This report summarizes the global tax, accounting, and compliance policy developments in the cryptocurrency sector during the second half of January 2025. In terms of tax, U.S. Senator Ted Cruz is looking to block a crypto broker tax rule that was put in place before D.J. Trump took office....
1. Introduction Kenya is regarded as Africa’s crypto pioneer. A 2022 report by the United Nations highlighted that Kenya has the highest percentage of cryptocurrency users in Africa. While cryptocurrency provides Kenyans with more financial possibilities, it also presents significant risks in terms of financial stability and tax security....
Every tax season, many U.S. residents who invest in cryptocurrencies find themselves stressed out: Do they need to pay taxes? How should they pay them? A small mistake could not only lead to fines but also trigger an audit by the IRS (Internal Revenue Service). Don’t worry! This article...
The U.S. tax season is around the corner! If you’re a U.S. taxpayer and engaged in cryptocurrency transactions over the past year, it’s crucial to accurately report your crypto income. FinTax highlights four commonly overlooked or mishandled types of crypto income to help you navigate the tax season with...
1. What is Cost Basis? Cost basis refers to the original price you paid when purchasing crypto assets, as well as any related fees. In other words, it represents the actual cost you incurred to acquire these crypto assets. For U.S. crypto asset investors, there are mainly two types...
Have you heard of the 1099-DA form? Are you worried about potential tax penalties for filling it out incorrectly? Don’t worry—this article will demystify the 1099-DA form and help you navigate tax filing with ease. 1. What Is the 1099-DA Form? The 1099-DA form is a tax reporting tool...
Introduction In recent years, with the rapid development of the cryptocurrency market and digital payment technologies, several exchanges and wallet service providers have launched their own USDT/USDC prepaid card products. USDT/USDC prepaid card have increasingly become a tool for Web3 users to conduct cross-border payments and everyday transactions. At...
This report summarizes highlights in the global cryptocurrency industry in the first half of February 2025 in the areas of tax and compliance. The latest updates in taxation primarily come from Asia. In India, an amendment to the Income Tax Act mandates that cryptocurrency holders must report related profits...
Related News: The UK Treasury has amended the Financial Services and Markets Act (FSMA), with the revision taking effect on January 31. This amendment excludes cryptocurrency staking from being classified as a collective investment scheme (CIS). As a result, staking cryptocurrencies such as Ethereum (ETH) and Solana (SOL) will...