Georgia Exempts Bitcoin From VAT to Become the Next Country to Affirm Its Currency Status

Cryptocurrency taxation is a subject that concerns a growing number of users, traders and investors. An area that creates a lot of confusion among taxpayers is the application of VAT, or the value-added tax most countries levy on the sales of goods and services. Georgia has become the latest nation to free crypto-fiat transactions from…

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Venezuela Decrees Crypto Operators Must Pay Taxes in Cryptocurrencies

Taxes The Venezuelan government has published a decree requiring taxpayers with crypto operations in the country to pay their taxes in cryptocurrencies. Similarly, operators of foreign currencies must pay their taxes in those currencies. The decree states that the change is necessary for the “strengthening of the current fiscal regime.” Also read: Indian Supreme Court Moves Crypto…

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US Representatives ‘Urge’ the IRS to Clarify Cryptocurrency Tax Guidance

Taxes On Wednesday September 19, a committee of US bureaucrats sent an open letter to the Internal Revenue Service (IRS) in regard to the way cryptocurrencies are taxed. The representatives’ letter directed towards IRS commissioner David Kautter wants the taxation office to publish provisional guidelines on how digital currency transactions and investments should be handled when…

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Court Says India’s Crypto Exchange Bank Account Ban Will Continue

India’s highest court has declined to end a ban enacted by the national central bank that bars the country’s crypto exchanges from doing business with regulated financial firms. Bloomberg reported Tuesday that the Indian Supreme Court, led by Chief Justice Dipak Misra, said that the Reserve Bank of India’s (RBI) prohibition on providing services to crypto-related…

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Japan’s Finance Minister Balks at Changing Crypto Tax Rules

Japan’s top financial official is cautious about the idea of his nation changing how it taxes gains from cryptocurrencies. During a meeting with the budget committee of the Upper House on June 25, Senator Kenji Fukimaki asked whether Japan’s tax policy on cryptocurrency profits could be changed from its current “miscellaneous income” classification to “separate…

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US Senators Discuss Crypto Threat to Domestic Elections

Cryptocurrencies are “tailor-made” for foreign powers hoping to influence American elections, a security consultant told a group of U.S. senators on Tuesday. Scott Dueweke, director of threat analysis company DarkTower, was one of several witnesses appearing before the Senate Subcommittee on Crime and Terrorism to discuss the potential use of cryptocurrencies by foreign agents in order to…

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