Japanese regulator seeks to scrap “unrealized gains” tax on crypto
The Japanese Financial Services Agency has proposed changing the tax code to exempt domestic firms from paying end-of-the-year "unrealized gains" tax on cryptocurrencies.
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Posted 9/5/2023, 8:30:19 AM
cointelegraph.com
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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 and IRS have proposed regulations for crypto tax reporting, emphasizing the importance of accurately reporting and tracking crypto activity; investors are advised to consider amending past tax returns and keep their own records despite the introduction of Form 1099-DA.