The US Treasury Department has proposed new tax rules for crypto exchanges, hosted wallet providers, and payment processors, requiring them to meet tax reporting obligations, while exempting miners and some decentralized finance platforms.
The U.S. Treasury Department's new proposal on digital asset taxes is facing criticism from the crypto industry, as it may capture decentralized operations that are difficult to comply with, although it may also provide a clear path for crypto investors to file their taxes.
The Nautilus Cryptomine, one of the largest bitcoin mines in North America located in Pennsylvania, has raised concerns among environmentalists due to the potential spike in energy use and emissions caused by the controversial bitcoin mining industry, which was facilitated by a sales tax exemption for data centers. Pennsylvania Democrats are attempting to pass legislation that would restrict proof of work coin mining operations from claiming the tax exemption and place a moratorium on new crypto mines, in order to combat the inefficient use of energy and prevent further environmental harm.
The Chairman of the House Financial Services Committee, Patrick McHenry, criticized the Biden Administration's proposed crypto tax regulations, claiming that they aim to "kill" the digital asset industry in the U.S. and urged for clearer rules.
Cryptocurrency is becoming an important issue in the 2024 election, with candidates and voters taking stances on its regulation and use.
The top Republican and Democratic candidates for the U.S. presidency have varying positions on cryptocurrencies, with Donald Trump being a skeptic, Ron DeSantis and Robert F. Kennedy Jr. being supporters, and Joe Biden taking a regulatory approach.
The rejection of a new bill on cryptocurrency regulation by the Australian Senate reflects the country's cautious approach and leaves the industry without legal guidelines as crypto innovation continues.
A joint policy paper by the IMF and FSB advises against blanket bans on cryptocurrency and instead recommends targeted restrictions and sound monetary policy to mitigate risks, highlighting that global stablecoins pose a greater risk to financial stability than other cryptocurrencies.
The G20, including U.S. president Joe Biden, has endorsed the Financial Stability Board's recommendations for regulating cryptocurrencies, which could have a significant impact on the prices of Bitcoin, Ethereum, BNB, XRP, and other major cryptocurrencies.
Coinbase CEO Brian Armstrong predicts that cryptocurrencies will be a prominent topic in the 2024 US elections as the gap between current crypto policies and the needs of Americans becomes more apparent.
The leaders of the G20 nations have agreed to provide global tax authorities with more transparency on cryptocurrency transactions, indicating a growing global cooperation on cryptocurrency, even though implementation may take several years.
Lawmakers in the European Parliament overwhelmingly voted in favor of the cryptocurrency tax reporting rule, DAC8, with 535 votes for, 57 against, and 60 abstentions, empowering tax collectors to track and assess all crypto transactions within member states.
States are taking the lead in regulating cryptocurrency as federal policy makers struggle to pass comprehensive legislation.
Cryptocurrency is seen as a solution to the lack of sustainability and investor confidence in the African fintech space, according to experts interviewed on the Hashing It Out podcast.
