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 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.
Prominent crypto commentators criticize the new crypto tax reporting rules proposed by President Joe Biden, fearing that they will push the crypto industry further away from the US and stifle innovation.
The U.S. Securities and Exchange Commission (SEC) treating a non-fungible token (NFT) as a security for the first time highlights the need for developers to consider regulatory compliance when selling crypto-assets.
Court rulings in the United States are beginning to challenge the Securities and Exchange Commission's stance on digital assets, leading to hopes of a resurgence in the crypto industry in the country.
The Committee on Economics Legislation in Australia has recommended that the Digital Assets (Market Regulation) Bill 2023 not be passed, suggesting further research on the topic instead.
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.
The IRS has issued proposed regulations defining the term "broker" in relation to digital assets, including decentralized finance platforms, and outlining tax reporting requirements for cryptocurrency transactions, which could have implications for DeFi platforms and users.
The U.S. Financial Accounting Standards Board has voted to change how digital assets are valued, a move that could benefit companies, including Tesla and Bitcoin, that hold cryptocurrency.
G20 leaders have agreed to implement global tax reforms encompassing digital economy taxation and a global minimum corporate tax rate, with significant progress already made on the first pillar and a Multilateral Convention (MLC) expected to be ready for signature in the second half of 2023. Additionally, the leaders called for the swift implementation of a Crypto-Asset Reporting Framework (CARF) and the regulation of crypto-assets activities and markets.
The Financial Accounting Standards Board (FASB) plans to introduce new fair-value accounting rules for Bitcoin and other cryptocurrencies, which could provide clarity and eliminate ambiguity for companies interested in holding digital assets, potentially leading to increased adoption and long-term price appreciation.
The New York State Department of Financial Services (NYDFS) has proposed stricter regulations for crypto firms, including enhanced criteria for coin-listing procedures and a framework for designating tokens to the regulator's greenlist.
Hester Peirce, a commissioner with the SEC, has called for clarity on digital asset regulations and expressed disappointment with the SEC's progress in developing a regulatory framework for cryptocurrencies, highlighting the need for the United States to catch up with countries like Switzerland and Singapore.
