Ethiopia became the first African country to start Bitcoin mining, although it still prohibits cryptocurrency trading. In 2022, it approved laws supporting mining, allowing for “high-performance computing” and “data mining”. According to Luxor Technologies, a Bitcoin mining service company, Ethiopia ranks fourth among the preferred destinations for Bitcoin mining...
Related News：Israel’s State Comptroller Holds Tax Authorities Accountable for $800 Million Crypto Tax GapAuthor: Shalini Nagarajan Israel’s State Comptroller, Matanyahu Englman, reportedly held the tax authority responsible for not strengthening its crypto tax collection efforts. This comes as the nation’s debt burden rises amid the ongoing war. A Tuesday...
News Update: Kenya has collected over $77 million in taxes from 384 cryptocurrency traders. As one of Africa’s largest cryptocurrency markets, Kenya views the crypto industry as a significant source of tax revenue. In the first half of 2023, the Kenyan Treasury introduced a 1.5% digital tax on cryptocurrency...
News Update: Russia Approves Cryptocurrency Tax FrameworkAuthor: Andrey Sergeenkov The Russian Government Commission on Legislative Activities advanced a bill on November 11 to tax cryptocurrency operations through corporate profit tax and personal income tax systems, Russian newspaper Izvestia reported. The rules follow Russia’s new mining regulations that started on...
Abstract This report summarizes the tax and regulatory policy developments in the global cryptocurrency sector during the first half of November 2024. On the tax front, Italy adjusts the cryptocurrency tax rate to 28%. The United States – IRS: Cryptocurrency rewards must be taxed even if the account is...
This paper provides an in-depth analysis of the digital asset framework released by the Qatar Financial Centre (QFC), examining its significance in Qatar’s financial sector strategy. By closely interpreting key legal documents within the framework, including the Investment Token Rules, the QFC Digital Asset User Guide, the Digital Asset...
South Korea’s National Tax Service (NTS) recently announced plans to introduce a TRAC system, which will be developed by consulting firmGTlC. The system, called the “Virtual Asset Integrated Management System”, is designed to analyze and manage transaction data related todigital currencies.The National Tax Service has selected GTlC as the...
On November 14, local time in the U.S., 18 states, led by Kentucky, filed a lawsuit against the U.S. Securities and Exchange Commission (SEC) and its five commissioners in the Kentucky District Court. They accused the SEC of excessively regulating cryptocurrency and unfairly persecuting the crypto industry, in violation...
3. Two Landmark U.S. Crypto Lawsuits The Ripple case and the Terraform case are two landmark cases in the U.S. crypto industry that cannot be overlooked. In both cases, the courts defined the legal attributes of crypto assets from different perspectives, sparking a strong reaction within the crypto industry....
To the Reserve Bank of New Zealand: TaxDAO is pleased to have the opportunity to respond to the key issues at the intersection of digital assets and tax law raised by the Finance Committee. Founded by senior tax and financial executives from the Web3 field on February 20, 2023,...
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