority is supposedly set to be debated in the country’s parliament. The bill also seeks to “widen the meaning of ‘securities’ to capture digital currencies.” The persons that receive licenses from the regulator are also required to maintain [...]

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