FinTax Crypto Compliance Highlights: April 2025, Issue 2
Abstract
This article summarizes key tax and regulatory developments in the global crypto assets industry during the second half of April 2025.
On the taxation front, countries are accelerating efforts to establish comprehensive crypto tax systems to strengthen oversight and curb tax avoidance. Slovenia’s Ministry of Finance proposed a new bill that would impose a 25% tax on capital gains from crypto transactions by residents. Meanwhile, a U.S. Representative from New York introduced the Puerto Rico Digital Asset Fair Tax Act, aiming to bring capital gains from digital assets under both federal and local tax regimes.
On the accounting front, some companies improperly handle financial metrics to circumvent new accounting standards, while regulators strengthen scrutiny of corporate crypto asset accounting practices. SEC questioned Coinbase’s exclusion of crypto fair value fluctuations from its non-GAAP earnings metrics, viewing the approach as a circumvention of newly established accounting rules. Tesla similarly boosted its non-GAAP net income to $900 million by omitting losses from Bitcoin holdings in its quarterly report.
On the regulatory front, global authorities are pursuing a dual approach of compliance enhancement and risk mitigation. The U.S. Office of the Comptroller of the Currency (OCC) formally confirmed that national banks can legally engage in specific crypto-related activities, signaling a more open regulatory stance. Russia announced plans to establish a regulated crypto exchange for qualified investors. The Swiss National Bank rejected calls to include Bitcoin in its foreign reserves, reflecting continued caution among central banks. The UK government published a new regulatory framework that brings exchanges and related service providers into the compliance regime. Australia’s financial intelligence agency AUSTRAC ordered inactive crypto exchanges to deregister, citing misuse risks.
Part I Tax
1. Slovenia Proposes 25% Tax on Crypto Profits in New Draft Law (4.18)
On April 17, Slovenia’s Finance Ministry published a draft law proposing a 25% tax on profits from crypto trading for residents, signaling a major shift in the country’s digital asset regulation. The tax would apply when crypto assets are sold in fiat currency or used to purchase goods and services. The draft is open for public consultation until May 5.Click here to read the original article
2. US Lawmaker Targets Crypto Investors Using Puerto Rico as a Tax Haven (4.21)
On April 21, Bloomberg reported that New York Representative Nydia Velázquez introduced the Fair Taxation of Digital Assets in Puerto Rico Act. The bill proposes amending Puerto Rico’s Internal Revenue Code to make capital gains from digital assets subject to both local and federal taxes. This move follows a proposal by Puerto Rico’s Governor to impose a 4% capital gains tax on new applicants.Click here to read the original article
Part II Accounting
1. Coinbase Receives Regulatory Notice on Crypto Accounting Practices（4.17）
After early adoption of the new accounting standard, Coinbase excluded crypto fair value fluctuations from its adjusted EBITDA metric. The SEC criticized the company’s use of non-GAAP measures that omit the impact of the FASB’s new rules, calling it a “tailored” adjustment — a practice strongly disapproved by the regulator.Click here to read the original article
2. Tesla Strips Out Bitcoin Losses to ‘Burnish’ Earnings in Non-GAAP Metrics（4.27）
Tesla (TSLA.US) has reported its worst quarterly earnings in recent years, but its “unofficial” profit metric presented to Wall Street received a boost — by excluding the decline in the value of its cryptocurrency holdings. This adjustment increased Tesla’s Non-GAAP net income by approximately 12%. Combined with the exclusion of larger stock-based compensation costs, the company reported a Non-GAAP net income of around $900 million, more than double its GAAP net income of approximately $400 million.Click here to read the original article
Part Ⅲ Supervision
1. OCC Confirms Banks Can Legally Engage in Crypto Activities(4.24)
On April 23, 2025, the U.S. Office of the Comptroller of the Currency (OCC) officially confirmed that national banks and federal savings associations are authorized to engage in certain crypto-related activities. Acting Comptroller Rodney Hood announced the policy shift through Interpretive Letter 1183, allowing banks to offer crypto custody services, manage stablecoins, and participate in distributed ledger networks. Click here to read the original article
2. Russia’s Central Bank and Finance Ministry to Launch Crypto Exchange(4.24)
Russia’s Finance Ministry and Central Bank are reportedly planning to launch a crypto exchange for “super-qualified investors” under an experimental legal framework. According to an April 23 report by RBC and Interfax, Finance Minister Anton Siluanov stated that the initiative aims to legalize crypto assets and regulate crypto operations within a controlled environment. The exchange will not operate domestically but will function under the permitted scope of the experimental regime.Click here to read the original article
3. Swiss National Bank Chief Dismisses Bitcoin Reserve Calls (4.25)
According to an April 25 Reuters report, Swiss National Bank Chairman Martin Schlegel stated at a shareholder meeting in Bern that “cryptocurrency cannot currently fulfill the requirements for our currency reserves.” His comments come amid growing pressure from the local crypto industry to include Bitcoin (BTC) in the central bank’s reserves.Click here to read the original article
4. UK Unveils Crypto Regulation Draft to Bring Exchanges and Brokers Under Oversight（4.29）
The UK government on April 29 published draft legislation to regulate crypto exchanges, dealers, and brokers. The proposed rules aim to enhance transparency, consumer protection, and operational resilience. Chancellor Rachel Reeves said the move will strengthen investor confidence and support fintech growth. The UK also plans to deepen cooperation with the U.S. and expedite the legislation process.Click here to read the original article
5. Australia Cracks Down on Inactive Crypto Exchanges（4.30）
Australia’s anti-money laundering agency AUSTRAC has ordered registered but inactive crypto exchanges to voluntarily deregister, or face forced removal. In an April 29 statement, AUSTRAC warned that dormant platforms risk being exploited for fraud. CEO Brendan Thomas emphasized that exchanges must update their operational status or face a “use it or lose it” policy.Click here to read the original article
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